Entire Section

  • COB 12.2.2A COB 12.2.2A

    (1) This Rule applies to a DIFC Scheme that is exempted under the Employment Regulations from the requirement to have a Supervisory Body.
    (2) The Operator of a DIFC Scheme referred to in (1) must ensure that each employer making contributions to the Scheme:
    (a) carries out the oversight function for the Scheme that would, but for the exemption, be carried out by the Supervisory Body;
    (b) has sufficient information relating to the operation of the Scheme to be able to properly carry out the oversight function;
    (c) has the power under the Constitution of the Scheme, to appoint and remove the Operator of the Scheme, in accordance with the requirements under the Employment Law or any other applicable law; and
    (d) covenants, in the Constitution of the Scheme, to negotiate the fees and charges of the Operator and to assess the performance of the Operator, in the best interests of the Members of the Scheme.

     

    Derived from DFSA RMI302/2021 (Made 30th June 2021). [VER38/09-21]

    • COB 12.2.2A Guidance

      1. Under the Employment Law and the DFSA requirements, all Schemes established in the DIFC are required to be constituted as a trust.
      2. Under the Employment Regulations, a Qualifying Scheme must have a Supervisory Body, unless an exemption has been granted by the DIFCA Board. The DIFCA Board will grant an exemption from the requirement for a Supervisory Body, where the employer making contributions to the Scheme is able to demonstrate certain matters to the Board. COB Rule 12.2.2A(2) reflects the matters that the employer must be able to demonstrate. If an exemption is granted, the oversight function in respect of the Scheme may be carried out either by the employer itself or by a delegate acting on its behalf.

       

      Derived from DFSA RMI302/2021 (Made 30th June 2021). [VER38/09-21]