Entire Section

  • GEN 8.3 GEN 8.3 Accounting records and regulatory returns

    • GEN 8.3.1

      Every Authorised Person must keep Accounting Records which are sufficient to show and explain transactions and are such as to:

      (a) be capable of disclosing the financial position of the Authorised Person on an ongoing basis; and
      (b) record the financial position of the Authorised Person as at its financial year end.

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

    • GEN 8.3.2

      Accounting Records must be maintained by an Authorised Person such as to enable its Governing Body to ensure that any financial statements prepared by the Authorised Person comply with the legislation applicable in the DIFC.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]
      [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.3.3

      An Authorised Person's Accounting Records must be:

      (a) retained by the Authorised Person for at least six years from the date to which they relate;
      (b) at all reasonable times, open to inspection by the DFSA or the Auditor of the Authorised Person; and
      (c) if requested by the DFSA capable of reproduction, within a reasonable period not exceeding 3 business days, in hard copy and in English.

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RM42/2007 (Made 15th February 2007). [VER13/02-07]
      [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]
      [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.3.4

      All regulatory returns prepared by the Authorised Firm must be prepared and submitted in accordance with the requirements set out in PIB or PIN as applicable.

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER17/11-07]

    • Financial years

      • GEN 8.3.5

        (1) The first financial year of an Authorised Firm which is a Domestic Firm starts on the day on which it is incorporated and lasts for such period not exceeding 18 months as may be determined by its Directors or Partners.
        (2) An Authorised Firm which is a Domestic Firm must as soon as practicable after it has made a determination under (1) notify the DFSA of the end date determined for its first financial year.
        (3) The second and any subsequent financial year of an Authorised Firm which is a Domestic Firm shall, except as provided in Rule 8.3.6, start at the end of the previous financial year and shall last for 12 months or such other period which is within 7 days either shorter or longer than 12 months as may be determined by its Directors or Partners.
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • GEN 8.3.6

        (1) An Authorised Firm which is a Domestic Firm may only change its financial year end from a period provided for under Rule 8.3.5(3) with the DFSA's prior consent.
        (2) The application for consent must be in writing and include the reasons for the change.
        (3) The DFSA may require the Authorised Firm to obtain written confirmation from its Auditor that the change of financial year end would not result in any significant distortion of the financial position of the Authorised Firm.
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • GEN 8.3.7

        If an Authorised Firm is not a Domestic Firm and intends to change its financial year, it must provide the DFSA with reasonable advance notice prior to the change taking effect.

        [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]