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  • GLO 2 GLO 2 Glossary

    • [ A ] [ A ] [Accepting Deposits—Authorised Person]

      • Acceptable Collateral [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Accepting Deposits

        Has the meaning given in GEN section 2.4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Accounting Records

        Means records and underlying documents comprising initial and other accounting entries and associated supporting documents such as:

        (a) cheques;
        (b) records of electronic fund transfers;
        (c) invoices;
        (d) contracts;
        (e) the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and
        (f) work sheets and spread sheets supporting cost allocations, computations, reconciliations and disclosures.
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Acting as the Administrator of an Employee Money Purchase Scheme

        Has the meaning given in GEN Rule 2.31.1.

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Actuary

        An individual who is a 'Fellow', or the holder of an equivalent qualification or rank, of a professional actuarial body that is a full member of the International Actuarial Association.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Capital Resources

        Capital resources calculated in accordance with PIN Rule A3.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Cellular Capital Resources

        Cellular capital resources calculated in accordance with PIN Rule A5.6.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Fund Capital Resources

        Fund capital resources calculated in accordance with PIN Rule A7.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Adjusted Non-Cellular Capital Resources

        Non-cellular capital resources calculated in accordance with PIN Rule A5.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Administrator

        Means an Authorised Firm Acting as the Administrator of an Employee Money Purchase Scheme.

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Advising

        Advising on Credit or Advising on Financial Products.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Advising on Financial Products

        Has the meaning given in GEN section 2.11.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Advisor

        In relation to a Fund, a Person who is retained by the Fund, its Eligible Custodian, a Person providing oversight or its Fund Manager under a commercial arrangement which is not a contract of service:

        (a) to supply any of them with the advice in relation to the Fund as to the merits of investment opportunities or information relevant to the making of judgments about the merits of investment opportunities; or
        (b) to exercise for any of the functions concerning the management of the Fund Property.
        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Affected Person [Deleted]

        [Deleted] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Agent

        In relation to a Passported Fund, a Licensed Person appointed by the Fund Manager of the Fund to Promote the Units of that Fund.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Alternative Trading System

        A trading system or facility of a type specified under GEN 2.22.1.

        [Added][VER4/08-05]

      • Annual Audited Expenditure [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Annual Information Return

        A return prepared by a Registered Auditor for submission to the DFSA in accordance with AUD Rule 4.8.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Annual Regulatory Return

        An annual regulatory return of the type specified in PIN Rule A10.3.1.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Anti Money Laundering Suspicious Cases Unit (AMLSCU) [Deleted]

        [Deleted] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Approved Asset

        (1) A certificate of deposit with a maximum term to maturity of six months issued by and held with an Eligible Bank;
        (2) a term deposit with an Eligible Bank with a remaining term to maturity of one year or less;
        (3) a negotiable debt instrument, with a remaining term to maturity of five years or less, where the instrument, or issuer thereof, is Rated at least AA- by Standard & Poor's, or the equivalent by another Rating Agency;
        (4) a repurchase agreement which is fully collateralised with negotiable debt instruments meeting the rating criterion in (3), and where the credit rating of the counterparty also meets the criteria; or
        (5) a bond fund meeting the rating criterion in (3) and where the designated bank account for redeemed investment is the an Insurance Bank Account held by the Authorised Firm in accordance with the requirement of COB section 14.3.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Approved Stock Exchange

        A stock exchange designated as approved by a written notice from the DFSA, subject to any conditions that the DFSA may specify in that notice.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Arranging Custody

        Has the meaning given in GEN section 2.14.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Arranging Deals in Investments

        Has the meaning given in GEN section 2.9.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Arranging or Advising on Money Services

        Has the meaning given in GEN Rule 2.32.1. 

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Associate

        (1) In Chapters 7 and 11 of GEN and Chapter 8 of AMI means, in respect of a Person 'A' holding Shares or entitled to exercise, or control the exercise of voting power, in an Authorised Firm or a Holding Company of an Authorised Firm:
        (a) the spouse of A;
        (b) a child or stepchild of A;
        (c) the trustee of any settlement, including any disposition or arrangement under which property is held on trust or subject to a comparable obligation, under which A has a life interest in possession;
        (d) an Undertaking of which A is a director;
        (e) a Person who is an Employee or partner of A;
        (f) where A is an Undertaking:
        (i) a director of A;
        (ii) a subsidiary or wholly owned subsidiary of A; or
        (iii) a director or Employee of such a subsidiary or wholly owned subsidiary; or
        (g) a Person who has an agreement or arrangement with A with respect to the acquisition, holding or disposal of Shares or other interests in the Authorised Firm or the Holding Company of an Authorised Firm or under which they undertake to act together in exercising their voting power in relation to an Authorised Firm or the Holding Company of an Authorised Firm or that other Person.
        (2) Except in Chapters 7 and 11 of GEN and Chapter 8 of AMI means in respect of a Person 'A', any Person, including an affiliated company which is:
        (a) an undertaking in the same Group as A; or
        (b) any other person whose business or domestic relationship with A or his Associate might reasonably be expected to give rise to a community of interest between them which may involve a conflict of interest in dealings with third parties.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • ATS

        An Alternative Trading System.

        [Added][VER4/08-05]

      • ATS Operator

        An Authorised Firm carrying on the Financial Service of Operating an Alternative Trading System for which it has authorisation under its Licence.

        [Added][VER4/08-05]

      • ATS Traded Fund

        A Collective Investment Fund, the Units of which are Security Tokens that are admitted to trading on an Alternative Trading System, but are not admitted to trading on an Authorised Market Institution or a Regulated Exchange.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • AUD

        The Auditor module of the Rulebook.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Auditor

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added] [VER11/11-06]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Audit Principal

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added][VER11/11-06]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Audit Services

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Authorised Firm

        A Person, other than an Authorised Market Institution, who holds a Licence.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Authorised ISPV

        An ISPV which holds a Licence to carry on either or both of the following Financial Services:

        (a) Effect Contracts of Insurance; or
        (b) Carry Out Contracts of Insurance

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Authorised Individual

        An individual who has been authorised by the DFSA to perform one or more Licensed Functions for an Authorised Firm.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Authorised Market Institution

        A Person who is Licensed by the DFSA in relation to the carrying on either or both of the Financial Services prescribed in GEN Rule 2.17.1 and GEN 2.18.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Authorised Participant

        In relation to an ETF, a market maker appointed by the Fund Manager of the ETF for the purposes referred to in CIR Rule 3.1.12 or IFR Rule 6.13.1.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Authorised Person

        An Authorised Firm or an Authorised Market Institution.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

    • [ B ] [ B ] [Bank—Business Rules]

      • Bank

        An Authorised Firm which holds a Licence authorising it to carry on the Financial Service of Accepting Deposits.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Banking Business [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Base Capital Requirement

        Has the meaning given in PIB section 3.6.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Bearer Share

        A Share that cannot be registered in the name of the holder and proof of ownership is possession of the Share certificate.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Beneficiary

        Has the meaning given in COB Rule 12.1.2.

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Bid

        includes a Takeover transaction however effected, including a reverse Takeover, partial bid, and also a bid by a parent entity for Shares in its subsidiary.

        [Added][VER5/09-05]

      • Bidder

        includes, but is not limited to, companies wherever incorporated and individuals wherever resident who or which make a Bid under TKO.

        [Added][VER5/09-05]

      • Bid Document

        means a document issued by a Bidder containing information as stipulated under TKO (particularly Chapter 8) and posted in accordance with those Rules (particularly Chapter 11).

        [Added][VER5/09-05]

      • Bid Period

        means the period from the time when an announcement is made of a proposed or possible Bid (with or without terms) until the first closing date or, if this is later, the date when the Bid becomes or is declared unconditional as to acceptances or lapses. An announcement that a holding, or aggregate holdings, of Shares carrying 30% or more of the voting rights of a Reporting Entity is for sale or that the Governing Body of a Reporting Entity is seeking potential Bidders will be treated as the announcement of a possible Bid.

        [Added][VER5/09-05]

      • Board

        In reference to the DFSA the Governing Body of the DFSA, established under Chapter 2 of Part 2 of the Regulatory Law 2004.

        In reference to a corporation, the Board of Directors of the corporation

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Body Corporate

        Any body corporate, including limited liability partnership and a body corporate constituted under the law of a country or territory outside of the DIFC.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Branch

        A place of business within the DIFC:

        (a) which has no separate legal personality;
        (b) forms a legally dependent part of a Regulated Financial Institution whose principal place of business and head office is in a jurisdiction other than the DIFC; and
        (c) which carries on Financial Services in or from the DIFC under a DFSA Licence.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Business Rules

        The written rules of an Authorised Market Institution which govern its activities as an Authorised Market Institution.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

    • [ C ] [ C ] [Capital Requirement—Customer Due Diligence (CDD)]

      • Capital Requirement

        The amount of capital an Authorised Firm must hold, calculated in accordance with PIB sections 3.3, 3.4 or 3.5, as applicable.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Capital Resources

        The total capital resources of an Authorised Firm calculated in accordance with PIB section 3.11.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Captive Cell

        [deleted]

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] (as from 15th October 2004) [VER2/10-04]

      • Captive Insurer

        A Captive Insurer means a:

        (a) Class 1 Captive Insurer;
        (b) Class 2 Captive Insurer; or
        (c) Class 3 Captive Insurer.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Carrying Out Contracts of Insurance

        Has the meaning given in GEN section 2.16.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Category

        A prudential grouping of Authorised Firms which determines the application of the Rules in PIB.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • CCP

        Pursuant to GEN Rule 2.18.1(1)(a), a CCP is a Person who Operates a Clearing House by becoming a Central Counterparty.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Cell

        A cell created by a Protected Cell Company for the purpose of segregating and protecting cellular assets in the manner provided by the PCC Regulations.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • Cell Return

        The return described in PIN Rule A10.2.4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cell Share Capital

        Capital comprising of the proceeds of the issue of Cell Shares.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cell Shares

        Shares created and issued by a Protected Cell Company in respect of one of its cells.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cellular Asset

        The assets of the Protected Cell Company attributable to the Company's Cells.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Cellular Liabilities

        Liabilities that may be settled by disposition of cellular assets.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Central Bank

        The Central Bank of the U.A.E. or its equivalent in another country or territory.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Central Counterparty

        Pursuant to GEN Rule 2.18.1(3), a Person operates as a Central Counterparty where it:

        (a) ensures the performance of open contracts relating to Investments, made on a facility for trading Investments; and
        (b) does so by interposing between counterparties to such contracts by becoming the buyer to every seller, or the seller to every buyer.
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Central Securities Depository

        In relation to:

        (a) an Authorised Firm, the meaning given to that term under GEN Rule 2.13.1(3); and
        (b) in the case of an Authorised Market Institution, the meaning given to that term in GEN Rule 2.18.1(5).
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Charge

        Any Fee or charge made to a Client in connection with Investment Business, whether levied by the Authorised Firm or any other Person, including a Mark-up or Mark-down.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Chief Executive (CEO)

        The individual appointed to the office of Chief Executive of the DFSA by the Board.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Chinese Wall

        An arrangement described in Article 63 of the Markets Law 2012.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Class

        In relation to a Contract of Insurance, the allocated insurance class as specified in GEN App4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Class 1 Captive Cell

        A Cell established by a Protected Cell Company to which are attributable assets and liabilities arising out of Insurance Business only in respect of risks related to arising out of the business or operations of members of a Group which together hold a majority of Cell Shares, including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant.

        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 2 Captive Cell

        A Cell established by a Protected Cell Company to which are attributable assets and liabilities arising out of Insurance Business, where:

        (a) at least 51% of its Gross Written Premium in any year is attributable to risks related to or arising out of the business or operations of the Group which together hold a majority of the Cell Shares; and
        (b) the remainder of its Gross Written Premium in any year is attributable to risks related to or arising out of the business or operations of persons who engage by way of business in commercial activities with the Group through related or common:
        (i) businesses;
        (ii) activities;
        (iii) trade;
        (iv) services; or
        (v) operations,

        including, for this purpose only, contracts of reinsurance in respect of such risks insured by the cedant.

