Firms

Conditions

Disclosure of testing status
1. The Licensee must disclose prominently on its website and Platform, in any written communication
that it provides to a Client or potential Client, and in any form of electronic media that it makes
accessible to a Client or potential Client, that:
(a) its Licence is a restricted “Innovation Testing Licence'' and it is restricted under the Licence to
testing its Services; and
(b) due to the restricted nature of its Licence, normal requirements and Client protections may not
apply and Clients may have limited rights if they suffer loss as a result of taking part in testing
of its Services.
Test Plan
2. The Licensee must ensure that it complies with its programme for testing its Services as set out in
its Test Plan.
Exit Strategy
3. No later than one month after the end of the Testing Period, the Licensee must submit to the DFSA
either:
(a) a duly completed application to remove the restrictions on its Licence, that includes all
information necessary to demonstrate to the DFSA that it can meet the requirements to hold
an unrestricted Licence; or
(b) a request in writing to withdraw its Licence.
4. In the event the Licensee submits an application to the DFSA to remove the restrictions on its
Licence and the DFSA rejects that application, the Licensee must no later than one month after it
is notified by the DFSA of the rejection, submit a request in writing to the DFSA to withdraw its
Licence.
Client Money Auditor’s Report
5. The Licensee must submit to the DFSA a Client Money Auditor’s Report for the Client Account prior
to the end of the Testing Period.
Money Services Auditor’s Report
6. The Licensee must submit to the DFSA a Money Services Auditor’s Report for the Client Account
prior to the end of the Testing Period.