3. Defined Terms

In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

Term Definition
Anti-Money Laundering Legislation

Means:

(a) Federal Anti-Money Laundering Legislation; and
(b) legislation administered by the DFSA relating to money laundering, terrorist financing, the financing of unlawful organisations and sanctions non-compliance.
Audit Service has the meaning given to that term in Article 97(d) of this Law.
Auditor has the meaning given to that term in Article 97(a) of this Law.
Audit Principal has the meaning given to that term in Article 97(c) of this Law.
Affiliate in relation to an Authorised Person, means any other entity in the Group to which the Authorised Person belongs.
Authorised Firm a person who holds a Licence to carry on one or more Financial Services prescribed pursuant to Article 42(1)(a).
Authorised Individual an individual who has been authorised by the DFSA to perform one or more Licensed Functionsfor an Authorised Firm.
Authorised Market Institution a person who is licensed by DFSA in relation to the carrying on of one or more Financial Services prescribed pursuant to Article 42(1)(b).
Authorised Person an Authorised Firm or an Authorised Market Institution.
Bail-in Tool the tool referred to in Articles 84N(1)(i) and 84P, including the powers to write down and convert any instrument or liability and to close out or terminate any contract.
Chairman of the DFSA the person appointed to the office of chairman of the DFSA, a Board Member and chairman of the DFSA Board of Directors, by the President.
Chief Executive the person appointed to the office of Chief Executive by the DFSA Board of Directors.
Companies Law DIFC Law No. 5 of 2018 relating to the incorporation of Companies.
Companies Registrar the person appointed to the office of Registrar under the Companies Law.
Board Member a person appointed to the office of Member of the DFSA Board of Directors.
Collective Investment Prohibitions the general and marketing prohibitions prescribed under Articles 20, 21 and 50 of the Collective Investment Law 2010.
Court the DIFC Court as established under Dubai Law.
director a director or equivalent member of an entity's governing body.
Decision Notice a written notice given by the DFSA to a person pursuant to paragraph 5 of Schedule 3.
DFSA the Dubai Financial Services Authority.
DIFC the Dubai International Financial Centre.
DIFC Authority the executive body of the DIFC, established under Dubai Law.
Dubai Law has the meaning given in Article 2 of Schedule 1 to the Law.
DNFBP has the meaning prescribed in the Rules made pursuant to Article 71A (2) of the Law.
DNFBP Prohibition The prohibition in Article 71A (1) of the Law.
Domestic Firm

an Authorised Person which:

(a) has its registered and head office in the DIFC; or
(b) if it is a subsidiary of a legal entity whose principal place of business and head office is in a jurisdiction other than the DIFC, has its registered office in the DIFC.
Domestic Fund has the meaning given in Article 3 of Schedule 1 to the Collective Investment Law 2010.
Employee Money Purchase Scheme

an arrangement where:

(a) the main purpose of the arrangement is to provide benefits to members in respect of their employment;
(b) benefits are payable on termination of employment or on the occurrence of another specified event; and
(c) the amount of the benefit is calculated by reference to:
(i) the contributions made by an employer in respect of the member, whether or not the member may make additional contributions; and
(ii) the investment performance of the scheme assets.
Federal Anti-Money Laundering Legislation has the meaning given in Articles 70 (1) and (2) of the Law.
Financial Markets Tribunal the Financial Markets Tribunal referred to in Article 26 of the Law.
Financial Promotion has the meaning given in Article 41A(3) of this Law.
Financial Promotions Prohibition the prohibition prescribed under Article 41A(1) of this Law.
Financial Service has the meaning given in Article 41 of this Law.
Financial Services Prohibition the prohibition prescribed under Article 41 of this Law.
Financial Services Regulator a regulator of financial services activities established in a jurisdiction other than the DIFC.
FMT the Financial Markets Tribunal.
Fund Manager has the meaning given in Article 20(4) of the Collective Investment Law 2010.
Fund has the meaning given in Article 3 of Schedule 1 to the Collective Investment Law 2010.
Governing Body has the meaning given to that term in Article 3 of Schedule 1 to the Collective Investment Law 2010.
Group

means a group of entities which includes an entity (the 'first entity') and:

