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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Regulatory Law
Part 3: Licences, Authorisation and Registration
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • Chapter 2 — Applications for a Licence

    • 45. Application for a Licence, Extension to a Licence or an Endorsement

      (1) An application for a Licence authorising an Authorised Person to carry on one or more Financial Services or for a Licence Endorsement may be made to the DFSA by any:
      (a) body corporate;
      (b) partnership; or
      (c) unincorporated association.
      (2) An Authorised Person may apply to the DFSA:
      (a) to extend its Licence to Financial Services other than those in respect of which it already has a Licence; or
      (b) to obtain an additional Licence Endorsement.
      (3) The DFSA may make Rules providing that certain persons or types of person may not be granted a Licence in relation to particular Financial Services or a particular Licence Endorsement.
      (4) The DFSA shall make Rules prescribing requirements which an applicant for a Licence, or for extension of a Licence to other Financial Services, or for a Licence Endorsement, must meet before a Licence or extension or Licence Endorsement will be granted by the DFSA. Such Rules may, without limiting the generality of that power, include requirements relating to an applicant's:
      (a) fitness and propriety;
      (b) resources (including financial resources);
      (c) compliance arrangements;
      (d) systems and controls;
      (e) legal form; and
      (f) name (including terms that shall not be used in the name).
      (5) The DFSA may make Rules providing for such requirements referred to in Article 45(4) to be varied in cases where an application is made by a person which is, at the time of application, regulated in a jurisdiction other than the DIFC.
      (6) The DFSA may make Rules:
      (a) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 45(4); and
      (b) providing for any such exemptions to be:
      (i) limited to certain Financial Services or specified circumstances; or
      (ii) subject to certain conditions and restrictions.
      (7)
      (a) If an Authorised Person is:
      (i) a partnership; or
      (ii) an unincorporated association;
      it does not need to reapply for a Licence by reason only of a change to its membership.
      (b) Article 45(7)(a) applies subject to the effect of Article 64.

    • 46. Providing Information in relation to the Application

      (1) The DFSA may require the applicant to provide additional information reasonably required for the DFSA to be able to decide the application.
      (2) If at any time between the filing of an application and the grant of a Licence or the grant of an extension to a Licence the applicant becomes aware of a material change reasonably likely to be relevant to the application under consideration, it shall inform the DFSA in writing of such change without delay.

    • 47. Rejection of an Application

      (1) The DFSA may refuse to grant an application for a Licence or for an extension to a Licence or for a Licence Endorsement if it is not satisfied that the requirements under Article 45 for the grant of the Licence, extension to the Licence or the Licence Endorsement have been met.
      (2) The procedures in Schedule 3 apply to a decision of the DFSA under Article 47(1).
      (3) If the DFSA decides to exercise its power under Article 47(1), the applicant may refer the matter to the FMT for review.

    • 48. Grant of an application

      (1) The DFSA may grant an application for a Licence or for an extension to a Licence or for a Licence Endorsement if it is satisfied that the requirements under Article 45 for the grant of the Licence, extension to the Licence or the Licence Endorsement have been met.
      (2) The DFSA may impose conditions or restrictions on a Licence or in relation to a Licence Endorsement when it is granted or extended under Article 48(1).
      (3) Upon deciding to grant a Licence or an extension to a Licence or a Licence Endorsement, the DFSA shall without undue delay inform the relevant applicant in writing of:
      (a) such decision;
      (b) the date on which the Licence or extension or Licence Endorsement shall be deemed to take effect;
      (c) the Financial Service or Financial Services or activity that the applicant is authorised to carry on; and
      (d) any conditions and restrictions applicable to the Licence or the newly extended Licence or relating to the Licence Endorsement.
      (4) The procedures in Schedule 3 apply to a decision of the DFSA under Article 48(2) to impose conditions or restrictions.
      (5) If the DFSA decides to exercise its power under Article 48(2) to impose conditions or restrictions, the applicant may refer the matter to the FMT for review.