Country Manuals Credits –
Dear Client,
We would like to inform you that BRP has updated its COUNTRY MANUAL CREDITS for the following jurisdiction:
- DUBAI INTERNATIONAL FINANCIAL CENTRE OUT OF CREDIT INSTITUTION’S COUNTRY OF ESTABLISHMENT (RT, BT & Def)
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law / Regulation | NO |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | NO |
Regulatory Template
Material changes
We have reviewed the documents following consultations with our local counsel. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
Non-material changes
Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately. In particular, reference to the Financial Promotion Exemption for Deemed Professional Clients has been added to clarify the existing regulatory framework.
The Country Manual now reflects with more clarity the difference between qualified and non-qualified clients with regard to permitted activities. Indeed, the Country Manual now allows for a neat distinction between activities that are allowed to any type of clients and those who are permitted only towards qualified clients. In particular we added the following condition to clarify the scope of the Financial Promotion Exemption Applicable to the category of “Deemed Professional investors”:
- “For deemed professional clients”: this wording is used to flag when a specific activity labelled “Grey zone/YES is permitted only towards a specific category of qualified clients. Previously, certain activities that now report this condition were labelled with “YES”. However, this would have constituted a risk as the DFSA allows certain activities on a cross-border basis only towards Deemed Professional Clients.
Behaviour Template
The answers in the BT have been aligned to those contained in the RT.
Definitions and Concepts
The document Definitions and Concepts now includes a Concordance Table. This Table is designed to help the users of the Country Manual Credits easily recognize existing or potential interactions between the rules of different types of credits.
For more information, please contact us: info@brpsa.com
Best regards,