        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]
        [Amended] DFSA RM295/2021 (Made 24th February 2021). [VER50/04-21]

      • Class 3 Captive Cell

        A Cell established by a Protected Cell Company:

        (a) to which are attributable assets and liabilities arising out of Insurance Business only in respect of risks related to or arising out of the business or operations of persons who engage in similar, related or common:
        (i) businesses;
        (ii) activities;
        (iii) trade;
        (iv) services; or
        (v) operations;
        including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant; and
        (b) owned by such Persons or by a Body Corporate of which all such Persons are members.
        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 1 Captive Insurer

        A DIFC Incorporated Insurer permitted under the conditions of its licence to effect or carry out Contracts of Insurance only in respect of risks related to or arising out of the business or operations of the Group, including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 2 Captive Insurer

        A DIFC Incorporated Insurer which is required under the conditions of its licence to obtain:

        (a) at least 51% of its Gross Written Premium in any year from Contracts of Insurance in respect of risks related to or arising out of the business or operations of the Group; and
        (b) the remainder of its Gross Written Premium in any year from Contracts of Insurance in respect of risks related to or arising out of the business or operations of persons who engage by way of business in commercial activities with the Group through related or common:
        (i) businesses;
        (ii) activities;
        (iii) trade;
        (iv) services; or
        (v) operations,

        including, for this purpose only, contracts of reinsurance in respect of such risks insured by the cedant.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM295/2021 (Made 24th February 2021). [VER50/04-21]

      • Class 3 Captive Insurer

        A DIFC Incorporated Insurer which is:

        (a) permitted under the conditions of its licence to effect or carry out Contracts of Insurance only in respect of risks related to or arising out of the business or operations of persons who engage in similar, related or common:
        (i) businesses;
        (ii) activities;
        (iii) trade;
        (iv) services; or
        (v) operations;
        including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant, and
        (b) owned by such Persons or by a Body Corporate of which all such Persons are members.
        [Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]

      • Class 7 Capital Requirement

        The capital requirement calculated in accordance with PIN section 4.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] RM46/2007 (Made 5th July 2007). [VER15/07-07]

      • Class of Business

        A classification of insurance contracts having similar characteristics, specified in GEN App4.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Clearing House

        An Authorised Market Institution which is authorised under its Licence to carry on the Financial Service of Operating a Clearing House.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Client

        A Retail Client, Professional Client or Market Counterparty as defined in COB chapter 2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] RM74/2011 (Made 10th February 2011). [VER24/02-11]

      • Client Account

        (1) In relation to Client Money, an account specified in COB Rule A5.4.1; and
        (2) in relation to a Safe Custody Investment an account specified in COB Rule A6.4.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Client Agreement

        An agreement that is made in accordance with the requirements of COB section 3.3.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM151/2015 (Made 11th February 2012). [VER33/04-15]

      • Client Assets

        Client Money and Client Investments.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Client Investments

        Has the meaning given in COB section 6.13.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Client Money

        Has the meaning given in COB section 6.12.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Client Money Auditor's Report

        A report referred to in GEN Rule 8.6.1(c).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Client Money Distribution Rules

        The Rules under COB section A5.13.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Client Money Provisions

        The provisions under COB App5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Closed-ended Fund

        Has the meaning given in Article 18A(3) of the Collective Investment Law.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Close Links

        A Person (Person A) has Close Links with a Person (Person B) if:

        (a) Person B:
        (i) is a Holding Company of Person A;
        (ii) is a Subsidiary of Person A;
        (iii) is a Holding Company of the Subsidiary of Person A;
        (iv) is a Subsidiary of a Holding Company of Person A; or
        (v) owns and controls 20% or more of the voting rights or shares of Person A; or
        (b) Person A owns and controls 20% or more of the voting rights or shares of Person B.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Close Out Netting

        A process whereby the claims and obligations of two Counterparties are accelerated, netted to form a single net sum and become immediately due upon the default, bankruptcy, liquidation or other similar circumstance of either of the Counterparties.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Close Relative

        In relation to any individual:

        (a) his spouse;
        (b) his children and step-children, his parents and step-parents, his brothers and sisters and his step-brothers and step-sisters; and
        (c) the spouse of any individual within (b).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Closely Related

        Has the meaning given in PIB Rule A4.11.5.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • CMC

        The Code of Market Conduct module of the Sourcebook.

        [Added] DFSA RM147/2014 (Made 1st January 2015). [VER32/01-15]

      • Code of Ethics for Accountants and Audit Firms of Islamic Financial Institutions

        The code of ethics issued by the Accounting and Auditing Organisation of Islamic Financial Institutions from time to time (AAOIFI).

        [Added][VER11/11-06]

      • Code of Ethics for Professional Accountants

        The code of ethics for accountants as issued and amended from time to time by the International Ethics Standard Board for Accountants (IESBA) of IFAC.

        [Added][VER11/11-06]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Collateral

        (1) In PIB, any form of asset, guarantee, or indemnity which is held or controlled by an Authorised Firm and is subject to a security interest or arrangement in favour of that firm; and
        (2) In COB, a Client Investment which has been paid for in full by a Client and which is held or controlled by the Authorised Firm under the terms of a deposit, pledge, charge or other security arrangement.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Collective Investment Fund

        An arrangement which amounts to a Fund under Article 11 of the Collective Investment Law 2010 and which is not excluded under the Rules made under Article 12 set out under CIR section 2.1.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER8/04-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Commercial Customer [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Commercial Paper

        Debentures with a maturity of less than 2 years at the date of issue.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Commission

        Any form of commission, including a benefit of any kind, offered or given in connection with Investment Business.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Commodities Risk Capital Requirement

        A component of the Market Risk Capital Requirement to cover the risk of holding or taking positions in commodities, including precious metals, but excluding gold, calculated in accordance with PIB section 5.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Commodity Derivative

        A Derivative over a commodity

        [Added] DFSA RM39/2007 (Made 25th January 2007). [VER12/01-07]

      • Companies Law

        DIFC Law No. 5 of 2018 relating to the incorporation of Companies.

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Complaint

        Any oral or written expression of dissatisfaction from a Client to an Authorised Firm in connection with the provision of, or failure to provide, a Financial Service to the Client.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Compliance Officer

        In relation to:

        (a) an Authorised Firm, the Licensed Function described in GEN Rule 7.4.6; and
        (b) an Authorised Market Institution, the Key Individual function described in AMI Rule 5.3.6.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Concentration Risk

        The risk faced by an Authorised Firm arising out of its Large Exposures.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Connected

        In relation to a Person (A), a Person which has or has at any relevant time had the following relationship to A:

        (a) a member of A's Group;
        (b) a Controller of A;
        (c) a member of a partnership of which A is a member;
        (d) an employee or former employee of A;
        (e) if A is a company:
        (i) an officer or manager of A or of a parent of A;
        (ii) an agent of A or of a parent of A;
        (f) if A is a partnership, is or has been a member, manager or agent of A; or
        (g) if A is an unincorporated association of persons which is not a partnership, is or has been an officer, manager or agent of A.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Connected Counterparties

        Has the meaning given in PIB Rule A4.11.7.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Connected Person

        In relation to:

        (a) a Reporting Entity other than that of a Listed Fund, a Person referred to in MKT Rule 4.3.2; and
        (b) a Reporting Entity of a Listed Fund, a Person referred to in MKT Rule 6.6.1.
        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Constitution

        (1) In relation to a Fund:
        (a) which is in the form of a Body Corporate, the instrument of incorporation;
        (b) which is in the form of a Trust, the trust deed;
        (c) which is in the form of a Partnership, the partnership deed; or
        (d) adopting a form other than one specified in (a) to (c), any instrument creating the legal form of the Fund to which the Fund Manager is a party setting out provisions relating to any aspect of the operation or management of the Fund.
        (2) In relation to an Employee Money Purchase Scheme, has the meaning given in COB Rule 12.1.2.:
        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RM262/2019 (Made 18th December 2019) [VER46/01-20]

      • Contingent Liability Investment

        A Derivative under the terms of which the Client will or may be liable to make further payments (other than Charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of his position.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Contract of Insurance

        Has the meaning given in GEN Rule A4.1.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Controller

        (1) In relation to an Authorised Firm, a Person who, either alone or with any Associate fulfils the criteria specified in GEN Rule 11.8.2; or
        (2) in relation to an Authorised Market Institution a Person who, either alone or with any Associate fulfils the criteria specified in AMI Rule 8.1.2.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Convertible

        An Investment that gives an investor the right to convert the Security into another form of Security at an agreed price or on an agreed basis.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Corporate Director

        In relation to an Investment Company that elects to have its sole Corporate Director act as its Fund Manager, the body corporate that acts or intends to act as the Fund Manager.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Corporate Governance Principles

        Principles prescribed in MKT Rules 3.2.3 – 3.2.9.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Correspondent Account

        An account opened on behalf of a Correspondent Banking Client to receive deposits from, to make payments on behalf of or to otherwise handle financial Transactions for or on behalf of the Correspondent Banking Client.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Correspondent Bank

        A bank in a jurisdiction other than the DIFC where an Authorised Firm opens a Correspondent Account.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Correspondent Banking Client

        A Client of an Authorised Firm which uses the firm's correspondent banking services account to clear Transactions for its own customer base.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Council

        [Deleted]

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Counterparty

        Means any person with or for whom an Authorised Firm carries on, or intends to carry on, any regulated business or associated business. In this context, a counterparty includes an individual, unincorporated body, company, government, local authority or other public body.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Counterparty Risk

        The risk that an Authorised Firm's Counterparty does not perform its obligations under the terms of a contract.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Counterparty Risk Capital Component (CPCOM) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Court

        The DIFC Court.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Default Product

        A swap or Option, which has a payout linked to changes in an underlying Reference Asset's creditworthiness and protects the Protection Buyer against the risk of credit loss over a specified time period with the payout being conditional on some form of Credit Event.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Derivatives

        An over the counter financial Derivative instrument, which enables the isolation and separate transfer of Credit Risk and whose payout is linked to changes in the Reference Assets' creditworthiness.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Enhancement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Equivalent Amount (CEA) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Event

        An event related to the creditworthiness of Reference Assets or Reference Entities in a Credit Derivatives contract, which triggers the termination or a payout under the contract.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Event Payment

        The consideration, which the Protection Seller pays to the Protection Buyer under a Credit Derivatives contract upon occurrence of a Credit Event.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Facility

        Any facility which includes any arrangement or agreement which extends monetary credit whether funded or unfunded to a Person including but not limited to any loan or syndicated loan, mortgage, overdraft, financial lease, letter of credit, financial guarantee, trade finance, transaction finance, project finance, asset finance, or the financing, discounting or factoring of invoices.

        For the purposes of this definition, “monetary credit” means any credit denominated in a national currency, supranational currency or unit of precious metal having a currency designation under the ISO 4217 (being the International Organization of Standardization (ISO) standard for the delineation of currency designation).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM225/2018 (Made 6th June 2018). [VER40/08-18]
        [Added] DFSA RMI292/2020 (Made 16th December 2020). [VER49/02-21]

         

      • Credit Rating

        Has the meaning given to it in GEN Rule 2.27.1(2)(b).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Credit Rating Activities

        Has the meaning given to it in GEN Rule 2.27.1(2)(a).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Credit Rating Agency

        A Person carrying on in or from the DIFC the Financial Service of Operating a Credit Rating Agency for which it has an authorisation under its Licence.

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Credit Risk

        In relation to an Authorised Firm, the risk of loss if another party fails to perform on its financial obligation to the Authorised Firm.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit Risk Capital Component (CRCOM) [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Risk Capital Requirement

        The requirement calculated in accordance with PIB section 4.6.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Credit Spread Option

        A type of contract where one Counterparty sells an Option to another Counterparty on a nominal amount of an asset swap on a specified Security, exercisable during a set period of time, in exchange for a payment of a premium where the Option gives the buyer the right to put the asset swap back to the seller at a strike spread over a pre-determined benchmark rate.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Credit-linked Note

        A Security whose coupon payments are linked to the return on, and repayment of principal and is linked to the creditworthiness of, the Reference Assets.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Crowdfunding Loan Agreement

        A loan agreement entered into using a Loan Crowdfunding Platform operated by a Crowdfunding Operator.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Crowdfunding Operator

        A Person who is authorised under a Licence to Operate a Crowdfunding Platform.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Crowdfunding Platform

        An Investment Crowdfunding Platform, a Loan Crowdfunding Platform, or a Property Investment Crowdfunding Platform.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • CSD

        In relation to:

        (a) an Authorised Firm, a Person who carries on the activity specified in GEN Rule 2.13.1(3);
        (b) an Authorised Market Institution, a Person who carries on the activity specified in GEN Rule 2.18.1(5).
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • CTF

        Means counter-terrorist financing.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Customer Complaint [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

    • [ D ] [ D ] [Dealing in Investments as Agent—Dubai Law]

      • DAT [Deleted]

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Deleted] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

      • Deal in a Restricted Speculative Investment

        Has the meaning given in COB Rule 6.16.2.

