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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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DFSA Codes of Practice
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  • 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]