AMI 5.7.2

(1) An Authorised Market Institution may, subject to (2), (3) and (4), admit as a Member:
(a) an Authorised Person;
(b) a Person who is admitted to the list of Recognised Persons pursuant to Article 37 of the Markets Law 2012;
(c) a Person who meets the criteria in GEN Rule 2.3.2(2); or
(d) a Person not referred to in (a) to (c), only if:
(i) the facility is one on which Investment Tokens are traded or cleared or both traded and cleared; and
(ii) the Person’s access is only for trading or clearing of Investment Tokens.
(2) An Authorised Market Institution must not admit as a Member a Person referred to in (1)(c) unless such Person:
(a) agrees in writing to submit unconditionally to the jurisdiction of the DFSA in relation to any matters which arise out of or which relate to its use of the facilities of the Authorised Market Institution;
(b) agrees in writing to submit unconditionally to the jurisdiction of the DIFC Courts in relation to any proceedings in the DIFC, which arise out of or relate to its use of the facilities of the Authorised Market Institution;
(c) agrees in writing to subject itself to the DIFC laws and the jurisdiction of the DIFC Courts in relation to its use of the facilities of the Authorised Market Institution; and
(d) appoints and maintains at all times, an agent for service of process in the DIFC and requires such agent to accept its appointment for service of process.
(3) Prior to admitting a Person referred to in (1)(a), (b) or (c) as a Member, an Authorised Market Institution must undertake due diligence to ensure that such a Person:
(a) is of sufficient good repute;
(b) has a sufficient level of competence and experience, including appropriate standards of conduct for its staff who will be permitted to use its order entry system; and
(c) has organisational arrangements, including financial and technological resources, which are no less than those of an Authorised Firm carrying out similar Financial Services.
(4) Prior to admitting a Person referred to in (1)(d), an Authorised Market Institution must undertake due diligence to ensure that the Person:
(a) meets the criteria in (3)(a) and (b);
(b) has adequate financial and technological resources to meet the Business Rules of the facility; and
(c) does not pose any operational risks to the orderly and efficient functioning of the facility’s trading or clearing systems.
Derived from RM118/2013 [VER15/07-13]
[Amended] DFSA RMI310/2021 (Made 30th June 2021). [VER20/10-21]