         

        Derived from DFSA RMI298/2021 (Made 21st April 2021). [VER52/09-21]

      • Dealing in Investments as Agent

        Has the meaning given in GEN section 2.8.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Dealing in Investments as Principal

        Has the meaning given in GEN section 2.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Decision Maker [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Decision Notice

        a written notice given by the DFSA to a Person pursuant to paragraph 5 of Schedule 3 to the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Default Rules

        Rules of an Authorised Market Institution that set out procedures dealing with circumstances where a Member or other participant on its facilities is unable to meet its obligations in respect of one or more contracts.

        [Added] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]

      • Delegation Agreement

        An agreement in writing entered into by a Fund Manager or Trustee with a Service Provider in relation to delegated activities, which fulfils the criteria in CIR App 1.

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Delivery Versus Payment Transaction

        A transaction in which the transfer of Investments and the payment of Money between the buyer and seller are intended to occur around the same time.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Delta [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Deposit

        Has the meaning given in GEN section A1.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Derivative Token

        An Investment Token which is either:

        (a) a Derivative specified in GEN Rule A2.1.1(2)(b); or
        (b) an instrument specified in GEN Rule A2.1.1(2)(c) that confers rights and obligations that are substantially similar in nature to those conferred by a Derivative, or has a substantially similar purpose or effect to a Derivative.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Designated Fund

        A Foreign Fund which has been designated by the DFSA under Article 55 of the Collective Investment Law 2010 or, pursuant to Article 1(b) of that law, under Article 20 of the Collective Investment Law 2006.

        [Added][VER8/04-06]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Designated Investments [Deleted]

        [Deleted] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Designated Non-Financial Business or Profession (DNFBP)

        Means:

        (1) The following class of Persons whose business or profession is carried on in or from the DIFC:
        (a) a real estate developer or agency which carries out transactions with a customer involving the buying or selling of real property;
        (b) a dealer in precious metals or precious stones;
        [deleted]
        (d) a law firm, notary firm, or other independent legal business;
        (e) an accounting firm, audit firm or insolvency firm;
        (f) a company service provider; or
        (g) a Single Family Office.
        (2) A Person who is an Authorised Person or an Auditor is not a DNFBP.
        Added by DFSA RM78/2011 [VER25/06-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] DFSA RM225/2018 (Made 18th April 2018) [VER41/09-18]

      • DFSA

        The Dubai Financial Services Authority.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • DIFCA Board

        The Board of Directors of the DIFC Authority.

        Derived from DFSA RMI303/2021 (Made 30th June 2021). [VER52/09-21]

      • DIFC

        The Dubai International Financial Centre.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DIFC Business Return

        The return described in PIN Rule A10.2.6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DIFC Business Risk Capital Requirement

        The capital requirement calculated in accordance with PIN section A9.2.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DIFC Scheme

        Means an Employee Money Purchase Scheme that is established in the DIFC.

        Derived from DFSA RMI303/2021 (Made 30th June 2021). [VER52/09-21]

      • Digital Wallet

        A software application or other tool which is used to control, safeguard or manage public and private cryptographic keys (or their equivalent) associated with Investment Tokens.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Direct Access Member

        (1) In relation to an Alternative Trading System operated by an Authorised Firm, means a Person that the Authorised Firm admits as a member under COB Rule 9.3.1(1)(e).
        (2) In relation to a facility operated by an Authorised Market Institution, means a Person that the Authorised Market Institution admits as a Member under AMI Rule 5.7.2(1)(d).

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Direct Electronic Access

        Has the meaning given in AMI Rule 5.7.3(3).

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Direct Long-Term Insurance

        Long-Term Insurance that is not reinsurance

        [Added] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]

      • Direct Long-Term Insurance Business

        The business of Effecting Contracts of Insurance or Carrying Out Contracts of Insurance, where the Contracts of Insurance are contracts of Direct Long-Term Insurance

        [Added] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]

      • Director

        (1) In relation to an undertaking established under the DIFC Companies Law, a Person who appears on the Register of Directors maintained by the DIFC Registrar of Companies; and
        (2) In relation to all other undertakings, a Person who has been admitted to a register which has a corresponding meaning to the Register of Directors or performs the function of acting in the capacity of a Director, by whatever name called.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Discretionary Portfolio Management Account

        An account used by an Authorised Firm to manage the investment portfolio of a Client on a discretionary basis under the terms of a Discretionary Portfolio Management Agreement.

        [Added] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Discretionary Portfolio Management Agreement

        An agreement under which an Authorised Firm agrees with a Client to manage an investment portfolio for that particular Client in accordance with pre-agreed investment parameters in that agreement and where:

        (a) the Client's approval of any specific Transaction is not required before undertaking the Transaction; and
        (b) the assets of the Client are discretely held for that Client and no pooling of those assets occurs with the assets of any other Person, except purely for transactional purposes.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Displaced Commercial Risk Capital Requirement (PSIACOM)

        The requirement calculated in accordance with chapter 5 of the IFR Module.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Distributed Ledger Technology

        A class of technologies that support the recording of encrypted data where the data:

        (a) is held on a distributed ledger;
        (b) is electronically accessible, from multiple locations, by a network of participants; and
        (c) can be updated by those participants, based on agreed consensus, protocol or procedures.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Distribution Event

        A distribution event is:

        (a) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over the Authorised Firm or its Nominee Company;
        (b) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over a Third Party Agent of the Authorised Firm or its Nominee Company; or
        (c) the coming into force of a direction by the DFSA in respect of all Client Assets held by the Authorised Firm.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • DLT

        Distributed Ledger Technology.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Domestic Firm

        An Authorised Person or DNFBP which:

        (a) has its registered and head office in the DIFC; or
        (b) if it is a subsidiary of an Undertaking whose principal place of business and head office is in a jurisdiction other than the DIFC, has its registered office in the DIFC.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM217/2018 (as from 22nd February 2018). [VER39/04-18]

      • Domestic Fund

        (1) A Fund established or domiciled in the DIFC.

        (2) In FPR, has the meaning given in section 1.3 of those Rules.

        [Added] [VER8/04-06]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • DNFBP

        Designated Non-Financial Business or Profession

        Added by DFSA RM78/2011 [VER25/06-11]

      • Dubai Law

        Law made by the Ruler, as applicable in the Emirate of Dubai.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Duration Method [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

    • [ E ] [ E ] [Effecting Contracts of Insurance—External Fund Manager]

      • Effecting Contracts of Insurance

        Has the meaning given in GEN section 2.15.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Eligible Bank

        Means:

        (a) a Bank;
        (b) a legal entity that is authorised to accept deposits and supervised by the Central Bank of the State; or
        (c) a legal entity that is:
        (i) authorised to accept deposits and supervised by a Financial Services Regulator in a jurisdiction outside the State; and
        (ii) Rated at least A- by Standard & Poor's, or the equivalent by another Rating Agency.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM180/2016         (Made 19th June 2016) [VER36/08-16]

      • Eligible Custodian

        Has the meaning given in CIR Rule 8.2.4

        [Added][VER8/04-06]
        [Amended]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Eligible Person [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Eligible Security

        A Share, Debenture, Certificate over a Share or Debenture, Warrant over a Share or Debenture or a Unit that is a share representing the rights or interests of a Unitholder in a Fund.

        [Added] DFSA RM70/2010 (Made 11th July 2010). [VER3/07-10]
        [Amended] DFSA RM217/2018 (as from 22nd February 2018). [VER39/04-18]

      • Employee

        An individual:

        (a) who is employed or appointed by a Person in connection with that Person's business, whether under a contract of service or for services or otherwise; or
        (b) whose services, under an arrangement between that Person and a third party, are placed at the disposal and under the control of that Person.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Employee Money Purchase Scheme

        Has the meaning given in Schedule 1 to the Regulatory Law.

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Employee Share Scheme

        A scheme or arrangement for encouraging or facilitating the holding of Securities of a Body Corporate by or for the benefit of:

        (a) existing or former Employees of the Body Corporate or an entity in its Group; or
        (b) Close Relatives of the Employees referred to in (a).
        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Employment Law

        The DIFC Employment Law 2019.

        [Added] DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]
        [Amended] DFSA RMI303/2021 (Made 30th June 2021). [VER52/09-21]

      • Employment Regulations

        The Regulations made under the DIFC Employment Law as amended from time to time.

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • ENF [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Enforceable Undertaking [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Enforcement Decisions Committee [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Equity Risk Capital Requirement

        A component of the Market Risk Capital Requirement, calculated in accordance with PIB section 5.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • ETF

        An Exchange Traded Fund.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • ETF Fund Manager

        The Fund Manager of an ETF.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Error Trade

        In relation to an:

        (a) Authorised Market Institution, has the meaning given in AMI Rule 6.6.1; and
        (b) Authorised Firm, has the meaning given in COB Rule 9.6.5(3)
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Exchange

        An Authorised Market Institution which is authorised under its Licence to carry on the Financial Service of Operating an Exchange.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Execute

        (In relation to a transaction) carry into effect or perform the transaction, whether as principal or as agent, including instructing another Person to execute the transaction.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Execution — Only Transaction

        A Transaction executed by an Authorised Firm upon the specific instructions of a Client where the Authorised Firm does not give advice of the kind prescribed under GEN Rule 2.11.1 in relation to the Transaction and where, in the case only of Units, the Authorised Firm has not Offered those particular Units to that Person.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Exempt Communications

        Communications referred to in MKT Rule 2.2.1.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Fund

        Has the meaning given in Article 16(4) of the Collective Investment Law 2010.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Exempt Offer [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Offeror [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Offers

        Offers prescribed in MKT Rule 2.3.1.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Exempt Property Fund

        A Property Fund that is also an Exempt Fund.

        [Added] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Exempt Securities

        In the case of Securities other than Units, Securities prescribed in MKT Rule 2.4.1.

        In the case of Units, those prescribed in Rule 6.3.3.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Expenditure Based Capital Minimum

        A capital requirement calculated in accordance with PIB section 3.7.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Exposure

        The maximum loss that an Authorised Firm (and, where applicable, its PSIA holders) might suffer as a result of the default or failure of a Counterparty, or a group of Closely Related Counterparties or an issuer or group of Closely Related issuers.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • External Fund

        Has the meaning given in Article 14 of the Collective Investment Law 2010.

        [Added] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • External Fund Manager

        Has the meaning given in Article 20(5) of the Collective Investment Law 2010.

        [Added] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

    • [ F ] [ F ] [Family Entity—Future]

      • Family Entity

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Family Fiduciary Structure

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Family Member

        Has the meaning given to that term in the DIFC Single Family Office.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Fee

        Any payment offered or made by a Client to an Authorised Firm in connection with Investment Business or with any other business of the Authorised Firm, including (where applicable) any Mark-up or Mark-down.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Feeder Fund

        Has the meaning given in CIR Rule 3.1.4

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Financial Action Task Force (FATF)

        An intergovernmental body responsible for developing and promoting policies to combat money laundering and terrorist financing.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Free Zone

        a Financial Free Zone established under Federal Law No. 8 of 2004 on Financial Free Zones.

        Derived from DFSA RMI292/2020 (Made 16th December 2020). [VER49/02-21]

      • Financial Group

        A group of entities which includes an Authorised Firm and:

        (a) any Parent incorporated in the DIFC;
        (b) any Financial Institution subsidiaries (whether direct or indirect) of the Parent or Parents in (a) or of the Authorised Firm;
        (c) any Financial Institution in which the Parent or Parents in (a), the Financial Institution subsidiaries in (b) or the Authorised Firm (whether direct or indirect) hold 20% or more of the voting rights or capital; and
        (d) any entity which the DFSA directs the Authorised Firm to include in accordance with PIB Rule 8.1.2 or PIN Rule 8.1.2.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Group Capital Adequacy Report

        The Report referred to in PIN Rule 6.6.1.

