Versions

 

COB 12.2.2A

(1) This Rule applies to a DIFC Scheme that is exempted under the Employment Regulations from the requirement to have a Supervisory Body.
(2) The Operator of a DIFC Scheme referred to in (1) must ensure that each employer making contributions to the Scheme:
(a) carries out the oversight function for the Scheme that would, but for the exemption, be carried out by the Supervisory Body;
(b) has sufficient information relating to the operation of the Scheme to be able to properly carry out the oversight function;
(c) has the power under the Constitution of the Scheme, to appoint and remove the Operator of the Scheme, in accordance with the requirements under the Employment Law or any other applicable law; and
(d) covenants, in the Constitution of the Scheme, to negotiate the fees and charges of the Operator and to assess the performance of the Operator, in the best interests of the Members of the Scheme.

 

Derived from DFSA RMI302/2021 (Made 30th June 2021). [VER38/09-21]