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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
Archive

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  • GEN 6 General Provisions

    • GEN 6.1 Application

      • GEN 6.1.1

        (1) Sections GEN 6.1, GEN 6.2, GEN 6.3, GEN 6.9 and GEN 6.10 apply to every PersonG to whom any provision in the RulebookG applies.
        (2) GEN Section 6.4 applies to every Authorised PersonG .
        (3) Sections GEN 6.5 and GEN 6.6 apply to every Authorised FirmG , Authorised Market InstitutionG and PersonG who has submitted an application for authorisation to carry on one or more Financial ServicesG .
        (4) GEN Section 6.7 applies to any PersonG who has been affected by the activities of the DFSAG .
        (5) GEN Section 6.8 applies to the DFSAG .
        (6) Only sections 6.9 and 6.10 of this chapter apply to a Representative OfficeG .

        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM68/2009 (Made 3rd January 2010). [VER24/01-10]
        [Amended] DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

    • GEN 6.2 Interpreting the rulebook

      • GEN 6.2 Guidance

        Interpretation

        1. Every provision in the RulebookG must be interpreted in the light of its purpose. The purpose of any provision is to be gathered first and foremost from the text of the provision in question and its context among other relevant provisions.
        2. When this section refers to a provision, this means every type of provision, including RulesG and GuidanceG .
        3. Where reference is made in the RulebookG to another provision of the RulebookG or other DIFCG legislation, it is a reference to that provision as amended from time to time.
        4. Unless the contrary intention appears:
        a. words in the RulebookG importing the masculine gender include the feminine gender and words importing the feminine gender include the masculine; and
        b. words in the RulebookG in the singular include the plural and words in the plural include the singular.
        5. If a provision in the RulebookG refers to a communication, notice, agreement, or other document 'in writing' then, unless the contrary intention appears, it means in legible form and capable of being reproduced on paper, irrespective of the medium used. Expressions related to writing must be interpreted accordingly.
        6. Any reference to 'dollars' or '$' is a reference to United States Dollars unless the contrary intention appears.
        7. References to Articles made throughout the RulebookG are references to Articles in the Regulatory Law 2004 unless otherwise stated.
        8. Unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official State holiday in the DIFC, the obligation must take place on the next calendar day which is a business day.

        Defined Terms

        9. Defined terms are identified throughout the RulebookG by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO), however, where a word or phrase is used only, for example, in a prudential context in PIB then for convenience purposes it is only defined under PIB Rule 1.2.1 rather than in GLO. Similarly, in AML Rule 3.2.1 and in FPR section 1.3 there are a number of specific definitions. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER9/05-06]
        [Amended] DFSA RM42/2007 (Made 15th February 2007). [VER13/02-07]
        [Amended] DFSA RM112/2012 (Made 15th October 2012). [VER31/12-12]
        [Amended] DFSA RM234/2019 (Made 20th February 2019). [VER43/02-19]

    • GEN 6.3 Emergency

      • GEN 6.3.1

        (1) If an Authorised PersonG is unable to comply with a particular RuleG due to an emergency which is outside its or its Employees'G control and could not have been avoided by taking all reasonable steps, the Authorised PersonG will not be in contravention of that RuleG to the extent that, in consequence of the emergency, compliance with that RuleG is impractical.
        (2) This RuleG applies only for so long as the consequences of the emergency continue and the Authorised PersonG is able demonstrate that it is taking all practical steps to deal with those consequences, to comply with the RuleG , and to mitigate losses and potential losses to its customers or users.
        (3) An Authorised PersonG must notify the DFSAG as soon as practical of the emergency and of the steps it is taking and proposes to take to deal with the consequences of the emergency.
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

    • GEN 6.4 Disclosure of regulatory status

      • GEN 6.4.1

        An Authorised PersonG must not misrepresent its status expressly or by implication.


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

      • GEN 6.4.2

        (1) An Authorised PersonG must take reasonable care to ensure that every key business document which is in connection with the Authorised PersonG carrying on a Financial ServiceG in or from the DIFCG includes one of the disclosures under this RuleG .
        (2) A key business document includes letterhead whether issued by post, fax or electronic means, terms of business, client agreements, written promotional materials, business cards, prospectuses and websites but does not include compliment slips, account statements or text messages.
        (3) The disclosure required under this RuleG is:
        (a) 'Regulated by the Dubai Financial Services Authority'; or
        (b) 'Regulated by the DFSAG '.
        (4) The DFSAG logo must not be reproduced without express written permission from the DFSAG and in accordance with any conditions for use.
        (5) Rules GEN 6.4.2(1) to (4) also apply to the operation and administration of an Official List of SecuritiesG by an Authorised Market InstitutionG .
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]

    • GEN 6.5 Location of offices

      • GEN 6.5.1

        (1) Where an Authorised PersonG is a Body CorporateG incorporated in the DIFCG , its head office and registered office must be in the DIFCG .
        (2) Where an Authorised PersonG is a partnership established under the Limited Partnership Law 2004 or the General Partnership Law 2006, its head office and registered office must be in the DIFCG .
        (3) Where an Authorised PersonG operates in the DIFCG through a BranchG :
        (a) it must have a place of business in the DIFCG that is the principal place where it carries on the activities for which it is authorised by the DFSAG ; and
        (b) that place of business must be its address in the DIFCG to which communications and notices may be addressed.
        (4) An applicant for authorisation to carry on one or more Financial ServicesG must satisfy the DFSAG that it will meet the requirements in this Rule when the authorisation is granted.
        (5) In this Rule:
        (a) "head office" means the principal place where an Authorised PersonG carries on:
        (i) the day-to-day management and control of its business, wherever that business may be conducted; and
        (ii) the activities for which it is authorised by the DFSAG ; and
        (b) "registered office" has the meaning given in the Companies Law 2009, Limited Partnership Law 2004 or General Partnership Law 2006, as applicable.
        Derived from DFSA RM01/2004 (Made 16th September 2004) [VER1/09-04]
        [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
        [Amended] DFSA RM155/2015 (Made 9th December 2015) [VER35/02-16]

