APPLICATION FORMS AND NOTICES (AFN) – REC1
For DFSA use only
Form REC1
Application for Recognised Member status
For enquiries relating to this form please contact:Mr Collin Wu (for NASDAQ Dubai applicants):
Tel +971 (0) 4 362 1641 email
or
Ms Arsheen Saulat (for DME applicants):
Tel +971 (0) 4 362 1647 email
Purpose of this form
This form must be submitted by any body corporate, partnership or unincorporated association wishing to apply to the DFSA to be a Recognised Member for the purpose of obtaining membership of an Authorised Market Institution (“AMI”) in the Dubai International Financial Centre (“DIFC”), and who has no physical presence in the DIFC.
Requirements for recognition by the DFSA are located in the REC Module of the DFSA Rulebook, which can be found on the DFSA website - www.dfsa.ae.
The key criteria for recognition as a member of an AMI are set out in Chapter 7 of the REC Module, which requires that an applicant must:
· have its head and registered offices outside of the DIFC; and
· be a member of, or authorised to use the facilities of, an Authorised Market Institution, subject to being granted Recognition by the DFSA.
In addition to the above, an applicant must either:
§ be licensed or authorised to perform the financial services it will be carrying on in the DIFC in another jurisdiction outside of the DIFC; and
§ be regulated in respect of those activities by a Financial Services Regulator to a standard satisfactory to the DFSA
OR
§ be a Body Corporate of good standing and repute;
§ only conduct the Financial Service of Dealing in Investments as Principal in relation to Commodity Derivatives on an Authorised Market Institution which is licensed to operate a market in Derivatives;
§ have adequate and relevant expertise relating to dealing in Investments which are Commodity Derivatives;
§ appoint a Person, resident within the DIFC, authorised to accept service of notice and process on behalf of the applicant; and
§ put in place adequate contractual arrangements to subject itself to the jurisdiction of the DFSA and DIFC Court relating to all matters arising out of its activities in or from the DIFC.
An application for recognition will be subject to a successful application for membership of the relevant AMI.
Contents
1 / General Information / · General information about the applicant and its home jurisdiction and addresses
· Details of the AMI, services and products that the application relates to
· Details of any current exchange or clearing house memberships
To be competed by all applicants
2 / Recognition status under REC Rule 7.2.3 (a) / · Details of the applicant’s relevant Financial Services Regulator
· Evidence of the applicant’s Licence or authorisation outside of the DIFC
To be completed by applicants that are regulated by a Financial Services Regulator in their home jurisdiction
3 / Recognition status under REC Rule 7.2.3 (b) / · Experience of applicant and employees in Commodity Derivatives
· Designation and appointment of service agent in the DIFC
· Submission to the jurisdiction of the DFSA and the DIFC Court
To be completed by applicants that are not regulated by a Financial Services Regulator in their home jurisdiction
4 / Declaration / To be competed by all applicants
Notes for completing this form
· The term “applicant” refers to the entity for which Recognised Member status is being sought.
· Defined terms are identified throughout this application form by the capitalisation of the initial letter of a word or phrase and are defined in the Glossary module (GLO) of the DFSA’s Rulebook.
· Questions must be answered fully and the use of abbreviations or acronyms should be avoided or defined.
· Do not leave any questions blank. If a question is not applicable this should be indicated in the response section. Failure to answer questions or provide full responses may delay the progress of the application.
· Prior to completion of this form, applicants are strongly urged to read the REC Module of the DFSA Rulebook to ensure appropriate information is provided to the DFSA.
· Various sections of these forms refer to specific modules and Rules within the DFSA Rulebook and applicants are urged to familiarise themselves with the relevant Rules prior to completing the application forms.
· Answers must be typed in electronic format and the form must be signed by a Director/Partner of the applicant or, in the event that, for example, the applicant has yet to be incorporated, the Director who will be authorised in due course to sign on behalf of the applicant. Versions of this form on the DFSA’s website are in PDF format. Editable Microsoft Word versions can be obtained from the DFSA.
