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Dubai Financial Services Authority (DFSA): Contents

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  • REC 2 Admission to the List of Recognised Persons

    • REC 2.1 Application

      • REC 2.1.1

        This chapter applies to every Recognised PersonG except to the extent that a provision provides for a narrower application.

        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

    • REC 2.2 Recognition as a recognised person

      • REC 2.2 Guidance

        1. The DFSA may only admit a PersonG to its list of Recognised PersonsG if it appears to the DFSA that such PersonG satisfies and will continue to satisfy the Recognition Criteria.
        2. An applicant, or potential applicant for RecognitionG is advised to contact the DFSA to discuss their application at the earliest possible opportunity prior to the submission of any written documentation.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 2.2.1

        An applicant to be a Recognised PersonG must submit a written application to the DFSA demonstrating how the applicant satisfies or intends to satisfy the relevant Recognition CriteriaG at the date of RecognitionG and on an ongoing basis.

        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

        • REC 2.2.1 Guidance

          A written application should also set out the basic general information relating to an applicant for a Recognised PersonG , including:

          a. its name;
          b. any business name or trading name it intends to use in the DIFC, if different to (a);
          c. the address of its registered office and head office; and
          d. the name of the Authorised Market InstitutionG or ATS OperatorG upon which it is applying for membership.
          Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 2.2.2

        In assessing an application for RecognitionG the DFSA may:

        (a) carry out any enquiries which it considers appropriate including enquiries independent of the applicant;
        (b) require the applicant to submit such additional information as the DFSA may reasonably require;
        (c) require any information submitted by the applicant to be verified in such manner as the DFSA may specify; and
        (d) take into account any information which the DFSA considers appropriate in relation to the applicant.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 2.2.3

        If an applicant becomes aware of a material change in circumstances that is reasonably likely to be relevant to an application which is under consideration by the DFSA, it must inform the DFSA of the change in writing, without delay.

        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

    • REC 2.3 Determination of applications and references

      • REC 2.3.1 [Deleted]

        [Deleted] DFSA RM140/2014 (Made 21st August 2014). [VER8/06-14]

      • REC 2.3.2 [Deleted]

        [Deleted] DFSA RM140/2014 (Made 21st August 2014). [VER8/06-14]

        • REC 2.3.2 Guidance

          Determination of applications

          1. Where the DFSA recognises a PersonG pursuant to Article 37 of the Law, it will include such person in its list of Recognised PersonsG .

          References

          2. If the DFSAG proposes to refuse an application for RecognitionG it is required under Article 37(9) of the Law to comply with the procedures in schedule 3 to the Regulatory LawG .
          3. If the DFSAG decides to refuse an application for RecognitionG , the applicant may refer the matter to the FMTG for review under Article 37(10) of the Law.
          4. Under Article 29 of the Regulatory Law, a PersonG who commences a reference to the FMTG , must do so within 30 days of the notification of the relevant decision.
          5. The form of submission that a reference must take is specified in the rules of procedures of the FMTG .
          Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]
          [Amended] DFSA RM140/2014 (Made 21st August 2014). [VER8/06-14]

    • REC 2.4 Recognition criteria for recognised bodies

      • REC 2.4.1

        For the purposes of Article 37(6) of the Law the Recognition CriteriaG for a Recognised BodyG are that:

        (a) it is licensed or otherwise authorised to operate an exchange, clearing house or alternative trading system in a jurisdiction acceptable to the DFSA;
        (b) it is regulated by a Financial Services RegulatorG to a standard satisfactory to the DFSA;
        (c) the law and practice under which the Recognised BodyG is licensed or otherwise authorised is broadly equivalent to the DFSA's regulatory regime as it applies to a DIFC ExchangeG ;
        (d) adequate arrangements exist, or will exist for co-operation between the DFSA and the Financial Services RegulatorG responsible for the Recognised Body'sG licensing and regulation.
        (e) it has its head and registered offices outside of the DIFC; and
        (f) it operates to a standard which would reasonably satisfy the Licensing Requirements for Authorised Market InstitutionsG set out in AMI.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

    • REC 2.5 Recognition criteria for recognised members

      • REC 2.5.1

        For the purposes of Article 37(6) of the Law the Recognition CriteriaG for a Recognised MemberG are that:

        (a) it is licensed or otherwise authorised to trade on or use the facilities of an exchange, clearing house or alternative trading system in a jurisdiction acceptable to the DFSA;
        (b) it is regulated in respect of the trading in (a) by a Financial Services RegulatorG to a standard satisfactory to the DFSA;
        (c) the law and practice under which the Recognised MemberG is licensed or otherwise authorised is broadly equivalent to the DFSA's regulatory regime as it applies to a DIFC MemberG ;
        (d) adequate arrangements exist, or will exist for co-operation between the DFSA and the Financial Services RegulatorG responsible for the Recognised Member'sG licensing and regulation.
        (e) when using the facilities of an exchange, clearing house or alternative trading system in the DIFC, it does not exceed the scope of the activities it is licensed to carry on by its Financial Services RegulatorG ;
        (f) subject to 2.5.2, it carries on business in a jurisdiction other than the DIFC and has its head and registered offices outside of the DIFC; and
        (g) subject to 2.5.3, when dealing on an ExchangeG or Alternative Trading SystemG in the DIFC, it does so only for:
        (i) non-DIFC customers; or
        (ii) DIFC customers for whom it deals as a result of an unsolicited request for execution-only services.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 2.5.2

        Rule 2.5.1(e) does not prevent a Recognised MemberG which has a BranchG which is an Authorised FirmG from carrying on a Financial ServiceG in or from the DIFC through such BranchG .

        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 2.5.3

        Rule 2.5.1(g) does not apply to:

        (a) a Recognised MemberG which is licensed and supervised by a Financial Services RegulatorG in the UAE; and
        (b) a Recognised MemberG which has a BranchG which is an Authorised FirmG .
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]