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  • Part 1 Introduction

    • AMI 1 Application, Interpretation and Overview

      • AMI 1.1 Application

        • AMI 1.1.1

          (1) This module applies to:
          (a) every PersonG who carries on, or intends to carry on, either or both of the Financial ServicesG of Operating an ExchangeG or Operating a Clearing HouseG in or from the DIFCG ;
          (b) a Key IndividualG , or a PersonG intending to be a Key IndividualG , of a PersonG referred to in (a); and
          (c) a ControllerG , or a PersonG intending to be a ControllerG , of a PersonG referred to in (a).
          (2) This module also applies to an Authorised Market InstitutionG where it:
          (a) carries on, or intends to carry on, the Financial ServiceG of Operating an Alternative Trading SystemG to the extent that such activities constitute operating a Multilateral Trading FacilityG ; or
          (b) acts as a Trade RepositoryG .
          (3) This module does not apply to a Recognised BodyG .
          Derived from RM118/2013 [VER15/07-13]

      • AMI 1.2 Overview of the Module

        • AMI 1.2 Guidance

          The regulatory framework

          1. The Regulatory LawG 2004 ("the Regulatory Law") and the Markets LawG 2012 ("the Markets Law ") provide the framework for the licensing and supervision of Authorised Market InstitutionsG and for taking regulatory action against those licensed institutions.
          2. In particular, while Article 41 of the Regulatory LawG prohibits a PersonG from carrying on Financial ServicesG in or from the DIFCG , Article 42 of that Law permits PersonsG duly authorised and Licensed to conduct Financial ServicesG in providing their services.
          3. The Markets LawG establishes a framework in relation to how an Official List of SecuritiesG is maintained and administered by the Listing AuthorityG . Either the DFSAG , or an Authorised Market InstitutionG where it has been granted an endorsement on its LicenceG to do so, may maintain an Official List of SecuritiesG .
          4. The GENG module prescribes the Financial ServicesG which may be carried on by an Authorised FirmG or Authorised Market InstitutionG and the detailed requirements that must be met by such firms. In addition, the GENG module also sets out the circumstances under which an Authorised Market InstitutionG may be authorised to carry out certain functions by way of an endorsement on its LicenceG .
          5. The RPP SourcebookG contains, amongst other things, the detailed policies and procedures relating to how the DFSAG exercises its licensing and supervisory functions relating to Authorised Market InstitutionsG .

          The AMI module

          6. The AMI Module is comprised of four Parts containing 12 chapters and three Appendices.
          7. Part 1 contains chapter 1, which sets out the application provisions and the overview of the AMI module.
          8. Part 2 contains chapters 2 and 3. Chapter 2 sets out the requirements relating to application for a LicenceG to Operate an ExchangeG or Clearing HouseG (or both) and an endorsement to operate a Multilateral Trading FacilityG or to maintain an Official List of SecuritiesG . Chapter 3 sets out the assessment of application related requirements, including application to obtain Key IndividualG status of an Authorised Market InstitutionG .
          9. Part 3 contains chapters 4, 5, 6 and 7. These chapters set out the substantive requirements (called the "Licensing RequirementsG ") that must be met by a PersonG at the point of grant of a LicenceG to be an Authorised Market InstitutionG and thereafter on an on-going basis. Chapter 4 contains the provisions which prescribe what the Licensing RequirementsG are, and the procedures an Authorised Market InstitutionG must follow in order to make any material changes to the arrangements it has in place to meet the Licensing RequirementsG . Chapter 5 contains the Licensing RequirementsG that are common to both ExchangesG and Clearing HousesG . Chapter 6 contains the additional Licensing RequirementsG that are specific to ExchangesG and chapter 7 contains the additional Licensing RequirementsG that are specific to Clearing HousesG .
          10. Part 4 contains chapters 8, 9, 10, 11 and 12. These chapters set out a range of miscellaneous provisions covering the requirements relating to the approval of ControllersG of Authorised Market InstitutionsG (chapter 8), the provisions governing the supervision of Authorised Market InstitutionsG (chapter 9), the procedures for withdrawal of a LicenceG or endorsement (chapter 10), appeal procedures from the decisions of the DFSAG (chapter 11) and the transitional provisions (chapter 12).
          11. There are three Appendices, Appendix 1 contains the requirements relevant to testing of technology systems, Appendix 2 contains the requirements relating to the use of price information providers and Appendix 3 contains the contract delivery specifications applicable to Derivative contracts which require physical delivery.G
          Derived from RM118/2013 [VER15/07-13]