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Dubai Financial Services Authority (DFSA): Contents

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  • AMI 2 Application for a Licence or Endorsement

    • AMI 2.1 Application

      • AMI 2.1.1

        (1) This chapter applies to a PersonG who 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 .
        (2) This chapter also applies to a PersonG referred to in (1), who intends to obtain an endorsement on its LicenceG to:
        (a) 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) act as a Trade RepositoryG .
        (3) A PersonG who intends to carry on the Financial ServicesG and activities referred to in (1) and (2) is referred to in this chapter as an "applicant" unless the context otherwise provides.
        (4) This chapter also applies to an Authorised Market InstitutionG applying to change the scope of its LicenceG , or where a condition or restriction has previously been imposed on its LicenceG , to have such a condition or restriction varied or withdrawn. Such an Authorised Market InstitutionG may be referred to as an "applicant" in this chapter.
        Derived from RM118/2013 [VER15/07-13]

        • AMI 2.1.1 Guidance

          1. The activity of operating a Multilateral Trading FacilityG ("MTF") is an activity that falls within the definition of the Financial ServiceG of Operating an Alternative Trading SystemG (see GEN Rule 2.22.1). A PersonG needs to be LicensedG as an Authorised FirmG to carry on that Financial ServiceG . However, pursuant to GEN Rule 2.2.12, a holder of a LicenceG to Operate an ExchangeG may also operate an MTFG if it has obtained an endorsement on its LicenceG permitting it to do so.
          2. Acting as a Trade RepositoryG is not a Financial ServiceG , and may be carried on by an Authorised FirmG or Authorised Market InstitutionG with an endorsement on its LicenceG permitting it to do so (see GEN Rule 2.2.13).
          3. A new applicant for a LicenceG or an existing holder of a LicenceG may apply to have an endorsement on its LicenceG to operate a Multilateral Trading FacilityG or to maintain a Trade RepositoryG .
          Derived from RM118/2013 [VER15/07-13]

    • AMI 2.2 Application for a Licence

      • AMI 2.2.1

        An applicant who intends to carry on either or both of the Financial ServicesG of Operating an ExchangeG or Operating a Clearing HouseG must apply to the DFSAG for a LicenceG in accordance with the Rules in this section and chapter 3.

        Derived from RM118/2013 [VER15/07-13]

      • AMI 2.2.2

        The DFSAG will only consider an application for a LicenceG to Operate an ExchangeG or Operate a Clearing HouseG from a PersonG :

        (a) who is a Body CorporateG ; and
        (b) who is not an Authorised FirmG or an applicant to be an Authorised FirmG .
        Derived from RM118/2013 [VER15/07-13]

      • AMI 2.2.3

        A PersonG applying for a LicenceG must submit a written application to the DFSAG :

        (a) demonstrating how the applicant intends to satisfy the Licensing RequirementsG specified in Part 3 and any other applicable requirements; and
        (b) with copies of any relevant agreements or other information in relation to the application.
        Derived from RM118/2013' [VER15/07-13]

    • AMI 2.3 Application for an Endorsement

      • AMI 2.3.1

        The following requirements must be met by an applicant for the grant of an endorsement to operate a Multilateral Trading FacilityG :

        (a) it must hold a LicenceG with an authorisation to OperateG an ExchangeG ; and
        (b) it must be able to demonstrate that it can satisfy the requirement in Rule 4.2.1(3).
        Derived from RM118/2013 [VER15/07-13]
        [Amended] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

        • AMI 2.3.1 Guidance

          1. Under GEN Rule 2.2.11(c) and GEN Rule 2.2.12, an Authorised Market InstitutionG Licensed to Operate an ExchangeG may obtain an endorsement to carry on the activity of operating a Multilateral Trading FacilityG .
          2. An ExchangeG with an endorsement to operate an MTFG needs to meet, on an on-going basis, the applicable Licensing RequirementsG under Rule 4.2.1(3). Accordingly, when an ExchangeG wishes to obtain such an endorsement, it needs to be able to demonstrate to the DFSAG that it can meet each of the Licensing Requirements with respect to the proposed MTFG . For example, it should demonstrate how the IT systems and human resources available to it would be utilised for the purposes of operating the MTFG .
          [Added] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

      • AMI 2.3.2

        The requirements in App 5 to GEN must be met by an Authorised Market InstitutionG for the grant of an endorsement to act as a Trade RepositoryG .

        Derived from RM118/2013 [VER15/07-13]
        [Amended] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

        • AMI 2.3.2 Guidance [Deleted]

          [Deleted] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

      • AMI 2.3.3 [Deleted]

        [Deleted] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

      • AMI 2.3.4 [Deleted]

        [Deleted] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

    • AMI 2.4 Application for a Change of Scope of a Licence

      • AMI 2.4.1

        An Authorised Market InstitutionG applying to change the scope of its LicenceG , or to have a condition or restriction varied or withdrawn, must provide the DFSAG with written details of the proposed changes including an assessment of how it intends to satisfy the Licensing RequirementsG in relation to the new LicenceG scope.

        Derived from RM118/2013 [VER15/07-13]

        • AMI 2.4.1 Guidance

          1. Where an Authorised Market InstitutionG applies to change the scope of its LicenceG , it should provide at least the following information:
          a. particulars of the new activities requiring a variation to the scope of LicenceG , and the date of the proposed commencement of such activities;
          b. a revised business plan as appropriate, describing the basis of, and rationale for, the proposed change;
          c. details of the extent to which existing documentation, procedures, systems and controls will be amended to take into account any additional activities, and how the Authorised Market InstitutionG will be able to comply with any additional regulatory requirements including the applicable Licensing RequirementsG ; and
          d. if the Authorised Market InstitutionG is reducing its activities and it has existing MembersG who may be affected by the cessation of a Financial ServiceG , details of any transitional arrangements.
          2. If an application for a change of scope of LicenceG involves carrying on a new Financial ServiceG , the application will be assessed against all the requirements applicable to the relevant Financial ServiceG .
          Derived from RM118/2013 [VER15/07-13]