An Authorised Person must provide the AFSA with reasonable advance notice of a change in:
(a) the Authorised Person’s name; or
(b) any business or trading name under which the Authorised Person carries on a Regulated Activity or Market Activity; or
(c) the address of the Authorised Person’s principal place of business in the AIFC; or
(d) in the case of a Branch, its registered office or head office address; or
(e) its legal structure; or
(f) an Approved Individual’s name or any material matters relating to his fitness and propriety.
An Authorised Person which is incorporated in the AIFC must provide the AFSA with reasonable advance notice of the establishment or closure of a branch office anywhere in the world from which it carries on financial services.
An Authorised Person must advise the AFSA immediately if it becomes aware, or has reasonable grounds to believe, that any of the following matters may have occurred or may be about to occur:
(a) the Authorised Person’s failure to satisfy the fit and proper requirements; or
(b) any matter which could have a significant adverse effect on the Authorised Person’s reputation; or
(c) any matter in relation to the Authorised Person which could result in serious adverse financial consequences to the financial system or to other Authorised Persons; or
(d) a significant breach of a Rule by the Authorised Person or any of its Employees; or
(e) a breach by the Authorised Person or any of its Employees of any requirement imposed by any applicable law by the Authorised Person or any of its Employees; or
(f) any proposed restructuring, merger, acquisition, reorganisation or business expansion which could have a significant impact on the Authorised Person’s risk profile or resources; or
(g) any significant failure in the Authorised Person’s systems or controls, including a failure reported to the Authorised Person by the Authorised Person’s Auditor; or
(h) any action that would result in a material change in the capital adequacy or solvency of the Authorised Person; or
(і) non-compliance with Rules due to an emergency outside the Authorised Person’s control and the steps being taken by the Authorised Person.
(1) A Bank as defined in BBR Rules, which makes or proposes to make a Major Acquisition as defined in (2) must:
(a) if it is incorporated in the AIFC, comply with the requirements in Rule 6.2.4 (4) of GEN rules; and
(b) if it is a Branch, comply with the requirements in Rule 6.2.4 (7) of GEN rules.
(2) Subject to (3), a Major Acquisition is an acquisition in which the relevant Bank acquires or proposes to acquire, directly or indirectly, a shareholding in a Body Corporate where that acquisition:
(a) is of a value (whether by one acquisition or a series of acquisitions) of 10% or more of:
(і) the Bank’s Capital, as defined in BBR Rules; or
(ii) the capital resources of the Bank calculated in accordance with the requirements of the Financial Services Regulator in its home jurisdiction, if it is operating as a Branch in the AIFC; or
(b) even if it does not exceed the 10% threshold referred to in (a), it is reasonably likely to have a significant regulatory impact on the Bank’s activities.
(3) An acquisition is not a Major Acquisition for the purposes of (2) if it is an investment made by a Bank:
(a) in accordance with the terms of a contract entered into by the Bank as an incidental part of its ordinary business; or
(b) as a routine transaction for managing the Bank’s own investment portfolio and therefore can reasonably be regarded as made for a purpose other than acquiring management or control of a Body Corporate either directly or indirectly.
(1) Examples of the kind of investments referred to in Rule 6.2.4(2)(b) include an acquisition of a stake in a small specialised trading firm that engages in high risk trades or other activities that could pose a reputational risk to the Bank.
(2) The onus is on a Bank proposing to make an acquisition to consider whether it qualifies as a Major Acquisition under Rule 6.2.4(2)(b). Generally, in the case of a Bank that is operating as a Branch in the AIFC), the significant regulatory impact referred to in Rule 6.2.4 (2) (b) should be prudential risk to the Bank as a whole. If a Bank is uncertain about whether or not a proposed acquisition qualifies as a Major Acquisition under Rule 6.2.4 (2)(b), the Bank may seek guidance from the AFSA.
