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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Glossary Module (GLO) [VER44/07-19]
GLO 2 Glossary
[ Y ]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • GLO 2 Glossary

    • [ A ] [Accepting Deposits—Authorised Person]

      • Acceptable Collateral [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Accepting Deposits

        Has the meaning given in GEN section 2.4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Accounting Records

        Means records and underlying documents comprising initial and other accounting entries and associated supporting documents such as:

        (a) cheques;
        (b) records of electronic fund transfers;
        (c) invoices;
        (d) contracts;
        (e) the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and
        (f) work sheets and spread sheets supporting cost allocations, computations, reconciliations and disclosures.
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Acting as the Trustee of a Fund

        Has the meaning given in GEN section 2.25.


        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Actuary

        An individual who is a 'Fellow', or the holder of an equivalent qualification or rank, of a professional actuarial body that is a full member of the International Actuarial Association.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Capital Resources

        Capital resources calculated in accordance with PIN Rule A3.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Cellular Capital Resources

        Cellular capital resources calculated in accordance with PIN Rule A5.6.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Fund Capital Resources

        Fund capital resources calculated in accordance with PIN Rule A7.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Non-Cellular Capital Resources

        Non-cellular capital resources calculated in accordance with PIN Rule A5.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Advice

        Advice of the type specified in GEN section 2.11 or 2.28.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Advising

        Advising on Credit or Advising on Financial Products.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Advising on Credit

        Has the meaning given in GEN Rule 2.28.1(1)(b)

        Derived from DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Advising on Financial Products

        Has the meaning given in GEN section 2.11.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Advisor

        In relation to a FundG , a PersonG who is retained by the FundG , its Eligible CustodianG , a PersonG providing oversight or its Fund ManagerG under a commercial arrangement which is not a contract of service:

        (a) to supply any of them with the advice in relation to the FundG as to the merits of investment opportunities or information relevant to the making of judgments about the merits of investment opportunities; or
        (b) to exercise for any of the functions concerning the management of the Fund PropertyG .
        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Affected Person [Deleted]

        [Deleted] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Agent

        In relation to a Passported FundG , a Licensed PersonG appointed by the Fund ManagerG of the FundG to PromoteG the UnitsG of that FundG .

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • AFN

        The Applications, Forms and Notices module of the Sourcebook.

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Alternative Trading System

        A trading system or facility of a type specified under GEN 2.22.1.

        [Added][VER4/08-05]

      • AMI

        The Authorised Market Institutions module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • AML

        Means either “anti-money laundering” or the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions module depending on the context.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Annual Audited Expenditure [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Annual Information Return

        A return prepared by a Registered AuditorG for submission to the DFSAG in accordance with AUD Rule 4.8.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Annual Regulatory Return

        An annual regulatory return of the type specified in PIN Rule A10.3.1.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Anti Money Laundering Suspicious Cases Unit (AMLSCU) [Deleted]

        [Deleted] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Approved Asset

        (1) A certificate of deposit with a maximum term to maturity of six months issued by and held with an Eligible BankG ;
        (2) a term deposit with an Eligible BankG with a remaining term to maturity of one year or less;
        (3) a negotiable debt instrument, with a remaining term to maturity of five years or less, where the instrument, or issuer thereof, is RatedG at least AA- by Standard & Poor's, or the equivalent by another Rating AgencyG ;
        (4) a repurchase agreement which is fully collateralised with negotiable debt instruments meeting the rating criterion in (3), and where the credit rating of the counterparty also meets the criteria; or
        (5) a bond fund meeting the rating criterion in (3) and where the designated bank account for redeemed investment is the an Insurance Bank AccountG held by the Authorised FirmG in accordance with the requirement of COB section 14.3.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Approved Prospectus

        Has the meaning given in MKT Rule 2.6.2(2), 2.7.1(4) and 6.3.2(2)

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Approved Stock Exchange

        A stock exchange designated as approved by a written notice from the DFSAG , subject to any conditions that the DFSAG may specify in that notice.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Arranging Credit and Advising on Credit

        Has the meaning given in GEN section 2.28.

        Derived from DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Arranging Credit

        Has the meaning given in GEN Rule 2.28.1(1)(a).

        Derived from DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Arranging Custody

        Has the meaning given in GEN section 2.14.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Arranging Deals in Investments

        Has the meaning given in GEN section 2.9.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Associate

        (1) In Chapters 7 and 11 of GEN and Chapter 8 of AMI means, in respect of a PersonG 'A' holding SharesG or entitled to exercise, or control the exercise of voting power, in an Authorised FirmG or a Holding CompanyG of an Authorised FirmG :
        (a) the spouse of A;
        (b) a child or stepchild of A;
        (c) the trustee of any settlement, including any disposition or arrangement under which property is held on trust or subject to a comparable obligation, under which A has a life interest in possession;
        (d) an UndertakingG of which A is a director;
        (e) a PersonG who is an EmployeeG or partner of A;
        (f) where A is an UndertakingG :
        (i) a director of A;
        (ii) a subsidiary or wholly owned subsidiary of A; or
        (iii) a director or EmployeeG of such a subsidiary or wholly owned subsidiary; or
        (g) a PersonG who has an agreement or arrangement with A with respect to the acquisition, holding or disposal of SharesG or other interests in the Authorised FirmG or the Holding CompanyG of an Authorised FirmG or under which they undertake to act together in exercising their voting power in relation to an Authorised FirmG or the Holding CompanyG of an Authorised FirmG or that other PersonG .
        (2) Except in Chapters 7 and 11 of GEN and Chapter 8 of AMI means in respect of a PersonG 'A', any PersonG , including an affiliated company which is:
        (a) an undertaking in the same GroupG as A; or
        (b) any other person whose business or domestic relationship with A or his AssociateG might reasonably be expected to give rise to a community of interest between them which may involve a conflict of interest in dealings with third parties.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • ATS

        An Alternative Trading SystemG .

        [Added][VER4/08-05]

      • ATS Operator

        An Authorised FirmG carrying on the Financial ServiceG of Operating an Alternative Trading SystemG for which it has authorisation under its LicenceG .

        [Added][VER4/08-05]

      • AUD

        The AuditorG module of the RulebookG .

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Auditor

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added] [VER11/11-06]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Audit Principal

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added][VER11/11-06]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Audit Services

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • AUT [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Authorised Firm

        A PersonG , other than an Authorised Market InstitutionG , who holds a LicenceG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Authorised ISPV

        An ISPVG which holds a LicenceG to carry on either or both of the following Financial ServicesG :

        (a) Effect Contracts of InsuranceG ; or
        (b) Carry Out Contracts of InsuranceG

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Authorised Individual

        An individual who has been authorised by the DFSAG to perform one or more Licensed FunctionsG for an Authorised FirmG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Authorised Market Institution

        A PersonG who is LicensedG by the DFSAG in relation to the carrying on either or both of the Financial ServicesG prescribed in GEN Rule 2.17.1 and GEN 2.18.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Authorised Participant

        In relation to an ETFG , a market maker appointed by the Fund ManagerG of the ETFG for the purposes referred to in CIR Rule 3.1.12 or IFR Rule 6.13.1.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Authorised Person

        An Authorised FirmG or an Authorised Market InstitutionG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

    • [ B ] [Bank—Business Rules]

      • Bank

        An Authorised FirmG which holds a LicenceG authorising it to carry on the Financial ServiceG of Accepting DepositsG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Banking Business [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Base Capital Requirement

        Has the meaning given in PIB section 3.6.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Bearer Share

        A ShareG that cannot be registered in the name of the holder and proof of ownership is possession of the ShareG certificate.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Bid

        includes a TakeoverG transaction however effected, including a reverse TakeoverG , partial bid, and also a bid by a parent entity for SharesG in its subsidiary.

        [Added][VER5/09-05]

      • Bidder

        includes, but is not limited to, companies wherever incorporated and individuals wherever resident who or which make a BidG under TKOG .

        [Added][VER5/09-05]

      • Bid Document

        means a document issued by a BidderG containing information as stipulated under TKOG (particularly Chapter 8) and posted in accordance with those RulesG (particularly Chapter 11).

        [Added][VER5/09-05]

      • Bid Period

        means the period from the time when an announcement is made of a proposed or possible BidG (with or without terms) until the first closing date or, if this is later, the date when the BidG becomes or is declared unconditional as to acceptances or lapses. An announcement that a holding, or aggregate holdings, of SharesG carrying 30% or more of the voting rights of a Reporting EntityG is for sale or that the Governing BodyG of a Reporting EntityG is seeking potential BiddersG will be treated as the announcement of a possible BidG .

        [Added][VER5/09-05]

      • Board

        In reference to the DFSA the Governing BodyG of the DFSAG , established under Chapter 2 of Part 2 of the Regulatory LawG 2004.

        In reference to a corporation, the Board of Directors of the corporation

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Body Corporate

        Any body corporate, including limited liability partnership and a body corporate constituted under the law of a country or territory outside of the DIFCG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Branch

        A place of business within the DIFCG :

        (a) which has no separate legal personality;
        (b) forms a legally dependent part of a Regulated Financial InstitutionG whose principal place of business and head office is in a jurisdiction other than the DIFCG ; and
        (c) which carries on Financial ServicesG in or from the DIFCG under a DFSAG LicenceG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Business Rules

        The written rules of an Authorised Market InstitutionG which govern its activities as an Authorised Market InstitutionG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

    • [ C ] [Capital Requirement—Customer Due Diligence (CDD)]

      • Capital Requirement

        The amount of capital an Authorised FirmG must hold, calculated in accordance with PIB sections 3.3, 3.4 or 3.5, as applicable.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Capital Resources

        The total capital resources of an Authorised FirmG calculated in accordance with PIB section 3.11.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Captive Cell

        [deleted]

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] (as from 15th October 2004) [VER2/10-04]

      • Captive Insurer

        A Captive InsurerG means a:

        (a) Class 1 Captive InsurerG ;
        (b) Class 2 Captive InsurerG ; or
        (c) Class 3 Captive InsurerG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Carrying Out Contracts of Insurance

        Has the meaning given in GEN section 2.16.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Category

        A prudential grouping of Authorised FirmsG which determines the application of the RulesG in PIBG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • CCP

        Pursuant to GEN Rule 2.18.1(1)(a), a CCPG is a PersonG who OperatesG a Clearing HouseG by becoming a Central CounterpartyG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Cell

        A cell created by a Protected Cell CompanyG for the purpose of segregating and protecting cellular assets in the manner provided by the DIFCG Companies RegulationsG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Cell Return

        The return described in PIN Rule A10.2.4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cell Share Capital

        Capital comprising of the proceeds of the issue of Cell SharesG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cell Shares

        SharesG created and issued by a Protected Cell CompanyG in respect of one of its cells.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cellular Asset

        The assets of the Protected Cell CompanyG attributable to the Company'sG CellsG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cellular Liabilities

        Liabilities that may be settled by disposition of cellular assets.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Central Bank

        The Central BankG of the U.A.E.G or its equivalent in another country or territory.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Central Counterparty

        Pursuant to GEN Rule 2.18.1(3), a PersonG operates as a Central CounterpartyG where it:

        (a) ensures the performance of open contracts relating to InvestmentsG , made on a facility for trading InvestmentsG ; and
        (b) does so by interposing between counterparties to such contracts by becoming the buyer to every seller, or the seller to every buyer.
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Central Securities Depository

        In relation to:

        (a) an Authorised FirmG , the meaning given to that term under GEN Rule 2.13.1(3); and
        (b) in the case of an Authorised Market InstitutionG , the meaning given to that term in GEN Rule 2.18.1(5).
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Certificate

        Has the meaning given in GEN Rule A2.2.1(d).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Charge

        Any FeeG or charge made to a ClientG in connection with Investment BusinessG , whether levied by the Authorised FirmG or any other PersonG , including a Mark-up or Mark-downG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Chief Executive (CEO)

        The individual appointed to the office of Chief Executive of the DFSAG by the BoardG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Chinese Wall

        An arrangement described in Article 63 of the Markets Law 2012.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • CIR

        The Collective Investment module of the RulebookG .

