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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 A2.4.1

    (1) The DFSAG may, subject to (5), declare by written notice any financial instrument or class of financial instruments to be a particular type of an existing SecurityG or DerivativeG as defined in these RulesG or a new type of a SecurityG or DerivativeG . It may do so on such terms and conditions as it considers appropriate.
    (2) The DFSAG may exercise the power under (1) either upon written application made by a PersonG or on its own initiative.
    (3) Without limiting the generality of the matters that the DFSAG may consider when exercising its power under (1), it must consider the following factors:
    (a) the economic effect of the financial instrument or class of financial instruments;
    (b) the class of potential investors to whom the financial instrument is intended to be marketed;
    (c) the treatment of similar financial instruments for regulatory purposes in other jurisdictions; and
    (d) the possible impact of such a declaration on any person issuing or marketing such a financial instrument.
    (4) A PersonG who makes an application for a declaration under (1) must address, as far as practicable, the factors specified in (3).
    (5) The DFSAG must publish any proposed declaration under (1) for public consultation for at least 30 days from the date of publication, except where:
    (a) it declares a financial instrument to be a particular type of an existing SecurityG or DerivativeG ;
    (b) it determines that any delay likely to result from public consultation is prejudicial to the interests of the DIFCG ; or
    (c) it determines that there is a commercial exigency that warrants such a declaration being made without any, or shorter than 30 day, public consultation.
    [Added] DFSA RM62/2008 (Made 4th January 2009). [VER22/01-09]

    • GEN A2.4.1 Guidance

      1.  The terms and conditions that may be imposed on a declaration made by the DFSAG under GEN Rule A2.4.1(1) can include who should be the Reporting EntityG and the type of disclosure requirements that should apply to that Reporting EntityG .
      2.  If any issuer of a new financial instrument has any doubt as to whether that instrument can be included in an Official List of SecuritiesG as a particular type of a SecurityG , that PersonG should first raise those issues with the relevant Authorised Market InstitutionG before making an application to the DFSAG for the exercise of the declaration power under this RuleG . The DFSAG has a discrete power to object to any proposed inclusion of a SecurityG in an Official List of SecuritiesG of an Authorised Market InstitutionG (see Article 34(1) of the Markets Law 2012).
      [Added] DFSA RM62/2008 (Made 4th January 2009). [VER22/01-09]
      [Amended] DFSA RM95/2012 (Made 14th June 2012). [VER29/06-12]