The rulebook is essentially a principlebased system. Additionally, communications made to potential investors may constitute a financial promotion and must therefore comply with chapter 4 of the fcas conduct of business sourcebook. The paper discusses updates to the dfsa rulebook as well as corrections to existing rules. The new rules on the client classification regime are contained in chapter 2 of the dfsa rulebooks conduct of business module cob. Cir will now include a new periodic fund return applying to all fund managers in respect of domestic funds, including external funds. For better web experience, please use the website in portrait mode. Chapter 12 sets out rules relating to business transfer schemes under part 9 of the regulatory law. On 1 january 2020 the dfsa implemented changes to its suitability. The aba model rules of professional conduct were adopted by the aba house of delegates in 1983.
While the predominant concern in a business law course is substantive law, we will first consider the basics of procedural law, the form or organization of the legal system and its methods of conducting. During board meetings, board members will refrain from communicating electronically e. Conduct of business module cob rulemaking instrument no. These rules may be cited as the licensees conduct of business rules 2016 the licensees rules and shall come into operation on 1 january 2017. Within the aml module firms should note the following changes and update their aml.
Chapter contains guidance on the dfsas approach to facilitating the testing and. Acquire a knowledge of the legal environment in which businesses operate in the domestic and international. 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. Enoc code of business conduct should be brought to notice without any fear of retaliation.
The licensees rules apply to all licensees unless specifically agreed otherwise by the commission in accordance with rule 1. The dfsas regulatory mandate includes asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, islamic finance, insurance, an international equities exchange, and an international commodities derivatives exchange. Doing business in the united arab emirates baker mckenzie. Main navigation dubai financial services authority dfsa location. 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 vary depending on whether the person with or for whom an authorised firm is carrying on financial services is classified as a retail client, professional client or market counterparty. We also encourage you to ask questions and clarify any doubt you may have. Conduct of business sourcebook cobs 1 application 1. It is then proposed that these general principles be supplemented by specific rules to be incorporated into the general module of the dfsas rulebook gen. This course will explain the regulatory regime in the uae, how the dfsa and the difc operate, the dfsas approach to regulation, the dfsa rulebook, dfsa conduct of business rules, authorisation process and the dfsa enforcement process. The dfsa is the competent authority for the administration of federal amlctf legislation in the difc, which means it has sole administrative oversight of all amlctf legislation and direct supervision of relevant persons for compliance with the amlctf legislation, including the dfsas amlctf rules.
Ccl offer a range of courses focusing on the various rules and regulations of the financial services industry in the region. E by market counterparties and professional clients as defined in the dfsa rulebook conduct of business module section 2. Dfsa general gen rulebook including rules on systems, controls and. Notably, adgms proposed client classification regime in chapter 2 of cobs is in line with the difcs client classification regime which was introduced in april 2015 and provides for the following. Diploma in business administration part 2 principles of business law syllabus aims 1. Commerzbank ag dubai branch is regulated by the dubai financial services authority the dfsa. The aim of the dfsas framework is to promote financial technology innovation in the difc while providing certain protections for consumers. However, rather than attempting to squeeze crowdfunding into an existing regulated activity set out in the dfsa regulations, the dfsa opted to create new regulated activities of operating a loanbased crowdfunding platform. In addition, the updated modules of the dfsa rulebook are prudential investment, insurance intermediation, and banking pib. Firms should note that the dfsa intends to carry out sample checks, and seos and comlros can be called upon to provide records. The dfsas crowdfunding framework became effective through amendments made to seven of the modules to the dfsa rulebook. Dfsa proposals on corporate governance and employee. Reproduced with permission from law business research ltd.
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. Dfsa proposals on corporate governance and employee remuneration. This prototype edition of the daily federal register on federalregister. The takeover rules module of the dfsa rulebook requires a person who acquires 30%. The dfsa proposes to reform corporate governance and remuneration standards by amending its principles for authorised firms. Breadcrumb conduct of business module cob ver370221. Business plan dfsa the independent regulator of financial. Private lawwhich can be divided into categories such as torts, contracts, business entities, business relationships, and property rightsforms the substance of business law and is the main focus of this document. The dfsa issued a reminder of its complex application rule and invited applicants to address this in the body of their regulatory business plans rbps. Firms dfsa the independent regulator of financial services. The rules in this chapter reflect the dfsas risk based approach to regulation.