        [Added] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Class

        In relation to a Contract of InsuranceG , the allocated insurance class as specified in GEN App4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Class 1 Captive Cell

        A CellG established by a Protected Cell CompanyG to which are attributable assets and liabilities arising out of Insurance BusinessG only in respect of risks related to arising out of the business or operations of members of a GroupG which together hold a majority of Cell SharesG , including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant.

        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 2 Captive Cell

        A CellG established by a Protected Cell CompanyG to which are attributable assets and liabilities arising out of Insurance BusinessG , 80% of the Gross Written PremiumG in any year being attributable to risks related to or arising out of the business or operations of members of a GroupG which together hold a majority of the Cell SharesG , including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant.

        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 3 Captive Cell

        A CellG established by a Protected Cell CompanyG :

        (a) to which are attributable assets and liabilities arising out of Insurance BusinessG only in respect of risks related to or arising out of the business or operations of persons who engage in similar, related or common:
        (i) businesses;
        (ii) activities;
        (iii) trade;
        (iv) services; or
        (v) operations;
        including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant; and
        (b) owned by such PersonsG or by a Body CorporateG of which all such PersonsG are members.
        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 1 Captive Insurer

        A DIFC Incorporated InsurerG permitted under the conditions of its licence to effect or carry out Contracts of InsuranceG only in respect of risks related to or arising out of the business or operations of the GroupG , including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 2 Captive Insurer

        A DIFC Incorporated InsurerG required under the conditions of its licence to obtain at least 80 per cent of its Gross Written Premium in any year from Contracts of InsuranceG in respect of risks related to or arising out of the business or operations of the GroupG , including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Class 3 Captive Insurer

        A DIFC Incorporated InsurerG which is:

        (a) permitted under the conditions of its licence to effect or carry out Contracts of InsuranceG only in respect of risks related to or arising out of the business or operations of persons who engage in similar, related or common:
        (i) businesses;
        (ii) activities;
        (iii) trade;
        (iv) services; or
        (v) operations;
        including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant, and
        (b) owned by such PersonsG or by a Body CorporateG of which all such PersonsG are members.
        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class of Business

        A classification of insurance contracts having similar characteristics, specified in GEN App4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Clearing House

        An Authorised Market InstitutionG which is authorised under its LicenceG to carry on the Financial ServiceG of Operating a Clearing HouseG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Client

        A Retail ClientG , Professional ClientG or Market CounterpartyG as defined in COB chapter 2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] RM74/2011 (Made 10th February 2011). [VER24/02-11]

      • Client Account

        (1) In relation to Client MoneyG , an account specified in COB Rule A5.4.1; and
        (2) in relation to a Safe Custody InvestmentG an account specified in COB Rule A6.4.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Client Agreement

        An agreement that is made in accordance with the requirements of COB section 3.3.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM151/2015 (Made 11th February 2012). [VER33/04-15]

      • Client Assets

        Client MoneyG and Client InvestmentsG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Client Investments

        Has the meaning given in COB section 6.13.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Client Money

        Has the meaning given in COB section 6.12.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Client Money Auditor's Report

        A report referred to in GEN Rule 8.6.1(c).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Client Money Distribution Rules

        The RulesG under COB section A5.13.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Client Money Provisions

        The provisions under COB App5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Closed-ended Fund

        Has the meaning given in Article 18A(3) of the Collective Investment LawG .

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Close Links

        A PersonG (Person A) has Close LinksG with a PersonG (Person B) if:

        (a) PersonG B:
        (i) is a Holding CompanyG of PersonG A;
        (ii) is a SubsidiaryG of PersonG A;
        (iii) is a Holding CompanyG of the SubsidiaryG of PersonG A;
        (iv) is a SubsidiaryG of a Holding CompanyG of PersonG A; or
        (v) owns and controls 20% or more of the voting rights or shares of PersonG A; or
        (b) PersonG A owns and controls 20% or more of the voting rights or shares of PersonG B.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Close Out Netting

        A process whereby the claims and obligations of two CounterpartiesG are accelerated, netted to form a single net sum and become immediately due upon the default, bankruptcy, liquidation or other similar circumstance of either of the CounterpartiesG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Close Relative

        In relation to any individual:

        (a) his spouse;
        (b) his children and step-children, his parents and step-parents, his brothers and sisters and his step-brothers and step-sisters; and
        (c) the spouse of any individual within (b).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Closely Related

        Has the meaning given in PIB Rule A4.11.5.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • CMC

        The Code of Market Conduct module of the Sourcebook.

        [Added] DFSA RM147/2014 (Made 1st January 2015). [VER32/01-15]

      • COB

        The Conduct of Business module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Code of Ethics for Accountants and Audit Firms of Islamic Financial Institutions

        The code of ethics issued by the Accounting and Auditing Organisation of Islamic Financial InstitutionsG from time to time (AAOIFI).

        [Added][VER11/11-06]

      • Code of Ethics for Professional Accountants

        The code of ethics for accountants as issued and amended from time to time by the International Ethics Standard Board for Accountants (IESBA) of IFACG .

        [Added][VER11/11-06]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Collateral

        (1) In PIBG , any form of asset, guarantee, or indemnity which is held or controlled by an Authorised FirmG and is subject to a security interest or arrangement in favour of that firm; and
        (2) In COBG , a Client InvestmentG which has been paid for in full by a ClientG and which is held or controlled by the Authorised FirmG under the terms of a deposit, pledge, charge or other security arrangement.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Collective Investment Fund

        An arrangement which amounts to a FundG under Article 11 of the Collective Investment Law 2010 and which is not excluded under the RulesG made under Article 12 set out under CIR section 2.1.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER8/04-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Commercial Customer [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Commercial Paper

        DebenturesG with a maturity of less than 2 years at the date of issue.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Commission

        Any form of commission, including a benefit of any kind, offered or given in connection with Investment BusinessG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Commodities Risk Capital Requirement

        A component of the Market Risk Capital RequirementG to cover the risk of holding or taking positions in commodities, including precious metals, but excluding gold, calculated in accordance with PIB section 5.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Commodity Derivative

        A DerivativeG over a commodity

        [Added] DFSA RM39/2007 (Made 25th January 2007). [VER12/01-07]

      • Complaint

        Any oral or written expression of dissatisfaction from a ClientG to an Authorised FirmG in connection with the provision of, or failure to provide, a Financial ServiceG to the ClientG .

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Compliance Officer

        In relation to:

        (a) an Authorised FirmG , the Licensed FunctionG described in GEN Rule 7.4.6; and
        (b) an Authorised Market InstitutionG , the Key IndividualG function described in AMI Rule 5.3.6.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Concentration Risk

        The risk faced by an Authorised FirmG arising out of its Large ExposuresG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Connected

        In relation to a PersonG (A), a PersonG which has or has at any relevant time had the following relationship to A:

        (a) a member of A's GroupG ;
        (b) a ControllerG of A;
        (c) a member of a partnership of which A is a member;
        (d) an employee or former employee of A;
        (e) if A is a company:
        (i) an officer or manager of A or of a parent of A;
        (ii) an agent of A or of a parent of A;
        (f) if A is a partnership, is or has been a member, manager or agent of A; or
        (g) if A is an unincorporated association of persons which is not a partnership, is or has been an officer, manager or agent of A.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Connected Counterparties

        Has the meaning given in PIB Rule A4.11.7.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Connected Person

        In relation to:

        (a) a Reporting EntityG other than that of a Listed FundG , a PersonG referred to in MKT Rule 4.3.2; and
        (b) a Reporting EntityG of a Listed FundG , a PersonG referred to in MKT Rule 6.6.1.
        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Constitution

        In relation to a FundG :

        (a) which is in the form of a Body CorporateG , the instrument of incorporation;
        (b) which is in the form of a TrustG , the trust deed;
        (c) which is in the form of a PartnershipG , the partnership deed; or
        (d) adopting a form other than one specified in (a) to (c), any instrument creating the legal form of the FundG to which the Fund ManagerG is a party setting out provisions relating to any aspect of the operation or management of the FundG .
        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Contingent Liability Investment

        A DerivativeG under the terms of which the ClientG will or may be liable to make further payments (other than ChargesG , and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of his position.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Contract of Insurance

        Has the meaning given in GEN Rule A4.1.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Controller

        (1) In relation to an Authorised FirmG , a PersonG who, either alone or with any AssociateG fulfils the criteria specified in GEN Rule 11.8.2; or
        (2) in relation to an Authorised Market InstitutionG a PersonG who, either alone or with any AssociateG fulfils the criteria specified in AMI Rule 8.1.2.
        Derived from DFSA RM12/2004 (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 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Convertible

        An InvestmentG that gives an investor the right to convert the SecurityG into another form of SecurityG at an agreed price or on an agreed basis.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Corporate Director

        In relation to an Investment CompanyG that elects to have its sole Corporate DirectorG act as its Fund ManagerG , the body corporate that acts or intends to act as the Fund ManagerG .

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Corporate Governance Principles

        Principles prescribed in MKT Rules 3.2.33.2.9.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Correspondent Account

        An account opened on behalf of a Correspondent Banking ClientG to receive deposits from, to make payments on behalf of or to otherwise handle financial TransactionsG for or on behalf of the Correspondent Banking ClientG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Correspondent Bank

        A bank in a jurisdiction other than the DIFCG where an Authorised FirmG opens a Correspondent AccountG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Correspondent Banking Client

        A ClientG of an Authorised FirmG which uses the firm's correspondent banking services account to clear TransactionsG for its own customer base.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Council

        [Deleted]

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Counterparty

        Means any person with or for whom an Authorised FirmG carries on, or intends to carry on, any regulated business or associated business. In this context, a counterparty includes an individual, unincorporated body, company, government, local authority or other public body.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Counterparty Risk

        The risk that an Authorised Firm'sG CounterpartyG does not perform its obligations under the terms of a contract.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Counterparty Risk Capital Component (CPCOM) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Court

        The DIFCG CourtG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Default Product

        A swap or OptionG , which has a payout linked to changes in an underlying Reference Asset'sG creditworthiness and protects the Protection BuyerG against the risk of credit loss over a specified time period with the payout being conditional on some form of Credit EventG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Derivatives

        An over the counter financial DerivativeG instrument, which enables the isolation and separate transfer of Credit RiskG and whose payout is linked to changes in the Reference Assets'G creditworthiness.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Enhancement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Equivalent Amount (CEA) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Event

        An event related to the creditworthiness of Reference AssetsG or Reference EntitiesG in a Credit DerivativesG contract, which triggers the termination or a payout under the contract.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Event Payment

        The consideration, which the Protection SellerG pays to the Protection BuyerG under a Credit DerivativesG contract upon occurrence of a Credit EventG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Facility

        Any facility which includes any arrangement or agreement which extends monetary credit whether funded or unfunded to a PersonG including but not limited to any loan or syndicated loan, mortgage, overdraft, financial lease, letter of credit, financial guarantee, trade finance, transaction finance, project finance, asset finance, or the financing, discounting or factoring of invoices.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM225/2018 (Made 6th June 2018). [VER40/08-18]

      • Credit Rating

        Has the meaning given to it in GEN Rule 2.27.1(2)(b).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Credit Rating Activities

        Has the meaning given to it in GEN Rule 2.27.1(2)(a).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Credit Rating Agency

        A PersonG carrying on in or from the DIFC the Financial ServiceG of Operating a Credit Rating AgencyG for which it has an authorisation under its LicenceG .

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Credit Risk

        In relation to an Authorised FirmG , the risk of loss if another party fails to perform on its financial obligation to the Authorised FirmG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Risk Capital Component (CRCOM) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Risk Capital Requirement

        The requirement calculated in accordance with PIB section 4.6.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Spread Option

        A type of contract where one CounterpartyG sells an OptionG to another CounterpartyG on a nominal amount of an asset swap on a specified SecurityG , exercisable during a set period of time, in exchange for a payment of a premium where the OptionG gives the buyer the right to put the asset swap back to the seller at a strike spread over a pre-determined benchmark rate.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit-linked Note

        A SecurityG whose coupon payments are linked to the return on, and repayment of principal and is linked to the creditworthiness of, the Reference AssetsG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Crowdfunding Loan Agreement

        A loan agreement entered into using a Loan Crowdfunding PlatformG operated by a Crowdfunding OperatorG .

