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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • 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]