(3) Examples of contractual arrangements of the kind referred to in Rule 6.2.4 (3)(a) include enforcement of a security interest in the securities of the investee Body Corporate or a loan workout pursuant to a loan agreement entered into between a bank and its client.
(4) Examples of the kind of investments referred to in Rule 6.2.4(3)(b) include temporary investments, such as investments included in the Bank’s trading book or which are intended to be disposed of within a short term (e.g. within 12 months).
(4) A Bank which is an Authorised Firm incorporated in the AIFC must:
(a) before making a Major Acquisition:
(і) notify the AFSA in writing of the proposed Major Acquisition at least 45 days prior to the proposed date for effecting the Major Acquisition; and
(ii) provide the AFSA with all the relevant information relating to that Major Acquisition to enable the AFSA to assess the regulatory impact of the proposed Major Acquisition on the Bank; and
(b) not effect the proposed Major Acquisition unless:
(і) it has either received written advice from the AFSA that it has no objection to that Major Acquisition or has not received any written objection or request for additional information from the AFSA within 45 days after the date of the notification; and
(ii) if the AFSA has imposed any conditions relating to the proposed Major Acquisition, it has complied with, and has the on-going ability to comply with, the relevant conditions.
(5) The AFSA may only object to a proposed Major Acquisition if it is of the view that the proposed Major Acquisition is reasonably likely to have a material adverse impact on the Bank’s ability to comply with its applicable regulatory requirements or on the financial services industry in the AIFC as a whole. The AFSA may also impose any conditions it considers appropriate to address any concerns it may have in relation to the proposed Major Acquisition.
(6) Without limiting the generality of its powers, the factors that the AFSA may take into account for the purposes of (2) include:
(a) the financial and other resources available to the Bank to carry out the proposed Major Acquisition;
(b) the possible impact of the proposed Major Acquisition upon the Bank’s resources, including its capital, both at the time of the acquisition and on an on-going basis;
(c) the managerial capacity of the Bank to ensure that the activities of the investee Body Corporate are conducted in a prudent and reputable manner;
(d) the place of incorporation or domicile of the investee Body Corporate and whether or not the laws applicable to that entity are consistent with the laws applicable to the Bank. In particular, whether there are any restrictions in relation to exchange of confidential regulatory information that are likely to pose challenges to the AFSA in carrying out its supervisory duties including those relating to consolidated supervision where applicable; and
(e) any other undue risks to the Bank or the financial services industry in the AIFC as a whole arising from the proposed Major Acquisition.
Factors which the AFSA may take into account in assessing whether there are any undue risks arising from the proposed Major Acquisition include the size and nature of the business of the investee Body Corporate, its reputation and standing, its present and proposed management structure and the quality of management, the reporting lines and other monitoring and control mechanisms available to the Bank and the past records of the Bank relating to acquisitions of a similar nature.
(7) A Bank which operates as a branch in the AIFC:
(a) notify the AFSA in writing of any Major Acquisition in accordance with the notification requirement applying to the Bank under the requirements of the Financial Services Regulator in its home jurisdiction (the home regulator); and
(b) if there is no notification requirement applying to the Bank under (a), comply with the requirements in Rule 6.2.4 (4) as if it were a Bank incorporated in the AIFC. The AFSA must follow the same procedures, and shall have the same powers, as set out in Rule 6.2.4 (6) in relation to such a notification.
(8) A Bank which gives to the AFSA a notification under (7)(a) must:
(a) notify the AFSA of the Major Acquisition at the same time as it notifies the home regulator;
(b) provide to the AFSA the same information as it is required to provide to the home regulator; and
(c) provide to the AFSA copies of any communications it receives from the home regulator relating to the notification it has provided to the home regulator as soon as practicable upon receipt.
(9) The AFSA may, for the purposes of the requirements in this section, require from the Bank any additional information relating to the Major Acquisition as it may consider appropriate. A Bank must provide any such additional information to the AFSA promptly.
