Representative Office must at all times have a Principal Representative who is resident in the UAE and who has satisfied the DFSA as to fitness and propriety.
(2) If the
Principal Representative leaves the employment of a Representative Office, the Representative Office must designate a successor as soon as possible, and in any event within 28 days.
(3) If the
DFSA considers that a Principal Representative designated under (1) or (2) is not fit and proper to fulfil the role for which he has been designated, it will give the Representative Office written notice to this effect.
(4) On receipt of a notice under (3), a
Representative Office must within 28 days designate a new Principal Representative and notify the DFSA accordingly.
Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]