GEN 6.5 GEN 6.5 Location of offices
GEN 6.5.1 GEN 6.5.1(1) Where an
Authorised Personis a Body Corporateincorporated in the DIFC, its head office and registered office must be in the DIFC.(2) Where an Authorised Personis a partnership established under the Limited Partnership Law 2004 or the General Partnership Law 2006, its head office and registered office must be in the DIFC.(3) Where an Authorised Personoperates in the DIFCthrough a Branch:(a) it must have a place of business in the DIFCthat is the principal place where it carries on the activities for which it is authorised by the DFSA; and(b) that place of business must be its address in the DIFCto which communications and notices may be addressed.(4) An applicant for authorisation to carry on one or more Financial Servicesmust satisfy the DFSAthat it will meet the requirements in this Rule when the authorisation is granted.(5) In this Rule:(a) "head office" means the principal place where an Authorised Personcarries on:(i) the day-to-day management and control of its business, wherever that business may be conducted; and(ii) the activities for which it is authorised by the DFSA; and(b) "registered office" has the meaning given in the Companies Law, Limited Partnership Law 2004 or General Partnership Law 2006, as applicable.
GEN 6.5.1 Guidance1. In considering the location of an
Authorised Firm'sor Authorised Market Institution'shead office, the DFSAwill have regard to the location of its directors, partners and senior management and to the main location of its day-to-day operational, control, management and administrative arrangements and will judge matters on a case by case basis.2. An Authorised Firm, Authorised Market Institutionor an applicant for authorisation which does not satisfy the DFSAwith respect to the location of its offices will, on this point alone not be considered fit and proper or able to satisfy the Licensing Requirements.3. The DFSAexpects all Authorised Personsto have a physical presence, including Employees, in the DIFC. The DFSAdoes not permit 'brass plate' operations i.e. offices with the name of the entity but with no staff or where no meaningful activity takes place.4. The Companies Law, Limited Partnership Law and General Partnership Law of the DIFCalso require entities to which they apply, to have a registered office in the DIFC, and to carry on their principal business activity in the DIFC.