(1) For the purposes of Rule 2.3.3(1)(a)(ii), a
Person is a 'service-based' Professional Client if:
Financial Service provided to that Person is Providing Credit;
Person is an Undertaking; and
Credit Facility in question is provided for use in the business activities of:
(ii) a controller of the
(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
(b) is able to appoint or remove a majority of the board members of the
(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]