Creating a simplified regulatory framework

15. The DFSA will work with the applicant to understand its business proposal and to establish, on a case-by-case basis, what Rules should apply to that business.
16. While the DFSA will consider giving relief from various parts of the Rulebook, it is not likely to waive or modify certain key requirements, for example, Rules relating to:
(a) fitness and propriety (see GEN Rule 7.2.5);
(b) acting with integrity and with due skill, care and diligence (see Rules GEN 4.2.1 and GEN 4.2.2);
(c) having due regard to customers' interests and communicating information in a way that is fair, clear and not misleading (see GEN Rule 4.2.6);
(d) being open and co-operative with the DFSA (e.g. GEN Rule 4.2.10 and section 11.1);
(e) Financial Promotions (see chapter 3); and
(f) holding and controlling Client Assets (COB sections 6.11 to 6.13).
17. The DFSA will also not waive or modify requirements based on Federal Law requirements, for example, Rules relating to:
(a) not accepting Deposits from the State's markets or carrying on currency exchange involving the Dirham (see COB Rules 4.2.1 and 4.3.1);
(b) having an office in the DIFC (see GEN Rule 6.5.1); and
(c) AML requirements.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]