(10) The AFSA may, where it considers appropriate, withdraw its no objection position or modify or vary any condition it has imposed or any remedial action it has required under the Rules in this section.
The AFSA will generally not withdraw a no objection position it has conveyed to a Bank, except in very limited circumstances. An example of such a situation is where the Bank is found to have provided to the AFSA inaccurate or incomplete information and that commission or omission has a material impact on the AFSA’s no objection decision.
(11) The procedures in Section 11 of the AIFC Financial Services Framework Regulations apply to a decision of the AFSA under this Rule 6.2.4, to object to an acquisition or to impose or vary conditions.
(12) If the AFSA decides to exercise its power under this Rule to object to an acquisition or to impose or vary conditions, the Authorised Firm may appeal to the AIFC Court for a review of the decision.
(1) An Authorised Person must notify the AFSA immediately if it:
(a) receives an order from a Client, or arranges or executes a transaction with or for a Client; and
(b) has reasonable grounds to suspect that the order or transaction may constitute Market Abuse.
(2) The notification under (1) must specify:
(a) sufficient details of the order or transaction; and
(b) the reasons for the Authorised Person suspecting that the order or transaction may constitute Market Abuse.
(3) An Authorised Person must not inform the Client, or any other Person involved in the order or transaction, of a notification under this Rule.
An Authorised Person must notify the AFSA immediately if one of the following events arises in relation to its activities:
(a) it becomes aware that an Employee may have committed a fraud against one of its or another Person’s Clients; or
(b) a fraud has been committed against it; or
(c) it has reason to believe that a Person is acting with intent to commit a serious fraud against it; or
(d) it identifies significant irregularities in its accounting or other records, whether or not there is evidence of fraud; or
(e) it suspects that one of its Employees who is connected with the Authorised Person’s Regulated Activities or Market Activities may be guilty of serious misconduct.
An Authorised Person must advise the AFSA immediately of:
(a) the granting or refusal of any application for or revocation of authorisation to carry on financial services in any jurisdiction; or
(b) the granting, withdrawal or refusal of an application for, or revocation of, membership of the Authorised Person of any regulated exchange or clearing house; or
(c) the Authorised Person becoming aware that a Financial Services Regulator or another enforcement or regulatory agency has started an investigation into the affairs of the Authorised Person; or
(d) the appointment of inspectors, howsoever named, by a Financial Services Regulator or another enforcement or regulatory agency to investigate the affairs of the Authorised Person; or
(e) the imposition of disciplinary measures or disciplinary sanctions on the Authorised Person in relation to its financial services or governance by any Financial Services Regulator or any regulated exchange or clearing house.
An Authorised Person must notify the AFSA immediately if:
(a) civil proceedings are brought against the Authorised Person and the amount of the claim is significant in relation to the Authorised Person’s financial resources or its reputation; or
(b) the Authorised Person is prosecuted for, or convicted of, any offence involving fraud or dishonesty, or any penalties are imposed on it for tax evasion.
An Authorised Person must notify the AFSA immediately on:
(a) the calling of a meeting to consider a resolution for winding up the Authorised Person; or
(b) an application to dissolve the Authorised Person or to strike it from the register maintained by the AIFC Registrar of Companies, or a comparable register in another jurisdiction; or
(c) the presentation of a petition for the winding up of the Authorised Person; or
(d) the making of, or any proposals for the making of, a composition or arrangement with creditors of the Authorised Person; or
(e) the application of any Person against the Authorised Person for the commencement of any insolvency proceedings, appointment of any receiver, administrator or provisional liquidator under the law of any country.
An Authorised Person must provide to the AFSA notice as soon as practicable of any significant changes to its corporate governance framework or the remuneration structure or strategy that affect its Regulated Activities or Market Activities.
