Entire Section

  • GEN 10 GEN 10 Transitional Rules

    • GEN 10.1 GEN 10.1 Endorsements to hold client assets and insurance monies

      • Interpretation

        • GEN 10.1.1

          In this section:

          "commencement date" means the day on which Rule-Making Instrument No 166 of 2016 comes into force;

          "endorsement" means an endorsement under:

          (a) GEN Rule 2.2.10A permitting an Authorised Firm to hold or control Client Assets; or
          (b) GEN Rule 2.2.10B permitting an Authorised Firm to hold Insurance Monies;

          "transitional period" means the period starting on the commencement date and ending six months after that day.

          [Added] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]
          [Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Endorsement not required during transitional period

        • GEN 10.1.2

          An Authorised Firm is not required to hold an endorsement before the end of the transitional period.

          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • Grant of endorsement for Firms that al hold or control Client Assets

        • GEN 10.1.3

          (1) This Rule applies to an Authorised Firm that has, in the 12 months before the commencement date, submitted to the DFSA under GEN Rule 8.6.2:
          (a) an Auditor's Report referred to in GEN Rule 8.6.1(c) (a Client MoneyAuditor's Report); or
          (b) an Auditor's Report referred to in GEN Rule 8.6.1(e) (a Safe Custody Auditor's Report).
          (2) An Authorised Firm to which this Rule applies may, within the transitional period, send a written notification to the DFSA confirming that it:
          (a) wishes to obtain an endorsement to hold or control Client Assets;
          (b) has submitted to the DFSA an Auditor's Report referred to in (1) in the 12 months before the commencement date; and
          (c) has in place adequate systems and controls to meet the applicable requirements in COB sections 6.11 to 6.14.
          (3) The DFSA may require the notification in (2) to be in such form and verified in such manner as it thinks fit.
          (4) If an Authorised Firm provides a duly completed notification to the DFSA in accordance with (2) and (3) within the transitional period:
          (a) the DFSA must grant it an endorsement to hold or control Client Assets; and
          (b) it is not required to apply for an endorsement under GEN Rule 7.3.3 or pay the fee prescribed in FER 2.2.6 for such an application.
          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • Grant of endorsement for Firms that al hold Insurance Monies

        • GEN 10.1.4

          (1) This Rule applies to an Authorised Firm that has, in the 12 months before the commencement date, submitted to the DFSA under GEN Rule 8.6.2 an Auditor's Report referred to in GEN Rule 8.6.1(d) (an Insurance Monies Auditor's Report).
          (2) An Authorised Firm to which this Rule applies may, within the transitional period, send a written notification to the DFSA confirming that it:
          (a) wishes to obtain an endorsement to hold Insurance Monies;
          (b) has submitted to the DFSA an Auditor's Report referred to in (1) in the 12 months before the commencement date; and
          (c) has in place adequate systems and controls to meet the applicable requirements in COB section 7.12.
          (3) The DFSA may require the notification in (2) to be in such form and verified in such manner as it thinks fit.
          (4) If an Authorised Firm provides a duly completed notification to the DFSA in accordance with (2) and (3) within the transitional period:
          (a) the DFSA must grant it an endorsement to hold Insurance Monies; and
          (b) it is not required to apply for an endorsement under GEN Rule 7.3.4 or pay the fee prescribed in FER 2.2.6 for such an application.
          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • DFSA's powers not affected

        • GEN 10.1.5

          The grant of an endorsement under this section is without prejudice to the DFSA's ability to impose conditions or restrictions on the endorsement when it is granted or after it has been granted, or to suspend or withdraw the endorsement after it has been granted.

          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.2 GEN 10.2 Safe Custody Auditor's Report

      • Report not required for firms arranging custody

        • GEN 10.2.1

          An Authorised Firm which has an authorisation for Arranging Custody is not required, in relation to carrying on that Financial Service, to submit a Safe Custody Auditor's Report under GEN Rule 8.6.1(e) in respect of its financial years ending in 2016 or 2017, or any part of those financial years.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • GEN 10.3 GEN 10.3 Re-classification of certain Financial Services

      • Interpretation

        • GEN 10.3.1

          In this section:

          "authorisation" means authorisation to carry on a Financial Service under a Licence;

          "commencement date" means the day on which Rule-Making Instrument No 184 of 2016 comes into force; and