The dfsa rulebook conduct of business module cob appendix 2 in this appendix underlining indicates new text and striking through indicates deleted text. Jun 27, 2019 general module gen rulemaking instrument no. From introductory courses on the regulatory environment for staff who are new to financial services regulation, through to indepth courses on specific regulations. Jan 05, 2015 the code is intended to clarify the dfsas interpretation of the market abuse provisions contained in part 6 of the dubai international financial centre difc markets law and so assist in determining whether or not certain conduct or market practices are likely to amount to market abuse.
The intended recipients of the research reports are i persons who are not members of the public for the purposes of the securities and investment business act, 2010 siba. As fundraising methods continue to diversify, the dfsa. Dfsa updates certain modules of its rulebook and sourcebook. On 23 rd march 2020, the dfsa then sent authorised firms a dear seo letter. Exempts the difc from dubai laws and regulations, under certain conditions. They serve as models for the ethics rules of most jurisdictions. The trustee, as the operator of the difc scheme, will need a dfsa licence and will be subject to the dfsas supervision, based on the relevant requirements in the dfsa rulebook as amended following public consultation. The intended recipients of the research reports are i persons who are not members of the public for the purposes of the securities and investment business act. This document may only be received in or from the difc, dubai u.
Fintech products and uses in united arab emirates dla piper. Download changes to the dfsa suitability regime your email your name. Be proud of being a part of an organisation that believes in following the highest ethical conduct. The dfsa pointed out recent changes to the prudential pib rulebook which impact the preparation of financial projections for cat 3a firms and above. Ccl regulatory update middle east edition march 2020. By clicking any link on this page you are giving your consent for us to set cookies. All business registered at difc are subject to the laws of the centre that have been.
The contents of this module are divided into the following chapters, sections. New dfsa sourcebook module, code of market conduct comes. The updates to the dfsa sourcebook include code of market conduct module and the application forms and notices module. Creates the difc centre bodies, which include the dfsa.
Cir will now include a new periodic fund return applying to all fund managers in. Difc branch client classification assessment as per. Conduct of business rulebook cobs in this attachment underlining indicates new text and striking through indicates deleted text. For residents of british virgin islands research reports. Acquire an understanding of the principles of common law system within the students own legal system and how it affects their business life. Details on communication outlets are available at the end of the code. The dfsa rulebook contains a detailed conduct of business module. The contents of this module are divided into the following chapters, sections and. Auditor rule book dubai pages 1 28 flip pdf download.
Services and markets authority fsma for conduct of business rules, a. Cobs conduct of business sourcebook applies to all firms accepting deposits, conducting designated investment business and carrying on longterm insurance business in relation to life policies. Dfsa conduct of business module i am an individual who. Difc branch client classification assessment as per dfsa.
The dubai financial services authority, the financial regulator of the dubai international. Dfsa make amendments to aml rulebook, fatf terrorist financing risk. Summary dfsa the independent regulator of financial services. The board uses roberts rules of order revised as a guide, except when board bylaws or policies supersede such rules. Chapter 11 specifies the dfsas supervisory requirements for any authorised person being regulated by the dfsa. A fintech company operating in onshore uae conducting, for instance. Before the adoption of the model rules, the aba model was the 1969 model code of professional responsibility. Cobs conduct of business sourcebook applies to all firms accepting deposits, conducting designated investment business and carrying on longterm insurance. New mfsa conduct of business rulebook chetcuti cauchi. We use cookies on this site to enhance your user experience. Preceding the model code were the 1908 canons of professional ethics last amended in 1963. Part ii regulating employee money purchase schemes emp schemes employee money purchase scheme 10. The rules reflect international standards and are substantially similar to those in the dfsa rulebook s conduct of business cob module. Click here to view the register of restricted individuals.
Meeting conduct and order of business the board will conduct all board meetings in a civil, orderly, and business like manner. Article 121 of the uae constitution enabled the federation to create financial free zones in the emirates, and most importantly, to exclude the application of certain federal laws in these financial free zones. Private law consists of the rules governing relations between private individuals or groups of persons. For residents of british virgin islands research reports are. A written code of conduct sets out your firms mission, vision and values and goes a long way to demonstrating to your regulators and shareholders that your business is managing conduct risk from the.
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