Versions

 

GEN 10.1.3

(1) This Rule applies to an Authorised Firm that has, in the 12 months before the commencement date, submitted to the DFSA under GEN Rule 8.6.2:
(a) an Auditor's Report referred to in GEN Rule 8.6.1(c) (a Client MoneyAuditor's Report); or
(b) an Auditor's Report referred to in GEN Rule 8.6.1(e) (a Safe Custody Auditor's Report).
(2) An Authorised Firm to which this Rule applies may, within the transitional period, send a written notification to the DFSA confirming that it:
(a) wishes to obtain an endorsement to hold or control Client Assets;
(b) has submitted to the DFSA an Auditor's Report referred to in (1) in the 12 months before the commencement date; and
(c) has in place adequate systems and controls to meet the applicable requirements in COB sections 6.11 to 6.14.
(3) The DFSA may require the notification in (2) to be in such form and verified in such manner as it thinks fit.
(4) If an Authorised Firm provides a duly completed notification to the DFSA in accordance with (2) and (3) within the transitional period:
(a) the DFSA must grant it an endorsement to hold or control Client Assets; and
(b) it is not required to apply for an endorsement under GEN Rule 7.3.3 or pay the fee prescribed in FER 2.2.6 for such an application.
Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]