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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
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  • Staff and agents

    • GEN 5.3.18

      An Authorised PersonG must establish and maintain systems and controls that enable it to satisfy itself of the suitability of anyone who acts for it.

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

    • GEN 5.3.19

      (1) An Authorised FirmG must ensure, as far as reasonably practical, that its EmployeesG are:
      (a) fit and proper;
      (b) competent and capable of performing the functions which are to be assigned to those EmployeesG ; and
      (c) trained in the requirements of the legislation applicable in the DIFCG .
      (2) An Authorised FirmG must establish and maintain systems and controls to comply with (1). An Authorised FirmG must be able to demonstrate that it has complied with these requirements through appropriate measures, including the maintenance of relevant records.
      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] [VER10/06-06]
      [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]

      • GEN 5.3.19 Guidance

        1.  When considering whether an EmployeeG is fit and proper, competent and capable, an Authorised FirmG should consider any training undertaken or required by an EmployeeG , the nature of the ClientsG to whom an EmployeeG provides Financial ServicesG , and the type of activities performed by an EmployeeG in the provision of such Financial ServicesG including any interface with ClientsG .
        2.  When assessing the fitness and propriety of EmployeesG , an Authorised FirmG should be guided by the matters set out in section 2.3 of the RPP Sourcebook and should also monitor conflicts or potential conflicts of interest arising from all of the individual's links and activities.
        3.  When assessing the competence and capability of an Authorised FirmG should:
        a.  obtain details of the skills, knowledge and experience of the EmployeeG relevant to the nature and requirements of the role;
        b.  take reasonable steps to verify the relevance, accuracy and authenticity of any information obtained;
        c.  determine, in light of the Employee'sG relevant skills, knowledge and experience, that the EmployeeG is competent and capable of fulfilling the duties of the role; and
        d.  consider the level of responsibility that the EmployeeG will assume within the Authorised FirmG , including whether the EmployeeG will be providing Financial ServicesG to Retail ClientsG in an interfacing role.
        4.  An Authorised FirmG should also satisfy itself that an EmployeeG :
        a.  continues to be competent and capable of performing its the role;
        b.  has kept abreast of market, product, technology, legislative and regulatory developments that are relevant to the role, through training or other means; and
        c.  is able to apply his knowledge.
        5. Refer to section 2.2.13 of the RPP Sourcebook for criteria for suitability of members of the Governing BodyG of the Authorised FirmG .
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] [VER10/06-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM95/2012 (Made 14th June 2012). [VER29/06-12]