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Crowdfunding Operator

        A PersonG who is authorised under a LicenceG to Operate a Crowdfunding PlatformG .

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Crowdfunding Platform

        An Investment Crowdfunding PlatformG , a Loan Crowdfunding PlatformG , or a Property Investment Crowdfunding PlatformG .

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • CSD

        In relation to:

        (a) an Authorised FirmG , a PersonG who carries on the activity specified in GEN Rule 2.13.1(3);
        (b) an Authorised Market InstitutionG , a PersonG who carries on the activity specified in GEN Rule 2.18.1(5).
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • CTF

        Means counter-terrorist financing.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Customer Complaint [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Customer Due Diligence (CDD)

        Has the meaning in AML Rule 7.3.1.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

    • [ D ] [Dealing in Investments as Agent—Dubai Law]

      • DAT [Deleted]

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Dealing in Investments as Agent

        Has the meaning given in GEN section 2.8.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Dealing in Investments as Principal

        Has the meaning given in GEN section 2.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Debenture

        Has the meaning given in GEN Rule A2.2.1(b).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Decision Maker [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Decision Notice

        a written notice given by the DFSAG to a PersonG pursuant to paragraph 5 of Schedule 3 to the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Default Rules

        Rules of an Authorised Market InstitutionG that set out procedures dealing with circumstances where a MemberG or other participant on its facilities is unable to meet its obligations in respect of one or more contracts.

        [Added] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]

      • Delegation Agreement

        An agreement in writing entered into by a Fund ManagerG or TrusteeG with a Service ProviderG in relation to delegated activities, which fulfils the criteria in CIR App 1.

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Delivery Versus Payment Transaction

        A transaction in which the transfer of InvestmentsG and the payment of MoneyG between the buyer and seller are intended to occur around the same time.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Delta [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Deposit

        Has the meaning given in GEN section A1.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Derivative

        Has the meaning given in GEN Rule A2.1.3.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Designated Fund

        A Foreign FundG which has been designated by the DFSAG under Article 55 of the Collective Investment Law 2010 or, pursuant to Article 1(b) of that law, under Article 20 of the Collective Investment Law 2006.

        [Added][VER8/04-06]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Designated Investments [Deleted]

        [Deleted] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Designated Non-Financial Business or Profession (DNFBP)

        Means:

        (1) The following class of PersonsG whose business or profession is carried on in or from the DIFCG :
        (a) a real estate developer or agency which carries out transactions with a customer involving the buying or selling of real property;
        (b) a dealer in precious metals or precious stones;
        [deleted]
        (d) a law firm, notary firm, or other independent legal business;
        (e) an accounting firm, audit firm or insolvency firm;
        (f) a company service provider; or
        (g) a Single Family OfficeG .
        (2) A PersonG who is an Authorised PersonG or an AuditorG is not a DNFBPG .
        Added by DFSA RM78/2011 [VER25/06-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] DFSA RM225/2018 (Made 18th April 2018) [VER41/09-18]

      • DFSA

        The Dubai Financial Services Authority.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • DIFC

        The Dubai International Financial Centre.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DIFC Business Return

        The return described in PIN Rule A10.2.6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DIFC Business Risk Capital Requirement

        The capital requirement calculated in accordance with PIN section A9.2.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DIFC Incorporated Insurer

        An InsurerG that is a Body CorporateG incorporated under the DIFCG Companies Law.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • DIFC Registrar of Companies

        The registrar of companies appointed pursuant to the DIFCG Companies Law.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Direct Electronic Access

        Has the meaning given in AMI Rule 5.7.3(3).

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Direct Long-Term Insurance

        Long-Term InsuranceG that is not reinsurance

        [Added] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]

      • Direct Long-Term Insurance Business

        The business of Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG , where the Contracts of InsuranceG are contracts of Direct Long-Term InsuranceG

        [Added] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]

      • Director

        (1) In relation to an undertaking established under the DIFCG Companies Law, a PersonG who appears on the Register of Directors maintained by the DIFC Registrar of CompaniesG ; and
        (2) In relation to all other undertakings, a PersonG who has been admitted to a register which has a corresponding meaning to the Register of Directors or performs the function of acting in the capacity of a DirectorG , by whatever name called.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Discretionary Portfolio Management Account

        An account used by an Authorised FirmG to manage the investment portfolio of a ClientG on a discretionary basis under the terms of a Discretionary Portfolio Management AgreementG .

        [Added] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Discretionary Portfolio Management Agreement

        An agreement under which an Authorised FirmG agrees with a ClientG to manage an investment portfolio for that particular ClientG in accordance with pre-agreed investment parameters in that agreement and where:

        (a) the Client'sG approval of any specific TransactionG is not required before undertaking the TransactionG ; and
        (b) the assets of the ClientG are discretely held for that ClientG and no pooling of those assets occurs with the assets of any other PersonG , except purely for transactional purposes.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Displaced Commercial Risk Capital Requirement (PSIACOM)

        The requirement calculated in accordance with chapter 5 of the IFR Module.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Distribution Event

        A distribution event is:

        (a) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over the Authorised FirmG or its Nominee CompanyG ;
        (b) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over a Third Party AgentG of the Authorised FirmG or its Nominee CompanyG ; or
        (c) the coming into force of a direction by the DFSAG in respect of all Client AssetsG held by the Authorised FirmG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Domestic Firm

        An Authorised PersonG or DNFBP which:

        (a) has its registered and head office in the DIFCG ; or
        (b) if it is a subsidiary of an UndertakingG whose principal place of business and head office is in a jurisdiction other than the DIFCG , has its registered office in the DIFCG .
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM217/2018 (as from 22nd February 2018). [VER39/04-18]

      • Domestic Fund

        (1) A FundG established or domiciled in the DIFCG .

        (2) In FPR, has the meaning given in section 1.3 of those RulesG .

        [Added] [VER8/04-06]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • DNFBP

        Designated Non-Financial Business or ProfessionG

        Added by DFSA RM78/2011 [VER25/06-11]

      • Dubai Law

        Law made by the Ruler, as applicable in the Emirate of Dubai.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Duration Method [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

    • [ E ] [Effecting Contracts of Insurance—External Fund Manager]

      • Effecting Contracts of Insurance

        Has the meaning given in GEN section 2.15.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Eligible Bank

        Means:

        (a) a BankG ;
        (b) a legal entity that is authorised to accept deposits and supervised by the Central BankG of the StateG ; or
        (c) a legal entity that is:
        (i) authorised to accept deposits and supervised by a Financial Services RegulatorG in a jurisdiction outside the StateG ; and
        (ii) Rated at least A- by Standard & Poor's, or the equivalent by another Rating AgencyG .
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04] (Made 19th June 2016) [VER36/08-16]

      • Eligible Custodian

        Has the meaning given in CIR Rule 8.2.4

        [Added][VER8/04-06]
        [Amended]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Eligible Person [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Eligible Security

        A ShareG , DebentureG , CertificateG over a ShareG or DebentureG , WarrantG over a ShareG or DebentureG or a UnitG that is a share representing the rights or interests of a UnitholderG in a FundG .

        [Added] DFSA RM70/2010 (Made 11th July 2010). [VER3/07-10]
        [Amended] DFSA RM217/2018 (as from 22nd February 2018). [VER39/04-18]

      • Employee

        An individual:

        (a) who is employed or appointed by a PersonG in connection with that Person'sG business, whether under a contract of service or for services or otherwise; or
        (b) whose services, under an arrangement between that PersonG and a third party, are placed at the disposal and under the control of that PersonG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • ENF [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Enforceable Undertaking [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Enforcement Decisions Committee [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Equity Risk Capital Requirement

        A component of the Market Risk Capital RequirementG , calculated in accordance with PIB section 5.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • ETF

        An Exchange Traded FundG .

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • ETF Fund Manager

        The Fund ManagerG of an ETFG .

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Error Trade

        In relation to an:

        (a) Authorised Market InstitutionG , has the meaning given in AMI Rule 6.6.1; and
        (b) Authorised FirmG , has the meaning given in COB Rule 9.6.5(3)
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Exchange

        An Authorised Market InstitutionG which is authorised under its LicenceG to carry on the Financial ServiceG of Operating an ExchangeG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Exchange Traded Fund

        Has the meaning given in CIR Rule 3.1.12.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Execute

        (In relation to a transaction) carry into effect or perform the transaction, whether as principal or as agent, including instructing another PersonG to execute the transaction.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Execution — Only Transaction

        A TransactionG executed by an Authorised FirmG upon the specific instructions of a ClientG where the Authorised FirmG does not give advice of the kind prescribed under GEN Rule 2.11.1 in relation to the TransactionG and where, in the case only of UnitsG , the Authorised FirmG has not OfferedG those particular UnitsG to that PersonG .

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Exempt Communications

        Communications referred to in MKT Rule 2.2.1.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Fund

        Has the meaning given in Article 16(4) of the Collective Investment Law 2010.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Exempt Offer [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Offeror [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Offers

        Offers prescribed in MKT Rule 2.3.1.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Property Fund

        A Property FundG that is also an Exempt FundG .

        [Added] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Exempt Securities

        In the case of SecuritiesG other than UnitsG , SecuritiesG prescribed in MKT Rule 2.4.1.

        In the case of UnitsG , those prescribed in Rule 6.3.3.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Expenditure Based Capital Minimum

        A capital requirement calculated in accordance with PIB section 3.7.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Exposure

        The maximum loss that an Authorised FirmG (and, where applicable, its PSIAG holders) might suffer as a result of the default or failure of a CounterpartyG , or a group of Closely RelatedG CounterpartiesG or an issuer or group of Closely RelatedG issuers.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • External Fund

        Has the meaning given in Article 14 of the Collective Investment Law 2010.

        [Added] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • External Fund Manager

        Has the meaning given in Article 20(5) of the Collective Investment Law 2010.

        [Added] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

    • [ F ] [Family Entity—Future]

      • Family Entity

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Family Fiduciary Structure

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Family Member

        Has the meaning given to that term in the DIFC Single Family OfficeG .

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Fee

        Any payment offered or made by a ClientG to an Authorised FirmG in connection with Investment BusinessG or with any other business of the Authorised FirmG , including (where applicable) any Mark-up or Mark-downG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Feeder Fund

        Has the meaning given in CIR Rule 3.1.4

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Finance Officer

        In relation to:

        (a) an Authorised FirmG , the Licensed FunctionG described in GEN Rule 7.4.5; and
        (b) an Authorised Market InstitutionG , the Key IndividualG function described in AMI Rule 5.3.5.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Financial Action Task Force (FATF)

        An intergovernmental body responsible for developing and promoting policies to combat money laundering and terrorist financing.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Group

        A group of entities which includes an Authorised FirmG and:

        (a) any ParentG incorporated in the DIFCG ;
        (b) any Financial InstitutionG subsidiaries (whether direct or indirect) of the ParentG or Parents in (a) or of the Authorised FirmG ;
        (c) any Financial InstitutionG in which the ParentG or ParentsG in (a), the Financial InstitutionG subsidiaries in (b) or the Authorised FirmG (whether direct or indirect) hold 20% or more of the voting rights or capital; and
        (d) any entity which the DFSAG directs the Authorised FirmG to include in accordance with PIB Rule 8.1.2 or PIN Rule 8.1.2.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Group Capital Adequacy Report

        The Report referred to in PIN Rule 6.6.1.

        [Added] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Group Capital Requirement

        The Capital RequirementG of a Financial GroupG calculated in accordance with PIB Rule 8.3.3 or PIN Rule 8.3.3.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Group Capital Resources

        The Capital ResourcesG of a Financial GroupG calculated in accordance with PIB Rule 8.3.4 or PIN 8.3.4.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Institution

        A regulated or unregulated entity, whose activities are primarily financial in nature.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Instrument

        Any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Markets Tribunal

        the tribunal referred to in Article 26 of the Regulatory Law 2004.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Financial Promotion

        Has the meaning given in Article 41A(3) of the Regulatory Law 2004.

