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COB 12.2.2A Guidance

1. Under the Employment Law and the DFSA requirements, all Schemes established in the DIFC are required to be constituted as a trust.
2. Under the Employment Regulations, a Qualifying Scheme must have a Supervisory Body, unless an exemption has been granted by the DIFCA Board. The DIFCA Board will grant an exemption from the requirement for a Supervisory Body, where the employer making contributions to the Scheme is able to demonstrate certain matters to the Board. COB Rule 12.2.2A(2) reflects the matters that the employer must be able to demonstrate. If an exemption is granted, the oversight function in respect of the Scheme may be carried out either by the employer itself or by a delegate acting on its behalf.

 

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