Entire Section

  • DIFC-incorporated companies and partnerships

    • 10-6-9

      The examples above would apply equally to insurance companies and intermediaries. In particular, the DFSA would expect an insurance broker or other intermediary which uses the word "insurance" in its name to ensure that its name adequately describes its permitted activities by, for example, appending the word "broker" in the name. The use of the word "insurance" by an insurance intermediary without further description could be misleading; consumers might assume that the firm is an insurer which benefits from a strong capital base.

      Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition

    • 10-6-4

      A further exception to the general policy on the use of the terms "bank" and "insurance" set out in section 10-5 above applies to a Domestic Firm. The DFSA would permit a Domestic Firm, whose immediate parent is a Bank or Insurer, to refer to the parent's name in its name, provided that the name is not actually or potentially misleading.

      Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition

    • 10-6-5

      In order to not be misleading, the DFSA would expect the firm to append words to their parent's name which describe the firm's DIFC activities. For example, assuming that ABC Bank PLC has a DIFC subsidiary which is a Category 3C firm, the DFSA would accept the name "ABC Bank Asset Management Limited" for the firm.

      Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition

    • 10-6-6

      For the avoidance of doubt, if the DIFC entity does not itself hold a Licence to Accept Deposits, it will not be able to use the name of its parent (which is a bank) without some qualification.

      Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition

    • 10-6-7

      In some cases, a firm's immediate parent may be an intermediate company. In such cases, provided that the intermediate company is not an operating company (for example, because it has been established to hold the Group's Middle East subsidiaries or because it was established for tax purposes) the firm may refer to the intermediate company's parent's name in their name, provided that the name does not mislead in any way.

      Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition

    • 10-6-8

      For example, assuming that ABC Bank PLC has a subsidiary, ABC Bank Middle East Holdings Ltd, which was established to hold ABC Bank PLC's Middle East subsidiaries, a Category 3C DIFC subsidiary of ABC Bank Middle East Holdings Ltd could use the name "ABC Bank Asset Management Limited".

      Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition