A Recognised Body is an exchange, clearing house or settlement facility that operates in or from the Dubai International Financial Centre (DIFC) without having a physical presence in the DIFC.A Recognised Body usually already operates in a jurisdiction located outside the DIFC.
The following is a guide for exchanges, clearing houses or settlement facilities seeking status as Recognised Bodies:
- Tips for applicants
- Applying for Recognised Member Status
- Supervision As A Recognised Body
- Getting Help
Tips for Applicants
- Read the relevant module of the DFSA Rulebook and the Regulatory Policy and Process Sourcebook before you begin your application.
- Check you are submitting the correct application form.
- Be as comprehensive as possible. If the DFSA needs to request further information, any delay in providing it will have an impact on the time it takes to process your application. Although processing time varies on a case-by-case basis, the DFSA endeavours to process all applications in a timely manner.
- Review your application, particularly when using consultants or legal advisers - you are the one who knows your business best.You are also responsible for any information contained in the application.
- Submit all your documents at once - your signed application and all the requested attachments.
- Where an application fee is applicable, ensure you have paid this.
- Nominate a contact person within your firm to be responsible for managing the application process and to assist the DFSA with any enquiries.
Apply for Recognised Body Status
An exchange, clearing house or settlement facility outside the DIFC seeking status as a Recognised Body, must:
- Be licensed or otherwise authorised to operate an exchange, clearing house or settlement facility in a jurisdiction acceptable to the DFSA and Operate to a standard which would satisfy the Licensing Requirements for AMIs.
- Operate to a standard which would satisfy the Licensing Requirements for AMIs.
If you have any queries regarding the application process, please contact our Markets division.
A Recognised Body must pay an application fee of $10,000. There is currently no periodic fee payable.
Supervision as a Recognised Body
A Recognised Body is required to deal with the DFSA and their home Financial Services Regulator/s in an open and co-operative manner. This includes keeping the DFSA promptly informed of significant events, as well as submitting a copy of annual reports and accounts.
The DFSA relies upon the home Financial Services Regulator to act as the primary regulator of the Recognised Body. The focus of the DFSA’s interest will be on activities carried on in the DIFC or activities which have an impact on the DIFC.
- DFSA Rulebook: Applicable modules include:
- Enquiries: You can direct your questions about the Recognition process to our Markets Division.