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. Specific areas such as the selling of complex products and the application of the rulebook to structured deposits. Chapter 11 specifies the dfsa s supervisory requirements for any authorised person being regulated by the dfsa. That is, relevant provisions of the federal law no. On 4 october 2010, the dfsa launched an arabic version of its website. Financial services are defined in the gen module of. Financial conduct authority fca conduct of business. 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 ami module is comprised of four parts containing 12 chapters and three. Conduct of business module cob appendix 7 in this appendix underlining indicates new text and striking through indicates deleted text. Gen chapter 7 of the dfsa rulebook outlines the authorisation requirements for. The malta financial services authority mfsa issued a consultation document hereinafter referred to as the document concerning the proposition for a socalled conduct of business rulebook. Cob means the conduct of business module of the dfsa rulebook. The new rules on the client classification regime are contained in chapter 2 of the dfsa rulebooks conduct of business module cob. The client classification requirements set by the dubai financial services authority dfsa are changing on 1 april 2015. Confirms the application of federal criminal laws in the financial free zones, including the federal laws on antimoney laundering. The first three draft chapters in the conduct of business rulebook which cover.
Conduct of business module cob conduct of business cob 2 client classification. Note that not all definitions used in this module are capitalised. Code of market conduct cmc provides guidance on the market abuse. Contraventions of certain laws and rules administered by the. Each module of the rulebook has a reference code of three letters, usually a contraction or abbreviation of its title for example, cob stands for the conduct of business module. The dfsa expects the senior management of a relevant person to establish a robust and effective amlctf and sanctions compliance culture for the business. Compliance department has the meaning given to it in rule 7. In the case of any changes to the business rules of an authorised. Conduct of business sourcebook cobs 1 application 1. The client classification requirements defined by the dubai financial services authority the new dfsa client classification rules were amended on 1 april 2015. Some of the defined terms and abbreviations in this module may also be found in the dfsas glossary module glo.
The final business system rule is very similar to the interim rule published on may 18, 2011. The meaning of each of these codes is given in glo. Save a pdf of the completed form prior to submitting. The dfsa has waived the requirement to maintain capital locally for branches of multinational reinsurers. The updates to the dfsa sourcebook include code of market conduct module and the application forms and notices module. Therefore these are not new rules and are not underlined and struck through in the usual manner. Dfsa updates certain modules of its rulebook and sourcebook. Collective investment rules module cir of the dfsa rulebook. The dfsa rulebook islamic finance rules ifr appendix 1 the text in this appendix contains provisions drawn from other modules of the dfsa rulebook. The dfsa is interested in receiving complaints about the following. This publication is provided to you as a professional client or market counterparty as defined in the dfsa rulebook conduct of business module the cob module, and should not be relied upon by any client which does not meet the criteria to be classified as a professional client or market counterparty under the dfsa rules.
Chapter contains guidance on the dfsa s approach to facilitating the testing and. The gen module chapter 2 outlines which business activities fall within. 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. Asp module of the dfsa rulebook iba antimoney laundering. 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. Aml module of the dfsa rulebook iba antimoney laundering. 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. Conduct of business module cob ver360420 cob 1 introduction. The changes to the suitability rules, and the accompanying updated guidance, are set out in section 3. In addition, the updated modules of the dfsa rulebook are prudential investment, insurance intermediation, and banking pib. Section 11 of the general module gen of the dfsa rulebook covers the. Conduct of business module cob appendix 10 in this appendix underlining indicates new text and striking through indicates deleted text. Creates the difc centre bodies, which include the dfsa. Mfsa consultation document by admin admin with with 0 comments.
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. Where a defined term in this module does not appear in rule 3. United arab emirates the virtual currency regulation. Policy and process module, of the dfsa sourcebook, provides. The purpose of the financial management handbook handbook is to present the department of energys does standards, procedures, and operational requirements in support of the accounting policies, principles, and applicable legal requirements contained in doe order 534. Financial management handbook department of energy. Limited changes will be made to the dfsa rulebook as many of the current rules cover smes appropriately. Chapter 2 provides an overview of the aml module and chapter 3 sets out the key definitions in the module. Confidential information means information, which if such information were publicly known. When conducting ongoing due diligence on the business relationship with. 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. Accompanying these amendments to the regulatory law 2004 is the introduction of a new dfsa rulebook designated nonfinancial businesses and professions module dnf, which provides rules and guidance to those firms now falling under the dfsas supervision.
Chapter 12 sets out rules relating to business transfer schemes under part 9 of the regulatory law. In particular, the dfsa proposes to change the conduct of business cob rules in the dfsa rulebook to no longer permit a full waiver of the suitability assessment for professional clients but retain the flexibility for partial waivers. Compliance risk and audit committee means the committee of that name appointed in accordance with chapter 3. Dfsa conduct of business rules overview ccl academy. Cio perspectives 30 july 2019 dbs chief investment office yeang cheng ling strategist stay constructive on asia exjapan equities what happened. Pages including about the dfsa, doing business with the dfsa, tomorrows regulatory leaders,islamic finance, and legal framework were made available in the language of the region, meeting the needs of local stakeholders and broadening dialogue with the broader market. The final business systems rule overview on february 24, 2012, the final rule pertaining to contractor business systems was adopted into law dfars case 2009d038. The fcas conduct of business sourcebook cobs applies to firms conducting the following activities from an establishment, or through an appointed representative, in the united kingdom. We summarise below the principal changes for difc authorised firms. New dfsa client classification rules conduct of business. General module gen general gen genver360416 contents the contents of this module are divided into the following chapters, sections and appendices. 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.
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