Entire Section

  • GEN 5.3.1 GEN 5.3.1

    (1) An Authorised Person must establish and maintain systems and controls, including but not limited to financial and risk systems and controls, that ensure that its affairs are managed effectively and responsibly by its senior management.
    (2) An Authorised Person must undertake regular reviews of its systems and controls.
    Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
    [Amended] DFSA RM43/2007 (Made 1st June 2007). [VER14/06-07]

    • GEN 5.3.1 Guidance

      The nature and extent of the systems and controls of an Authorised Person will depend upon a variety of factors including the nature, scale and complexity of its business. While all Authorised Persons, irrespective of the nature, scale, and complexity of their business and legal structure or organisation need to comply with this chapter, the DFSA will take into account these factors and the differences that exist between Authorised Persons when assessing the adequacy of an Authorised Person's systems and controls. Nevertheless, neither these factors nor the differences relieve an Authorised Person from compliance with its regulatory obligations.

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RM95/2012 (Made 14th June 2012). [VER29/06-12]