      • Financial Promotions Prohibition

        Has the meaning given in Article 41A(1) of the Regulatory Law 2004.

      • Financial Service

        Has the meaning given in GEN Rule 2.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Financial Services Regulator

        A regulator of financial service activities established in a jurisdiction other than the DIFCG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Statement Auditor's Report

        A report referred to in GEN Rule 8.6.1(a).

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • First Loss Facility [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • First to Default

        In relation to 'First to Default' baskets, the situation when the entire Credit DerivativeG contract terminates following the first Credit EventG on any of the Reference AssetsG or entities.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • FMT

        Financial Markets TribunalG .

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Foreign Currency

        The currency of any country or territory other than the currency in which the Authorised FirmG , to whom the expression relates, reports.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Foreign Exchange Risk Capital Requirement

        A component of the Market Risk Capital RequirementG and as calculated in accordance with PIB section 5.6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Foreign Fund

        A FundG established or domiciled in a jurisdiction other than the DIFCG .

        [Added][VER8/04-06]

      • Forward Price

        A price calculated by reference to the valuation point next following the fund manager's agreement to sell or, as the case may be, to redeem the units in question.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Fund

        (1) A Collective Investment FundG .

        (2) In relation to a Passported FundG , has the meaning given in FPR section 1.3.

        [Added] [VER8/04-06]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund Administrator

        An Authorised FirmG which is authorised under its LicenceG to Provide Fund AdministrationG or a PersonG who is authorised or licensed by a Financial Service RegulatorG to provide such administraton.

        [Added][VER8/04-06]

      • Fund Auditor's Report

        A report referred to in CIR Rule 9.3.8(b).

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • FSRA

        The Financial Services Regulatory Authority of the Abu Dhabi Global Market.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund Manager

        (1) The PersonG , described under Article 20(4) of the Collective Investment Law 2010, who is responsible for the management of the property held for or within a FundG and who otherwise operates the FundG and, in relation to a Domestic FundG , is authorised under a LicenceG granted by the DFSAG to operate the FundG .

        (2) In relation to a Passported FundG , the PersonG licensed by a Home RegulatorG to manage or operate the FundG .

        [Added][VER8/04-06]
        [Amended]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund of Funds

        Has the meaning given in CIR Rule 3.1.3

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Fund Property

        The property held for or within a FundG .

        [Added][VER8/04-06]

      • Fund Prospectus

        Has the meaning given in MKT Rule 6.3.1(b)

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Fund Protocol Rules

        The Fund Protocol Rules module of the Rulebook.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • FPR

        The Fund Protocol Rules module of the Rulebook.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund Return

        The return described in PIN Rule A10.2.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Future

        Has the meaning given in GEN Rule A2.3.1(b).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

    • [ G ] [GEN—Guidance]

      • Gamma [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • GEN

        The General module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Insurance

        Insurance other than Long-Term InsuranceG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Insurance Business

        The business of Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG , where the Contracts of InsuranceG are contracts of General InsuranceG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Insurance Liabilities

        Liabilities of an InsurerG arising under or associated with contracts of General InsuranceG entered into by it, as insurer or cedant, including liabilities in respect of claims (whether or not incurred), acquisition costs and claims settlement costs.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Market Risk [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • General Market Risk Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • GLO

        The Glossary module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Global Return

        The return described in PIN Rule A10.2.3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Governing Body

        (1) The board of directors, partners, committee of management or other governing body of an UndertakingG .
        (2) In CIR, in relation to a FundG , a PersonG or a body of PersonsG who together form the directing mind of the FundG including but not limited to:

        (a) its Fund ManagerG , a member of its main or supervisory board, a General PartnerG ; or

        (b) any other PersonG or body of PersonsG exercising equivalent powers and functions in relation to directing the operation of the FundG .
        (3) In AMLG , has the meaning in Rule 3.2.1.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Government and Public Securities

        Government and Public Securities

        (1) Securities that are loan stock, bonds or other instruments creating or acknowledging indebtedness, issued by or on behalf of an Exempt Offeror or a subdivision thereof or a local or other public authority of any country or jurisdiction which is an Exempt Offeror.
        (2) There are excluded from the Securities specified in (1) so far as applicable:
        (a) an instrument creating or acknowledging indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
        (b) a cheque or other bill of exchange, a banker's draft or a letter of credit (but not a bill of exchange accepted by a banker);
        (c) a banknote, a statement showing a balance on a bank account, or a lease or other disposition of property; and
        (d) a Contract of Insurance.
        [Added]DFSA RM34/2006[VER9/08-06]

      • Gross Outstanding Claims

        In relation to an InsurerG as at a date, the amount of the Insurer'sG provision for claims incurred but not yet paid as at that date, including claims incurred but not yet reported and provision for direct and indirect claims settlement expenses in respect of those claims.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Gross Written Premium

        (1) In relation to a Contract of InsuranceG , the amount of premium payable by the insured in respect of that contract, excluding any excise taxes levied on premiums and receivable by the InsurerG but without any deduction for commissions or other acquisition expenses; and
        (2) in relation to an InsurerG during a period:
        (a) in respect of General InsuranceG , the aggregate amount of Gross Written PremiumG in respect of insurance and reinsurance contracts entered into by the InsurerG as insurer during that period, together with any adjustments arising in that period in respect of contracts effected in previous periods; and
        (b) in respect of Long-Term InsuranceG , the aggregate amount of Gross Written PremiumG becoming due for payment in that period.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Group

        (1) Means a group of entities which includes an entity (the 'first entity') and:
        (a) any ParentG of the first entity; and
        (b) any SubsidiaryG of the first entity or of any ParentG of the first entity.
        (2) In AMLG , has the meaning in Rule 3.2.1.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Group Risk

        The risk of loss to the Authorised FirmG as a result of its membership of, or linkages within a GroupG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Guidance

        Has the meaning given in Article 2 of Schedule 1 to the Regulatory LawG 2004.

        Derived from DFSA RM12/2004 (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 [VER24/02-11]

    • [ H ] [Hedge Fund—Holding Company]

      • Hedge Fund

        Has the meaning given in CIR Rule 3.1.9

        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Historic Price

        A price calculated by reference to the valuation point immediately preceding the fund manager's agreement to sell or, as the case may be, to redeem the units in question.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Holding Company

        Has the meaning given in Schedule 1 to the DIFCG Companies Law and, without limiting the generality of that definition, is taken to include, in relation to a relevant Body CorporateG (the SubsidiaryG ), the Subsidiary'sG ultimate Holding Company and any Holding Company between the SubsidiaryG and the Subsidiary'sG ultimate Holding Company.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Home Jurisdiction

        Has the meaning given in FPR section 1.3.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Host Jurisdiction

        Has the meaning given in FPR section 1.3.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Home Regulator

        Has the meaning given in FPR section 1.3.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Host Regulator

        Has the meaning given in FPR section 1.3.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

    • [ I ] [IFR—Issuer]

      • IFR

        The Islamic Finance Rules module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • IFRS for Small and Medium Sized Enterprises

        The International Financial Reporting StandardsG for small and medium sized enterprises as issued and amended from time to time by the International Accounting Standards Board.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • iNAV

        Indicative Net Asset ValueG of an ETFG .

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Independent Valuer

        A PersonG who carries on the business or profession of valuing Real PropertyG and who meets the criteria set out under CIR 13.4.19.

        [Added][VER8/04-06]
        [Amended]DFSA RM34/2006[VER9/08-06]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Inside Information

        Information specified in Article 63(1)(a) of the Markets Law 2012.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Insider

        A PersonG specified in Article 63(1)(b) of the Markets Law 2012.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Instrument

        Means, in relation to a DerivativeG , any InvestmentG , asset or thing on which the value of the DerivativeG may be based.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Agent

        A PersonG who acts as an agent of one or more insurers.

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Aggregation Site

        A website or other form of electronic media that provides a facility by means of which a PersonG can:

        (a) search for a Contract of InsuranceG according to selected criteria;
        (b) identify, obtain a quote for, compare, or obtain a list ranking one or more Contracts of InsuranceG in response to the search; and
        (c) conclude, directly or indirectly, a Contract of InsuranceG .
        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Bank Account

        A bank account with an Eligible BankG which has been opened by an Insurance IntermediaryG or Insurance ManagerG in accordance with COB Rule 7.12.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Broker

        A PersonG who acts as an agent of a PolicyholderG in relation to a Contract of InsuranceG .

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Broking

        [Deleted]


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER6/12-05]

      • Insurance Business

        The business of Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG , including effecting or carrying out contracts of reinsurance (as reinsurer).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Fund

        In relation to a Takaful InsurerG , the aggregate of the assets and liabilities of the InsurerG that are attributed to the Takaful transactions of the InsurerG and the amount of any assets designated by the InsurerG as a capital transfer to the insurance fund; and includes the amount of any profit, surplus or return (however called or described), less attributable expenses, arising on the investment of such funds.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Intermediary

        An Authorised FirmG whose LicenceG authorises it to carry on the Financial ServiceG of Insurance IntermediationG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER6/12-05]

      • Insurance Intermediation

        Has the meaning given in GEN section 2.19.

        [Added][VER6/12-05]

      • Insurance Intermediation Business

        [Deleted]


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER6/12-05]

      • Insurance Liabilities

        General InsuranceG liabilities and Long-Term InsuranceG liabilities.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Management

        Has the meaning given in GEN section 2.20.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Manager

        An Authorised FirmG whose LicenceG authorises it to carry on the Financial ServiceG of Insurance ManagementG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Monies

        Has the meaning given in COB Rule 7.12.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Insurance Monies Auditor's Report

        A report referred to in GEN Rule 8.6.1(d).

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Insurance Special Purpose Vehicle

        An insurer which:

        (a) assumes risks by way of reinsurance; and
        (b) is required to fully fund its exposures to those risks through the proceeds of a debt issuance or some other financing arrangement where the repayment obligations under those arrangements are subordinated to the insurer’s reinsurance obligations.

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]

      • Insurer

        A PersonG carrying on in the DIFCG either or both of the following Financial ServicesG for which it has authorisation under its LicenceG :

        (a) Effecting Contracts of InsuranceG ; or
        (b) Carrying Out Contracts of InsuranceG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Interest Rate Risk Capital Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Internal Auditor

        The Key IndividualG function described in AMI Rule 5.3.9.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • International Financial Reporting Standards (IFRS)

        The International Financial Reporting Standards as issued and amended from time to time by the International Accounting Standards Board.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Assurance Engagement

        The international standards on assurance engagement as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFAC.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Auditing

        The international standards on auditing as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFACG .

        [Added][VER11/11-06]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Quality Control

        The international standards on quality control as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFACG .

        [Added][VER11/11-06]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Related Services

        The international standards on related services as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFACG .

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Invested Assets

        Any asset, right or interest of an InsurerG that is held by the InsurerG for the primary purpose of generating revenues or for directly providing funds to meet the Insurer'sG cash outflows in the future.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment

        Has the meaning given in GEN section A2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Analyst

        An EmployeeG of an Authorised FirmG who prepares Investment ResearchG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Business

        The business of:

        (a) Dealing in Investments as PrincipalG ;
        (b) Dealing in Investments as AgentG ;
        (c) Arranging Deals in InvestmentsG ;
        (d) Managing AssetsG ;
        (e) Advising on Financial ProductsG ;
        (f) Managing a Collective Investment FundG ;
        (g) Providing CustodyG ;
        (h) Arranging CustodyG ;
        (i) Managing a Profit Sharing Investment AccountG ;
        (j) Operating an Alternative Trading SystemG ;
        (k) Acting as the Trustee of a FundG ; or
        (l) Arranging Credit and Advising on CreditG .
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER4/08-05]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Investment Company

        An open or closed ended company established for the main purpose of collective investment which is incorporated under the DIFCG Companies Law in accordance with the RegulationsG made under that LawG .

        Derived from Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Investment Crowdfunding

        Has the meaning given in GEN Rules 2.29.1(4) and (6).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Investment Crowdfunding Operator

        A PersonG who is authorised under a LicenceG to Operate an Investment Crowdfunding PlatformG .