        [Added] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Group Capital Requirement

        The Capital Requirement of a Financial Group calculated in accordance with PIB Rule 8.3.3 or PIN Rule 8.3.3.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Group Capital Resources

        The Capital Resources of a Financial Group calculated in accordance with PIB Rule 8.3.4 or PIN 8.3.4.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM46/2007 (Made 5th July 2007). [VER15/07-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Financial Institution

        A regulated or unregulated entity, whose activities are primarily financial in nature.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Instrument

        Any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Financial Markets Tribunal

        the tribunal referred to in Article 26 of the Regulatory Law 2004.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Financial Services Regulator

        A regulator of financial service activities established in a jurisdiction other than the DIFC.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • First Loss Facility [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • First to Default

        In relation to 'First to Default' baskets, the situation when the entire Credit Derivative contract terminates following the first Credit Event on any of the Reference Assets or entities.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • FMT

        Financial Markets Tribunal.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Foreign Currency

        The currency of any country or territory other than the currency in which the Authorised Firm, to whom the expression relates, reports.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Foreign Exchange Risk Capital Requirement

        A component of the Market Risk Capital Requirement and as calculated in accordance with PIB section 5.6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Foreign Fund

        A Fund established or domiciled in a jurisdiction other than the DIFC.

        [Added][VER8/04-06]

      • Forward Price

        A price calculated by reference to the valuation point next following the fund manager's agreement to sell or, as the case may be, to redeem the units in question.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Fund

        (1) A Collective Investment Fund.

        (2) In relation to a Passported Fund, has the meaning given in FPR section 1.3.

        [Added] [VER8/04-06]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund Administrator

        An Authorised Firm which is authorised under its Licence to Provide Fund Administration or a Person who is authorised or licensed by a Financial Service Regulator to provide such administraton.

        [Added][VER8/04-06]

      • Fund on a Fund Platform

        A Fund that is an Incorporated Cell of an Incorporated Cell Company.

        Derived from DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • FSRA

        The Financial Services Regulatory Authority of the Abu Dhabi Global Market.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund Manager

        (1) The Person, described under Article 20(4) of the Collective Investment Law 2010, who is responsible for the management of the property held for or within a Fund and who otherwise operates the Fund and, in relation to a Domestic Fund, is authorised under a Licence granted by the DFSA to operate the Fund.

        (2) In relation to a Passported Fund, the Person licensed by a Home Regulator to manage or operate the Fund.

        [Added][VER8/04-06]
        [Amended]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund of Funds

        Has the meaning given in CIR Rule 3.1.3

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Fund Property

        The property held for or within a Fund.

        [Added][VER8/04-06]

      • Fund Prospectus

        Has the meaning given in MKT Rule 6.3.1(b)

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Fund Protocol Rules

        The Fund Protocol Rules module of the Rulebook.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • FPR

        The Fund Protocol Rules module of the Rulebook.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Fund Return

        The return described in PIN Rule A10.2.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ G ] [ G ] [GEN—Guidance]

      • Gamma [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • General Insurance

        Insurance other than Long-Term Insurance.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Insurance Business

        The business of Effecting Contracts of Insurance or Carrying Out Contracts of Insurance, where the Contracts of Insurance are contracts of General Insurance.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Insurance Liabilities

        Liabilities of an Insurer arising under or associated with contracts of General Insurance entered into by it, as insurer or cedant, including liabilities in respect of claims (whether or not incurred), acquisition costs and claims settlement costs.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • General Market Risk [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • General Market Risk Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • GLO

        The Glossary module of the Rulebook.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Global Return

        The return described in PIN Rule A10.2.3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Governing Body

        (1) The board of directors, partners, committee of management or other governing body of an Undertaking.
        (2) In CIR, in relation to a Fund, a Person or a body of Persons who together form the directing mind of the Fund including but not limited to:

        (a) its Fund Manager, a member of its main or supervisory board, a General Partner; or

        (b) any other Person or body of Persons exercising equivalent powers and functions in relation to directing the operation of the Fund.
        (3) In AML, has the meaning in Rule 3.2.1.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Government and Public Securities

        Government and Public Securities

        (1) Securities that are loan stock, bonds or other instruments creating or acknowledging indebtedness, issued by or on behalf of an Exempt Offeror or a subdivision thereof or a local or other public authority of any country or jurisdiction which is an Exempt Offeror.
        (2) There are excluded from the Securities specified in (1) so far as applicable:
        (a) an instrument creating or acknowledging indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
        (b) a cheque or other bill of exchange, a banker's draft or a letter of credit (but not a bill of exchange accepted by a banker);
        (c) a banknote, a statement showing a balance on a bank account, or a lease or other disposition of property; and
        (d) a Contract of Insurance.
        [Added]DFSA RM34/2006[VER9/08-06]

      • Gross Outstanding Claims

        In relation to an Insurer as at a date, the amount of the Insurer's provision for claims incurred but not yet paid as at that date, including claims incurred but not yet reported and provision for direct and indirect claims settlement expenses in respect of those claims.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Gross Written Premium

        (1) In relation to a Contract of Insurance, the amount of premium payable by the insured in respect of that contract, excluding any excise taxes levied on premiums and receivable by the Insurer but without any deduction for commissions or other acquisition expenses; and
        (2) in relation to an Insurer during a period:
        (a) in respect of General Insurance, the aggregate amount of Gross Written Premium in respect of insurance and reinsurance contracts entered into by the Insurer as insurer during that period, together with any adjustments arising in that period in respect of contracts effected in previous periods; and
        (b) in respect of Long-Term Insurance, the aggregate amount of Gross Written Premium becoming due for payment in that period.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Group

        (1) Means a group of entities which includes an entity (the 'first entity') and:
        (a) any Parent of the first entity; and
        (b) any Subsidiary of the first entity or of any Parent of the first entity.
        (2) In AML, has the meaning in Rule 3.2.1.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Group Risk

        The risk of loss to the Authorised Firm as a result of its membership of, or linkages within a Group.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ H ] [ H ] [Hedge Fund—Holding Company]

      • Hedge Fund

        Has the meaning given in CIR Rule 3.1.9

        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Historic Price

        A price calculated by reference to the valuation point immediately preceding the fund manager's agreement to sell or, as the case may be, to redeem the units in question.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Holding Company

        Has the meaning given in Schedule 1 to the Companies Law and, without limiting the generality of that definition, is taken to include, in relation to a relevant Body Corporate (the Subsidiary), the Subsidiary's ultimate Holding Company and any Holding Company between the Subsidiary and the Subsidiary's ultimate Holding Company.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]
        [Amended] DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

    • [ I ] [ I ] [IFR—Issuer]

      • ICC Regulations

        The Incorporated Cell Company (ICC) Regulations made under the DIFC Companies Law.

        Derived from DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • IFRS for Small and Medium Sized Enterprises

        The International Financial Reporting Standards for small and medium sized enterprises as issued and amended from time to time by the International Accounting Standards Board.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • iNAV

        Indicative Net Asset Value of an ETF.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Incorporated Cell

        An Incorporated Cell of an Incorporated Cell Company, created in accordance with the ICC Regulations.

        Derived from DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • Incorporated Cell Company (ICC)

        A company incorporated as an Incorporated Cell Company under the ICC Regulations.

        Derived from DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • Inside Information

        Information specified in Article 63(1)(a) of the Markets Law 2012.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Insider

        A Person specified in Article 63(1)(b) of the Markets Law 2012.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Instrument

        Means, in relation to a Derivative, any Investment, asset or thing on which the value of the Derivative may be based.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Agent

        A Person who acts as an agent of one or more insurers.

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Aggregation Site

        A website or other form of electronic media that provides a facility by means of which a Person can:

        (a) search for a Contract of Insurance according to selected criteria;
        (b) identify, obtain a quote for, compare, or obtain a list ranking one or more Contracts of Insurance in response to the search; and
        (c) conclude, directly or indirectly, a Contract of Insurance.
        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Broker

        A Person who acts as an agent of a Policyholder in relation to a Contract of Insurance.

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Insurance Broking

        [Deleted]


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER6/12-05]

      • Insurance Business

        The business of Effecting Contracts of Insurance or Carrying Out Contracts of Insurance, including effecting or carrying out contracts of reinsurance (as reinsurer).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Fund

        In relation to a Takaful Insurer, the aggregate of the assets and liabilities of the Insurer that are attributed to the Takaful transactions of the Insurer and the amount of any assets designated by the Insurer as a capital transfer to the insurance fund; and includes the amount of any profit, surplus or return (however called or described), less attributable expenses, arising on the investment of such funds.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Intermediary

        An Authorised Firm whose Licence authorises it to carry on the Financial Service of Insurance Intermediation.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER6/12-05]

      • Insurance Intermediation

        Has the meaning given in GEN section 2.19.

        [Added][VER6/12-05]

      • Insurance Intermediation Business

        [Deleted]


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER6/12-05]

      • Insurance Liabilities

        General Insurance liabilities and Long-Term Insurance liabilities.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Management

        Has the meaning given in GEN section 2.20.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Manager

        An Authorised Firm whose Licence authorises it to carry on the Financial Service of Insurance Management.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Insurance Monies

        Has the meaning given in COB Rule 7.12.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Insurance Special Purpose Vehicle

        An insurer which:

        (a) assumes risks by way of reinsurance; and
        (b) is required to fully fund its exposures to those risks through the proceeds of a debt issuance or some other financing arrangement where the repayment obligations under those arrangements are subordinated to the insurer’s reinsurance obligations.

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]

      • Insurer

        A Person carrying on in the DIFC either or both of the following Financial Services for which it has authorisation under its Licence:

        (a) Effecting Contracts of Insurance; or
        (b) Carrying Out Contracts of Insurance.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Interest Rate Risk Capital Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Internal Auditor

        The Key Individual function described in AMI Rule 5.3.9.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • International Financial Reporting Standards (IFRS)

        The International Financial Reporting Standards as issued and amended from time to time by the International Accounting Standards Board.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Assurance Engagement

        The international standards on assurance engagement as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFAC.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Auditing

        The international standards on auditing as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFAC.

        [Added][VER11/11-06]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Quality Control

        The international standards on quality control as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFAC.

        [Added][VER11/11-06]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • International Standards on Related Services

        The international standards on related services as issued and amended from time to time by the International Auditing and Assurance Standards Board (IAASB) of IFAC.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Invested Assets

        Any asset, right or interest of an Insurer that is held by the Insurer for the primary purpose of generating revenues or for directly providing funds to meet the Insurer's cash outflows in the future.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment

        Has the meaning given in GEN section A2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Analyst

        An Employee of an Authorised Firm who prepares Investment Research.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Business

        The business of:

        (a) Dealing in Investments as Principal;
        (b) Dealing in Investments as Agent;
        (c) Arranging Deals in Investments;
        (d) Managing Assets;
        (e) Advising on Financial Products;
        (f) Managing a Collective Investment Fund;
        (g) Providing Custody;
        (h) Arranging Custody;
        (i) Managing a Profit Sharing Investment Account;
        (j) Operating an Alternative Trading System;
        (k) Acting as the Trustee of a Fund; or
        (l) Arranging Credit and Advising on Credit.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER4/08-05]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Investment Company

        An open or closed ended company established for the main purpose of collective investment which is incorporated under of the Companies Law in accordance with the Regulations made under that Law.

        Derived from Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]
        [Amended] DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Investment Crowdfunding

        Has the meaning given in GEN Rules 2.29.1(4) and (6).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Investment Crowdfunding Operator

        A Person who is authorised under a Licence to Operate an Investment Crowdfunding Platform.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Investment Crowdfunding Platform

        An electronic platform or a facility referred to in GEN Rule 2.29.1(4) or (6).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Investment Grade [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Investment-Linked Insurance

        Contracts of Insurance where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Manager

        A Person who, acting only on behalf of a Client:

        (a) manages Investments in an account or portfolio on a discretionary basis under the terms of a discretionary management agreement; or
        (b) manages Investments in an account or portfolio on a non-discretionary basis under the terms of a non-discretionary management agreement.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Partnership

        A limited partnership established for the main purpose of collective investment which is formed and registered under the Limited Partnership Law in accordance with the Regulations made under that Law.