An Authorised Person must take reasonable steps to ensure that all information that it provides to the AFSA in accordance with any applicable legislation is:
(a) factually accurate or, in the case of estimates and judgements, fairly and properly based; and
(b) complete, in that it should include anything of which the AFSA would reasonably expect to be notified.
An Authorised Person must notify the AFSA immediately it becomes aware, or has information that reasonably suggests, that it:
(a) has or may have provided the AFSA with information which was or may have been false, misleading, incomplete or inaccurate; or
(b) has or may have changed in a material particular.
An Authorised Person must prepare financial statements in accordance with the International Financial Reporting Standards ("IFRS") for each financial year of the Authorised Person.
The financial statements of an Authorised Person must be approved by the Directors and signed on its behalf by at least one of the Directors.
An Authorised Person must keep Accounting Records which are sufficient to show and explain transactions are such as to:
(a) be capable of disclosing the financial position of the Authorised Person on an ongoing basis;
(b) record the financial position of the Authorised Person as at its financial year end; and
(c) ensure that any financial statements prepared by the Authorised Person comply with the Framework Regulations and Rules.
An Authorised Person must ensure that its Accounting Records are:
(a) retained by the Authorised Person for at least six years from the date to which they relate;
(b) at all reasonable times, open to inspection by the AFSA or the Auditor of the Authorised Person; and
(c) if requested by the AFSA capable of reproduction, within a reasonable period not exceeding five Business Days, in hard copy and in English.
An Authorised Person must not change its financial year end without the prior consent of the AFSA.
An Authorised Person must:
(a) notify the AFSA of the appointment of an Auditor using the form prescribed in Schedule 3;
(b) prior to the appointment of the Auditor, take reasonable steps to ensure that the Auditor has the required skills, resources and experience to audit the business of the Authorised Person for which the Auditor has been appointed;
(c) notify the AFSA immediately if the appointment of the Auditor is or is about to be terminated, or on the resignation of its Auditor, using the form prescribed in Schedule 3;
(d) appoint an Auditor to fill any vacancy in the office of Auditor and ensure that the replacement Auditor can take up office at the time the vacancy arises or as soon as reasonably practicable; and
(e) comply with any request by the AFSA to replace an Auditor previously appointed by that Authorised Person.
An Authorised Person must:
(a) take reasonable steps to ensure that the Auditor and the relevant audit staff of the Auditor are independent of and not subject to any conflict of interest with respect to the Authorised Person; and
(b) notify the AFSA if it becomes aware, or has reason to believe, that the Auditor or the relevant audit staff of the Auditor are no longer independent of the Authorised Person, or have a conflict of interest which may affect their judgement in respect of the Authorised Person.
An Authorised Person must take reasonable steps to ensure that it and its Employees:
(a) provide any information to its Auditor that its Auditor reasonably requires, or is entitled to receive as Auditor;
(b) give the Auditor right of access at all reasonable times to relevant records and information within its possession;
(c) allow the Auditor to make copies of any records or information referred to in (b);
(d) do not interfere with the Auditor's ability to discharge its duties;
(e) report to the Auditor any matter which may significantly affect the financial position of the Authorised Person; and
(f) provide such other assistance as the Auditor may reasonably request it to provide.
An Authorised Person must:
(a) require, in writing, its Auditor to:
(і) conduct an audit of and produce a report on the Authorised Person’s financial statements in accordance with the International Standards on Auditing; and
(ii) such other reports as the AFSA may require; and
(b) submit any reports so produced to the AFSA within four months of the Authorised Person’s year end.
Dealing in Investments as Principal means buying, selling, subscribing for or underwriting any Investment as principal.
Dealing in Investments as Agent means buying, selling, subscribing for or underwriting any Investment as agent.
Managing Investments means managing on a discretionary basis assets belonging to another Person where the assets include any Investment.
(1) Managing a Collective Investment Scheme means establishing, managing or otherwise operating or winding up a Collective Investment Scheme.
