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Dubai Financial Services Authority (DFSA): Contents

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  • GEN App1 Deposits

    • GEN A1.1 Definition of a deposit

      • GEN A1.1.1

        (1) A DepositG means a sum of money paid on terms:
        (a) under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the PersonG making the payment and the PersonG receiving it; and
        (b) which is not referable to the provision of property (other than currency) or services or the giving of security.
        (2) In (1) money is paid on terms which are referable to the provision of property or services or the giving of security if:
        (a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services are not in fact sold, hired or otherwise provided;
        (b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
        (c) without prejudice to (b), it is paid by way of security for the delivery up of property, whether in a particular state of repair or otherwise.

        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

      • Exclusions

        • GEN A1.1.2

          A sum is not a DepositG if it is paid:

          (a) by a PersonG in the course of carrying on a business consisting wholly or to a significant extent of lending money;
          (b) by one company to another at a time when both are members of the same GroupG ;
          (c) by an Authorised FirmG authorised under its LicenceG to carry on the following Financial ServicesG :
          (i) Accepting DepositsG ;
          (ii) Effecting Contracts of InsuranceG ; or
          (iii) Carrying Out Contracts of InsuranceG ; or
          (d) by a PersonG who is a close relative of the PersonG receiving it or who is a director, manager or ControllerG of that PersonG .

          Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

        • GEN A1.1.3

          A sum is not a DepositG if it is received:

          (a) by a lawyer acting in his professional capacity;
          (b) by an accountant acting in his professional capacity;
          (c) by an Authorised FirmG or an Authorised Market InstitutionG authorised under its LicenceG to carry on any one or more of the following Financial ServicesG :
          (i) Dealing in Investments as PrincipalG ;
          (ii) Dealing in Investments as AgentG ;
          (iii) Arranging Deals in InvestmentsG ;
          (iv) Managing AssetsG ;
          (v) Operating a Collective Investment FundG ;
          (vi) Effecting Contracts of InsuranceG ;
          (vii) Carrying Out Contracts of InsuranceG ;
          (viii) Operating an ExchangeG ;
          (ix) Operating a Clearing HouseG ;
          (x) Insurance IntermediationG ;
          (xi) Insurance ManagementG ;
          (xii) Managing a Profit Sharing Investment AccountG ;
          (xiii) Providing Trust ServicesG ;
          (xiv) Arranging Credit and Advising on CreditG ; or
          (xv) Operating a Crowdfunding Platform,
          in the course of or for the purpose of any such Financial ServiceG disregarding any applicable exclusions in chapter 2; or
          (d) by a PersonG as consideration for the issue by him of a DebentureG .

          Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
          [Amended][VER7/01-06]
          [Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]
          [Amended] DFSA RMI201/2017 (Made 14th June 2017). [VER40/08-17]