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Investment Crowdfunding Platform

        An electronic platform or a facility referred to in GEN Rule 2.29.1(4) or (6).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Investment Grade [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Investment-Linked Insurance

        Contracts of InsuranceG where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Manager

        A PersonG who, acting only on behalf of a ClientG :

        (a) manages InvestmentsG in an account or portfolio on a discretionary basis under the terms of a discretionary management agreement; or
        (b) manages InvestmentsG in an account or portfolio on a non-discretionary basis under the terms of a non-discretionary management agreement.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Partnership

        A limited partnership established for the main purpose of collective investment which is formed and registered under the Limited Partnership Law in accordance with the RegulationsG made under that LawG .

        Derived from [VER8/04-06]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Investment Research

        A publication which contains:

        (a) the results of research into InvestmentsG ;
        (b) analysis of factors likely to influence the future performance of InvestmentsG ; or
        (c) advice or recommendations based on those results or analysis.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Risk Reserve

        Represents the amount that is appropriated out of the income of investment account holders, after allocating the Mudarib's share, in order to meet future losses attributable to investment account holders.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Trust

        An express trust created mainly for collective investment purposes under the Investment Trust Law.

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Investment Undertaking

        An Investment CompanyG , Investment PartnershipG , or Investment TrustG which is used as the investment vehicle for a FundG .

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • IOSCO

        The International Organisation of Securities Commissions.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Islamic Accounting and Auditing Standards

        The auditing and accounting standards issued by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI).

        [Added][VER11/11-06]

      • Islamic Contract

        Any contract designed to comply with Shari'a.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Islamic Exchange Traded Fund or Islamic ETF

        Has the meaning given in IFR Rule 6.13.1.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Islamic Financial Business

        Any part of the financial business of an Authorised PersonG which is carried out in accordance with Shari'a.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM61/2008 (Made 5th November 2008). [VER5/11-08]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Islamic Financial Institution

        An Authorised PersonG which has, on its LicenceG , an endorsement authorising it to conduct its entire financial business in accordance with Shari'a.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Islamic Fund

        Has the meaning given in CIR Rule 3.1.2

        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Islamic Securities

        Any SecurityG OfferedG , or held out expressly or implicitly, as Islamic or Shari'aG compliant.

      • Islamic Window

        That part of an Authorised PersonG , other than an Islamic Financial InstitutionG , which conducts Islamic Financial BusinessG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • ISPV

        Insurance Special Purpose Vehicle

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]

      • Issue Note [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Issuer

        (1) (in relation to any SecurityG ) (other than a UnitG in a Collective Investment FundG ) the PersonG by whom it is or is to be issued;
        (2) (in relation to a UnitG in a Collective Investment FundG ) the Fund ManagerG ;
        (3) (in relation to an interest in a limited PartnershipG ) the PartnershipG ; and
        (4) (in relation to CertificatesG ) the PersonG who issued or is to issue the SecurityG to which the CertificateG or other instrument relates.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

    • [ J ] [Joint Forum]

      • Joint Forum

        The Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ K ] [Key Individual—Key Information]

      • Key Individual

        An individual who has been authorised by the DFSAG to perform one or more Licensed FunctionsG for an Authorised Market InstitutionG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Key Information

        Information prescribed in MKT Rule in 2.5.2(1)(b).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

    • [ L ] [Large Exposure—Long-Term Insurance Liabilities]

      • Large Exposure

        An ExposureG , whether in an Authorised Firm'sG Non-Trading BookG or Trading BookG , or both, to a CounterpartyG or GroupG of Closely RelatedG CounterpartiesG or a GroupG of CounterpartiesG connected to the Authorised FirmG which in aggregate equals or exceeds 10% of the Authorised Firm'sG Capital ResourcesG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Licence

        A LicenceG granted by the DFSAG under Chapter 2 of Part 3 of the Regulatory LawG 2004.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Licence Endorsement

        an endorsement made by the DFSAG on a LicenceG that permits an Authorised PersonG to carry on an activity prescribed under Article 44 of the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Licensed Director

        The Licensed FunctionG described in GEN Rule 7.4.3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Licensed Function

        (1) in relation to an Authorised FirmG , a function described in GEN section 7.4; and
        (2) in relation to an Authorised Market InstitutionG , a function described in AMI section 5.3.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Licensed Partner

        The Licensed FunctionG described in GEN Rule 7.4.4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Licensed Person

        In relation to a Passported FundG , a PersonG who is licensed or otherwise authorised by the Home RegulatorG to Promote FundsG .

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Licensed Representative [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Licensing Requirements

        The requirements set out in AMI section 7.2 in relation to the granting of a LicenceG to an Authorised Market InstitutionG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Limited Liability Partnership

        A partnership incorporated under the Limited Liability Partnership Law 2004 or under the law of a country or territory outside the DIFCG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Liquidity Risk

        The risk of loss to an Authorised FirmG as a result of inability to meet its obligations as they fall due.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • List

        The Official List of SecuritiesG .

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listed Entity

        Has the meaning given in MKT Rule 9.1.1(2)

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listed Fund

        A Collective Investment FundG which has been admitted to the Official List of SecuritiesG .

        [Added][VER4/08-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listed Securities

        Any SecuritiesG which have been admitted to the Official List of SecuritiesG .

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listing Principles

        Means the RulesG in MKT section 9.2.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listing Rules

        The RulesG in chapter 9 of MKT.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Lloyd's

        The society established in the United Kingdom and known as Lloyd's.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Lloyd's Underwriter

        An underwriting member of Lloyds.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Loan Crowdfunding

        Has the meaning given in GEN Rules 2.29.1(2) and (3).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Loan Crowdfunding Operator

        A PersonG who is authorised under a LicenceG to Operate a Loan Crowdfunding PlatformG .

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Loan Crowdfunding Platform

        An electronic platform or a facility referred to in GEN Rule 2.29.1(2) or (3).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Local Authorities

        Government or municipal authorities, which do not operate at a national level.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Local Services Office [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Long-Term Insurance

        A Contract of InsuranceG of a type specified in GEN Rule A4.1.2, expressed to be in force for more than one year, where under the terms of the contract any of the following conditions exists:

        (1) the payment of the whole or part of the benefits is dependent upon the termination or continuation or human life;
        (2) the payment of any part of the premiums is dependent upon the termination or continuation of human life;
        (3) the benefits under the contract include payment of a sum on marriage or on the birth of a child; or
        (4) the contract is a permanent health insurance contract.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance Business

        The business of Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG , where the Contracts of InsuranceG are contracts of Long-Term InsuranceG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance Fund

        A fund in respect of Long-Term Insurance BusinessG established and maintained in accordance with PIN chapter 3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance Liabilities

        Liabilities of an InsurerG arising under or associated with contracts of Long-Term InsuranceG , entered into by it as insurer or cedant, including liabilities of the kinds referred to in RulesG PIN 5.6.6 and PIN 5.6.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

    • [ M ] [Major Acquisition—Multilateral Trading Facility]

      • Major Acquisition

        Has the meaning given in GEN Rule 11.10.8(3)

        [Added]DFSA RM43/2007 (Made 1st June 2007). [VER9/06-07]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Managing Assets

        Has the meaning given in GEN section 2.10.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Mandatory Bid

        means a BidG which must be made under TKO Rule 4.1.1.

        [Added][VER5/09-05]

      • Managing a Collective Investment Fund

        Has the meaning given in GEN section 2.12.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Managing a Profit Sharing Investment Account

        Has the meaning given in GEN section 2.21.

        [Added] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM57/2008 (Made 1st July 2008). [VER17/07-08]

      • Managing a PSIA

        Managing a Profit Sharing Investment AccountG .

        [Added] DFSA RM57/2008 (Made 1st July 2008). [VER17/07-08]

      • Market Abuse

        Conduct which contravenes a provision contained in chapter 1 of Part 6 of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Market Counterparty

        A ClientG specified under COB Rule 2.3.9.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM151/2015 (Made 11th February 2012). [VER33/04-15]

      • Market Maker

        In relation to an InvestmentG , a PersonG who holds himself out as able and willing to enter into transactions of sale and purchase in InvestmentsG of that description at prices determined by him generally and continuously rather than in respect of each particular transaction.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Market Price

        The price at which the SharesG are being traded on an Authorised Market InstitutionG .

        [Added][VER4/08-05]

      • Market Risk

        The risk of loss that arises from fluctuations in the values of, or income from, assets or in interest or exchange rates.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Market Risk Capital Requirement

        The requirement calculated in accordance with PIB Rule 5.3.1.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Markets Law

        The Markets Law 2012

        Derived from DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Markets Rules

        Rules prescribed in the Market Rules Module of the DFSA Rulebook.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Mark-up or Mark-down

        (1) When an Authorised FirmG receives instructions from a ClientG and takes a principal position in the relevant InvestmentG in order to complete a transaction, that is, when the Authorised FirmG takes a principal position in the relevant InvestmentG which it would not other wise take, except to complete that transaction, the difference, if any, between:
        (a) the price at which the Authorised FirmG takes a principal position in the relevant InvestmentG ;and
        (b) the price at which the Authorised FirmG ExecutesG the transaction with its ClientG ; or
        (2) When an Authorised FirmG ExecutesG a transaction with its ClientG against its own book and owes a duty of best execution, the difference between:
        (a) the price at which best execution would be achieved; and
        (b) the price at which the Authorised FirmG ExecutesG the transaction with its ClientG .
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Master Fund

        Has the meaning given in CIR Rule 3.1.5

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Material Information [Deleted]

        [Deleted] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Maturity Ladder [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Maturity Method [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Maturity Mismatch

        A difference between the maturity of an asset and the corresponding liability.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Member

        A PersonG admitted as a member of an Authorised Market InstitutionG in accordance with its Business RulesG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Minimum Capital Requirement

        The requirement calculated in accordance with PIN Rule A4.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Cellular Capital Requirement

        The Minimum Segmental Capital RequirementG in respect of a cell.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Fund Capital Requirement

        The requirement calculated in accordance with PIN Rule A8.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Non-Cellular Capital Requirement

        The Minimum Segmental Capital RequirementG in respect of that part of a protected cell company that is not a cell.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Segmental Capital Requirement

        The requirement calculated in accordance with PIN section A6.2.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • MKT

        The Markets module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • MLRO

        Money Laundering Reporting OfficerG

        Added by DFSA RM78/2011 [VER25/06-11]

      • Modified Duration [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Money

        Any form of money, including cheques and other payable orders.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Money Laundering [Deleted]

        [Deleted] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Money Laundering Reporting Officer (MLRO)

        (1) For the purposes of AMIG , a Key IndividualG described in AMI Rule 5.3.8.
        (2) For the purposes of an Authorised FirmG other than a Credit Rating AgencyG , the Licensed FunctionG described in GEN Rule 7.4.8.
        (3) For all other purposes, has the meaning in AML Rule 3.2.1.
        Derived from DFSA RM12/2004 (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 [VER24/02-11]
        Amended by DFSA RM78/2011 [VER25/06-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Money Market Fund

        Has the meaning given in CIR Rule 3.1.11.

        [Added] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • MTF

        A Multilateral Trading FacilityG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Multilateral Development Bank

        Any one of the following banks:

        (a) African Development Bank (AfDB);
        (b) Asian Development Bank (ASB);
        (c) Caribbean Development Bank (CDB);
        (d) Council of Europe Development Bank;
        (e) European Bank for Reconstruction and Development (EBRD);
        (f) European Investment Bank (EIB);
        (g) European Investment Fund (EIF);
        (h) Inter-American Development Bank (IADB);
        (i) Inter-American Investment Corporation (IAIC);
        (j) International Bank for Reconstruction and Development (IBRD);
        (k) International Finance Corporation (IFC); or
        (l) Nordic Investment Bank (NIB).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Multilateral Trading Facility

        Pursuant to GEN Rule 2.22.1(a), a system which brings together multiple third party buying and selling interests in InvestmentsG , in accordance with its non-discretionary rules, in a way that results in a contract in respect of such InvestmentsG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

    • [ N ] [Net Outstanding Claims—Notice of Objection]

      • Net Outstanding Claims

        In respect of an InsurerG as at a date, Gross Outstanding ClaimsG of the InsurerG as at that date, less the amount of reinsurance and other recoveries expected to be received in respect of those claims.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Net Written Premium

        In respect of an InsurerG during a period, Gross Written PremiumG of the InsurerG during that period less the amount of premium on reinsurance contracts entered into by the InsurerG as cedant during the same period.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Netting [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Netting by Novation

        The process of automatically amalgamating some or all claims and obligations between two CounterpartiesG to create a single new claim or obligation replacing the relevant former claims or obligations.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Nominee Company

        A company incorporated in the DIFCG whose business consists solely of acting as a holder of Client AssetsG where such assets are held by the Nominee CompanyG as agent of an Authorised FirmG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-Cellular Assets

        Assets of a Protected Cell CompanyG which are not Cellular AssetsG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-Cellular Liabilities

        Liabilities that may not be settled by disposition of cellular assets.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-DIFC insurer

        A PersonG , other than an InsurerG , who is authorised and supervised as an insurer by a Financial Services RegulatorG .