        Derived from [VER8/04-06]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Investment Platform

        Has the meaning given in GEN Rule 2.31.1

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Investment Research

        A publication which contains:

        (a) the results of research into Investments;
        (b) analysis of factors likely to influence the future performance of Investments; or
        (c) advice or recommendations based on those results or analysis.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Risk Reserve

        Represents the amount that is appropriated out of the income of investment account holders, after allocating the Mudarib's share, in order to meet future losses attributable to investment account holders.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Investment Trust

        An express trust created mainly for collective investment purposes under the Investment Trust Law.

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Investment Undertaking

        An Investment Company, Investment Partnership, or Investment Trust which is used as the investment vehicle for a Fund.

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • IOSCO

        The International Organisation of Securities Commissions.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Islamic Accounting and Auditing Standards

        The auditing and accounting standards issued by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI).

        [Added][VER11/11-06]

      • Islamic Contract

        Any contract designed to comply with Shari'a.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Islamic Exchange Traded Fund or Islamic ETF

        Has the meaning given in IFR Rule 6.13.1.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Islamic Financial Business

        Any part of the financial business of an Authorised Person which is carried out in accordance with Shari'a.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM61/2008 (Made 5th November 2008). [VER5/11-08]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Islamic Financial Institution

        An Authorised Person which has, on its Licence, an endorsement authorising it to conduct its entire financial business in accordance with Shari'a.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Islamic Fund

        Has the meaning given in CIR Rule 3.1.2

        [Added][VER8/04-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Islamic Window

        That part of an Authorised Person, other than an Islamic Financial Institution, which conducts Islamic Financial Business.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • ISPV

        Insurance Special Purpose Vehicle

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER16/10-07]

      • Issue Note [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Issuer

        (1) (in relation to any Security) (other than a Unit in a Collective Investment Fund) the Person by whom it is or is to be issued;
        (2) (in relation to a Unit in a Collective Investment Fund) the Fund Manager;
        (3) (in relation to an interest in a limited Partnership) the Partnership; and
        (4) (in relation to Certificates) the Person who issued or is to issue the Security to which the Certificate or other instrument relates.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

    • [ J ] [ J ] [Joint Forum]

      • Joint Forum

        The Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ K ] [ K ] [Key Individual—Key Information]

      • Key Individual

        An individual who has been authorised by the DFSA to perform one or more Licensed Functions for an Authorised Market Institution.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Key Information

        Information prescribed in MKT Rule in 2.5.2(1)(b).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

    • [ L ] [ L ] [Large Exposure—Long-Term Insurance Liabilities]

      • Large Exposure

        An Exposure, whether in an Authorised Firm's Non-Trading Book or Trading Book, or both, to a Counterparty or Group of Closely Related Counterparties or a Group of Counterparties Connected to the Authorised Firm which in aggregate is equal to or exceeds 10% of the Authorised Firm's Tier 1 Capital.

         

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM295/2021 (Made 24th February 2021). [VER50/04-21]

         

      • Licence

        A Licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law 2004.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Licence Endorsement

        an endorsement made by the DFSA on a Licence that permits an Authorised Person to carry on an activity prescribed under Article 44 of the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Licensed Person

        In relation to a Passported Fund, a Person who is licensed or otherwise authorised by the Home Regulator to Promote Funds.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Licensing Requirements

        The requirements set out in AMI section 7.2 in relation to the granting of a Licence to an Authorised Market Institution.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Limited Liability Partnership

        A partnership incorporated under the Limited Liability Partnership Law 2004 or under the law of a country or territory outside the DIFC.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Liquidity Risk

        The risk of loss to an Authorised Firm as a result of inability to meet its obligations as they fall due.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • List

        The Official List of Securities.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listed Fund

        A Collective Investment Fund which has been admitted to the Official List of Securities.

        [Added][VER4/08-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Listed Securities

        Any Securities which have been admitted to the Official List of Securities.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Lloyd's

        The society established in the United Kingdom and known as Lloyd's.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Lloyd's Underwriter

        An underwriting member of Lloyds.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Loan Crowdfunding

        Has the meaning given in GEN Rules 2.29.1(2) and (3).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Loan Crowdfunding Operator

        A Person who is authorised under a Licence to Operate a Loan Crowdfunding Platform.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Loan Crowdfunding Platform

        An electronic platform or a facility referred to in GEN Rule 2.29.1(2) or (3).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Local Authorities

        Government or municipal authorities, which do not operate at a national level.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance

        A Contract of Insurance of a type specified in GEN Rule A4.1.2, expressed to be in force for more than one year, where under the terms of the contract any of the following conditions exists:

        (1) the payment of the whole or part of the benefits is dependent upon the termination or continuation or human life;
        (2) the payment of any part of the premiums is dependent upon the termination or continuation of human life;
        (3) the benefits under the contract include payment of a sum on marriage or on the birth of a child; or
        (4) the contract is a permanent health insurance contract.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance Business

        The business of Effecting Contracts of Insurance or Carrying Out Contracts of Insurance, where the Contracts of Insurance are contracts of Long-Term Insurance.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance Fund

        A fund in respect of Long-Term Insurance Business established and maintained in accordance with PIN chapter 3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Long-Term Insurance Liabilities

        Liabilities of an Insurer arising under or associated with contracts of Long-Term Insurance, entered into by it as insurer or cedant, including liabilities of the kinds referred to in Rules PIN 5.6.6 and PIN 5.6.7.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

    • [ M ] [ M ] [Major Acquisition—Multilateral Trading Facility]

      • Managing Assets

        Has the meaning given in GEN section 2.10.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Mandatory Bid

        means a Bid which must be made under TKO Rule 4.1.1.

        [Added][VER5/09-05]

      • Managing a Profit Sharing Investment Account

        Has the meaning given in GEN section 2.21.

        [Added] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM57/2008 (Made 1st July 2008). [VER17/07-08]

      • Managing a PSIA

        Managing a Profit Sharing Investment Account.

        [Added] DFSA RM57/2008 (Made 1st July 2008). [VER17/07-08]

      • Managing a Venture Capital Fund

        Acting as the Fund Manager of a Venture Capital Fund.

        Derived from DFSA RMI280/2020 (Made 28th October 2020). [VER48/11-20]

      • Market Abuse

        Conduct which contravenes a provision contained in chapter 1 of Part 6 of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Market Maker

        In relation to an Investment, a Person who holds himself out as able and willing to enter into transactions of sale and purchase in Investments of that description at prices determined by him generally and continuously rather than in respect of each particular transaction.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Market Price

        The price at which the Shares are being traded on an Authorised Market Institution.

        [Added][VER4/08-05]

      • Market Risk

        The risk of loss that arises from fluctuations in the values of, or income from, assets or in interest or exchange rates.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Market Risk Capital Requirement

        The requirement calculated in accordance with PIB Rule 5.3.1.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Markets Law

        The Markets Law 2012

        Derived from DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Markets Rules

        Rules prescribed in the Market Rules Module of the DFSA Rulebook.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Mark-up or Mark-down

        (1) When an Authorised Firm receives instructions from a Client and takes a principal position in the relevant Investment in order to complete a transaction, that is, when the Authorised Firm takes a principal position in the relevant Investment which it would not other wise take, except to complete that transaction, the difference, if any, between:
        (a) the price at which the Authorised Firm takes a principal position in the relevant Investment;and
        (b) the price at which the Authorised Firm Executes the transaction with its Client; or
        (2) When an Authorised Firm Executes a transaction with its Client against its own book and owes a duty of best execution, the difference between:
        (a) the price at which best execution would be achieved; and
        (b) the price at which the Authorised Firm Executes the transaction with its Client.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Master Fund

        Has the meaning given in CIR Rule 3.1.5

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Material Information [Deleted]

        [Deleted] RM162/2015 (Made 9th December 2015). [VER34/02-16]

      • Maturity Ladder [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Maturity Method [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Maturity Mismatch

        A difference between the maturity of an asset and the corresponding liability.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Member

        (1) In relation to an Authorised Market Institution, a Person admitted as a member of the Authorised Market Institution in accordance with its Business Rules.
        (2) In relation to an Employee Money Purchase Scheme, has the meaning given in GEN Rule 2.30.1
        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Minimum Capital Requirement

        The requirement calculated in accordance with PIN Rule A4.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Cellular Capital Requirement

        The Minimum Segmental Capital Requirement in respect of a cell.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Fund Capital Requirement

        The requirement calculated in accordance with PIN Rule A8.2.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Non-Cellular Capital Requirement

        The Minimum Segmental Capital Requirement in respect of that part of a protected cell company that is not a cell.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Minimum Segmental Capital Requirement

        The requirement calculated in accordance with PIN section A6.2.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • MKT

        The Markets module of the Rulebook.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • MLRO

        Money Laundering Reporting Officer

        Added by DFSA RM78/2011 [VER25/06-11]

      • Modified Duration [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Money

        Any form of money, including cheques and other payable orders.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Money Laundering [Deleted]

        [Deleted] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Money Services Provider

        A Person that Provides Money Services. 

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • MTF

        A Multilateral Trading Facility.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Multilateral Development Bank

        Any one of the following banks:

        (a) African Development Bank (AfDB);
        (b) Asian Development Bank (ASB);
        (c) Caribbean Development Bank (CDB);
        (d) Council of Europe Development Bank;
        (e) European Bank for Reconstruction and Development (EBRD);
        (f) European Investment Bank (EIB);
        (g) European Investment Fund (EIF);
        (h) Inter-American Development Bank (IADB);
        (i) Inter-American Investment Corporation (IAIC);
        (j) International Bank for Reconstruction and Development (IBRD);
        (k) International Finance Corporation (IFC); or
        (l) Nordic Investment Bank (NIB).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Multilateral Trading Facility

        Pursuant to GEN Rule 2.22.1(a), a system which brings together multiple third party buying and selling interests in Investments, in accordance with its non-discretionary rules, in a way that results in a contract in respect of such Investments.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

    • [ N ] [ N ] [Net Outstanding Claims—Notice of Objection]

      • Net Outstanding Claims

        In respect of an Insurer as at a date, Gross Outstanding Claims of the Insurer as at that date, less the amount of reinsurance and other recoveries expected to be received in respect of those claims.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Net Written Premium

        In respect of an Insurer during a period, Gross Written Premium of the Insurer during that period less the amount of premium on reinsurance contracts entered into by the Insurer as cedant during the same period.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Netting [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Netting by Novation

        The process of automatically amalgamating some or all claims and obligations between two Counterparties to create a single new claim or obligation replacing the relevant former claims or obligations.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Nominee Company

        A company incorporated in the DIFC whose business consists solely of acting as a holder of Client Assets where such assets are held by the Nominee Company as agent of an Authorised Firm.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-Cellular Assets

        Assets of a Protected Cell Company which are not Cellular Assets.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-Cellular Liabilities

        Liabilities that may not be settled by disposition of cellular assets.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-DIFC insurer

        A Person, other than an Insurer, who is authorised and supervised as an insurer by a Financial Services Regulator.

        Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

      • Non-DIFC Scheme

        Means an Employee Money Purchase Scheme or any similar scheme or arrangement that is established outside the DIFC.

        Derived from DFSA RMI303/2021 (Made 30th June 2021). [VER52/09-21]

      • Non-Performing

        (1) In the case of loans and other financial instruments to which an Authorised Firm is exposed, having either of the following qualities:
        (a) Contractual payments of interest or principal are 90 days or more past the date on which they were due and payable, and the current value of any security held in respect of the loan or other financial instrument is insufficient, after making allowance for expenses of realisation, to meet the total amount of principal and accrued interest; or
        (b) having an enhanced risk of default, assessed on the basis of reasonable criteria.
        (2) In regard to (1)(a), if a loan or other financial instrument has a regular payment schedule, the loan or other instrument is 90 days past due when 90 calendar days have elapsed since the due date of a contractual payment that has not been met in full; and the total amount that is due but has not yet been paid is equivalent to at least 90 days' worth of contractual payments.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Non-Trading Book

        Describes positions, exposures and on- and off-balance sheet items, which are not in the Trading Book.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Notice of Administrative Censure [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Notice of Administrative Fine [Deleted]

        [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

      • Notice of Objection

        A notice filed by a Person who has received a Notice of Administrative Censure or a Notice of Administrative Fine who objects to the imposition of the censure or fine as the case may be.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ O ] [ O ] [Offer—Owner's Equity]

      • Offered Securities Rules [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offeree

        A Person to whom an Offer of Securities is made.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Offeror

        A Person who makes an Offer of Securities.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Offer Period

        The period during which an Offer of Securities to the Public made pursuant to a Prospectus remains open to investors.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offer of Securities to the Public

        Has the meaning given in Article 12 of the Markets Law 2012.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Offer Price

        The price at which the Shares were offered and accepted under the offer document. In the event that an auction process was used to determine the offer price, then that price is the offer price.