          "re-classification" means the re-classification of a Financial Service under GEN Rules 10.3.2 to 10.3.7.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Arranging Credit or Deals in Investments

        • GEN 10.3.2

          An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' in respect of both credit and Investments is, on the commencement date, taken to have the following authorisations:

          (a) 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Arranging Credit; and
          (b) 'Arranging Deals in Investments', but only with respect to the Investments specified on its Licence immediately before the commencement date.
          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.3

          An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' only in respect of credit (and not Investments) is, on the commencement date, taken to have an authorisation for 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Arranging Credit.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.4

          An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' in respect of Investments (and not credit), is, on the commencement date, taken to have an authorisation for 'Arranging Deals in Investments', but only with respect to the Investments specified on its Licence immediately before the commencement date.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Advising on Financial Products or Credit

        • GEN 10.3.5

          An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' in respect of Financial Products and credit is, on the commencement date, taken to have the following authorisations:

          (a) 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Advising on Credit; and
          (b) 'Advising on Financial Products', but only with respect to Financial Products specified on its Licence immediately before the commencement date.
          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.6

          An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' only in respect of credit (and not Financial Products) is, on the commencement date, taken to have an authorisation for 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Advising on Credit.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 10.3.7

          An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' only in respect of Financial Products (and not credit) is, on the commencement date, taken to have an authorisation for 'Advising on Financial Products', but only with respect to the Financial Products specified on its Licence immediately before the commencement date.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Public Register to be updated

        • GEN 10.3.8

          The DFSA will amend the Public Register as soon as practicable after the commencement date to reflect the re-classifications under this section.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Certain things not affected

        • GEN 10.3.9

          For the avoidance of doubt, re-classification under this section does not affect:

          (a) any condition or restriction imposed on a Licence before the commencement date;
          (b) the DFSA's ability to impose any condition or restriction on a Licence, or to withdraw or suspend an authorisation, after the commencement date;
          (c) the classification of a Client, any Client Agreement entered into with a Client, or any procedure adopted or action taken by an Authorised Firm before the commencement date, in respect of a Financial Service provided to a Client; or
          (d) any other right, remedy, privilege, obligation or liability arising in relation to the conduct of a Financial Service by an Authorised Firm before the commencement date.
          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Disclosure not required for Long-Term Insurance

        • GEN 10.3.10

          An Authorised Firm is not required to comply with COB Rule 6.15.1 (relating to disclosure of certain information) in respect of any advice on Long-Term Insurance it provided, or any Long-Term Insurance it arranged, before the commencement date.

          Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • GEN 10.4 GEN 10.4 Transitional Rules relating to Employee Money Purchase Schemes

      • GEN 10.4.1

        (1) In this Rule:
        (a) “Certificate of Compliance” means a certificate of compliance issued in relation to a Scheme by the DIFCA Board under the Employment Regulations;
        (b) “commencement date” means the day on which Rule-making instrument No 301 of 2021 comes into force;
        (c) “transitional period” means the period starting on the commencement date and ending six months after that date.
        (2) An Authorised Firm which, immediately before the commencement date was Operating or Acting as the Administrator of a Non-DIFC Scheme that had obtained a Certificate of Compliance, is not required to comply with GEN Rule 2.2.10H in relation to the Scheme until the Certificate of Compliance has expired or been revoked by the DIFCA Board.
        (3) A Person is not required to comply with GEN Rule 7.2.2(5) (as amended by Rulemaking Instrument No 301 of 2021) before the end of the transitional period.
        Derived from DFSA RMI301/2021 (Made 30th June 2021). [VER52/09-21]

    • GEN 10.1 GEN 10.1 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.1.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.1.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.2 GEN 10.2 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.2.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.3 GEN 10.3 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.3.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.3.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.4 GEN 10.4 [Deleted]

      • GEN 10.4.1 [Deleted]

        [Deleted] DFSA RM72/2010 (Made 11th July 2010) [VER26/07-10]

    • GEN 10.6 GEN 10.6 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.6.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.6.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.6.3 GEN 10.6.3 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

        • [Deleted]

          [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.5 GEN 10.5 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.5.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.7 GEN 10.7 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.7.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.7.2 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.8 GEN 10.8 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.8.1 span class="me">[Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

    • GEN 10.9 GEN 10.9 [Deleted]

      [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • GEN 10.9.1 [Deleted]

        [Deleted] DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]