Entire Section

  • GEN App1 GEN App1 Deposits

    • GEN A1.1 GEN A1.1 Definition of a deposit

      • GEN A1.1.1

        (1) A Deposit means a sum of money paid on terms:
        (a) under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the Person making the payment and the Person receiving it; and
        (b) which is not referable to the provision of property (other than currency) or services or the giving of security.
        (2) In (1) money is paid on terms which are referable to the provision of property or services or the giving of security if:
        (a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services are not in fact sold, hired or otherwise provided;
        (b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
        (c) without prejudice to (b), it is paid by way of security for the delivery up of property, whether in a particular state of repair or otherwise.

        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

      • Exclusions

        • GEN A1.1.2

          A sum is not a Deposit if it is paid:

          (a) by a Person in the course of carrying on a business consisting wholly or to a significant extent of lending money;
          (b) by one company to another at a time when both are members of the same Group;
          (c) by an Authorised Firm authorised under its Licence to carry on the following Financial Services:
          (i) Accepting Deposits;
          (ii) Effecting Contracts of Insurance; or
          (iii) Carrying Out Contracts of Insurance; or
          (d) by a Person who is a close relative of the Person receiving it or who is a director, manager or Controller of that Person.

          Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

        • GEN A1.1.3

          A sum is not a Deposit if it is received:

          (a) by a lawyer acting in his professional capacity;
          (b) by an accountant acting in his professional capacity;
          (c) by an Authorised Firm or an Authorised Market Institution authorised under its Licence to carry on any one or more of the following Financial Services:
          (i) Dealing in Investments as Principal;
          (ii) Dealing in Investments as Agent;
          (iii) Arranging Deals in Investments;
          (iv) Managing Assets;
          (v) Operating a Collective Investment Fund;
          (vi) Effecting Contracts of Insurance;
          (vii) Carrying Out Contracts of Insurance;
          (viii) Operating an Exchange;
          (ix) Operating a Clearing House;
          (x) Insurance Intermediation;
          (xi) Insurance Management;
          (xii) Managing a Profit Sharing Investment Account;
          (xiii) Providing Trust Services;
          (xiv) Arranging Credit and Advising on Credit; or
          (xv) Operating a Crowdfunding Platform,
          in the course of or for the purpose of any such Financial Service disregarding any applicable exclusions in chapter 2; or
          (d) by a Person as consideration for the issue by him of a Debenture.

          Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
          [Amended][VER7/01-06]
          [Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]
          [Amended] DFSA RMI201/2017 (Made 14th June 2017). [VER40/08-17]