Enhanced PIB module of the DFSA rulebook
In the good old days of financial services applications in the Dubai International Financial Centre (DIFC), a category-three financial services licence covered a multiplicity of financial services and it would have been irresponsible of any adviser to suggest that a financial services company should not apply for as many services as it could reasonably justify. But then that was before 9 December 2012, when the new PIB module of the Dubai Financial Services Authority (DFSA) set the DIFC financial services world alight.
Whilst the changes are not surprising, they are significant and are likely to have a significant impact on firms who now find themselves in category 3A because one of the financial services for which they are licensed is “dealing in investments as agent”. It now becomes more important than ever to look at the scope of these activities and for a firm to ask itself whether it really is dealing in investments as agent. Category 3A covers Dealing in Investments as Principal (only as Matched Principal) and Dealing as Agent. Category 3B covers Providing Custody ( for a Fund) and acting as Trustee for a Fund. Category 3C covers Managing a Collective Investment Fund, Managing Assets, Providing Trust Services as a trustee of an express trust, managing a Profit Sharing Investment Account and providing Custody (other than for a Fund)…
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