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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • COB A5.6 Appointment of a Third Party Agent

    • COB A5.6.1

      (1) An Authorised FirmG may only pay, or permit to be paid, Client MoneyG to a Third Party AgentG in accordance with COB Rule A5.7.1 where it has undertaken a prior assessment of the suitability of that agent and concluded on reasonable grounds that the Third Party AgentG is suitable to hold that Client MoneyG in a Client AccountG .
      (2) When assessing the suitability of the Third Party AgentG , the Authorised FirmG must ensure that the Third Party AgentG will provide protections equivalent to the protections conferred by this appendix.
      (3) An Authorised FirmG must have systems and controls in place to ensure that the Third Party AgentG remains suitable.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB A5.6.2

      An Authorised FirmG must be able to demonstrate to the DFSA's satisfaction the grounds upon which the Authorised FirmG considers the Third Party AgentG to be suitable to hold that Client MoneyG .

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB A5.6.2 Guidance

        When assessing the suitability of a Third Party AgentG , an Authorised FirmG should have regard to:

        a. its credit rating;
        b. its capital and financial resources in relation to the amount of Client MoneyG held;
        c. the insolvency regime of the jurisdiction in which it is located;
        d. its regulatory status and history;
        e. its GroupG structure; and
        f. its use of agents and service providers.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]