(2) To the extent that any activity under (1) constitutes Managing Assets, Providing Fund Administration, Dealing as Agent, Dealing as Principal, Arranging Deals in Investments, or Providing Custody, such a Regulated Activity is taken to be incorporated within Managing a Collective Investment Scheme.
Providing Custody means one or more of the following activities:
(a) safeguarding and administering Investments belonging to another Person;
(b) in the case of a Fund, safeguarding and administering Fund Property; or
(c) safeguarding and administering Digital Assets belonging to another Person.
Arranging Custody means arranging for one or more Persons to carry on the Regulated Activity of Providing Custody.
Providing Trust Services means:
(a) the provision of services with respect to the creation of an express trust;
(b) arranging for any Person to act as a trustee in respect of any express trust;
(c) acting as trustee in respect of an express trust; or
(d) acting as protector or enforcer in respect of an express trust.
Providing Fund Administration means providing one or more of the following services in relation to a Fund:
(a) processing dealing instructions including subscriptions, redemptions, stock transfers and arranging settlements;
(b) valuing of assets and performing net asset value calculations;
(c) maintaining the share register and Unitholder registration details;
(d) performing anti money laundering requirements;
(e) undertaking transaction monitoring and reconciliation functions;
(f) performing administrative activities in relation to banking, cash management, treasury and foreign exchange;
(g) producing financial statements, other than as the Fund’s registered auditor; or
(h) communicating with participants, the Fund, the Fund Manager, and investment managers, the prime brokers, the Regulators and any other parties in relation to the administration of the Fund.
(1) Acting as the Trustee of a Fund means holding the assets of a Fund on trust for the Unitholders where the Fund is in the form of an Investment Trust.
(2) To the extent that any activity under (1) constitutes Providing Fund Administration or Providing Custody, such a Financial Service is taken to be incorporated within Acting as the Trustee of a Fund.
(1) Advising on Investments means giving advice to a Person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor, on the merits of his buying, selling, holding, subscribing for or underwriting a particular Investment (whether as principal or agent).
(2) In sub‐paragraph (1), "advice" includes a statement, opinion or report:
(a) where the intention is to influence a Person, in making a decision, to select a particular Investment or an interest in a particular Investment; or
(b) which could reasonably be regarded as being intended to have such an influence.
Arranging Deals in Investments means making arrangements with a view to another Person buying, selling, subscribing for or underwriting an Investment (whether that other Person is acting as principal or agent).
Managing a Restricted Profit Sharing Investment Account means managing an account or portfolio which is a Restricted Profit Sharing Investment Account (RPSIA).
Islamic Banking Business means providing financing or making Investments by entering as principal or agent into any Islamic Financial Contract while raising funds for those activities through either or both of the following:
(a) raising, accepting and managing funds or money placements;
(b) managing Unrestricted Profit Sharing Investment Accounts (UPSIA);
provided that all such activities are carried out in a Shari’ah-compliant manner.
Providing Islamic Financing means providing financing in a Shari’ah-compliant manner by entering into any Islamic Financial Contract.
(1) Insurance Intermediation means:
(a) advising on a Contract of Insurance;
(b) acting as agent for another Person in relation to the buying or selling of a Contract of Insurance for that other Person; or
(c) making arrangements with a view to another Person, whether as principal or agent, buying a Contract of Insurance.
(2) In (1)(a), ‘advising’ means giving advice to a Person in his capacity as a Policyholder, or in his capacity as agent for a Policyholder on the merits of his entering into a Contract of Insurance whether as principal or agent.
(3) In (2), ‘advice’ includes a statement, opinion or report:
(a) where the intention is to influence a Person, in making a decision, to select a Contract of Insurance or insurance cover; or
(b) which could reasonably be regarded as being intended to have such influence.
(4) The arrangements in (1)(c) include arrangements which do not bring about the transaction.