(a) any Parent of the first entity; and
(b) any Subsidiaries (direct or indirect) of the Parent or Parents in (a) of the first entity.
Guidance has the meaning given in Article 2 of Schedule 1 to the Law.
Insolvency Law DIFC Law No. 1 of 2019.
Investment Trust has the meaning given to that term in Article 3 of the Schedule to the Investment Trust Law 2006.
Key Individual an individual who has been authorised by the DFSA to perform one or more Licensed Functions for an Authorised Market Institution.
Law the Regulatory Law 2004.
legislation includes rules or regulations made under legislation.
Licence a licence granted by the DFSA under Chapter 2 of Part 3.
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.
Licensed Function a function prescribed pursuant to Article 43(1).
Money laundering has the meaning given in Article 70 (2)(b) of the Law.
officer in relation to an entity, means an officer of that entity including a director.
Parent a holding company as defined in Schedule 1 to the Companies Law.
person has the meaning given in Article 1 of Schedule 1 to the Law.
Preliminary Notice a written notice given by the DFSA to a person under paragraph 4(1) of Schedule 3.
President the president of the DIFC, appointed by a decree of the Ruler pursuant to Dubai Law.
Pre-Resolution Valuation a valuation referred to in Article 84M(1).
Principal Representative has the meaning prescribed in the Rules.
Privileged Communication a communication attracting a privilege arising from the provision of professional legal advice and any other privilege applicable at law, but does not include a general duty of confidentiality.
Provisional Valuation a valuation referred to in Article 84M(2).
Public Fund has the meaning given to that term in Article 3 of Schedule 1 to the Collective Investment Law 2010.
Public Listed Company a person incorporated or formed in the DIFC and who is admitted to an official list of securities in the DIFC or an equivalent list of securities in another jurisdiction.
Recognised Person has the meaning given in Article 37(3) of the Markets Law [2011].
Recognition Order An order made by the DFSA under Article 84T that recognises in, in whole or in part, resolution action taken by another Resolution Authority.
Recovery the process of restoring an Authorised Firm’s financial position.
Recovery Plan the plan referred to in Article 84D.
Registered Auditor has the meaning given to that term in Article 97(b) of this Law.
Relevant Person has the meaning given in Article 70 (5) of the Law.
Reporting Entity has the meaning given to that term in Article 3 of the Schedule to the Markets Law 2012.
Resolution the process of resolving an Authorised Firm, including the stabilisation and restructuring of the Authorised Firm through the exercise or application of one or more Resolution Powers or Resolution Tools.
Resolution Authority a body or authority established in a jurisdiction other than the DIFC that exercises powers or performs functions relating to the Recovery or Resolution of persons providing financial services.
Resolution Conditions the conditions referred to in Article 84K.
Resolution Powers the powers referred to in Article 84N.
Resolution Plan the plan referred to in Article 84E.
Resolution Safeguards the safeguards referred to in Article 84R.
Resolution Tool the Sale of Business Tool or the Bail-In Tool referred to in Articles 84O and 84P respectively.
Resolvability the ability of an Authorised Firm to be resolved by an orderly Resolution.
Resolvability Assessment an assessment made under Article 84F.
Ruler the ruler of the Emirate of Dubai.
Rules has the meaning given in Article 2 of Schedule 1 to the Law.
Sale of Business Tool the tool referred to in Articles 84N(1)(h) and 84O.
Schedule a schedule to the Law.
Special Resolution has the meaning given in Article 3 of Schedule 1 to the Collective Investment Law 2010.
State United Arab Emirates.
Subsidiary a subsidiary as defined in Schedule 1 to the Companies Law.
Temporary Administrator a Temporary Administrator appointed by the DFSA under Article 84Q.
Trustee a Trustee within the meaning of the Investment Trust Law 2006 and the Collective Investment Law 2010.
Unitholder has the meaning given in Article 3 of Schedule 1 to the Collective Investment Law 2010.
Write Down or Conversion Power the power referred to in Article 84N(1)(e) to write down or convert any instrument or liability.