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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • COB 9.3 Member access criteria

    • COB 9.3.1

      (1) An ATS OperatorG may, subject to (2) and (3), only accept as a member a PersonG if that PersonG :

      (a) is an Authorised FirmG ;
      (b) is a Recognised MemberG ;
      (c) meets the criteria in GEN Rule 2.3.2(2); or
      (d) is classified as a Professional ClientG pursuant to COB Rule 2.3.4(1)(g), (h) and (i).

      (2) An ATS OperatorG must not admit a PersonG referred to in (1)(c) or (d), unless such PersonG :

      (a) agrees in writing to submit unconditionally to the jurisdiction of the DFSAG in relation to any matters which arise out of or which relate to its use of the facility;
      (b) agrees in writing to submit unconditionally to the jurisdiction of the DIFC CourtsG in relation to any proceedings in the DIFCG , which arise out of or relate to its use of the facility;
      (c) agrees in writing to subject itself to the DIFCG laws and the jurisdiction of the DIFC CourtsG in relation to its use of the facility; and
      (d) appoints and maintains at all times an agent for service of process in the DIFCG and requires such agent to accept its appointment for service of process.

      (3) Prior to admitting a PersonG referred to in (1) (c) or (d) as a member, an ATS OperatorG must undertake due diligence to ensure that such a PersonG :

      (a) is of sufficiently good repute;
      (b) has a sufficient level of competence and experience; and
      (c) has adequate organisational arrangements, including financial and technological resources, which are no less than those required of an Authorised FirmG appropriate to the nature of its operations.
      [Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]
      [Amended] DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]

    • Direct electronic access

      • COB 9.3.2

        An ATS OperatorG must have adequate rules and procedures to ensure that its members do not allow any other PersonG to have Direct Electronic AccessG to the facility unless such other PersonG meets the requirements in Rule 9.3.1(1).

        [Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • COB 9.3.3

        An ATS OperatorG must, where it permits its members to provide to another Person Direct Electronic AccessG to its facilities, have adequate systems and controls including:

        (a) appropriate standards regarding risk controls and thresholds on trading through Direct Electronic AccessG ;
        (b) mechanisms to identify and distinguish orders placed by those PersonsG who are allowed to place orders through Direct Electronic AccessG ; and
        (c) if necessary, the ability to stop orders of, or trading by, the PersonsG allowed Direct Electronic AccessG .
        [Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

    • Monitoring of compliance

      • COB 9.3.4

        An ATS OperatorG must establish and maintain adequate and effective systems and controls, including policies and procedures, to ensure that its members and other PersonsG to whom access to its facility is provided through members comply with its Operational RulesG and where any gaps or deficiencies are identified, they are promptly addressed.

        [Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]