Entire Section

  • Application for a Change of Scope of Licence

    • RPP 3-2-38

      Where an Authorised Firm applies to change the scope of its Licence, it should provide the following information:

      (a) a revised business plan as appropriate, describing the basis of, and rationale for, the proposed change;
      (b) details of the extent to which existing documentation, procedures, systems and controls will be amended to take into account any additional activities, and how the Authorised Firm will be able to comply with any additional regulatory requirements; and
      (c) descriptions of the Authorised Firm's senior management responsibilities (see GEN chapter 5) where these have changed from those previously disclosed, including any up-dated staff organisation charts and internal and external reporting lines.
      (d) details of any transitional arrangements where the Authorised Firm is reducing its activities and where it has existing customers who may be affected by the cessation of a Financial Service;
      (e) the appropriate financial reporting statement where the variation may result in a change to the Authorised Firm's prudential category or the application of additional or different financial rules. If a capital increase is required in order to demonstrate compliance with additional financial rules but such capital is not paid up or available at the time of application, proposed or forecast figures may be used;
      (f) details of the effect of the proposed variation on the Authorised Individuals including, where applicable, submitting any application forms for individuals to perform additional or new Licensed Functions, or to remove existing Licensed Functions; and
      (g) revised pro forma financial statements.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-39

      An Insurer which wishes to vary its Licence to remove the Financial Service of Effecting Contracts of Insurance or to reduce the classes of insurance should refer to the run-off provisions in PIN chapter 9.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-40

      In considering whether an Authorised Firm is fit and proper with respect to a change in the scope of its Licence, the DFSA may take into account those matters in Chapter 2 of the RPP Sourcebook, which provides Guidance on fitness and propriety for Authorised Firms.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-41

      When considering a change to the scope of a Licence, the DFSA may also consider one or more of the matters outlined in paragraphs 3-2-42 to 3-2-47 below relating to the withdrawal of a Licence.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition