A Recognised Member is a member of an Authorised Market Institution (AMI) and does not have a physical presence in the Dubai International Financial Centre (DIFC). A Recognised Member is usually already a member of an exchange or clearing house located in a jurisdiction outside the DIFC.
- Tips for applicants
- Applying for Recognised Member Status
- Supervision as a Recognised Member
- Getting Help
Tips for applicants
- Engage with the relevant AMI about membership prior to submitting your application to the DFSA.
- 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(s).
- 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 as quickly as possible.
- 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.
- Nominate a contact person within your firm to be responsible for managing the application process and to assist the DFSA with any enquiries.
Applying for Recognised Member status
Members of an exchange or clearing house outside of the DIFC seeking Recognised Member status from the DFSA must:
- Have its head and registered offices outside the DIFC;
- Be already licensed to perform the financial services it will carry on in the DIFC in a jurisdiction outside the DIFC;
- Be regulated in that other jurisdiction to a standard satisfactory to the DFSA; and
- Be a member of, or authorised to use the facilities of, either NASDAQ Dubai or the DME.
There are also different requirements for Recognised Members that wish to deal in commodity derivatives as principal only. These and other additional requirements are contained in the DFSA Rulebook.
An application form, Form REC1, is located in Chapter 8 of the Application Forms and Notices Module (AFN) of the DFSA Sourcebook, available on the DFSA website.
Recognised Members currently do not pay any application or periodic fees.
Supervision as a Recognised Member
Recognised Members are required to notify the DFSA immediately of any material changes which could impact their recognition status within the DIFC. This includes making copies available of any information provided to financial services regulators outside of the DIFC.
- DFSA Rulebook: Applicable modules include:
- Enquiries: You can direct your questions about the Recognition process to our Markets Division.
- NASDAQ Dubai and DME: For enquiries on the admission requirements for membership to these AMIs, contact the NASDAQ Dubai or DME.