GEN 8.3 GEN 8.3 Accounting records and regulatory returns
Authorised Personmust keep Accounting Recordswhich are sufficient to show and explain transactions and are such as to:(a) be capable of disclosing the financial position of the Authorised Personon an ongoing basis; and(b) record the financial position of the Authorised Personas at its financial year end.
Accounting Recordsmust be maintained by an Authorised Personsuch as to enable its Governing Bodyto ensure that any financial statements prepared by the Authorised Personcomply with the legislation applicable in the DIFC.
Authorised Person's Accounting Recordsmust be:(a) retained by the Authorised Personfor at least six years from the date to which they relate;(b) at all reasonable times, open to inspection by the DFSAor the Auditorof the Authorised Person; and(c) if requested by the DFSAcapable of reproduction, within a reasonable period not exceeding 3 business days, in hard copy and in English.
GEN 8.3.5(1) The first financial year of an
Authorised Firmwhich is a Domestic Firmstarts on the day on which it is incorporated and lasts for such period not exceeding 18 months as may be determined by its Directorsor Partners.(2) An Authorised Firmwhich is a Domestic Firmmust 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 Firmwhich is a Domestic Firmshall, 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 Directorsor Partners.
GEN 8.3.6(1) An
Authorised Firmwhich is a Domestic Firmmay 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 Firmto obtain written confirmation from its Auditorthat the change of financial year end would not result in any significant distortion of the financial position of the Authorised Firm.
Authorised Firmis not a Domestic Firmand 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]