Dfsa rulebook conduct of business module

The dfsa rulebook conduct of business module cob conduct of business cob cobver360420. This document is intended for use only by professional clients as defined by rule 2. Dfsa updates certain modules of its rulebook and sourcebook. Aug 20, 2015 the client classification requirements defined by the dubai financial services authority the new dfsa client classification rules were amended on 1 april 2015.

As smes contribute significantly to the economic growth of the uae, the dfsa believes that providing access to the equity capital markets in or from the difc would allow smes to contribute to the funding access issues that many currently have. Conduct of business module cob appendix 7 in this appendix underlining indicates new text and striking through indicates deleted text. Mar 21, 2020 the changes to the suitability rules, and the accompanying updated guidance, are set out in section 3. Article 121 of the uae constitution enabled the federation to create financial free zones in the emirates, and most. Cob 3 core rules investment business, accepting deposits, providing credit, providing trust services, operating a crowdfunding platform, operating an employee money purchase scheme and acting as the administrator of an employee money purchase scheme. Compliance risk and audit committee means the committee of that name appointed in accordance with chapter 3. Notice of amendments to legislation the industry spread. Rulebook modules sourcebook modules consultation papers policy statements dfsa codes of practice. Dfsa conduct of business rules overview ccl academy. The changes to the suitability rules, and the accompanying updated guidance, are set out in section 3. Mfsa issues consultation document on the conduct of business rulebook phase 2 on the 11th april 2016, the malta financial services authority mfsa entered into the second phase of the consultation procedure for the proposed conduct of business rulebook rulebook which is addressed to persons. The changes are intended to reflect developments and practice in the financial services industry and are contained in chapter 2 of the dfsa rulebooks conduct of business module the. Rmi2612019 conduct of business module cob rulemaking. Mfsa issues consultation document on the conduct of business.

Under the new aml law, the fiu has been established at the uae central bank. That is, relevant provisions of the federal law no. The dfsa publishes its 20152016 business plan outlining three key strategic themes of delivery, sustainability and engagement are announced by the dfsa to drive business plans over the next 2 years. The dfsa is interested in receiving complaints about the following. Government attitude and definition blockchain the united arab emirates uae is a staunch supporter of blockchain technology. Depending on the nature of the licence held and business conducted, an.

The changes are intended to reflect developments and practice in the financial services industry and are contained in chapter 2 of the dfsa rulebook s conduct of business module the. The first three draft chapters in the conduct of business rulebook which cover. In addition, the updated modules of the dfsa rulebook are prudential investment, insurance intermediation, and banking pib. The licensees conduct of business rules 2016 the guernsey financial services commission the commission, in exercise of the powers conferred on it by sections 12, 14, 15 and 16 of the protection of investors bailiwick of guernsey law, 1987, as amended the law hereby makes the following rules. The board of the dubai financial services authority in the exercise of the. Sep 10, 2019 managing a collective investment fund is defined under the general module of the dfsa rulebook as being legally accountable to the unitholders in a fund for the management of the property held for. Specific areas such as the selling of complex products and the application of the rulebook to structured deposits. The updates to the dfsa sourcebook include code of market conduct module and the application forms and notices module. In connection with article 72 of the regulatory law 2004, this module relates to regulatory requirements imposed by the dfsa, as opposed to requirements imposed by applicable criminal laws. The meaning of each of these codes is given in glo. Click here here to view the rulemaking instrument in pdf format the board of the dubai financial services authority in the exercise of the powers conferred on them by article 23 of the regulatory law 2004, hereby make the rules in the appendix to this instrument.