· Applicants are reminded that any material changes to any information submitted in this application whilst it is under consideration by the DFSA must be immediately notified to the DFSA, and that failing to provide such information may lead to an offence under Article 66 of the Regulatory Law 2004 if it causes such information to be false, misleading or deceptive at the time that the DFSA relies upon it.
· Currently no fee is payable by the applicant for Recognition.
SECTION 1 - GENERAL INFORMATION
About the applicant
1.1 / Full name of applicant to be recognised under REC Rule 7.2.3 (a) or 7.2.3 (b)1.2 / Please give details of any trading name(s) (if different from the name in 1.1 above) which the applicant proposes to use for the purpose of, or in connection with, any business carried on by it on the AMI for which Recognised Member status is being sought
1.3 / Applicant’s registered or head office in its home jurisdiction
1.4 / Applicant’s place of business outside of the DIFC from which its proposed AMI activities will take place, if different from the address in 1.3
1.5 / Main telephone number of address in 1.4
(incl. country and area codes)
1.6 / Main fax number of address in 1.4
(incl. country and area codes)
1.7 / Applicant’s contact person for this application
Position/title
Correspondence address (if different from 1.3 above)
Telephone number
Mobile number
Fax number
E-mail address
1.8 / Legal nature of applicant
(e.g. Company, Partnership, LLP, etc)
1.9 / Please indicate the name of the Authorised Market Institution (AMI) for which membership is being sought, and for which recognition by the DFSA is required:
NASDAQ Dubai (NASDAQ Dubai)
Dubai Mercantile Exchange Ltd (DME)
1.10 / Please indicate which of the following Financial Services are to be the subject of recognition by the DFSA with respect to the AMI membership indicated in 1.9 above:
Dealing in Investments as Principal
Dealing in Investments as Agent
[Note: definitions of the above terms are contained in GEN Rules 2.7 and 2.8 of the DFSA Rulebook]
1.11 / Please indicate which of the following types of Investments will be the subject of the Financial Services indicated in 1.10 above:Securities (NASDAQ Dubai only)
Derivatives (NASDAQ Dubai only)
Commodity Derivatives (DME only)
[Note: definitions of Investments and Security / Derivative are contained in GEN Appendix A2.1 and the Glossary (GLO) respectively of the DFSA Rulebook]
1.12 / Please give details of the type of membership being applied for on the AMI indicated in 1.9 above. (e.g. trading member, clearing member, etc)1.13 / Please list any exchanges and clearing houses on which the applicant is currently carrying on one or more financial services.
SECTION 2 - RECOGNITION STATUS UNDER REC RULE 7.2.3 (a)
Note: Only complete this section (2) if the applicant is regulated by a Financial Services Regulator in its home jurisdiction
2.1 / In respect of the Financial Services ticked in question 1.10 of this form, please provide details below of the Financial Services Regulator for the activity(ies) concerned:Name of Financial Services Regulator
Address of Financial Services Regulator
Name of contact or supervisor at the primary Financial Services Regulator
Telephone number of the above contact or supervisor
Email of the above contact or supervisor
Scope of permitted Financial Services
2.2 / Please attach a copy of the Licence or other evidence confirming the Licence has been issued and remains current. / Attached:
2.3 / If applicable, please provide the details below of the additional Financial Services Regulator in relation to the services indicated in question 1.10 not covered by the regulator in 2.1.1. above:
Name of additional Financial Services Regulator (if applicable)
Address of Financial Services Regulator
Name of contact or supervisor at the additional Financial Services Regulator
Telephone number of the above contact or supervisor
Email of the above contact or supervisor
Scope of permitted Financial Services
2.4 / If applicable, please attach a copy of the additional Licence or other evidence confirming the Licence has been issued and remains current. / N/A: / Attached:
SECTION 3 - RECOGNITION STATUS UNDER REC RULE 7.2.3 (b)
Note: Only complete this section (3) if the applicant is not regulated by a Financial Services Regulator in its home jurisdiction
3.1 / Please describe the relevant experience of the applicant and its employees in relation to dealing in Commodity Derivatives and demonstrate that applicant is of good standing and repute.3.2 Appointment of the applicant’s agent for service of process
Name of agent:Position:
Address for service of process of agent in the DIFC:
I hereby designate and appoint the agent at the address stated above as the agent of:
[name of applicant Recognised Member];
upon whom may be served any notice, pleading, subpoena, summons or other process in any action, investigation or administrative, criminal, quasi-criminal or other proceeding (the “Proceeding”) arising out of or relating to or concerning its recognition under the DIFC Laws and DFSA Rules or its activities in or from the DIFC, and irrevocably waive any right to raise as a defence in any such Proceeding any alleged lack of jurisdiction to bring such Proceeding. This appointment of Agent for service of process shall be governed by and construed in accordance with the DIFC laws.