(5) The arrangements in (1)(c) do not include the mere provision of information about:
(a) a Contract of Insurance, insurer, insurance intermediary or insurance manager to a Policyholder; or
(b) a Policyholder to an insurer, insurance intermediary or insurance manager,
if the Person providing that information does not take any further steps to assist in concluding the Contract of Insurance.
(1) Operating a Representative Office means the marketing, from an establishment in the AIFC, of one or more financial services or investments which are offered in a jurisdiction other than the AIFC.
(2) For the purposes of this paragraph, "marketing" means:
(a) providing information on one or more investments or financial services;
(b) engaging in promotions in relation to such information provision; or
(c) making introductions or referrals in connection with the offer of financial services or investments;
provided that such activities do not constitute:
(d) advising on Investments; or
(e) receiving and transmitting orders in relation to an Investment.
(3) An Authorised Person which is authorised to Operate a Representative Office may not have a Licence to carry on any other Regulated Activity.
(4) An Authorised Person which does not have a Licence to Operate a Representative Office does not Operate a Representative Office if it undertakes any activities of the kind described in sub‐paragraph (2) that constitute marketing.
(5) Any communication which amounts to marketing in respect of a Financial Service or Investment, which is issued by or on behalf of a Government or non‐commercial governmental entity, does not constitute marketing for the purposes of sub‐paragraph (2).
(1) Accepting Deposits means accepting money or funds received as a Deposit if that money or funds are:
(a) lent to other Persons; or
(b) used to finance wholly, or partly, any other activity of the Person accepting the Deposit.
(2) To the extent that any activity constitutes Opening and Operating Bank Accounts, such a Regulated Activity is taken to be incorporated within Accepting Deposits.
(1) Providing Credit means providing a Credit Facility to another Person.
(2) A Person does not carry on the Regulated Activity of Providing Credit if the Credit Facility is to be provided by the Authorised Person in the course of carrying on one or more of the following activities:
(a) Dealing in Investments as Agent;
(b) Arranging Deals in Investments;
(c) Managing Investments;
(d) Managing a Collective Investment Scheme;
(e) Providing Custody.
(1) Advising on a Credit Facility means giving advice to a Person in his capacity as a borrower or a potential borrower, or as an agent for a borrower or a potential borrower, on the merits of his entering into a particular Credit Facility.
(2) In sub‐paragraph (1), "advice" includes a statement, opinion or report:
(a) where the intention is to influence a Person, in making a decision, to enter into a particular Credit Facility; or
(b) which could reasonably be regarded as being intended to have such an influence.
(1) Arranging a Credit Facility means making arrangements for the provision of a Credit Facility by one or more Persons.
(2) A Person does not carry on the Regulated Activity of Arranging a Credit Facility if
(a) he is to be a party to the Provision of Credit Facilities in question; or
(b) he merely provides the means by which a Person providing a Credit Facility communicates with the Person to whom the Credit Facility is or is to be provided.
(3) A Person does not carry on the Regulated Activity of Arranging a Credit Facility if it:
(a) is carried on in the course of Providing Legal Services or Providing Accountancy Services, which does not otherwise consist of the carrying on of Financial Services;
(b) may reasonably be regarded as a necessary part of any other services provided in the course of Providing Legal Services or Providing Accountancy Services; and
(c) is not remunerated separately from the other services.
(1) Providing Money Services includes, without limitation:
(a) providing currency exchange;
(b) selling or issuing payment instruments;
(c) selling or issuing stored value;
(d) Execution of payment transactions, including transfers of funds on a settlement account, including a bank account, with the user's payment service provider or with another payment service provider:
(і) execution of direct debits, including one-off direct debits;
(ii) execution of payment transactions through a payment card or a similar device; and
(e) Execution of payment transactions where the funds are covered by a credit line for a payment service user:
(і) execution of direct debits, including one-off direct debits;
(ii) execution of payment transactions through a payment card or a similar device; and
(f) Money remittance; and
(g) Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services.
