COB 9.3.1

(1) An ATS Operator may, subject to (2), (3) and (4), accept as a member:
(a) an Authorised Firm;
(b) a Recognised Member;
(c) a Person who meets the criteria in GEN Rule 2.3.2(2);
(d) a Person who is classified as a Professional Client pursuant to COB Rule 2.3.4(1)(g), (h) and (i); or
(e) a Person not referred to in (a) to (d), only if:
(i) the facility is one on which Investment Tokens are traded; and
(ii) the Person’s access is only for trading Investment Tokens.
(2) An ATS Operator must not admit a Person referred to in (1)(c) or (d) 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 facility;
(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 facility;
(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 facility; 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)(c) or (d) as a member, an ATS Operator must undertake due diligence to ensure that such a Person:
(a) is of sufficiently good repute;
(b) has a sufficient level of competence and experience; and
(c) has adequate organisational arrangements, including financial and technological resources, which are no less than those required of an Authorised Firm appropriate to the nature of its operations.
(4) Prior to admitting a Person referred to in (1)(e), an ATS Operator 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 Operating Rules of the facility; and
(c) does not pose any operational risks to the orderly and efficient functioning of the facility’s trading systems.

 

[Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]
[Amended] DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]
[Amended] DFSA RMI311/2021 (Made 30th June 2021). [VER39/10-21]