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Non-Performing

        (1) In the case of loans and other financial instruments to which an Authorised FirmG is exposed, having either of the following qualities:
        (a) Contractual payments of interest or principal are 90 days or more past the date on which they were due and payable, and the current value of any security held in respect of the loan or other financial instrument is insufficient, after making allowance for expenses of realisation, to meet the total amount of principal and accrued interest; or
        (b) having an enhanced risk of default, assessed on the basis of reasonable criteria.
        (2) In regard to (1)(a), if a loan or other financial instrument has a regular payment schedule, the loan or other instrument is 90 days past due when 90 calendar days have elapsed since the due date of a contractual payment that has not been met in full; and the total amount that is due but has not yet been paid is equivalent to at least 90 days' worth of contractual payments.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-Trading Book

        Describes positions, exposures and on- and off-balance sheet items, which are not in the Trading BookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Notice of Administrative Censure [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Notice of Administrative Fine [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Notice of Objection

        A notice filed by a PersonG who has received a Notice of Administrative CensureG or a Notice of Administrative FineG who objects to the imposition of the censure or fine as the case may be.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ O ] [Offer—Owner's Equity]

      • Offer

        (1) In relation to SecuritiesG other than UnitsG , an offer of SecuritiesG falling within Article 12 of the Markets Law 2012.
        (2) In relation to UnitsG , an offer of UnitsG falling within Article 19 of the Collective Investment Law 2010.
        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offered Securities Rules [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offeree

        A PersonG to whom an OfferG of SecuritiesG is made.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Offeror

        A PersonG who makes an OfferG of SecuritiesG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Offer Period

        The period during which an Offer of Securities to the PublicG made pursuant to a ProspectusG remains open to investors.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offer of Securities to the Public

        Has the meaning given in Article 12 of the Markets Law 2012.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offer Price

        The price at which the SharesG were offered and accepted under the offer document. In the event that an auction process was used to determine the offer price, then that price is the offer price.

        [Added][VER4/08-05]

      • Official List of Securities

        A list of SecuritiesG maintained by the DFSAG in accordance with the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Open-ended Fund

        Has the meaning given in Article 18A(2) of the Collective Investment Law.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Operating a Clearing House

        Has the meaning given in GEN section 2.18.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Operating a Crowdfunding Platform

        Has the meaning given in GEN Rule 2.29.1.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Operating a Property Investment Crowdfunding Platform

        Has the meaning given in GEN Rules 2.29.1(5) and (6).

        Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Operating an Investment Crowdfunding Platform

        Has the meaning given in GEN Rules 2.29.1(4) and (6).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Operating a Loan Crowdfunding Platform

        Has the meaning given in GEN Rules 2.29.1(2) and (3).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Operating a Local Services Office [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Operating a Management Office [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Operating an Alternative Trading System

        Has the meaning given in GEN section 2.22.

        [Added][VER4/08-05]

      • Operating an Exchange

        Has the meaning given in GEN section 2.17.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Option Risk Capital Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Option

        Has the meaning given in GEN Rule A2.3.1(a).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Organised Trading Facility

        Pursuant to GEN Rule 2.22.1(b), a system which brings together multiple third party buying and selling interests in InvestmentsG , in accordance with its discretionary rules, in a way that results in a contract in respect of such InvestmentsG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Original Maturity [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Originator [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • OSR [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • OTF

        An Organised Trading FacilityG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Outsourcing Agreement

        An agreement in writing entered into by a Fund ManagerG or TrusteeG with a Service ProviderG in relation to outsourced functions, which fulfils the criteria in CIR App 1.

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Own Account Transaction

        A transaction ExecutedG by the Authorised FirmG for its own benefit or for the benefit of its AssociateG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Owner's Equity

        In relation to a Takaful InsurerG , the amount of the assets, less the liabilities, of the InsurerG that are not attributed to the insurance fund of the InsurerG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ P ] [Parent—Public Sector Entities]

      • Parent

        A Holding CompanyG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Partner

        In relation to an UndertakingG which is a PartnershipG , a PersonG occupying the position of a partner, by whatever name called.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Passported Fund

        Has the meaning given in FPR section 1.3.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Partnership

        Any partnership, including a partnership constituted under the law of a country or territory outside the DIFCG , but not including a Limited Liability PartnershipG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Permanent Health Insurance

        Has the meaning given in GEN Rule A4.1.2(d).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Permanent Share Capital

        Ordinary paid-up share capital or similar shareholders' or members' equity, including retained earnings, however called.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Permitted Third Party [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Person

        A PersonG includes any natural person, Body CorporateG or body unincorporated, including a legal person, company, PartnershipG , unincorporated association, government or state.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Personal Account Transaction

        A transaction undertaken by an EmployeeG of an Authorised FirmG in a InvestmentG , other than:

        (a) a transaction in a government and public SecurityG ;
        (b) a transaction in a life policy; or
        (c) a discretionary transaction if there is no prior communication with the EmployeeG and the discretion is not exercised by the Authorised FirmG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Personal Exempt Offer [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Persons Undertaking Key Control Functions

        PersonsG undertaking compliance, risk management, internal audit and similar control functions.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • PFN

        The Prescribed Forms and Notices module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • PIB

        The Prudential — Investment, Insurance Intermediation and Banking module of the RulebookG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • PIN

        The Prudential — Insurance Business module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Policy Benefit

        An amount payable under an insurance contract as a result of the occurrence of an event insured under the contract.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Policyholder

        Includes a potential policyholder.

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Politically Exposed Persons (PEP)

        Means a natural person (and includes, where relevant, a family member or close associate) who is or has been entrusted with a prominent public function, including but not limited to, a head of state or of government, senior politician, senior government, judicial or military official, ambassador, senior executive of a state owned corporation, or an important political party official, but not middle ranking or more junior individuals in these categories.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Potential Future Credit Exposure (PFCE) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Practice Note

        Guidelines issued from time to time by the DFSAG to assist a Registered AuditorG in applying a relevant standard.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Preliminary Findings Letter [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Preliminary Notice

        a written notice given by the DFSAG to a PersonG pursuant to paragraph 4(1) of Schedule 3 to the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Premium Liability

        The liability referred to in PIN Rule 5.4.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Price Information Provider

        (1) In CIR, has the meaning given to that term in CIR Rule 13.9.4(2).
        (2) In AMI, has the meaning given to that term in AMI Rule A2.1.2(2).
        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Price Sensitive Information

        Information of a type which is liable to cause substantial movement in the price of SecuritiesG or (in the case of DebenturesG ) to affect significantly the ability of the IssuerG to meet its commitments.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Price Stabilisation

        The activity of stabilising the price of an Eligible SecurityG in the manner described in the PRS Module.

        [Added][VER4/08-05]
        [Amended] DFSA RM70/2010 (Made 11th July 2010). [VER3/07-10]

      • Principal Representative

        An individual designated by a Representative OfficeG in accordance with REP.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM68/2009 (Made 3rd January 2010). [VER22/01-10]

      • Principle

        (1) In relation to an Authorised FirmG or Authorised IndividualG , a principle prescribed in GEN chapter 4.
        (2) In relation to an Audit PrincipalG , a principle prescribed in AUD section 2.6.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Private Equity Fund

        Has the meaning given in CIR Rule 3.1.6

        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Private Fund [Deleted]

        [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Private Placement

        An OfferG made to a PersonG who is likely to be interested in the OfferG having regard to:

        (i) previous contact between the PersonG making the OfferG and that PersonG ;
        (ii) a professional or other connection between the PersonG making the OfferG and that PersonG ; or
        (iii) statements or actions by that PersonG that indicate that he is interested in OffersG of that kind.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Private Property Fund [Deleted]

        [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Private Trust Company

        Means a body corporate the purpose of which is solely to provide trust business services in respect of a specific trust or trusts:

        (a) of which a Family MemberG of a Single FamilyG or a Family EntityG related to a Single FamilyG is the settlor; and
        (b) the beneficiaries are all:
        (i) charities; or
        (ii) Family MembersG , Family EntitiesG , or Family Fiduciary StructuresG of that Single FamilyG .
        [Added][VER7/01-06]
        [Amended] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]

      • Privileged Communication

        A privilege arising from the provision of professional legal advice and any other like privilege properly applicable at law to the communication in question, but does not include a general duty of confidentiality.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Professional Client

        A ClientG specified under COB Rule 2.3.3.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM151/2015 (Made 11th February 2012). [VER33/04-15]

      • Professional Investor [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Profit Equalisation Reserve

        Represents the amount appropriated out of the Mudaraba income, before allocating the Mudarib's share, in order to maintain a certain level of investment returns for investment account holders and to increase owners' equity.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Profit Sharing Investment Account (PSIA)

        An account or portfolio managed:

        (a) in relation to property of any kind, including the currency of any country or territory, held for or within the account or portfolio;
        (b) in accordance with Shari'a and held out as such; and
        (c) under the term of an agreement whereby:
        (i) the investor agrees to share any profit with the manager of the account or portfolio in accordance with a predetermined specified percentage or ratio; and
        (ii) the investor agrees that he alone will bear any losses in the absence of negligence or breach of contract on the part of the manager.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Promote

        In relation to a Passported FundG , has the meaning given in FPR section 1.3.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Property

        (1) In relation to AML, has the meaning given in Articles (1) and (2) of the U.A.E. Federal Law No.20 of 2018; and
        (2) In relation to Property Investment CrowdfundingG , has the meaning given in GEN Rule 2.29.1(7).
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Property Fund

        Has the meaning given in CIR Rule 3.1.7

        [Added] [VER8/04-06]
        [Amended] DFSA RM61/2008 (Made 5th November 2008). [VER5/11-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Property Related Assets

        AssetsG which are SharesG , DebenturesG or WarrantsG which are issued by a Body CorporateG , a substantial activity of which relates to investment in Real PropertyG and CertificatesG which confer rights in respect of such InvestmentsG .

        [Added][VER8/04-06]

      • Property Investment Crowdfunding

        Has the meaning given in GEN Rules 2.29.1(5) and (6).

        Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Property Investment Crowdfunding Platform

        An electronic platform or a facility referred to in GEN Rules 2.29.1(5) and (6).

        Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Property Investment Crowdfunding Operator

        A PersonG who is authorised under a LicenceG to operate a Property Investment Crowdfunding PlatformG .

        Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Prospectus

        (1) In relation to an Offer of Securities to the PublicG , a document containing the information specified in Article 15 of the Markets Law 2012 and the MKT Rules, and includes a Supplementary ProspectusG .
        (2) In relation to a FundG , a document containing the information prescribed under the Collective Investment Law 2010 and the CIR Rules, includes a Short Form ProspectusG or Supplementary ProspectusG .
        [Added] DFSA RM19/2005 (as from 19th April 2005).[VER3/04-05]
        [Amended][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Prospectus Offer

        An OfferG of SecuritiesG referred to in Article 14(4)(a) of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Protected Cell Company

        A company incorporated as, or converted into, a Protected Cell CompanyG in accordance with the provisions of the RegulationsG made under the DIFCG Companies Law.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Protection Buyer

        The CounterpartyG to a Credit DerivativeG contract that wishes to reduce the exposure to Credit RiskG by protecting itself from potential loss suffered as a result of deterioration in the creditworthiness of the reference assets.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Protection Seller

        The CounterpartyG to a Credit DerivativeG contract that wishes to take on Credit RiskG arises from potential loss suffered as a result of deterioration in the creditworthiness of the reference assets in return for compensation from the Protection BuyerG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Providing Accountancy Services [Deleted]

        [Deleted] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]

      • Providing Compliance Services [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Providing Credit

        Has the meaning given in GEN section 2.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Providing Custody

        Has the meaning given in GEN section 2.13.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Providing Fund Administration

        Has the meaning given in GEN section 2.24

        [Added][VER8/04-06]

      • Providing Legal Services [Deleted]

        [Deleted] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]

      • Providing Market Information Services [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Providing Money Services

        Has the meaning given in GEN section 2.6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Providing Trust Services

        Has the meaning given in GEN section 2.23

        [Added][VER7/01-06]

      • PRU

        The Prudential Returns module of the Sourcebook.

      • Prudential Context

        In relation to activities carried on by a Authorised FirmG , the context in which the activities might have, or might reasonably be regarded as likely to have, a negative effect on:

        (a) confidence in the financial stability of the DIFCG ;
        (b) the ability of the Authorised FirmG to meet the applicable DFSAG requirements and standards relating to the Authorised Firm'sG financial resources; or
        (c) the fitness and propriety of the Authorised FirmG to remain authorised.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • PSIA

        Profit Sharing Investment AccountG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • PSIAr

        Profit Sharing Investment AccountG received on a restricted basis.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • PSIAu

        Profit Sharing Investment AccountG received on an unrestricted basis.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Public Appearance

        Any participation in an interview which is part of a seminar, forum, radio, television, website, newspaper, journal, magazine, or other periodical or other public speaking activity, or the writing of an article for a website, newspaper, journal, magazine or other periodical in which an Investment AnalystG makes a recommendation or offers an opinion concerning an InvestmentG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Public Fund

        (1) In relation to a Passported FundG , has the meaning given in FPR section 1.3; and

        (2) In any other case, has the meaning given in Article 16(1) of the Collective Investment Law 2010.

        [Added] [VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Public Listed Company

        Has the meaning given in Schedule 1 to the Regulatory Law 2004.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Public Listed Company Auditor's Report

        A report referred to in MKT Rule 5.2.7(b).

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Public REIT

        A Public FundG that is a Real Estate Investment TrustG (REIT).

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Public Property Fund

        Is a Public FundG which is also a Property FundG .


        [Added] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Public Sector Entities

        Bodies owned by central or regional governments or Local AuthoritiesG which perform regulatory and other non-commercial functions.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ Q ] [Qualifying Holding—Quiet Period]

      • Qualified Investor [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Qualified Investor Fund

        Has the meaning given in Article 16(5) of the Collective Investment Law 2010.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Qualifying Holding

        Any holding in the capital of a non-financial UndertakingG of which the Authorised FirmG is a controller.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Quarterly Regulatory Return

        A quarterly return of the type specified in PIN Rule A10.3.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Quiet Period

        In relation to an initial public offering of securities, the period beginning on the day of publication of listing particulars or a prospectus relating to the offering of that InvestmentG and ending 30 days after the day on which the InvestmentG is admitted to trading.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM42/2007 (Made 15th February 2007). [VER13/02-07]

    • [ R ] [Rated—Rulebook]

      • Rated

        In the case of an instrument or a counterparty, assigned a rating by a Rating AgencyG in respect of the counterparty credit risk associated with the instrument or counterparty.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Rating Action

        Has the meaning given to it in COB Rule 8.3.5(2).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Rating Agency

        Standard & Poor's, Moody's, AM Best, Fitch Ratings or another agency approved in writing by the DFSAG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Rating Analyst

        Has the meaning given to it in COB Rule 8.3.1(3).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Rating Subject

        Has the meaning given to it in GEN Rule 2.27.1(3).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Readily Realisable Securities

        A government or public SecurityG denominated in the currency of the country of its issuer, or any other SecurityG which is admitted to official listing on an exchange in a Zone 1G country and regularly traded on or under the rules of such an exchange.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Real Estate Investment Trust

        Has the meaning given in CIR Rule 3.1.8

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Real Property

        Land or buildings, whether freehold or leasehold, where the unexpired term of any lease exceeds 20 years.

        [Added][VER8/04-06]

      • REC

        The Recognition module of the RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Recognised Body

        Has the meaning given in Article 37(3)(a)of the Markets Law 2012.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognition Criteria

        Has the meaning in REC Rule 2.4 or 2.5.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognised Jurisdiction

        A jurisdiction which has been recognised by the DFSAG under Article 55 of the Collective Investment Law 2010 or, pursuant to Article 1(b) of that law, under Article 20 of the Collective Investment Law 2006.

        [Added][VER4/08-05]
        [Amended][VER8/04-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Recognised Jurisdiction Notice

        A notice issued by the DFSAG , pursuant to Article 55 of the Collective Investment Law 2010 or, pursuant to Article 1(b) of that law, under Article 20 of the Collective Investment Law 2006, listing countries and territories which are Recognised JurisdictionsG and Foreign FundsG which are Designated FundsG in respect of these jurisdictions.

        [Added][VER8/04-06]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Recognised Member

        Has the meaning given in Article 37(3)(b) of the Markets Law 2012.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognised Person

        A Recognised BodyG or a Recognised MemberG .

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Recognised Professional Body

        A full member of IFACG .

        [Added][VER11/11-06]

      • Recognised Professional Qualification

        A qualification conferred by a Recognised Professional BodyG .

        [Added][VER11/11-06]

      • Recognised Supervisory Authority

        Means any government or quasi-government financial services regulator in a Zone 1G country or such other countries as the DFSAG may accept.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Recognition

        The status acquired by a PersonG who is admitted to the list of Recognised PersonsG pursuant to Article 37(5) of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognition Notice [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Reference Asset

        The asset against which payments under a DerivativeG contract are calculated.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Reference Date

        The date as at which an actuarial investigation is performed for the purposes of PIN section 7.3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Reference Entity

        The entity against which payments under a DerivativeG contract are calculated.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Registered Auditor

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Registration Statement

        In relation to a ProspectusG structured as multiple documents, the document referred to in MKT Rule 2.5.1(3)(b).

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Regulated Exchange

        An exchange regulated by a Financial Services RegulatorG .

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Regulated Financial Institution

        A PersonG who does not hold a LicenceG but who is authorised in a jurisdiction other than the DIFCG to carry on any financial service by another Financial Services RegulatorG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Regulation

        Legislation made under any DIFCG law that is not administered by the DFSAG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Regulators

        In addition to the DFSAG , regulators with recognised jurisdiction in relation to financial services, whether in the DIFCG or outside of the DIFCG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Regulatory Announcement Services

        A service approved by the DFSAG for the purposes of making market disclosure of information pursuant to MKT Rule 4.7.1(c).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Regulatory Appeals Committee [Deleted]

        [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Regulatory Function

        In accordance with AMI Rule 4.4.1, in relation to an Authorised Market InstitutionG , means those functions which directly contribute to the satisfaction by the Authorised Market InstitutionG of its Licensing RequirementsG .

        [Added] DFSA RM19/2005 (as from 19th April 2005).
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13] [VER3/04-05]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Regulatory Law

        The Regulatory LawG 2004.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Regulatory Returns Auditor's Report

        A report referred to in GEN Rule 8.6.1(b).

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • REIT

        A Real Estate Investment Trust.

        [Added]DFSA RM34/2006[VER9/08-06]

      • Related

        In respect of one entity, the first entity, being in the position relative to that entity of:

        (a) a second entity that is a SubsidiaryG , AssociateG or Holding CompanyG of the first entity;
        (b) a second entity that is a SubsidiaryG or AssociateG of the Holding CompanyG of the first entity;
        (c) a director or officer of the first entity or of an entity that is related to the first entity by reason of (a) or (b) above;
        (d) the spouse or minor child of a natural person referred to in (c) above; or
        (e) a company that is a SubsidiaryG of or subject to significant influence by or from a natural person referred to in (c) or (d) above.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Related Party

        (1) In MKTG , has the meaning given to that term in MKT Rule 3.5.2(a) except in relation to a Rating SubjectG , where it has the meaning given to it in COB Rule 8.5.2(2).
        (2) In CIRG , in relation to a FundG :
        (a) its Fund ManagerG ;
        (b) its Governing BodyG ;
        (c) an individual director of a Corporate DirectorG ;
        (d) its CustodianG ;
        (e) its TrusteeG or other PersonsG providing oversight;
        (f) any AdvisorG ;
        (g) a holder of 5% or more of the UnitsG of the FundG ; or
        (h) an AssociateG of a PersonG in (a) to (g).
        (3) In CIR Rule 13.9.5, in relation to the ETF Fund ManagerG :
        (a) a member of the Fund Manager's GroupG ;
        (b) a ControllerG of the Fund ManagerG ;
        (c) a director or senior officer of the Fund ManagerG or a family member of such director or senior officer; or
        (d) a business associate of the Fund ManagerG or, of a person referred to in (c).
        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Related Party Transaction

        (1) In MKTG , has the meaning given to that term in MKT Rule 3.5.2(b).
        (2) In CIRG , in relation to a FundG , means:
        (a) a transaction in respect of Fund PropertyG entered into by a Fund ManagerG with a Related PartyG ; or
        (b) in CIR Rule 13.9.5, an arrangement referred to in that RuleG relating to an index or benchmark that is entered into by an ETF Fund ManagerG with a Related PartyG .
        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Related Person

        Has the meaning given in PIB Rule 4.4.6.

        [Added] DFSA RM43/2007 (Made 1st June 2007). [VER9/06-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Relevant Information

        Has the meaning given to it in COB Rule 8.3.1(2).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Relevant Person

        (1) In AML, has the meaning in AML Rule 1.1.2.
        (2) In AUD, has the meaning in AUD Rule 1.1.2.
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Remuneration

        Any form of remuneration, including benefits of any kind.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Reporting Entity

        Has the meaning given in Article 38 of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Representative Office

        A PersonG carrying on in the DIFC the Financial ServiceG of Operating a Representative OfficeG for which it has authorisation under its LicenceG .


        [Added] DFSA RM68/2009 (Made 3rd January 2010). [VER22/01-10]

      • Residual Maturity

        The period of time until an asset or an off-balance sheet item matures or expires.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Responsible Officer

        The Licensed FunctionG described in GEN Rule 7.4.9.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Restricted Person

        Has the meaning given to that term in MKT Rule 3.4.1(2).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Restricted Profit Sharing Investment Accounts

        A PSIAG in respect of the investment account holder imposes certain restrictions as to where, how and for what purpose his funds are to be invested.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Retail Client

        A ClientG specified under COB Rule 2.3.2.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM151/2015 (Made 11th February 2012). [VER33/04-15]

      • Retail Customer [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Return

        Includes both Quarterly Regulatory ReturnsG and Annual Regulatory ReturnsG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Revolving Securitisation [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Rho [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Rights and Interests [Deleted]

        [Deleted] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Risk Officer

        The Key IndividualG function described in AMI Rule 5.3.7.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Rule

        Legislation made by the BoardG under Article 23 of the Regulatory LawG 2004 for the purposes of that law or any law administered by the DFSAG .

        Derived from DFSA RM12/2004 (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 [VER24/02-11]

      • Rulebook

        The DFSAG RulebookG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ S ] [Safekeeping Arrangement—Suspicious Transaction]

      • Safekeeping Arrangement [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Safe Custody Auditor's Report

        A report referred to in GEN Rule 8.6.1(e).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Safe Custody Investment

        Means a Client InvestmentG held or to be held for safekeeping by an Authorised FirmG or Third Party AgentG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER21/08-09]

      • Safe Custody Provisions

        The provisions under COB App6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • SCA

        The Securities and Commodities Authority of the UAEG .