The undersigned accepts the appointment as agent for service of process on the applicant Recognised Member above pursuant to the terms outlined above
Signature of authorised signatory of applicant Recognised Member / Date
Name of authorised signatory above
Position/title
Signature of authorised signatory of Agent / Date
Name of authorised signatory of above
Position/title
3.3 Submission to the jurisdiction of the DFSA and DIFC Court by the applicant
Recognised Member
I irrevocably and unconditionally submit to the jurisdiction of the judicial, quasi-judicial and administrative tribunals of the DIFC in relation to any proceeding in the DIFC, arising out of or related to or concerning its recognition or its activities in or from the DIFC.Signature of authorised signatory of applicant Recognised Member / Date
Name of authorised signatory above
Position/title of authorised signatory
SECTION 4 – DIsclosure to the NASDAQ Dubai or DME
The provision of information by the DFSA under the following consent will assist the NASDAQ Dubai or DME in the determination of your firm’s membership application. It is not mandatory to provide consent. Should you not wish to provide consent, we ask that you keep the NASDAQ Dubai or DME informed of the progress of your application.
I consent / I do not consent to disclosure of the following information by the DFSA to the AMI indicated in section 1.9 of this application, in each case on or after the date stipulated:
(a) the fact of the filing of this application, together with the name of the applicant, on or after the date of filing with the DFSA; and
(b) a decision by the DFSA to approve this application, and whether or not approval is or will be subject to pre conditions, on or after the date of that decision
SECTION 5 DECLARATIONS
5.1 Declaration by the applicant
1. I declare that, to the best of my knowledge and belief, having made due enquiry, the information given in this application is complete and correct. I understand that it is an offence under Article 66 of the Regulatory Law 2004 to provide to the DFSA any information which is false, misleading or deceptive or to conceal information where the concealment of such information is likely to mislead or deceive the DFSA.
2. I agree to provide to the DFSA more detailed information upon request where the DFSA considers such information to be necessary to adequately assess this application. I consent to the DFSA contacting any previous employers, educational institutions, professional organisations or any other organisation, to verify any information referred to.
3. I confirm that I have the authority to make this application, to declare as specified above and sign this form for, or on behalf of, the applicant. I also confirm that I have the authority to give any consent specified above, and if applicable.
4. For the purposes of complying with DIFC Data Protection Law 2007, I understand that any Personal Data provided to the DFSA will be used to discharge its regulatory functions under the Regulatory Law 2004 and other relevant legislation and may be disclosed to third parties for those purposes.
Signature of Director/Partner of the applicant / DateName of Director/Partner of the applicant
Position/title
Please return the completed form to:
Dubai Financial Services Authority
Markets Department
Level 13, The Gate Building
Dubai International Financial Centre
PO Box 75850
Dubai, UAE
Firms are advised to retain a copy of the form and any relevant attachments for their records.
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