Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Archive
Rulebook Modules
Conduct of Business Module (COB) [VER34/01-20]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices

BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



  • COB A6.9 Reconciliation

    • COB A6.9.1

      An Authorised FirmG must:

      (a) at least every 25 business days, reconcile its records of Client AccountsG held with Third Party AgentsG with monthly statements received from those Third Party AgentsG ;
      (b) at least every six months, count all Safe Custody InvestmentsG physically held by the Authorised FirmG , or its Nominee CompanyG , and reconcile the result of that count to the records of the Authorised FirmG ; and
      (c) at least every six months, reconcile individual ClientG ledger balances with the Authorised Firm'sG records of Safe Custody InvestmentG balances held in Client AccountsG .
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
      [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]

    • COB A6.9.2

      An Authorised FirmG must ensure that the process of reconciliation does not give rise to a conflict of interest.

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

      • COB A6.9.2 Guidance

        An AuthorisedG firm should maintain a clear separation of duties to ensure that an employee with responsibility for operating Client AccountsG , or an employee that has authority over Safe Custody InvestmentsG , should not perform the reconciliations under COB Rule A6.9.1.

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

    • COB A6.9.3

      (1) Reconciliation performed in accordance with COB section A6.9 must be reviewed by a member of the Authorised FirmG who has adequate seniority.
      (2) The individual referred to in (1) must provide a written statement confirming that the reconciliation has been undertaken in accordance with the requirements of this section.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
      [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]

    • COB A6.9.4

      The Authorised FirmG must notify the DFSA where there have been material discrepancies with the reconciliation which have not been rectified.

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

      • COB A6.9.4 Guidance

        A material discrepancy includes discrepancies which have the cumulative effect of being material, such as longstanding discrepancies.

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