COB 2.3.5

(1) For the purposes of Rule 2.3.3(1)(a)(ii), a Person is a 'service-based' Professional Client if:
(a) the Financial Service provided to that Person is Providing Credit;
(b) the Person is an Undertaking; and
(c) the Credit Facility in question is provided for use in the business activities of:
(i) the Person;
(ii) a controller of the Person;
(iii) any member of the Group to which the Person belongs; or
(iv) a joint venture of a Person referred to in (i)–(iii).
(2) In (1)(c)(ii), a controller is an individual who:
(a) owns a majority of the shares of the Undertaking;
(b) is able to appoint or remove a majority of the board members of the Undertaking; or
(c) controls a majority of the voting rights of the Undertaking (or that of a Holding Company of the Undertaking).
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]