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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
General Module (GEN) [VER44/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • GEN 10 Transitional Rules

    • GEN 10.1 Endorsements to hold client assets and insurance monies

      • Interpretation

        • GEN 10.1.1

          In this section:

          "commencement date" means the day on which Rule-Making Instrument No 166 of 2016 comes into force;

          "endorsement" means an endorsement under:

          (a) GEN Rule 2.2.10A permitting an Authorised FirmG to hold or control Client AssetsG ; or
          (b) GEN Rule 2.2.10B permitting an Authorised FirmG to hold Insurance MoniesG ;

          "transitional period" means the period starting on the commencement date and ending six months after that day.

          [Added] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]
          [Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Endorsement not required during transitional period

        • GEN 10.1.2

          An Authorised FirmG is not required to hold an endorsement before the end of the transitional period.

          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • Grant of endorsement for Firms that already hold or control Client Assets

        • GEN 10.1.3

          (1) This Rule applies to an Authorised FirmG that has, in the 12 months before the commencement date, submitted to the DFSAG under GEN Rule 8.6.2:
          (a) an Auditor's Report referred to in GEN Rule 8.6.1(c) (a Client MoneyAuditor's Report); or
          (b) an Auditor's Report referred to in GEN Rule 8.6.1(e) (a Safe Custody Auditor's Report).
          (2) An Authorised FirmG to which this Rule applies may, within the transitional period, send a written notification to the DFSAG confirming that it:
          (a) wishes to obtain an endorsement to hold or control Client AssetsG ;
          (b) has submitted to the DFSAG an Auditor's Report referred to in (1) in the 12 months before the commencement date; and
          (c) has in place adequate systems and controls to meet the applicable requirements in COB sections 6.11 to 6.14.
          (3) The DFSAG may require the notification in (2) to be in such form and verified in such manner as it thinks fit.
          (4) If an Authorised Firm provides a duly completed notification to the DFSAG in accordance with (2) and (3) within the transitional period:
          (a) the DFSAG must grant it an endorsement to hold or control Client AssetsG ; and
          (b) it is not required to apply for an endorsement under GEN Rule 7.3.3 or pay the fee prescribed in FER 2.2.6 for such an application.
          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • Grant of endorsement for Firms that already hold Insurance Monies

        • GEN 10.1.4

          (1) This Rule applies to an Authorised FirmG that has, in the 12 months before the commencement date, submitted to the DFSAG under GEN Rule 8.6.2 an Auditor's Report referred to in GEN Rule 8.6.1(d) (an Insurance Monies Auditor's Report).
          (2) An Authorised FirmG to which this Rule applies may, within the transitional period, send a written notification to the DFSAG confirming that it:
          (a) wishes to obtain an endorsement to hold Insurance MoniesG ;
          (b) has submitted to the DFSAG an Auditor's Report referred to in (1) in the 12 months before the commencement date; and
          (c) has in place adequate systems and controls to meet the applicable requirements in COB section 7.12.
          (3) The DFSAG may require the notification in (2) to be in such form and verified in such manner as it thinks fit.
          (4) If an Authorised Firm provides a duly completed notification to the DFSAG in accordance with (2) and (3) within the transitional period:
          (a) the DFSAG must grant it an endorsement to hold Insurance MoniesG ; and
          (b) it is not required to apply for an endorsement under GEN Rule 7.3.4 or pay the fee prescribed in FER 2.2.6 for such an application.
          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • DFSA's powers not affected

        • GEN 10.1.5

          The grant of an endorsement under this section is without prejudice to the DFSA'sG ability to impose conditions or restrictions on the endorsement when it is granted or after it has been granted, or to suspend or withdraw the endorsement after it has been granted.

          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.2 Safe Custody Auditor's Report

      • Report not required for firms arranging custody

        • GEN 10.2.1

          An Authorised FirmG which has an authorisation for Arranging CustodyG is not required, in relation to carrying on that Financial ServiceG , to submit a Safe Custody Auditor's ReportG under GEN Rule 8.6.1(e) in respect of its financial years ending in 2016 or 2017, or any part of those financial years.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • GEN 10.3 Re-classification of certain Financial Services

      • Interpretation

        • GEN 10.3.1

          In this section:

          "authorisation" means authorisation to carry on a Financial ServiceG under a LicenceG ;

          "commencement date" means the day on which Rule-Making Instrument No 184 of 2016 comes into force; and

          "re-classification" means the re-classification of a Financial ServiceG under GEN Rules 10.3.2 to 10.3.7.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Arranging Credit or Deals in Investments

        • GEN 10.3.2

          An Authorised FirmG which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' in respect of both credit and InvestmentsG is, on the commencement date, taken to have the following authorisations:

          (a) 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Arranging CreditG ; and
          (b) 'Arranging Deals in Investments', but only with respect to the InvestmentsG specified on its LicenceG immediately before the commencement date.
          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.3

          An Authorised FirmG which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' only in respect of credit (and not InvestmentsG ) is, on the commencement date, taken to have an authorisation for 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Arranging CreditG .

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.4

          An Authorised FirmG which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' in respect of InvestmentsG (and not credit), is, on the commencement date, taken to have an authorisation for 'Arranging Deals in Investments', but only with respect to the InvestmentsG specified on its LicenceG immediately before the commencement date.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Advising on Financial Products or Credit

        • GEN 10.3.5

          An Authorised FirmG which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' in respect of Financial ProductsG and credit is, on the commencement date, taken to have the following authorisations:

          (a) 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Advising on CreditG ; and
          (b) 'Advising on Financial Products', but only with respect to Financial ProductsG specified on its LicenceG immediately before the commencement date.
          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.6

          An Authorised FirmG which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' only in respect of credit (and not Financial ProductsG ) is, on the commencement date, taken to have an authorisation for 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Advising on CreditG .

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.7

          An Authorised FirmG which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' only in respect of Financial ProductsG (and not credit) is, on the commencement date, taken to have an authorisation for 'Advising on Financial Products', but only with respect to the Financial ProductsG specified on its LicenceG immediately before the commencement date.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Public Register to be updated

        • GEN 10.3.8

          The DFSA will amend the Public RegisterG as soon as practicable after the commencement date to reflect the re-classifications under this section.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Certain things not affected

        • GEN 10.3.9

          For the avoidance of doubt, re-classification under this section does not affect:

          (a) any condition or restriction imposed on a LicenceG before the commencement date;
          (b) the DFSA's ability to impose any condition or restriction on a LicenceG , or to withdraw or suspend an authorisation, after the commencement date;
          (c) the classification of a ClientG , any Client AgreementG entered into with a ClientG , or any procedure adopted or action taken by an Authorised FirmG before the commencement date, in respect of a Financial ServiceG provided to a ClientG ; or
          (d) any other right, remedy, privilege, obligation or liability arising in relation to the conduct of a Financial ServiceG by an Authorised FirmG before the commencement date.
          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Disclosure not required for Long-Term Insurance

        • GEN 10.3.10

          An Authorised FirmG is not required to comply with COB Rule 6.15.1 (relating to disclosure of certain information) in respect of any advice on Long-Term InsuranceG it provided, or any Long-Term InsuranceG it arranged, before the commencement date.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • GEN 10.1 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.1.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.1.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.2 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.2.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.4 [Deleted]

      • GEN 10.4.1 [Deleted]

        [Deleted] DFSA RM72/2010 (Made 11th July 2010) [VER26/07-10]

    • GEN 10.5 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.5.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.6 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.6.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.6.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.6.3 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

        • [Deleted]

          [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.7 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.7.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.7.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.8 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.8.1 span class="me">[Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.9 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.9.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]