The Financial Free Zone Law Quiz 3

A person who feels he has been adversely affected by the manner in which the DFSA has carried

out its functions may addressed to:

• DIFC court

• the chief executive of the DFSA

• The DFSA relationship manager

• DIFC appellate tribunal

the DFSA rule change introduced a new customer classification, and widened the potential

customer base to include retail clients, effective from :

• 1 Jan 2018

• 1 Jan 2008

• 1 July 2018

• 1 July 2008

The DFSA will only consider applications for a licence from a person who is

• a body corporate, a partnership or an individual

• a body corporate, a trust; or an unincorporated association

• a body corporate; a joint venture; or a trust

• a body corporate, a partnership, or an unincorporated association

Which of the following is true:

• only a body corporate can effect contracts of insurance or carry out contracts of insurance;

• prior approval of the Emirates Securities and Commodities Authority to trade on a

  UAE exchange

• body corporates and AMI can accept deposits;

• only an individual can manage a collective investment fund or act as the trustee of a fund

For DFSA license authorization, following is not a criteria for considering if an applicant is fit and

proper :

• how the applicant will comply with the Prudential norms

• the type of financial services being provided;

• whether the applicant’s affairs will be conducted and managed in a sound and prudent

  manner;

• any matter which may harm, or may have harmed, the integrity or the reputation of the

  DFSA or the DIFC;

Even after license withdrawl, the DFSA regulatory powers in relation to an authorised firm or

authorised individual can be exercised :

• for one years from the date on which the licence was withdrawn.

• for two years from the date on which the licence was withdrawn.

• for three years from the date on which the licence was withdrawn.

• for five years from the date on which the licence was withdrawn.

any appeal in relation to a DFSA decision to refuse an application for an endorsement can be made

to :

• DIFC court

• Financial markets tribunal

• DIFCA

• The Regulatory Appeals Committee

An individual must not carry out a licensed function for an authorised firm unless he is authorised by

the DFSA. Exceptions to this rule are:

• manager of the business of an authorised firm or AMI as directed by the DFSA

• when a function is performed by a registered insolvency practitioner within the meanings of

  the Insolvency Law 2009

• A separate endorsement to provide financial services is provided

• Only a and b

An individual who is not an authorised individual to carry out the functions of an authorised

individual (this is known as temporary cover the licensed function is only carried out for a:

• maximum of 3 weeks in any consecutive 12 months

• maximum of 12 weeks in any consecutive 12 months

• maximum of 15 weeks in any consecutive 12 months

• maximum of 24 weeks in any consecutive 12 months

An authorised firm must request the withdrawal of an authorised individual status

• within seven days of resignation or dismissal

• within fourteen days of resignation or dismissal

• within thirty days of resignation

• within fourteen days of dismissal