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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 7.5.1

    (1) An Authorised FirmG must, subject to (2), make the following appointments and ensure that they are held by one or more Authorised IndividualsG at all times:
    (a) Senior Executive OfficerG ;
    (b) Finance OfficerG ;
    (c) Compliance OfficerG ; and
    (d) Money Laundering Reporting OfficerG .
    (2) An Authorised FirmG which is a Credit Rating AgencyG :
    (a) need not make the appointment referred to in (1)(b) and (d); and
    (b) must ensure that the appointments referred to in 1(a) and (c) are held by separate Authorised IndividualsG at all times.
    Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
    [Amended] DFSA RM96/2012 (Made 24th July 2012) [VER30/07-12]

    • GEN 7.5.1 Guidance

      1. This GuidanceG addresses a range of circumstances:
      a. one individual performing more than one function in a single firm, as contemplated in Rule 7.5.1;
      b. more than one individual performing one function in a single firm, not addressed by that RuleG ;
      c. one individual performing a single function in more than one firm, also not addressed by that RuleG .
      2. The DFSAG will only authorise an individual to perform more than one Licensed FunctionG or combine Licensed FunctionsG with other functions where it is satisfied that the individual is fit and proper to perform each Licensed FunctionG or combination of Licensed FunctionsG .
      3. In the above situation the DFSAG will need to be satisfied that the individual will be able to carry out his role effectively, is fit and proper to do so, and that there are no conflicts of interest or that any actual or potential conflicts of interest are appropriately managed.
      4. Notwithstanding this RuleG , an Authorised FirmG would generally be expected to separate the roles of Compliance OfficerG and Senior Executive OfficerG . In addition, the roles of Compliance OfficerG , Finance OfficerG and Money Laundering Reporting OfficerG would not be expected to be combined with any other functions unless appropriate monitoring and control arrangements independent of the individual concerned will be implemented by the Authorised FirmG . This may be possible in the case of a BranchG , where monitoring and controlling of the individual (carrying out more than one role in the BranchG ) is conducted from the firm's home state by an appropriate individual for each of the relevant Licenced FunctionsG . However, it is recognised that, on a case by case basis, there may be exceptional circumstances in which this may not always be practical or possible.
      5. In what it considers to be exceptional circumstances, the DFSAG may register more than one individual to perform the Licensed FunctionG of Compliance OfficerG in respect of different internal business divisions within a large Authorised FirmG . In this regard the DFSAG may consider, amongst other things, the nature, scale and complexity of the activities of the firm, the clarity of demarcation between areas of responsibility, the potential for gaps in responsibility, and processes of communication with the DFSAG .
      6. The DFSAG may also register an individual as the Compliance OfficerG for more than one Authorised FirmG . The DFSAG will only do this where it is satisfied that the individual is able to carry out his functions effectively in each firm taking into consideration factors such as the amount and nature of business conducted by the firms. Each Authorised FirmG has a duty under GEN 5 to monitor its compliance arrangements to ensure, as far as reasonably practicable, that it complies with all legislation applicable in the DIFCG .