        • GEN 6.5.1 Guidance

          1. In considering the location of an Authorised Firm'sG or Authorised Market Institution'sG head office, the DFSAG will have regard to the location of its directors, partners and senior management and to the main location of its day-to-day operational, control, management and administrative arrangements and will judge matters on a case by case basis.
          2. An Authorised FirmG , Authorised Market InstitutionG or an applicant for authorisation which does not satisfy the DFSAG with respect to the location of its offices will, on this point alone not be considered fit and proper or able to satisfy the Licensing RequirementsG .
          3. The DFSAG expects all Authorised PersonsG to have a physical presence, including EmployeesG , in the DIFCG . The DFSAG does not permit 'brass plate' operations i.e. offices with the name of the entity but with no staff or where no meaningful activity takes place.
          4. The Companies Law, Limited Partnership Law and General Partnership Law of the DIFCG also require entities to which they apply, to have a registered office in the DIFCG , and to carry on their principal business activity in the DIFCG .
          Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
          [Amended] DFSA RM155/2015 (Made 9th December 2015) [VER35/02-16]

    • GEN 6.6 Close links

      • GEN 6.6.1

        (1) Where an Authorised PersonG or a PersonG who has submitted an application for authorisation to carry on one or more Financial ServicesG has Close LinksG with another PersonG , the DFSAG must be satisfied that those Close LinksG are not likely to prevent the effective supervision by the DFSAG of the Authorised PersonG .
        (2) If requested by the DFSAG the Authorised PersonG must submit a Close LinksG report or notification, in a form specified by the DFSAG . This may be requested on an ad hoc or periodic basis.
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

        • GEN 6.6.1 Guidance

          1. Procedures for notification to the DFSAG are set out in GEN section 6.10.
          2. Under the fit and proper test for Authorised FirmsG and the Licensing RequirementsG for Authorised Market InstitutionsG , an Authorised FirmG or Authorised Market InstitutionG which does not satisfy the DFSAG with respect of its Close LinksG will, on this point alone, not be considered fit and proper or able to satisfy the Licensing RequirementsG .

          Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
          Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
          [Amended] DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

    • GEN 6.7 Complaints against the DFSA

      • GEN 6.7 Guidance

        1. A PersonG who feels he has been adversely affected by the manner in which the DFSAG has carried out its functions may make a complaint to the DFSAG about its conduct or the conduct of its EmployeesG .
        2. A complaint must be in writing and should be addressed to the Chief ExecutiveG of the DFSAG . The complaint will be dealt with by the DFSAG in a timely manner.

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

    • GEN 6.8 Public register

      • Maintenance and publication

        • GEN 6.8.1

          The registers required to be maintained and published by the DFSAG pursuant to Article 62 shall be published and maintained in either or both of the following manners:

          (a) by maintaining hard copy registers which are made available for inspection at the premises of the DFSAG during normal business hours; or
          (b) by maintaining an electronic version of the registers and making the information from those registers available through the DFSAG website.

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

    • GEN 6.9 Communication with the DFSA

      • GEN 6.9.1

        An Authorised PersonG must ensure that any communication with the DFSAG is conducted in the English language.


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

    • GEN 6.10 Provision of information to the DFSA

      • GEN 6.10 Guidance

        1. This section sets out how certain information must be provided to the DFSAG . It applies to information in an AFNG form and in any other application, notification, report or return that must be provided to the DFSAG under a Rule. It does not apply to PIBG or PING returns, which are subject to a special system: the DFSAG Electronic Prudential Reporting System (EPRS).
        2. The DFSAG has enabled certain information to be submitted online using the electronic system on its website. If information can be submitted online, that online electronic system is to be used — see GEN Rule 6.10.2. In other cases, information must be provided to the DFSAG in accordance with GEN Rule 6.10.3.

        Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

      • GEN 6.10.1

        (1) This section applies to a PersonG providing information to the DFSAG in:
        (a) an AFNG form; or
        (b) any other application, notification, report or return required to be provided or submitted to the DFSAG under a Rule.
        (2) This section does not apply to an Authorised PersonG providing a return under PIBG or PING .
        (3) In this section, a reference to information that can be submitted online is a reference to information that can be submitted to the DFSAG online using the appropriate electronic system on the DFSAG website.

        Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

      • Method of Providing Information

        • GEN 6.10.2

          If information can be submitted online, a PersonG must submit the information to the DFSA using the online system.


          Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

        • GEN 6.10.3

          If information cannot be submitted online then, unless a Rule states otherwise, a PersonG must ensure that information it provides to the DFSAG :

          (a) is provided to the DFSAG in writing;
          (b) sets out the Person'sG full name and, if applicable, its authorisation or registration number;
          (c) is addressed to the attention of:
          (i) the Markets Department if the information is being provided under AMIG , RECG , MKTG , PRSG or TKOG ; or
          (ii) the Supervision Department in any other case; and
          (d) is delivered to the DFSAG :
          (i) by post to the current address of the DFSAG ;
          (ii) by hand to the current address of the DFSAG ; or
          (iii) by electronic mail to an address provided by the DFSAG .

          Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

      • Evidence that Information was Provided

        • GEN 6.10.4

          A PersonG who provides information to the DFSAG must retain sufficient evidence to be able to demonstrate to the DFSAG , upon request, that the information was submitted or delivered.


          Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]