(2) An Authorised Person does not provide Money Services, if it does so in relation to the carrying on of another Regulated Activity where providing Money Services is in connection with and a necessary part of that other Regulated Activity.
Effecting Contracts of Insurance means effecting Contracts of Insurance as Principal.
Carrying on Contracts of Insurance means carrying on Contracts of Insurance as Principal.
(1) Insurance Management means:
(a) performing underwriting or administration functions for or on behalf of an insurer or Captive, for the purposes of that insurer effecting or carrying out a Contract of Insurance as principal; or
(b) arranging reinsurance for and on behalf of an insurer or Captive for whom it is underwriting;
(c) performing underwriting or administration functions for or on behalf of a Takaful Operator or a Captive Takaful Operator, for the purposes of that Takaful Operator effecting or carrying out a Takaful Contract as principal; or
(d) arranging Retakaful for and on behalf of a Takaful Operator or Captive for whom it is underwriting.
(2) In (1):
(a) “administration” includes, without limitation, one or more of the following activities:
(і) processing applications for, and endorsements on, Contracts of Insurance;
(ii) collecting and processing premiums or Takaful contributions;
(iii) negotiating terms of settlement of claims; or
(iv) settling claims; and
(b) “underwriting” includes, without limitation, one or more of the following activities:
(і) assessing underwriting risks;
(ii) negotiating and settling terms of Contracts of Insurance or terms of Takaful Contracts, including exclusions;
(iii) negotiating and settling premiums or Takaful contributions;
(iv) negotiating commissions; or
(v) countersigning, stamping and issuing Contracts of Insurance or Takaful Contracts.
(3) In this Rule, a reference to an “insurer” is a reference to:
(a) an Insurer; or
(b) a Non-AIFC insurer.
(4) In this Rule, a reference to a “Takaful Operator” is a reference to:
(a) a Takaful Operator; or
(b) a Non-AIFC Takaful Operator.
Takaful Business means the business of conducting either or both of the following activities:
(a) effecting Takaful Contracts as Principal;
(b) carrying on Takaful Contracts as Principal.
Opening and Operating Bank Accounts means one or more of the following activities:
(a) Opening and operating Bank Accounts;
(b) Services enabling funds to be placed on a Bank Account as well as all the
operations required for operating a bank account; and
(c) Services enabling funds withdrawals from a Bank Account as well as all the operations required for operating a Bank Account.
Operation of a Payment System means operation of funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions.
Operating a Multilateral Trading Facility or ‘MTF’, where MTF means a system which brings together multiple third parties buying and selling Investments, rights or interests in Investments, in accordance with its non-discretionary rules, in a way that results in a contract in respect of such Investments.
Operating an Organised Trading Facility or ‘OTF’, where OTF means a system which brings together multiple third parties buying and selling Investments, rights or interests in Investments, in accordance with its discretionary rules, in a way that results in a contract in respect of such Investments.
Providing Legal Services means the application of legal principles or judgement, including but not limited to:
(a) giving legal advice or counsel; or
(b) drafting or completion of legal documents or agreements; or
(c) representation in court proceedings or in an administrative adjudicative procedure in which legal pleadings are filed or a record is established as the basis for judicial review; or
(d) negotiation of legal rights or responsibilities; but excluding acting as a lay representative authorised by an administrative agency or tribunal, serving as a judge, mediator, arbitrator, conciliator or facilitator; and participation in employment negotiations, arbitrations or conciliations.
Providing Audit Services means:
(a) performing audit, examination, verification, investigation, certification, presentation or review of financial transactions and accounting records; and
(b) preparing or certifying reports on audits or examinations of books or records of account, balance sheets, and other financial, accounting and related documents
Providing Accountancy Services means the application of accounting principles or judgement, including but not limited to advising on matters relating to accounting procedure and the recording, presentation or certification of financial information or data, including financial information or data required by any law for the time being in force in the AIFC.