GEN 2.3.2

Past version: effective from 01/12/2005 - 27/04/2011
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Subject to GEN Rule 2.3.5, a Person does not carry on an activity specified under paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (j), (k), (p), (q) and (r) of GEN Rule 2.2.2 by way of business if:

(a) the Person enters into transactions solely as a nominee for another Person and is bound to and does act on that other Person's instructions;
(b) the Person is a Body Corporate and carries on that activity solely as principal with or for other Bodies Corporate:
(i) which are within the same Group as that Person; or
(ii) which are or propose to become participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise;
and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of GEN Rule 2.2.2 the assets in question belong to a Body Corporate falling within (i) or (ii); or
(c) the Person carries on the activity solely for the purposes of or in connection with the sale of goods or the supply of services to a customer of the Person or a member of the same Group, provided that:
(i) the supplier's main business is to sell goods or supply services and not to carry on any Financial Service; and
(ii) the customer is not an individual;
and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of GEN Rule 2.2.2 the assets in question belong to that customer or member.

Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
[Amended][VER6/12-05]