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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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  • COB 2.4.4

    (1) This Rule applies to an Authorised FirmG which is a BranchG or is a member of a GroupG .
    (2) An Authorised FirmG may, subject to (3), rely on a client classification made, if it is a BranchG , by its head office or any other branch of the same legal entity, or if it is a member of a GroupG , by any other member of its GroupG , if it has reasonable grounds to believe that such a client classification is substantially similar to the client classification required under this chapter.
    (3) If any gaps are identified between the requirements applicable to the Authorised FirmG under this chapter and the requirements under which the client classification is carried out by another entity referred to in (2), the Authorised FirmG may only rely on such a client classification if it has effectively addressed the identified gaps.
    Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]

    • COB 2.4.4 Guidance

      1. Generally, an Authorised FirmG relying on this Rule should be able to demonstrate to the DFSAG the due diligence process that it had undertaken to assess whether the client classification made by its head office or other branch of the same legal entity or a member of its GroupG substantially meets the client classification requirements in this chapter and, if any gaps are identified, how those gaps are effectively addressed. See Rule 2.5.3, which requires the provision of unrestricted access to records for demonstrating to the DFSAG due compliance with this Rule.
      2. If an Authorised FirmG wishes to use any client classification undertaken by any third party other than its head office or another branch of the same legal entity, or a member of its GroupG , such an arrangement is generally treated as an outsourcing arrangement. Therefore, the Authorised FirmG would need to meet the GEN requirements relating to outsourcing.
      Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]