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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 A5.8 Payment of Client Money from Client Accounts

    • COB A5.8.1

      An Authorised FirmG must have procedures for ensuring all withdrawals from a Client AccountG are authorised.

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

    • COB A5.8.2

      Subject to COB Rule A5.8.3, a Segregated Client'sG Client MoneyG must remain in a Client AccountG until it is:

      (a) due and payable to the Authorised FirmG ;
      (b) paid to the ClientG on whose behalf the Client MoneyG is held;
      (c) paid in accordance with a ClientG instruction on whose behalf the Client MoneyG is held;
      (d) required to meet the payment obligations of the ClientG on whose behalf the Client MoneyG is held; or
      (e) paid out in circumstances that are otherwise authorised by the DFSA.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB A5.8.3

      Money paid out by way of cheque or other payable order under COB Rule A5.8.2 must remain in a Client AccountG until the cheque or payable order is presented to the Client'sG bank and cleared by the paying agent.

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

    • COB A5.8.4

      An Authorised FirmG must not use Client MoneyG belonging of one ClientG to satisfy an obligation of another ClientG .

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

      • COB A5.8.4 Guidance

        The effect of COB Rule A5.8.4 is that an Authorised FirmG would be required to deposit its own MoneyG into a Client AccountG to remedy a shortfall arising from a client debit balance.

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

    • COB A5.8.5

      An Authorised FirmG must have a system for ensuring no off-setting or debit balances occur on Client AccountsG .

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