        [Added][VER4/08-05]

      • Official List of Securities

        A list of Securities maintained by the DFSA in accordance with the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Open-ended Fund

        Has the meaning given in Article 18A(2) of the Collective Investment Law.

        Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

      • Operating a Clearing House

        Has the meaning given in GEN section 2.18.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Operating a Crowdfunding Platform

        Has the meaning given in GEN Rule 2.29.1.

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Operating a Facility for Investment Tokens

        (1) In relation to an Authorised Market Institution, means carrying on one or more of the following activities:
        (a) Operating an Exchange on which Investment Tokens are traded;
        (b) Operating a Clearing House on which Investment Tokens are cleared; or
        (c) Operating a Multilateral Trading Facility on which Investment Tokens are traded.
        (2) In relation to an Authorised Firm, means Operating an Alternative Trading System on which Investment Tokens are traded.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Operating a Property Investment Crowdfunding Platform

        Has the meaning given in GEN Rules 2.29.1(5) and (6).

        Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Operating an Investment Crowdfunding Platform

        Has the meaning given in GEN Rules 2.29.1(4) and (6).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]
        [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

      • Operating a Loan Crowdfunding Platform

        Has the meaning given in GEN Rules 2.29.1(2) and (3).

        [Added] DFSA RMI205/2017 (Made 14th June 2017). [VER38/08-17]

      • Operating an Alternative Trading System

        Has the meaning given in GEN section 2.22.

        [Added][VER4/08-05]

      • Operating an Employee Money Purchase Scheme

        Has the meaning given in GEN Rule 2.30.2

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Operating an Exchange

        Has the meaning given in GEN section 2.17.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Operator

        Has the meaning given in COB Rule 12.1.2

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Option Risk Capital Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Ordinary Resolution

        In relation to a company, a resolution passed by a simple majority of such shareholders of that company as (being entitled to do so) vote in person or, where proxies are allowed, by proxy, at a general meeting for which notice specifying the intention to propose the resolution has been duly given.

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Organised Trading Facility

        Pursuant to GEN Rule 2.22.1(b), a system which brings together multiple third party buying and selling interests in Investments, in accordance with its discretionary rules, in a way that results in a contract in respect of such Investments.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Original Maturity [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Originator [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • OSR [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • OTF

        An Organised Trading Facility.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Outsourcing Agreement

        An agreement in writing entered into by a Fund Manager or Trustee with a Service Provider in relation to outsourced functions, which fulfils the criteria in CIR App 1.

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Own Account Transaction

        A transaction Executed by the Authorised Firm for its own benefit or for the benefit of its Associate.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Owner's Equity

        In relation to a Takaful Insurer, the amount of the assets, less the liabilities, of the Insurer that are not attributed to the insurance fund of the Insurer.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ P ] [ P ] [Parent—Public Sector Entities]

      • Partner

        In relation to an Undertaking which is a Partnership, a Person occupying the position of a partner, by whatever name called.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Participating Employer

        Has the meaning given in GEN Rule 2.30.1

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

        • Partnership

          Any partnership, including a partnership constituted under the law of a country or territory outside the DIFC, but not including a Limited Liability Partnership.


          Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Payment Account Provider

            A Person that provides or operates a Payment Account.

            Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

          • Payment Schedule

            Has the meaning given in COB Rule 12.1.2

            [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

          • Permanent Health Insurance

            Has the meaning given in GEN Rule A4.1.2(d).


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Permanent Share Capital

            Ordinary paid-up share capital or similar shareholders' or members' equity, including retained earnings, however called.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Permitted Third Party [Deleted]

            [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

          • Person

            A Person includes any natural person, Body Corporate or body unincorporated, including a legal person, company, Partnership, unincorporated association, government or state.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Personal Account Transaction

            A transaction undertaken by an Employee of an Authorised Firm in a Investment, other than:

            (a) a transaction in a government and public Security;
            (b) a transaction in a life policy; or
            (c) a discretionary transaction if there is no prior communication with the Employee and the discretion is not exercised by the Authorised Firm.

            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Personal Exempt Offer [Deleted]

            [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

          • Persons Undertaking Key Control Functions

            Persons undertaking compliance, risk management, internal audit and similar control functions.

            [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

          • PFN

            The Prescribed Forms and Notices module of the Rulebook.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Policy Benefit

            An amount payable under an insurance contract as a result of the occurrence of an event insured under the contract.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Policyholder

            Includes a potential policyholder.

            Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]

          • Politically Exposed Persons (PEP)

            Means a natural person (and includes, where relevant, a family member or close associate) who is or has been entrusted with a prominent public function, including but not limited to, a head of state or of government, senior politician, senior government, judicial or military official, ambassador, senior executive of a state owned corporation, or an important political party official, but not middle ranking or more junior individuals in these categories.

            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
            [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

          • Potential Future Credit Exposure (PFCE) [Deleted]

            [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

          • Practice Note

            Guidelines issued from time to time by the DFSA to assist a Registered Auditor in applying a relevant standard.

            [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Preliminary Findings Letter [Deleted]

            [Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]

          • Preliminary Notice

            a written notice given by the DFSA to a Person pursuant to paragraph 4(1) of Schedule 3 to the Regulatory Law 2004.

            [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Premium Liability

            The liability referred to in PIN Rule 5.4.7.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Price Information Provider

            (1) In CIR, has the meaning given to that term in CIR Rule 13.9.4(2).
            (2) In AMI, has the meaning given to that term in AMI Rule A2.1.2(2).
            Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

          • Price Sensitive Information

            Information of a type which is liable to cause substantial movement in the price of Securities or (in the case of Debentures) to affect significantly the ability of the Issuer to meet its commitments.

            [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

          • Price Stabilisation

            The activity of stabilising the price of an Eligible Security in the manner described in the PRS Module.

            [Added][VER4/08-05]
            [Amended] DFSA RM70/2010 (Made 11th July 2010). [VER3/07-10]

          • Principal Representative

            An individual designated by a Representative Office in accordance with REP.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
            [Amended] DFSA RM68/2009 (Made 3rd January 2010). [VER22/01-10]

          • Principle

            (1) In relation to an Authorised Firm or Authorised Individual, a principle prescribed in GEN chapter 4.
            (2) In relation to an Audit Principal, a principle prescribed in AUD section 2.6.
            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
            [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Private Equity Fund

            Has the meaning given in CIR Rule 3.1.6

            [Added][VER8/04-06]
            [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

          • Private Fund [Deleted]

            [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Private Placement

            An Offer made to a Person who is likely to be interested in the Offer having regard to:

            (i) previous contact between the Person making the Offer and that Person;
            (ii) a professional or other connection between the Person making the Offer and that Person; or
            (iii) statements or actions by that Person that indicate that he is interested in Offers of that kind.

            [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

          • Private Property Fund [Deleted]

            [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Private Trust Company

            Means a body corporate the purpose of which is solely to provide trust business services in respect of a specific trust or trusts:

            (a) of which a Family Member of a Single Family or a Family Entity related to a Single Family is the settlor; and
            (b) the beneficiaries are all:
            (i) charities; or
            (ii) Family Members, Family Entities, or Family Fiduciary Structures of that Single Family.
            [Added][VER7/01-06]
            [Amended] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]

          • Privileged Communication

            A privilege arising from the provision of professional legal advice and any other like privilege properly applicable at law to the communication in question, but does not include a general duty of confidentiality.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Professional Investor [Deleted]

            [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

          • Profit Equalisation Reserve

            Represents the amount appropriated out of the Mudaraba income, before allocating the Mudarib's share, in order to maintain a certain level of investment returns for investment account holders and to increase owners' equity.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Profit Sharing Investment Account (PSIA)

            An account or portfolio managed:

            (a) in relation to property of any kind, including the currency of any country or territory, held for or within the account or portfolio;
            (b) in accordance with Shari'a and held out as such; and
            (c) under the term of an agreement whereby:
            (i) the investor agrees to share any profit with the manager of the account or portfolio in accordance with a predetermined specified percentage or ratio; and
            (ii) the investor agrees that he alone will bear any losses in the absence of negligence or breach of contract on the part of the manager.
            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
            [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

          • Promote

            In relation to a Passported Fund, has the meaning given in FPR section 1.3.

            Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

          • Property

            (1) In relation to AML, has the meaning given in Articles (1) and (2) of the U.A.E. Federal Law No.20 of 2018; and
            (2) In relation to Property Investment Crowdfunding, has the meaning given in GEN Rule 2.29.1(7).
            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
            [Amended] DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

          • Property Fund

            Has the meaning given in CIR Rule 3.1.7

            [Added] [VER8/04-06]
            [Amended] DFSA RM61/2008 (Made 5th November 2008). [VER5/11-08]
            [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
            [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]

          • Property Related Assets

            Assets which are Shares, Debentures or Warrants which are issued by a Body Corporate, a substantial activity of which relates to investment in Real Property and Certificates which confer rights in respect of such Investments.

            [Added][VER8/04-06]

          • Property Investment Crowdfunding Platform

            An electronic platform or a facility referred to in GEN Rules 2.29.1(5) and (6).

            Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

          • Property Investment Crowdfunding Operator

            A Person who is authorised under a Licence to operate a Property Investment Crowdfunding Platform.

            Derived from DFSA RMI257/2019 (Made 26th June 2019). [VER44/07-19]

          • Prospectus

            (1) In relation to an Offer of Securities to the Public, a document containing the information specified in Article 15 of the Markets Law 2012 and the MKT Rules, and includes a Supplementary Prospectus.
            (2) In relation to a Fund, a document containing the information prescribed under the Collective Investment Law 2010 and the CIR Rules, includes a Short Form Prospectus or Supplementary Prospectus.
            [Added] DFSA RM19/2005 (as from 19th April 2005).[VER3/04-05]
            [Amended][VER8/04-06]
            [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
            Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
            [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

          • Prospectus Offer

            An Offer of Securities referred to in Article 14(4)(a) of the Markets Law 2012.

            [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
            [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
            [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

          • Protected Cell Company

            A company incorporated as, or converted into, a Protected Cell Company in accordance with the provisions of the Regulations made under the Companies Law.

            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
            Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
            [Amended] DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

             

          • Protection Buyer

            The Counterparty to a Credit Derivative contract that wishes to reduce the exposure to Credit Risk by protecting itself from potential loss suffered as a result of deterioration in the creditworthiness of the reference assets.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Protection Seller

            The Counterparty to a Credit Derivative contract that wishes to take on Credit Risk arises from potential loss suffered as a result of deterioration in the creditworthiness of the reference assets in return for compensation from the Protection Buyer.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Providing Accountancy Services [Deleted]

            [Deleted] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]

          • Providing Credit

            Has the meaning given in GEN section 2.5.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Providing Custody

            Has the meaning given in GEN section 2.13.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Providing Fund Administration

            Has the meaning given in GEN section 2.24

            [Added][VER8/04-06]

          • Providing Legal Services [Deleted]

            [Deleted] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]

          • Providing Trust Services

            Has the meaning given in GEN section 2.23

            [Added][VER7/01-06]

          • Prudential Context

            In relation to activities carried on by a Authorised Firm, the context in which the activities might have, or might reasonably be regarded as likely to have, a negative effect on:

            (a) confidence in the financial stability of the DIFC;
            (b) the ability of the Authorised Firm to meet the applicable DFSA requirements and standards relating to the Authorised Firm's financial resources; or
            (c) the fitness and propriety of the Authorised Firm to remain authorised.