Obtain dfsa preapprovals for significant changes and escalations where required. Section 11 of the general module gen of the dfsa rulebook covers the types. Investment has the meaning prescribed in dfsa gen module chapter a 2. The dfsa board made the following rulemaking instruments to come into force on 1 february 2016. Business ethics this document was created with prince, a. Access to this webpage is limited, you should not proceed further if you are a retail client, i. Conduct of business cob data protection module dat designated nonfinancial business and professions module dnf ver10611 enforcement enf fees fer fund protocol rules fpr general gen glossary glo islamic finance rules ifr islamic financial business module isf markets rules mkt offered securities osr price. They will be replaced by the licensees conduct of business rules 2014 which will be effective from 1 january 2015. By clicking any link on this page you are giving your consent for us to set cookies. New rules relating to advising on or arranging direct longterm insurance have been added to the conduct of business cob module of the dfsa rulebook, following the regulatory developments to the dfsas rules on insurance and insuranceintermediation in q4 2016. This session will provide participants with a high level understanding of the dfsa conduct of business rules and the impact they have on their duties and their firm.

The client classification requirements defined by the dubai financial services authority the new dfsa client classification rules were amended on 1 april 2015. If an authorized firm as defined by the dfsa rulebook is a member of a group, and provides a client with one or more financial services in conjunction with a bundle of financial services provided by the authorized firm as defined by the dfsa rulebook itself and its group members, then the authorized firm as defined by the dfsa rulebook. The dfsa rulebook prudential insurance business module pin appendix 9 in this appendix underlining indicates new text and striking through indicates deleted text. This chapter sets out the manner in which an authorised firm is required to classify its clients, as well as good practice it may follow. This document was created with prince, a great way of getting web content onto paper. If the dfsa is not satisfied in respect of anti money laundering compliance in the circumstances set out in rule 3. New dfsa client classification rules conduct of business module. Deemed professional clients will include the current list of clients contained in the dfsas rulebook conduct of business module rule 2. Governance the regulatory law 2004 provides that the dfsa shall be comprised of the chairman of the dfsa, the dfsa board of directors, the regulatory appeals committee and other committees of the board as may be duly appointed from time to time, the financial markets tribunal and the chief executive and members of his staff. Module 4 guiding principles the rules and code of conduct for cycling and the use of personal mobility devices pmds were developed by the active mobility advisory panel for the safe and harmonious use of paths. Asset management regulations in united arab emirates lexology. Click herehere to view the rulemaking instrument in pdf format.

Compliance department has the meaning given to it in rule 7. This is because an authorised firm transacts with a market counterparty on an equal footing and, therefore, most of the client protection provisions in the rulebook modules are not needed to protect such a party. Rmi2592019 conduct of business module cob rulemaking. This would assist persons carrying on such activities to ascertain what those other requirements are and in which module of the dfsa rulebook they are located. The scope of application of the rulebook modules will. Cob means the conduct of business module of the dfsa rulebook. The published version of this notice has been redacted or.

The dfsa acknowledged that there were some conflictsclarifications in the dfsa aml rulebook in relation to the requirements set out in the new aml law, and so further amendments to the dfsa rulebook may be made in due course. Client means a client of the branch who whether or not otherwise qualifying as a professional client as defined in the dfsa conduct of business module chapter 2, elects to be treated as a retail client with respect to the services contemplated under these terms and conditions. As part of the implementation of the guernsey financial advice standards the licensees conduct of business rules 2009 will be repealed on 1 january 2015. Contraventions of certain laws and rules administered by the. Conduct of business sourcebook cobs 1 application 1. New dfsa client classification rules conduct of business. The scope of application of the rulebook modules will vary depending on whether the person with or for whom an authorised firm is carrying on. Collective investment rules cir conduct of business cob data protection module dat designated nonfinancial business and professions module dnf ver10611 enforcement enf fees fer fund protocol rules fpr general gen glossary glo islamic finance rules ifr islamic financial business module isf markets rules mkt offered. Ensure compliance with relevant law and regulation, and in particular with authorized market institution ami module. The aml module has been designed to provide a single reference point for all persons and entities collectively called relevant persons referred to in rule 1. Limited changes will be made to the dfsa rulebook as many of the current rules cover smes appropriately. Ensure updates to dme rulebook to remain in compliance with regulatory and business changes.