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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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  • PIB 8.1 Application

    • PIB 8.1.1

      (1) This section and PIB section 8.5 apply to an Authorised FirmG in any CategoryG .
      (2) Sections PIB 8.2 to PIB 8.4 apply only to an Authorised FirmG in CategoryG 1, 2 or 5.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

      • PIB 8.1.1 Guidance

        1. GroupG membership may be a source of both strength and weakness to an Authorised FirmG . The purpose of Group RiskG requirements is to ensure that an Authorised FirmG takes proper account of the risks related to the Authorised Firm'sG membership of a GroupG . The Group RiskG requirements form a key part of the DFSA'sG overall approach to prudential supervision.
        2. PIB section 8.5 imposes important restrictions on the ability of Authorised FirmsG in CategoryG 3A, 3B, 3C or 4, and non-regulated Financial InstitutionsG , to be a ParentG of an Authorised FirmG in CategoryG 1 or 5, or of a firm carrying on similar activities outside of the DIFCG .
        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • Requirements by the DFSA

      • PIB 8.1.2

        (1) The DFSAG may require an Authorised FirmG to:
        (a) form a Financial GroupG with any other entity within its GroupG ; or
        (b) include within its Financial GroupG any other entity within its GroupG ;
        where the DFSAG considers it necessary or desirable to do so in the interests of effective supervision of the Authorised FirmG .
        (2) An Authorised FirmG may, for the purposes of this section, exclude from its Financial GroupG any entity the inclusion of which would be misleading or inappropriate for the purposes of Financial GroupG supervision, provided the Authorised FirmG has obtained the DFSA'sG prior written approval.
        (3) An Authorised FirmG must provide to the DFSAG , if requested, any of the following information in relation to its GroupG or Financial GroupG :
        (a) details as to the entities within the GroupG or Financial GroupG ;
        (b) the structure of the GroupG or Financial GroupG ; and
        (c) the systems and controls in place to manage Group RiskG .
        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

        • PIB 8.1.2 Guidance

          1. If more than one member of the same GroupG is subject to an obligation to provide information in respect of a position of the GroupG or Financial GroupG , one or more of those Authorised FirmsG may make application to the DFSAG for an appropriate waiver or modification.
          2. For the purposes of PIB Rule 8.1.2, the DFSAG would consider a range of factors when requiring an Authorised FirmG to form a Financial GroupG . These factors would include regulatory risk factors, including but not limited to, (direct and indirect) participation, influence or contractual obligations, interconnectedness, intra group exposures, intra group services, regulatory status and legal framework.
          Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]