            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • PSIA

            Profit Sharing Investment Account.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • PSIAr

            Profit Sharing Investment Account received on a restricted basis.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • PSIAu

            Profit Sharing Investment Account received on an unrestricted basis.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Public Appearance

            Any participation in an interview which is part of a seminar, forum, radio, television, website, newspaper, journal, magazine, or other periodical or other public speaking activity, or the writing of an article for a website, newspaper, journal, magazine or other periodical in which an Investment Analyst makes a recommendation or offers an opinion concerning an Investment.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

          • Public Fund

            (1) In relation to a Passported Fund, has the meaning given in FPR section 1.3; and

            (2) In any other case, has the meaning given in Article 16(1) of the Collective Investment Law 2010.

            [Added] [VER8/04-06]
            [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
            [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
            [Amended] DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

          • Public Listed Company

            Has the meaning given in Schedule 1 to the Regulatory Law 2004.

            [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
            [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Public Listed Company Auditor's Report

            A report referred to in MKT Rule 5.2.7(b).

            [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

          • Public REIT

            A Public Fund that is a Real Estate Investment Trust (REIT).

            Derived from DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]

          • Public Property Fund

            Is a Public Fund which is also a Property Fund.


            [Added] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]

          • Public Sector Entities

            Bodies owned by central or regional governments or Local Authorities which perform regulatory and other non-commercial functions.


            Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ Q ] [ Q ] [Qualifying Holding—Quiet Period]

      • Qualified Investor [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • QIF

        Qualified Investor Fund.

        Derived from DFSA RMI325/2022 (Made 27th April 2022). [VER54/06-22]

      • Qualified Investor Fund

        Has the meaning given in Article 16(5) of the Collective Investment Law 2010.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Qualifying Holding

        Any holding in the capital of a non-financial Undertaking of which the Authorised Firm is a controller.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Quarterly Regulatory Return

        A quarterly return of the type specified in PIN Rule A10.3.1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Quiet Period

        In relation to an initial public offering of securities, the period beginning on the day of publication of listing particulars or a prospectus relating to the offering of that Investment and ending 30 days after the day on which the Investment is admitted to trading.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM42/2007 (Made 15th February 2007). [VER13/02-07]

    • [ R ] [ R ] [Rated—Rulebook]

      • RAR

        The Recovery and Resolution Module of the DFSA Rulebook.

         

        Derived from DFSA RMI284/2020 (Made 16th December 2020). [VER51/04-21]

         

      • Rated

        In the case of an instrument or a counterparty, assigned a rating by a Rating Agency in respect of the counterparty credit risk associated with the instrument or counterparty.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Rating Action

        Has the meaning given to it in COB Rule 8.3.5(2).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Rating Agency

        Standard & Poor's, Moody's, AM Best, Fitch Ratings or another agency approved in writing by the DFSA.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Rating Analyst

        Has the meaning given to it in COB Rule 8.3.1(3).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Rating Subject

        Has the meaning given to it in GEN Rule 2.27.1(3).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Readily Realisable Securities

        A government or public Security denominated in the currency of the country of its issuer, or any other Security which is admitted to official listing on an exchange in a Zone 1 country and regularly traded on or under the rules of such an exchange.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Real Estate Investment Trust

        Has the meaning given in CIR Rule 3.1.8

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Real Property

        Land or buildings, whether freehold or leasehold, where the unexpired term of any lease exceeds 20 years.

        [Added][VER8/04-06]

      • Recognised Body

        Has the meaning given in Article 37(3)(a)of the Markets Law 2012.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognition Criteria

        Has the meaning in REC Rule 2.4 or 2.5.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognised Jurisdiction

        In CIR, in relation to a Foreign Fund, means a jurisdiction which has been recognised by the DFSA under Article 55 of the Collective Investment Law 2010 or, pursuant to Article 1(b) of that law, under Article 20 of the Collective Investment Law 2006.
        [Added][VER4/08-05]
        [Amended][VER8/04-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]
        [Amended] DFSA RMI303/2021 (Made 30th June 2021). [VER52/09-21]

      • Recognised Jurisdiction Notice

        A notice issued by the DFSA, pursuant to Article 55 of the Collective Investment Law 2010 or, pursuant to Article 1(b) of that law, under Article 20 of the Collective Investment Law 2006, listing countries and territories which are Recognised Jurisdictions and Foreign Funds which are Designated Funds in respect of these jurisdictions.

        [Added][VER8/04-06]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]

      • Recognised Member

        Has the meaning given in Article 37(3)(b) of the Markets Law 2012.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognised Person

        A Recognised Body or a Recognised Member.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Recognised Professional Body

        A full member of IFAC.

        [Added][VER11/11-06]

      • Recognised Professional Qualification

        A qualification conferred by a Recognised Professional Body.

        [Added][VER11/11-06]

      • Recognised Supervisory Authority

        Means any government or quasi-government financial services regulator in a Zone 1 country or such other countries as the DFSA may accept.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Recognition

        The status acquired by a Person who is admitted to the list of Recognised Persons pursuant to Article 37(5) of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Recognition Notice [Deleted]

        [Deleted] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Reference Asset

        The asset against which payments under a Derivative contract are calculated.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Reference Date

        The date as at which an actuarial investigation is performed for the purposes of PIN section 7.3.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Reference Entity

        The entity against which payments under a Derivative contract are calculated.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Registered Auditor

        Has the meaning given in Article 97 of the Regulatory Law 2004.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Registration Statement

        In relation to a Prospectus structured as multiple documents, the document referred to in MKT Rule 2.5.1(3)(b).

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Regulated Exchange

        An exchange regulated by a Financial Services Regulator.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Regulated Financial Institution

        A Person who does not hold a Licence but who is authorised in a jurisdiction other than the DIFC to carry on any financial service by another Financial Services Regulator.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Regulators

        In addition to the DFSA, regulators with recognised jurisdiction in relation to financial services, whether in the DIFC or outside of the DIFC.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Regulatory Announcement Services

        A service approved by the DFSA for the purposes of making market disclosure of information pursuant to MKT Rule 4.7.1(c).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Regulatory Appeals Committee [Deleted]

        [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Regulatory Function

        In accordance with AMI Rule 4.4.1, in relation to an Authorised Market Institution, means those functions which directly contribute to the satisfaction by the Authorised Market Institution of its Licensing Requirements.

        [Added] DFSA RM19/2005 (as from 19th April 2005).
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13] [VER3/04-05]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Regulatory Law

        The Regulatory Law 2004.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Regulatory Returns Auditor's Report

        A report referred to in GEN Rule 8.6.1(b).

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • REIT

        A Real Estate Investment Trust.

        [Added]DFSA RM34/2006[VER9/08-06]

      • Related

        In respect of one entity, the first entity, being in the position relative to that entity of:

        (a) a second entity that is a Subsidiary, Associate or Holding Company of the first entity;
        (b) a second entity that is a Subsidiary or Associate of the Holding Company of the first entity;
        (c) a director or officer of the first entity or of an entity that is related to the first entity by reason of (a) or (b) above;
        (d) the spouse or minor child of a natural person referred to in (c) above; or
        (e) a company that is a Subsidiary of or subject to significant influence by or from a natural person referred to in (c) or (d) above.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Related Party

        (1) In MKT, has the meaning given to that term in MKT Rule 3.5.2(a) except in relation to a Rating Subject, where it has the meaning given to it in COB Rule 8.5.2(2).
        (2) In CIR, in relation to a Fund:
        (a) its Fund Manager;
        (b) its Governing Body;
        (c) an individual director of a Corporate Director;
        (d) its Custodian;
        (e) its Trustee or other Persons providing oversight;
        (f) any Advisor;
        (g) a holder of 5% or more of the Units of the Fund; or
        (h) an Associate of a Person in (a) to (g).
        (3) In CIR Rule 13.9.5, in relation to the ETF Fund Manager:
        (a) a member of the Fund Manager's Group;
        (b) a Controller of the Fund Manager;
        (c) a director or senior officer of the Fund Manager or a family member of such director or senior officer; or
        (d) a business associate of the Fund Manager or, of a person referred to in (c).
        (4) In CIR, in relation to a Fund on a Fund Platform, any other Fund on that Fund Platform.
        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]
        [Amended] DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • Related Party Transaction

        (1) In MKT, has the meaning given to that term in MKT Rule 3.5.2(b).
        (2) In CIR, in relation to a Fund, means:
        (a) a transaction in respect of Fund Property entered into by a Fund Manager with a Related Party; or
        (b) in CIR Rule 13.9.5, an arrangement referred to in that Rule relating to an index or benchmark that is entered into by an ETF Fund Manager with a Related Party.
        (3) in COB, in relation to an Employee Money Purchase Scheme, means a transaction relating to property of the Scheme entered into by an Operator or Administrator with a person who is Related to the Operator or Administrator (as the case may be);
        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]
        [Amended] DFSA RM221/2018 (Made 22nd February 2018). [VER42/12-18]
        [Amended] DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Related Person

        Has the meaning given in PIB Rule 4.4.6.

        [Added] DFSA RM43/2007 (Made 1st June 2007). [VER9/06-07]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Relevant Information

        Has the meaning given to it in COB Rule 8.3.1(2).

        [Added] DFSA RM104/2012 (Made 24th July 2012). [VER27/07-12]

      • Remuneration

        Any form of remuneration, including benefits of any kind.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Reporting Entity

        Has the meaning given in Article 38 of the Markets Law 2012.

        [Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Representative Office

        A Person carrying on in the DIFC the Financial Service of Operating a Representative Office for which it has authorisation under its Licence.


        [Added] DFSA RM68/2009 (Made 3rd January 2010). [VER22/01-10]

      • Residual Maturity

        The period of time until an asset or an off-balance sheet item matures or expires.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Restricted Person

        Has the meaning given to that term in MKT Rule 3.4.1(2).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Restricted Profit Sharing Investment Accounts

        A PSIA in respect of the investment account holder imposes certain restrictions as to where, how and for what purpose his funds are to be invested.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Retail Customer [Deleted]

        [Deleted] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Return

        Includes both Quarterly Regulatory Returns and Annual Regulatory Returns.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Revolving Securitisation [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Rho [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Rights and Interests [Deleted]

        [Deleted] DFSA RM62/2008 (Made 4th January 2009). [VER20/01-09]

      • Risk Officer

        The Key Individual function described in AMI Rule 5.3.7.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Rulebook

        The DFSA Rulebook.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • [ S ] [ S ] [Safekeeping Arrangement—Suspicious Transaction]

      • Safe Custody Auditor's Report

        A report referred to in GEN Rule 8.6.1(e).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Safe Custody Investment

        Means a Client Investment held or to be held for safekeeping by an Authorised Firm or Third Party Agent.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER21/08-09]

      • Safe Custody Provisions

        The provisions under COB App6.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • SCA

        The Securities and Commodities Authority of the UAE.

        Derived from DFSA RM236/2019 (Made 20th February 2019). [VER43/02-19]

      • Schedule

        In the case of a schedule referred to in the MKT module, a schedule that forms part of that module.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Scheme

        Has the meaning given in GEN Rule 2.30.1

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Securities Note

        In relation to a Prospectus structured as multiple documents, the document referred to in MKT Rule 2.5.1(3)(c).

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Securities Underwriting Capital Requirement [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Securities Exchange Bid

        has the meaning given under TKO Section 1.4.

        [Added][VER5/09-05]

      • Securities Settlement System

        Pursuant to GEN Rule 2.18.1(4), a system operated by a Person which enables Investments held in accounts to be transferred and settled by book entry according to a set of predetermined multilateral rules.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Securitisation [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Security Token

        An Investment Token which is either:

        (a) a Security specified in GEN Rule A2.1.1(2)(b); or
        (b) an instrument specified in GEN Rule A2.1.1(2)(c) that confers rights and obligations that are substantially similar in nature to those conferred by a Security, or has a substantially similar purpose or effect to a Security.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Segregated Account

        An account established and maintained in accordance with COB App5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Segregated Client

        Has the meaning given in COB Rule A5.2.1(2).