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Schedule

        In the case of a schedule referred to in the MKT module, a schedule that forms part of that module.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Securities Note

        In relation to a ProspectusG structured as multiple documents, the document referred to in MKT Rule 2.5.1(3)(c).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Securities Underwriting Capital Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Securities Exchange Bid

        has the meaning given under TKO Section 1.4.

        [Added][VER5/09-05]

      • Securities Settlement System

        Pursuant to GEN Rule 2.18.1(4), a system operated by a PersonG which enables InvestmentsG held in accounts to be transferred and settled by book entry according to a set of predetermined multilateral rules.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Securitisation [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Security

        Has the meaning given in GEN Rule A2.1.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER5/09-05]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Segregated Account

        An account established and maintained in accordance with COB App5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Segregated Client

        Has the meaning given in COB Rule A5.2.1(2).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Senior Executive Officer

        In relation to:

        (a) an Authorised FirmG , the Licensed FunctionG described in GEN Rule 7.4.2; and
        (b) an Authorised Market InstitutionG , the Key IndividualG function described in AMI Rule 5.3.4.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Senior Manager

        In relation to an:

        (a) Authorised FirmG , the Licensed FunctionG described in GEN Rule 7.4.7; and
        (b) Authorised Market InstitutionG , an individual who is responsible either alone or jointly with other individuals for the management, supervision or control of the Authorised Market Institution'sG Financial ServicesG and who is not a member of the Governing BodyG .
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Service Provider

        For the purpose of CIR, a PersonG who is delegated an activity or outsourced a function by a Fund ManagerG or TrusteeG under the terms of a Service AgreementG , as described in CIR chapter 7.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Servicer [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • [Deleted]

        [Deleted] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Share

        Has the meaning given in GEN Rule A2.2.1(a).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Shareholder Statement

        Means a statement which describes the ShareG ownership profile of the ApplicantG prior to listing, summarising the key classes of shareholder and confirming that the ApplicantG complies with, or will comply with, MKT Rule 9.3.10(1) on its date of admission to the ListG .

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Shari'a Supervisory Board

        The board comprised of individuals appointed by an Authorised PersonG and entrusted with the duty of directing, reviewing and supervising the activities of the Authorised PersonG conducting Islamic Financial BusinessG in order to ensure that the Authorised PersonG in compliance with Shari'a.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Shell Bank [Deleted]

        [Deleted] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Short Form Prospectus [Deleted]

        [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Short Selling

        In relation to:

        (a) an Authorised FirmG , has the meaning given to that term in COB Rule 9.6.6(3); and
        (b) an Authorised Market InstitutionG , has the meaning given to that term in AMI Rule 6.7.1(3).
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Single Family

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Single Family Office

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Soft Dollar Agreement

        An agreement in any form under which an Authorised FirmG receives goods or services in return for Investment BusinessG put through or in the way of another PersonG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Solvency Reference Date

        A date at which an Insurer'sG compliance with capital adequacy requirements in PIN chapter 4 are assessed.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Special Purpose Vehicle

        (1) In FER 1.2.7(3) and MKT App 5, a legal entity the object and purpose of which is primarily to issue SecuritiesG ;
        (2) In relation to Property Investment CrowdfundingG , a Body CorporateG or a trust that has been established for the purpose of holding title to a property for investors; and
        (3) In any other case, a Body CorporateG whose sole purpose, either generally or when acting in a particular capacity, is to carry out one or more of the following functions:
        (a) issuing InvestmentsG ;
        (b) redeeming or terminating or repurchasing, whether with a view to re-issue or to cancellation, an issue, in whole or par, of InvestmentsG ; or
        (c) entering into transactions or terminating transactions involving InvestmentsG in connection with the issue, redemption, termination or re-purchase of InvestmentsG ;
        and has been explicitly established for the purpose of:
        (d) securitising assets; or
        (e) investing in Real Property
        and, in the case of (d), has been assessed by a rating agency.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER9/08-06]
        [Amended] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]
        [Amended] DFSA RM257/2019 (Made 26th June 2019). [VER44/07-19]

      • Special Resolution

        In relation to a Domestic FundG , a resolution passed by a majority of not less than 75% of the votes validly cast (whether on a show of hands or on a poll) for and against the resolution at a general meeting or class meeting of UnitholdersG of which notice specifying the intention to propose the resolution as a special resolution has been duly given.

        [Added][VER8/04-06]

      • Specific Risk

        The risk that losses on an Authorised Firm'sG net long or short position in an individual equity or SecurityG may arise from a negative or positive price movement of that equity or SecurityG relative to the relevant market generally.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Sponsor

        An Authorised FirmG that repackages third party assets directly into a securitisation scheme. Where an Authorised FirmG repackages non-Investment GradeG third party assets, it may fall within the definition of an OriginatorG unless it originates or repackages no more than 10% of the scheme's total assets.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • SSB

        Shari'a Supervisory BoardG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • SSS

        A Securities Settlement SystemG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Stabilisation Agent

        A PersonG appointed by a Stabilisation ManagerG under PRS Rule 3.4.1 to assist him in conducting Price StabilisationG .

        [Added][VER4/08-05]

      • Stabilisation Manager

        A PersonG appointed by an IssuerG of SharesG under PRS Rule 3.2.1 to conduct Price StabilisationG .

        [Added][VER4/08-05]

      • Stabilisation Window

        The period of time specified in PRS Rule 1.4.1(2) during which Price StabilisationG may occur.

        [Added][VER4/08-05]
        [Amended] DFSA RM70/2010 (Made 11th July 2010). [VER3/07-10]

      • State

        The U.A.E.G


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Statement by Directors

        The statement described under PIN section A10.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended from DFSA RM44/2007 (Made 1st June 2007). [VER2/06-07]

      • Statement of Recommended Practice (SORP)

        The Statement of Recommended Practice as issued and amended from time to time by the Investment Management Association (IMA) in the United Kingdom.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Structured Product

        Has the meaning given in GEN Rule A2.2.1(f).

        [Added] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Sub-Fund

        A separate pool of Fund PropertyG within an Umbrella FundG .

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Subsidiary

        Has the meaning given in Schedule 1 to the DIFCG Companies Law and, without limiting the generality of that definition, is taken to include, in relation to a relevant Body CorporateG (the Holding CompanyG ), the Holding Company'sG ultimate SubsidiaryG and any SubsidiaryG between the Holding CompanyG and the Holding Company'sG ultimate SubsidiaryG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Summary

        The document referred to in MKT Rule 2.5.2(1) or in CIR Rule 14.3.1(d).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • SUP [Deleted]

        Deleted in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Supplementary Notes

        A note which is supplementary to a ReturnG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Supplementary Prospectus

        An updated or replacement ProspectusG produced in accordance with Article 18 of the Markets Law 2012 or Article 52 of the Collective Investment Law 2010, as applicable.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Suspicious Activity Report (SAR)

        Means a report in the prescribed format regarding suspicious activity (including a suspicious transaction) made to the AMLSCUG under AML Rule 13.3.1(c).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Synthetic Securitisation [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

    • [ T ] [Takaful Insurer—Trust Service Provider]

      • Takaful Insurer

        An InsurerG , any part of whose Insurance BusinessG consists of Takaful transactions.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Takeover

        has the meaning given in the Markets Law 2012.

        [Added][VER5/09-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Takeover Principle

        means a takeover principle prescribed in TKO Section 1.5 in accordance with Article 53 of the Markets Law 2012.

        [Added][VER5/09-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Target

        includes a Reporting EntityG subject to a BidG made under TKOG .

        [Added][VER5/09-05]

      • Target Circular

        means a document circulated by the Governing BodyG of a TargetG in response to a TakeoverG as described in TKO Section 8.2.

        [Added][VER5/09-05]

      • Theta [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Third Party Agent

        In relation to a Client AccountG , means an Authorised FirmG or Regulated Financial InstitutionG (including a bank, custodian, an intermediate broker, a settlement agent, a clearing house, an exchange and 'over the counter' counterparty) that is a separate legal entity from the Authorised FirmG that is required under COBG to establish the Client AccountG .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Tier One Capital [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Tier Two Capital [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • TKO

        the Takeover Rules Module of the RulebookG .

        [Added][VER5/09-05]

      • Total Return Swap [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Trade Repository

        Pursuant to GEN Rule 2.2.13, a Trade RepositoryG is a PersonG who maintains a centralised registry that maintains an electronic database containing records of transactions in InvestmentsG and over-the-counter derivatives undertaken by other PersonsG including Authorised PersonsG , Recognised PersonsG and Regulated Financial InstitutionsG .

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Trading Book

        The positions and exposures including, on and off-balance sheet items eligible for inclusion in the Trading BookG , as described in PIB section 2.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Transaction

        Any transaction undertaken by an Authorised FirmG in the course of carrying on a Financial ServiceG in or from the DIFCG .

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER10/08-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Trust Administration Services

        The provision of Trust Administration Services include:

        (a) the keeping of Accounting RecordsG relating to an express trust and the preparation of trust accounts;
        (b) the preparation of trust instruments or other documents relating to an express trust;
        (c) the management and administration of trust assets subject to an express trust;
        (d) dealing with trust assets subject to an express trust, including the investment, transfer and disposal of such assets;
        (e) the distribution of trust assets subject to an express trust; and
        (f) the payment of expenses or remuneration out of an express trust.
        [Added][VER7/01-06]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Trust Deed

        A deed entered into by a Fund ManagerG and the TrusteeG to create an Investment TrustG .

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Trustee

        The Person, described under Article 18 of the Investment Trust Law 2006 who is appointed under a Trust DeedG as the trustee of an Investment TrustG to hold the Fund's PropertyG on trust for the UnitholdersG and to oversee the operation of the FundG and, in relation to a Domestic FundG , is authorised under its LicenceG to act as the trustee of the FundG .

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Trust Law

        The Trust Law 2005.

        [Added][VER7/01-06]

      • Trust Service Provider

        An Authorised FirmG which is authorised under its LicenceG to carry on the activity of Providing Trust ServicesG .

        [Added][VER7/01-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

    • [ U ] [U.A.E.—Unrestricted Profit Sharing Account]

      • U.A.E.

        United Arab Emirates.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Umbrella Fund

        Has the meaning given in CIR Rule 3.1.10

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Undertaking

        Means:

        (a) a Body CorporateG or PartnershipG ; or
        (b) an unincorporated association carrying on a trade or business, with or without a view to profit.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Underwriting

        An arrangement under which a party agrees to buy, before issue, a specified quantity of SecuritiesG in an issue of SecuritiesG on a given date at a given price, if no other party has purchased or acquired them.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Unit

        Has the meaning given in GEN Rule A2.2.1(e).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Unitholder

        In relation to a FundG , means any holder of a UnitG in the FundG or of any right or interest in such a UnitG , and whose name is entered on the Fund'sG register in relation to that UnitG .

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Unrestricted Profit Sharing Investment Account

        A PSIAG in respect of which the investment account holder authorises the Authorised FirmG to invest the account holder's funds in a manner which the Authorised FirmG deems appropriate without laying down any restrictions as to where, how and for what purpose the funds should be invested.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Unsettled Transaction [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • US GAAP

        Generally Accepted Accounting Principles as issued and amended from time to time by the Financial Accounting Standards Board in the United States.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

    • [ V ] [Voluntary Bid]

      • Vega [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Voluntary Bid

        a BidG made for acquisition of the equity ShareG capital of a Reporting EntityG where there is no obligation to extend a Mandatory BidG .

        [Added][VER5/09-05]

    • [ W ] [Warrant]

      • Walkaway Clause [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Warrant

        Has the meaning given in GEN Rule A2.2.1(c).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Working Papers

        Means all material (whether in the form of data stored on paper, film, electronic media or other media or otherwise) prepared by or for, or obtained by a Registered AuditorG in connection with, the performance of the audit concerned and includes:

        (a) the record of audit procedures performed;
        (b) relevant audit evidence obtained; and
        (c) conclusions reached.
        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

    • [ X ]

      [no definitions]

    • [ Y ]

      [no definitions]

    • [ Z ] [Zone 1—Zone 2]

      • Zone 1

        Any of the following countries:

        Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and USA.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Zone 2

        Any country which is not in Zone 1G .


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]