Entire Section

  • Application

    • MKT 7.2.1 MKT 7.2.1

      This section applies to a Person who is required by the DFSA to appoint a compliance adviser.

      Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
      [Amended] DFSA RMI273/2020 (Made 26th February 2020). [VER16/04-20]

      • MKT 7.2.1 Guidance

        1. The requirement for the appointment of a compliance adviser is designed to ensure that the Person appointing that adviser is aware of and complies with its obligations under the Law and this module. A compliance adviser should therefore be a person familiar with the requirements of the Law and this module and should have the necessary knowledge, experience, qualifications and resources to assist a Person required to appoint such an adviser to comply with its regulatory obligations.
        2. The DFSA's Policy Statement 2/2012 on Appointment of Compliance Adviser describes in greater detail the purpose of a compliance adviser and the circumstances in which the DFSA is likely to require a Reporting Entity to appoint a compliance adviser. The Policy also describes how a compliance adviser can assist a Reporting Entity to meet its obligations in the Law and this module generally, and specifically the continuing obligations prescribed in this section. The Policy explains that the compliance adviser does not take on any regulatory obligations or potential regulatory liability of its own under the Law or this module if it agrees to act as a compliance adviser to a Reporting Entity. The relationship between the Reporting Entity and compliance adviser is a contractual one similar to one with any other professional adviser. In the Policy Statement the DFSA confirms its view that the compliance adviser role is merely to advise and assist the Reporting Entity to comply with its continuing regulatory responsibilities, all of which remain the responsibility of the Reporting Entity.
        3. The DFSA will also usually require a SME applying for admission of its Shares to the List to appoint a compliance adviser as a condition of that admission and its ongoing listing. The DFSA will expect the compliance advisor to have sufficient senior, competent staff and a proven track record of relevant corporate finance transaction experience to enable it to advise the SME properly about the listing process and its ongoing obligations as a Reporting Entity.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
        [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]
        [Amended] DFSA RMI273/2020 (Made 26th February 2020). [VER16/04-20]