Entire Section

  • GEN 10.3 GEN 10.3 Re-classification of certain Financial Services

    • Interpretation

      • GEN 10.3.1

        In this section:

        "authorisation" means authorisation to carry on a Financial Service under a Licence;

        "commencement date" means the day on which Rule-Making Instrument No 184 of 2016 comes into force; and

        "re-classification" means the re-classification of a Financial Service under GEN Rules 10.3.2 to 10.3.7.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • Arranging Credit or Deals in Investments

      • GEN 10.3.2

        An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' in respect of both credit and Investments is, on the commencement date, taken to have the following authorisations:

        (a) 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Arranging Credit; and
        (b) 'Arranging Deals in Investments', but only with respect to the Investments specified on its Licence immediately before the commencement date.
        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • GEN 10.3.3

        An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' only in respect of credit (and not Investments) is, on the commencement date, taken to have an authorisation for 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Arranging Credit.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • GEN 10.3.4

        An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Arranging Credit or Deals in Investments' in respect of Investments (and not credit), is, on the commencement date, taken to have an authorisation for 'Arranging Deals in Investments', but only with respect to the Investments specified on its Licence immediately before the commencement date.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • Advising on Financial Products or Credit

      • GEN 10.3.5

        An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' in respect of Financial Products and credit is, on the commencement date, taken to have the following authorisations:

        (a) 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Advising on Credit; and
        (b) 'Advising on Financial Products', but only with respect to Financial Products specified on its Licence immediately before the commencement date.
        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • GEN 10.3.6

        An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' only in respect of credit (and not Financial Products) is, on the commencement date, taken to have an authorisation for 'Arranging Credit and Advising on Credit' so far as that authorisation relates to Advising on Credit.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • GEN 10.3.7

        An Authorised Firm which, immediately before the commencement date, had an authorisation for 'Advising on Financial Products or Credit' only in respect of Financial Products (and not credit) is, on the commencement date, taken to have an authorisation for 'Advising on Financial Products', but only with respect to the Financial Products specified on its Licence immediately before the commencement date.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • Public Register to be updated

      • GEN 10.3.8

        The DFSA will amend the Public Register as soon as practicable after the commencement date to reflect the re-classifications under this section.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • Certain things not affected

      • GEN 10.3.9

        For the avoidance of doubt, re-classification under this section does not affect:

        (a) any condition or restriction imposed on a Licence before the commencement date;
        (b) the DFSA's ability to impose any condition or restriction on a Licence, or to withdraw or suspend an authorisation, after the commencement date;
        (c) the classification of a Client, any Client Agreement entered into with a Client, or any procedure adopted or action taken by an Authorised Firm before the commencement date, in respect of a Financial Service provided to a Client; or
        (d) any other right, remedy, privilege, obligation or liability arising in relation to the conduct of a Financial Service by an Authorised Firm before the commencement date.
        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

    • Disclosure not required for Long-Term Insurance

      • GEN 10.3.10

        An Authorised Firm is not required to comply with COB Rule 6.15.1 (relating to disclosure of certain information) in respect of any advice on Long-Term Insurance it provided, or any Long-Term Insurance it arranged, before the commencement date.

        Derived DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]