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Dubai Financial Services Authority (DFSA): Contents

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

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  • GEN 3.4.2

    A PersonG does not breach the Financial Promotions ProhibitionG if:

    (a) the PersonG causes a Financial PromotionG to be made in the course of providing a facility which is a mere conduit for the making of the Financial PromotionG ;
    (b) the PersonG is located outside the DIFCG and makes a Financial PromotionG which appears, on reasonable grounds, to be a communication which is not directed at or intended to be acted upon by a PersonG in the DIFCG ; or
    (c) the Financial PromotionG is not made for a commercial or business purpose.
    Added in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]

    • GEN 3.4.2 Guidance

      1. Examples of a mere conduit would include a newspaper or magazine, a website carrying third-party banner ads, a postman or courier, a person paid to hand out promotional material to the public and an event venue - unless in each case they were the originator i.e the PersonG who makes the Financial PromotionG .
      2. In GEN Rule 3.4.2(b) the DFSAG considers that the following non-exhaustive list of factors may each be indicative of whether or not a Financial PromotionG is "intended to be acted upon by, or targeted at, PersonsG in the DIFCG ":
      a. whether it is expressed to be for a PersonG or type of PersonG in the DIFCG ;
      b. whether it is sent to an address (including a P.O. Box) in the DIFCG ;
      c. whether it is physically distributed to PersonsG in the DIFCG ;
      d. whether it takes place in the DIFCG ;
      e. whether it makes reference to the DIFCG ;
      f. whether it appears in a DIFCG publication;
      g. whether it appears on a DIFC-based or related website or other media;
      h. whether it is sent to the email of a PersonG in the DIFCG ; or
      i. whether it contains a prominent and clear disclaimer on its face that it is not intended to be acted upon by PersonsG in the DIFCG .
      3. The DFSAG in applying GEN Rule 3.4.2(c) will generally consider that for a communication to be made "for a commercial or business purpose" there must be a commercial element to the Financial PromotionG , whether or not the Financial PromotionG actually leads to the provision of any financial service. However, the DFSAG considers that "for a commercial or business purpose" requires a commercial or business interest on the part of the communicator and the nature of the communicator's business need not be related to any specific financial service.
      4. The DFSAG considers that a PersonG located outside the DIFCG who makes a Financial PromotionG into the DIFCG , makes that communication in the DIFCG . The DFSAG considers that the prohibition in Article 41A(1) applies irrespective of where the communicator of the Financial PromotionG is located.
      Added in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]