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  • REC 3 General Provisions

    • REC 3.1 Application

      • REC 3.1.1

        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 3.2 Supervisory approach

      • REC 3.2 Guidance

        The DFSA will rely upon a Recognised Person'sG lead Financial Services RegulatorG to supervise a Recognised PersonG . The focus of DFSA's interest will be on the DIFC and on those activities of the Recognised PersonG that may impact the DIFC.

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

    • REC 3.3 Core information

      • REC 3.3.1

        A Recognised PersonG must provide the DFSA with reasonable advance notice of a change in:

        (a) its name;
        (b) any business name or trading name it uses in the DIFC, if different to (a); or
        (c) the address of its registered office or head office in its home jurisdiction.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

    • REC 3.4 Reporting

      • REC 3.4.1

        A Recognised BodyG must notify the DFSA immediately upon the granting, modification, variation, withdrawal or refusal of any application for, or revocation of, licensing, recognition or authorisation:

        (a) in the jurisdiction in which the Recognised BodyG has its head office or principal business; and
        (b) in any other jurisdiction to the extent that the relevant licensing, recognition or authorisation relates to operating an exchange, clearing house or alternative trading system.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 3.4.2

        A Recognised PersonG must notify the DFSA immediately upon the granting, modification, variation, withdrawal or refusal of an application for, or revocation of membership of an exchange, clearing house or alternative trading system, including membership of an Authorised Market InstitutionG .

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

      • REC 3.4.3

        A Recognised PersonG must provide the DFSA with a copy of any information provided to any Financial Services RegulatorG to which the Recognised PersonG is subject and which is relevant to its status as a Recognised PersonG .

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

      • REC 3.4.4

        Notwithstanding Rules 3.4.1 to 3.4.3, a Recognised PersonG must notify the DFSA as soon as possible of:

        (a) anything which causes or may cause it to fail to satisfy the Recognition CriteriaG ;
        (b) it becoming aware that a Financial Services RegulatorG has started an investigation into the affairs of the Recognised PersonG ;
        (c) the appointment of inspectors, howsoever named, by a Financial Services RegulatorG to investigate or manage the affairs of the Recognised PersonG ;
        (d) the imposition of disciplinary measures or disciplinary sanctions on the Recognised PersonG by any Financial Services RegulatorG ; or
        (e) any significant event or anything else relating to the Recognised PersonG of which the DFSA would reasonably expect to be notified.
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

        • REC 3.4.4 Guidance

          1. The DFSA does not require notification from a Recognised PersonG , for the purposes of Rule 3.4.2(b) or (c), where the activities of the Financial Services RegulatorG are part of a routine or regular inspection or audit of the affairs of the Recognised PersonG .
          2. Events which may cause a Recognised PersonG to be unable to meet the Recognition CriteriaG include significant changes to any relevant laws or regulations in its home jurisdiction, which:
          a. govern exchanges, clearing houses or alternative trading systems;
          b. are designed to prevent market abuse or money laundering;
          c. affect the ability of a Recognised BodyG to seek information from its users;
          d. affect the ability of a Recognised PersonG to provide information to the DFSA; or
          e. requires significant changes to a Recognised Body'sG organisation, structure or practices.
          Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

      • REC 3.4.5 Suspected Market Abuse

        (1) A Recognised Member must notify the DFSA immediately if it:
        (a) receives an order from a ClientG , or arranges or executes a transaction with or for a ClientG ; and
        (b) has reasonable grounds to suspect that the order or transaction may constitute Market AbuseG .
        (2) The notification under (1) must specify:
        (a) sufficient details of the order or transaction; and
        (b) the reasons for the Recognised MemberG suspecting that the order or transaction may constitute Market AbuseG .
        (3) A Recognised MemberG must not inform the ClientG , or any other Person involved in the order or transaction, of a notification under this Rule.
        Derived from DFSA RM191/2016 (Made 7th December 2016). [VER11/02-17]

        • REC 3.4.5 Guidance

          1. Recognised MembersG should note that conduct which occurs outside the DIFCG is only Market AbuseG under Part 6 of the Markets Law (and therefore subject to the notification requirement in REC Rule 3.4.5) if it affects DIFCG markets or users of DIFCG markets.
          2. Further GuidanceG on the requirement to notify the DFSA of suspected Market AbuseG can be found after GEN Rule 11.10.12A (the equivalent requirement for an Authorised FirmG ).
          Derived from DFSA RM191/2016 (Made 7th December 2016). [VER11/02-17]

    • REC 3.5 Annual report

      • REC 3.5.1

        A Recognised BodyG must submit to the DFSA an annual report in accordance with Rule 3.5.2 within four months of its financial year end.

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

      • REC 3.5.2

        A Recognised Body'sG annual report must include:

        (a) a copy of its annual report and accounts, including any consolidated annual report and accounts of any GroupG of which the Recognised BodyG is a member;
        (b) notwithstanding Rule 3.4.4(a), confirmation that the Recognised BodyG has satisfied the Recognition CriteriaG throughout the previous 12 months and is continuing to satisfy the Recognition CriteriaG ; and
        (c) if the Recognised BodyG has not satisfied the Recognition CriteriaG in any respect, an explanation of why the Recognised Body failed to satisfy the Recognition CriteriaG and what actions it is taking to satisfy the Recognition CriteriaG .
        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]

        • REC 3.5.2 Guidance

          The annual report may be submitted to the DFSA in either hard copy or electronic form.

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

      • REC 3.5.3 [Deleted]

        [Deleted] DFSA RM200/2017 (Made 19th April 2017). [VER12/01-18]

    • REC 3.6 Communication with and notification to the DFSA

      • REC 3.6.1

        A Recognised PersonG must deal with the DFSA in an open and co-operative manner.

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

        • REC 3.6.1 Guidance

          GEN section 6.10 sets out Rules about how information is to be provided to the DFSA.

          Derived from DFSA DFSA RM178/2016 (Made 19 June 2016). [VER10/08-16]

      • REC 3.6.2 [Deleted]

        [Deleted] DFSA RM178/2016 (Made 19 June 2016). [VER10/08-16]

      • REC 3.6.2

        A Recognised PersonG must ensure that any communication with the DFSA is conducted in the English language.

        Derived from DFSA RM90/2012 (Made 14th June 2012). [VER7/06-12]
        [Amended] DFSA RM178/2016 (Made 19 June 2016). [VER10/08-16]