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Senior Manager

        In relation to an:

        (a) Authorised Firm, the Licensed Function described in GEN Rule 7.4.7; and
        (b) Authorised Market Institution, an individual who is responsible either alone or jointly with other individuals for the management, supervision or control of the Authorised Market Institution's Financial Services and who is not a member of the Governing Body.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Service Provider

        For the purpose of CIR, a Person who is delegated an activity or outsourced a function by any Fund Manager or Trustee under the terms of a Service Agreement, as described in section 8.12 of CIR but does not include an Incorporated Cell Company that is used by the Fund Manager to perform any function relating to a Fund that is an Incorporated Cell of that ICC.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]
        [Amended] DFSA RMI251/2019 (Made 18th December 2019). [VER45/12-19]

      • Servicer [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Shareholder Statement

        Means a statement which describes the Share ownership profile of the Applicant prior to listing, summarising the key classes of shareholder and confirming that the Applicant complies with, or will comply with, MKT Rule 9.3.10(1) on its date of admission to the List.

        [Added] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Shari'a Supervisory Board

        The board comprised of individuals appointed by an Authorised Person and entrusted with the duty of directing, reviewing and supervising the activities of the Authorised Person conducting Islamic Financial Business in order to ensure that the Authorised Person in compliance with Shari'a.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]

      • Shell Bank [Deleted]

        [Deleted] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Short Form Prospectus [Deleted]

        [Deleted] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Short Selling

        In relation to:

        (a) an Authorised Firm, has the meaning given to that term in COB Rule 9.6.6(3); and
        (b) an Authorised Market Institution, has the meaning given to that term in AMI Rule 6.7.1(3).
        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Single Family

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Single Family Office

        Has the meaning given to that term in the DIFC Single Family Office Regulations.

        [Added] DFSA RM60/2008 (as from 2nd September 2008). [VER21/09-08]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Small or Medium-sized Enterprise

        In relation to:

        (a) an Applicant for admission of Shares to the List, has the meaning given in MKT Rule 1.3.3(1); and
        (b) a Listed Entity that has Shares admitted to the List, has the meaning given in MKT Rule 1.3.3(2).
        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • SME

        A Small or Medium-sized Enterprise.

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Soft Dollar Agreement

        An agreement in any form under which an Authorised Firm receives goods or services in return for Investment Business put through or in the way of another Person.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Solvency Reference Date

        A date at which an Insurer's compliance with capital adequacy requirements in PIN chapter 4 are assessed.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Special Purpose Vehicle

        (1) In FER 1.2.7(3) and MKT App 5, a legal entity the object and purpose of which is primarily to issue Securities;
        (2) In relation to Property Investment Crowdfunding, a Body Corporate or a trust that has been established for the purpose of holding title to a property for investors; and
        (3) In any other case, a Body Corporate whose sole purpose, either generally or when acting in a particular capacity, is to carry out one or more of the following functions:
        (a) issuing Investments;
        (b) redeeming or terminating or repurchasing, whether with a view to re-issue or to cancellation, an issue, in whole or par, of Investments; or
        (c) entering into transactions or terminating transactions involving Investments in connection with the issue, redemption, termination or re-purchase of Investments;
        and has been explicitly established for the purpose of:
        (d) securitising assets; or
        (e) investing in Real Property
        and, in the case of (d), has been assessed by a rating agency.
        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM173/2016 (Made 10th February 2016). [VER35/04-16]
        [Amended] DFSA RM257/2019 (Made 26th June 2019). [VER44/07-19]

      • Special Resolution

        (1) In relation to a Domestic Fund, a resolution passed by a majority of not less than 75% of the votes validly cast (whether on a show of hands or on a poll) for and against the resolution at a general meeting or class meeting of Unitholders, of which notice specifying the intention to propose the resolution as a special resolution has been duly given.
        (2) In relation to a company (that is not a Domestic Fund), a resolution passed by at least seventy five per cent (75%) of the votes of such Shareholders as (being entitled to do so) vote in person or, where proxies are allowed, by proxy, at a general meeting for which notice specifying the intention to propose the resolution has been duly given.
        [Added][VER8/04-06]
        [Added] DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Specific Risk

        The risk that losses on an Authorised Firm's net long or short position in an individual equity or Security may arise from a negative or positive price movement of that equity or Security relative to the relevant market generally.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Sponsor

        An Authorised Firm that repackages third party assets directly into a securitisation scheme. Where an Authorised Firm repackages non-Investment Grade third party assets, it may fall within the definition of an Originator unless it originates or repackages no more than 10% of the scheme's total assets.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • SSB

        Shari'a Supervisory Board.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • SSS

        A Securities Settlement System.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Stabilisation Agent

        A Person appointed by a Stabilisation Manager under PRS Rule 3.4.1 to assist him in conducting Price Stabilisation.

        [Added][VER4/08-05]

      • Stabilisation Manager

        A Person appointed by an Issuer of Shares under PRS Rule 3.2.1 to conduct Price Stabilisation.

        [Added][VER4/08-05]

      • Stabilisation Window

        The period of time specified in PRS Rule 1.4.1(2) during which Price Stabilisation may occur.

        [Added][VER4/08-05]
        [Amended] DFSA RM70/2010 (Made 11th July 2010). [VER3/07-10]

      • State

        The U.A.E.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Statement by Directors

        The statement described under PIN section A10.5.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended from DFSA RM44/2007 (Made 1st June 2007). [VER2/06-07]

      • Statement of Recommended Practice (SORP)

        The Statement of Recommended Practice as issued and amended from time to time by the Investment Management Association (IMA) in the United Kingdom.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • Stored Value Issuer

        A Person that issues Stored Value.

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Sub-Fund

        A separate pool of Fund Property within an Umbrella Fund.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Subsidiary

        Has the meaning given in Schedule 1 to the Companies Law and, without limiting the generality of that definition, is taken to include, in relation to a relevant Body Corporate (the Holding Company), the Holding Company's ultimate Subsidiary and any Subsidiary between the Holding Company and the Holding Company's ultimate Subsidiary.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER24/02-11]
        [Amended] RM162/2015 (Made 9th December 2015). [VER34/02-16]
        [Amended] DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

      • Supplementary Notes

        A note which is supplementary to a Return.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Suspicious Activity Report (SAR)

        Means a report in the prescribed format regarding suspicious activity (including a suspicious transaction) made to the AMLSCU under AML Rule 13.3.1(c).

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Synthetic Securitisation [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

    • [ T ] [ T ] [Takaful Insurer—Trust Service Provider]

      • Takaful Insurer

        An Insurer, any part of whose Insurance Business consists of Takaful transactions.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Takeover Principle

        means a takeover principle prescribed in TKO Section 1.5 in accordance with Article 53 of the Markets Law 2012.

        [Added][VER5/09-05]
        [Amended] DFSA RM91/2012 (Made 14th June 2012). [VER26/06-12]

      • Target

        includes a Reporting Entity subject to a Bid made under TKO.

        [Added][VER5/09-05]

      • Target Circular

        means a document circulated by the Governing Body of a Target in response to a Takeover as described in TKO Section 8.2.

        [Added][VER5/09-05]

      • Theta [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Third Party Agent

        In relation to a Client Account, means an Authorised Firm or Regulated Financial Institution (including a bank, custodian, an intermediate broker, a settlement agent, a clearing house, an exchange and 'over the counter' counterparty) that is a separate legal entity from the Authorised Firm that is required under COB to establish the Client Account.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM187/2016 (Made 7th December 2016). [VER37/02-17]

      • Third Party Digital Wallet Service Provider

        Has the meaning given in COB Rule 14.3.1(b).

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Third Party Service Provider

        In relation to an Employee Money Purchase Scheme, has the meaning given in COB Rule 12.1.2

        [Added]DFSA RM262/2019 (Made 18th December 2019). [VER46/01-20]

      • Tier One Capital [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Tier Two Capital [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Total Return Swap [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Token

        A cryptographically secured digital representation of value, rights or obligations, which may be issued, transferred and stored electronically, using DLT or other similar technology.

         

        Derived from DFSA RMI316/2021 (Made 30th June 2021). [VER53/10-21]

      • Trade Repository

        Pursuant to GEN Rule 2.2.13, a Trade Repository is a Person who maintains a centralised registry that maintains an electronic database containing records of transactions in Investments and over-the-counter derivatives undertaken by other Persons including Authorised Persons, Recognised Persons and Regulated Financial Institutions.

        [Added] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Trading Book

        The positions and exposures including, on and off-balance sheet items eligible for inclusion in the Trading Book, as described in PIB section 2.2.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Transaction

        Any transaction undertaken by an Authorised Firm in the course of carrying on a Financial Service in or from the DIFC.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER10/08-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Trust Administration Services

        The provision of Trust Administration Services include:

        (a) the keeping of Accounting Records relating to an express trust and the preparation of trust accounts;
        (b) the preparation of trust instruments or other documents relating to an express trust;
        (c) the management and administration of trust assets subject to an express trust;
        (d) dealing with trust assets subject to an express trust, including the investment, transfer and disposal of such assets;
        (e) the distribution of trust assets subject to an express trust; and
        (f) the payment of expenses or remuneration out of an express trust.
        [Added][VER7/01-06]
        [Amended] DFSA RM124/2013 (Made 13th June 2013) [VER30/07-13]

      • Trust Deed

        A deed entered into by a Fund Manager and the Trustee to create an Investment Trust.

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Trustee

        The Person, described under Article 18 of the Investment Trust Law 2006 who is appointed under a Trust Deed as the trustee of an Investment Trust to hold the Fund's Property on trust for the Unitholders and to oversee the operation of the Fund and, in relation to a Domestic Fund, is authorised under its Licence to act as the trustee of the Fund.

        [Added]DFSA RM34/2006[VER9/08-06]
        [Amended] DFSA RM50/2007 (Made 1st October 2007). [VER16/10-07]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Trust Law

        The Trust Law 2018.

        [Added][VER7/01-06]
        [Amended] DFSA RMI292/2020 (Made 16th December 2020). [VER49/02-21]

      • Trust Service Provider

        An Authorised Firm which is authorised under its Licence to carry on the activity of Providing Trust Services.

        [Added][VER7/01-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

    • [ U ] [ U ] [U.A.E.—Unrestricted Profit Sharing Account]

      • U.A.E.

        United Arab Emirates.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Umbrella Fund

        Has the meaning given in CIR Rule 3.1.10

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]
        [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER23/07-10]

      • Undertaking

        Means:

        (a) a Body Corporate or Partnership; or
        (b) an unincorporated association carrying on a trade or business, with or without a view to profit.

        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Underwriting

        An arrangement under which a party agrees to buy, before issue, a specified quantity of Securities in an issue of Securities on a given date at a given price, if no other party has purchased or acquired them.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Unitholder

        In relation to a Fund, means any holder of a Unit in the Fund or of any right or interest in such a Unit, and whose name is entered on the Fund's register in relation to that Unit.

        [Added][VER8/04-06]
        [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER17/07-08]

      • Unrestricted Profit Sharing Investment Account

        A PSIA in respect of which the investment account holder authorises the Authorised Firm to invest the account holder's funds in a manner which the Authorised Firm deems appropriate without laying down any restrictions as to where, how and for what purpose the funds should be invested.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Unsettled Transaction [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • US GAAP

        Generally Accepted Accounting Principles as issued and amended from time to time by the Financial Accounting Standards Board in the United States.

        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

      • User

        In relation to Providing Money Services or Arranging or Advising on Money Services, means a Client using that service and includes, in relation to a Payment Service, a Person acting in the capacity of payer, payee or both.

        Derived from DFSA RMI269/2020 (Made 26th February 2020). [VER47/04-20]

    • [ V ] [ V ] [Voluntary Bid]

      • Vega [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Voluntary Bid

        a Bid made for acquisition of the equity Share capital of a Reporting Entity where there is no obligation to extend a Mandatory Bid.

        [Added][VER5/09-05]

    • [ W ] [ W ] [Warrant]

      • Walkaway Clause [Deleted]

        [Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]

      • Working Papers

        Means all material (whether in the form of data stored on paper, film, electronic media or other media or otherwise) prepared by or for, or obtained by a Registered Auditor in connection with, the performance of the audit concerned and includes:

        (a) the record of audit procedures performed;
        (b) relevant audit evidence obtained; and
        (c) conclusions reached.
        [Added] DFSA RM143/2014 (Made 21st August 2014). [VER31/06-14]

    • [ X ]

      [no definitions]

    • [ Y ]

      [no definitions]

    • [ Z ] [ Z ] [Zone 1—Zone 2]

      • Zone 1

        Any of the following countries:

        Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and USA.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

      • Zone 2

        Any country which is not in Zone 1.


        Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]