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Dubai Financial Services Authority (DFSA): Contents

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  • AMI 3 Authorisation

    • AMI 3.1 Application

      • AMI 3.1.1

        This chapter applies to every PersonG who is an applicant for:

        (a) a LicenceG to be an Authorised Market InstitutionG ;
        (b) an endorsement to:
        (i) maintain an Official List of SecuritiesG ;
        (ii) operate a Multilateral Trading FacilityG ; or
        (iii) act as a Trade RepositoryG ; or
        (c) Key IndividualG status.
        Derived from RM118/2013 [VER15/07-13]

        • AMI 3.1.1 Guidance

          1. This chapter outlines the DFSA'sG authorisation requirements for an Authorised Market InstitutionG and its Key IndividualsG , as well as the process for an Authorised Market InstitutionG to obtain an endorsement on its LicenceG to maintain an Official List of SecuritiesG , operate a Multilateral Trading FacilityG or act as a Trade RepositoryG .
          2. This chapter should be read in conjunction with the RPP SourcebookG , which sets out the DFSA'sG general regulatory policy and processes. See chapter 2 of the RPP sourcebookG .
          Derived from RM118/2013 [VER15/07-13]

    • AMI 3.2 Assessment

      • AMI 3.2.1

        (1) In order to become authorised to carry on one or both of the Financial ServicesG of Operating an ExchangeG or Operating a Clearing HouseG , the applicant must demonstrate to the satisfaction of the DFSAG that it can meet the relevant Licensing RequirementsG specified in chapters 5, 6 and 7, as appropriate to the Financial ServicesG it proposes to carry on, both at the point of the grant of the LicenceG and thereafter on an on-going basis.
        (2) In order to obtain an endorsement on its LicenceG to:
        (a) maintain an Official List of SecuritiesG ;
        (b) operate a Multilateral Trading FacilityG ; or
        (c) act as a Trade RepositoryG ,
        the applicant must demonstrate to the satisfaction of the DFSAG that it can meet the requirements applicable to PersonsG undertaking the relevant activities, both at the point of the grant of the endorsement and thereafter on an on-going basis.
        Derived from RM118/2013 [VER15/07-13]

        • AMI 3.2.1 Guidance

          1. The Licensing RequirementsG are specified in chapters 5, 6 and 7 of Part 3 of this module. These include the general requirements applicable to all Authorised Market InstitutionsG (chapter 5), and the additional requirements applicable to specific types of activities of Authorised Market InstitutionsG (chapters 6 and 7).
          2. Where an Authorised Market InstitutionG (or an applicant for a LicenceG ) seeks to obtain an endorsement on its LicenceG , additional requirements relevant to the type of endorsement need to be satisfied (see, for example, App 5 of GEN for the requirements relating to Trade RepositoriesG ).
          3. Currently, the function of maintaining an Official List of SecuritiesG is performed by the DFSAG . However, the DFSAG has the power, pursuant to Article 29 of the Markets LawG , to grant an Authorised Market InstitutionG an endorsement on its LicenceG permitting it to maintain an Official List of SecuritiesG .
          4. Section 3.6 of the RPP SourcebookG sets out the matters which the DFSAG takes into consideration when making an assessment under Rule 3.2.1.
          Derived from RM118/2013 [VER15/07-13]

      • Inquiries and Information

        • AMI 3.2.2

          In assessing an application for a LicenceG or an endorsement on a LicenceG , the DFSAG may:

          (a) make any enquiries which it considers appropriate, including enquiries independent of the applicant;
          (b) require the applicant to provide additional information;
          (c) require the applicant to have information on how it intends to ensure compliance with a particular requirement;
          (d) require any information provided by the applicant to be verified in any way that the DFSAG specifies; and
          (e) take into account any information which it considers relevant.
          Derived from RM118/2013 [VER15/07-13]

        • AMI 3.2.3

          (1) In assessing an application for a LicenceG , the DFSAG may, by means of written notice, indicate the legal form that the applicant may adopt to enable authorisation to be granted.
          (2) Where the DFSAG thinks it appropriate, it may treat an application made by one legal form or PersonG as having been made by the new legal form or PersonG .
          Derived from RM118/2013 [VER15/07-13]

    • AMI 3.3 Obtaining Key Individual Status

      • AMI 3.3 Guidance

        Under Article 43 of the Regulatory LawG , every Authorised Market InstitutionG must have Key IndividualsG appointed to perform Licensed FunctionsG . Key IndividualsG appointed by an Authorised Market InstitutionG to perform Licensed FunctionsG must be approved by the DFSAG before they are permitted to carry on such functions. This section sets out the matters that will be considered by the DFSAG in approving such Key Individuals. The list of Licensed FunctionG s for an Authorised Market InstitutionG is in section 5.3 of this module.

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

      • AMI 3.3.1

        (1) In regard to an application for approval for an individual to be granted Key IndividualG status, both the Authorised Market InstitutionG and the individual must complete the appropriate form in AFNG .
        (2) An Authorised Market InstitutionG must be satisfied that the individual with respect to whom an application is submitted:
        (a) is competent in his proposed role;
        (b) has kept abreast of relevant market, product, technology, legislative and regulatory developments; and
        (c) is able to apply his knowledge.
        Derived from RM118/2013 [VER15/07-13]

        • AMI 3.3.1 Guidance

          See paragraph 2.2.16(j) and section 2-3 of the RPP sourcebook for the details of the assessment which an Authorised Market InstitutionG is expected to undertake.

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

      • AMI 3.3.2 [Deleted]

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

        • AMI 3.3.2 Guidance [Deleted]

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

      • Requirements for Key Individuals

        • AMI 3.3.2

          (1) To be authorised as a Key IndividualG an individual must demonstrate that he is fit and proper to perform the Licensed FunctionG .
          (2) In assessing whether an individual is fit and proper to perform a Licensed FunctionG under (1) the DFSAG will consider:
          (a) the individual's integrity;
          (b) the individual's competence and capability;
          (c) the individual's financial soundness;
          (d) the individual's proposed role within the Authorised Market InstitutionG ; and
          (e) any other relevant matters.
          [Added] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

        • AMI 3.3.3

          Without limiting Rule 3.3.2, an individual shall not be considered fit and proper for the the purposes of that Rule if he:

          (a) is bankrupt;
          (b) has been convicted of a serious criminal offence; or
          (c) is incapable, through mental or physical incapacity, of managing his affairs.
          [Added] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

        • AMI 3.3.4

          In assessing whether an individual is fit and proper to be granted Key IndividualG Status to carry out a Licensed FunctionG , the DFSAG may:

          (a) make any enquiries which it considers appropriate, including enquiries independent of the applicant;
          (b) require the Authorised Market InstitutionG or the individual to provide additional information;
          (c) require any information provided by the Authorised Market InstitutionG or the individual to be verified in any way specified by the DFSAG ; and
          (d) take into account any information which it considers appropriate.
          [Added] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]

          • AMI 3.3.4 Guidance

            Section 2.3 of the RPP Sourcebook sets out the matters which the DFSAG takes into consideration when making an assessment referred to in this section.

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