Entire Section

  • REP 4.2 REP 4.2 Fitness and Propriety

    • REP 4.2.1

      A Representative Office must at all times be fit and proper to hold a Licence

      Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

    • REP 4.2.2

      (1) A Representative Office must at all times have a Principal Representative who is resident in the UAE and who has satisfied the DFSA as to fitness and propriety.
      (2) If the Principal Representative leaves the employment of a Representative Office, the Representative Office must designate a successor as soon as possible, and in any event within 28 days.
      (3) If the DFSA considers that a Principal Representative designated under (1) or (2) is not fit and proper to fulfil the role for which he has been designated, it will give the Representative Office written notice to this effect.
      (4) On receipt of a notice under (3), a Representative Office must within 28 days designate a new Principal Representative and notify the DFSA accordingly.
      Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

    • REP 4.2.3 REP 4.2.3

      A Representative Office must ensure, as far as reasonably practical, that its Employees are fit and proper.

      Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]

      • REP 4.2.3 Guidance

        1. Section 2.3 of the RPP Sourcebook sets out matters which the DFSA takes into consideration when making an assessment of the kind under Rule 4.2.3.
        2. Where a Representative Office is no longer fit and proper or where its Principal Representative is no longer fit and proper, it will be in breach of the relevant Rule and the DFSA may take steps to withdraw its Licence. Section 2.3 of the RPP Sourcebook sets out matters which the DFSA takes into consideration when assessing fitness and propriety of a Principal Representative.
        Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER3/02-11]