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  • REP 3 Core Principles

    • REP 3.1 Application of Principles

      • REP 3.1.1

        (1) The four PrinciplesG for Representative OfficesG set out in REP section 3.2 apply to every Representative OfficeG in accordance with REP Rule 1.1.1.
        Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

        • REP 3.1.1 Guidance

          1. Under REP Rule 1.1.1(2), the principles apply, unless otherwise stated, only to the Representative OfficeG in its capacity as a branch in the DIFCG and not to the institution as a whole.
          2. The Principles for Representative OfficesG have the status of RulesG and are a general statement of fundamental regulatory requirements which apply alongside the other RulesG and also in new or unforeseen situations which may not be covered elsewhere by a specific RuleG . RulesG in other areas of this module or the RulebookG build upon these fundamental principles. Consequently the RulesG and GuidanceG elsewhere should not be seen as exhausting the implications of the PrinciplesG .
          3. Breaching a Principle for Representative OfficesG makes a Representative OfficeG liable to disciplinary action, and may indicate that it is no longer fit and proper to carry on a Financial ServiceG or to hold a LicenceG and the DFSAG may consider withdrawing authorisation or the LicenceG on that basis.
          4. The onus will be on the DFSAG to show that the Representative OfficeG has been at fault in some way, taking into account the standard of conduct required under the PrincipleG in question.
          Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

    • REP 3.2 Principles for Representative Offices

      • Principle 1 — Integrity

        • REP 3.2.1

          A Representative OfficeG must observe high standards of integrity and fair dealing.

          Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

      • Principle 2 — Due skill, Care and Diligence

        • REP 3.2.2

          In conducting its business activities a Representative OfficeG must act with due skill, care and diligence.

          Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

      • Principle 3 — Resources

        • REP 3.2.3

          A Representative OfficeG must maintain and be able to demonstrate the existence of adequate resources to conduct and manage its affairs.

          Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

      • Principle 4 — Relations with Regulators

        • REP 3.2.4

          A Representative OfficeG must deal with RegulatorsG in an open and cooperative manner and keep the DFSAG promptly informed of significant events or anything else relating to the Representative OfficeG of which the DFSAG would reasonably expect to be notified.

          Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]