Entire Section

  • GEN 2.26 GEN 2.26 Operating a Representative Office

    • GEN 2.26.1

      (1) In GEN Rule 2.2.2 Operating a Representative Office means the marketing of one or more financial services or financial products, provided such services or products are those offered:
      (a) in a jurisdiction other than the DIFC; and
      (b) by a related party of the Representative Office.
      (2) For the purposes of (1) 'marketing' means:
      (a) providing information on one or more financial products or financial services;
      (b) engaging in Financial Promotions in relation to (a); or
      (c) making introductions or referrals in connection with the offer of financial services or financial products;
      provided that such activities do not constitute:
      (d) Advising on Financial Products;
      (e) Advising on Credit; or
      (f) 'arranging' under GEN Rules 2.9.1, 2.14.1, 2.19.1(1)(c) and 2.28.1(1)(a), including receiving and transmitting orders in relation to a financial product.
      (3) For the purposes of this Rule:
      (a) a 'financial product' means an Investment, a Credit Facility, a Deposit, a Profit Sharing Investment Account or a Contract of Insurance; and
      (b) a 'related party' of a Representative Office means:
      (i) the same Body Corporate as the Representative Office, including its head office or any other branch; and
      (ii) a member of the same Group as the Body Corporate referred to in (i).
      [Added] DFSA RM68/2009 (Made 3rd January 2010). [VER24/01-10]
      [Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • Exclusions

      • GEN 2.26.2

        An Authorised Firm other than a Representative Office does not Operate a Representative Office if it undertakes any activities of the kind described in GEN Rule 2.26.1 that constitute marketing.

        [Added] DFSA RM68/2009 (Made 3rd January 2010). [VER24/01-10]

      • GEN 2.26.3 GEN 2.26.3

        Any communication which amounts to marketing in respect of a financial service or financial product, which is issued by or on behalf of a government or non-commercial government entity, does not constitute marketing for the purposes of GEN Rule 2.26.1.

        [Added] DFSA RM68/2009 (Made 3rd January 2010). [VER24/01-10]

        • GEN 2.26.3 Guidance

          Refer to Guidance under REP section 1.3 for the scope of the activities which a Representative Office can conduct under its Licence.

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