Clifford Chance

Changes to DFSA client classification regime

8 October 2014

Good timing – an opportunity to consider proposals through the lens of possible "perimeter" issues raised by the Bank Sarasin judgment.

The Dubai Financial Service Authority (DFSA) has released a consultation paper outlining proposed changes to the client classification provisions of the Conduct of Business (COB) module of its rulebook.

The DFSA client classification regime was last modified in 2007 and these proposals are intended to address accumulated concerns and requests of firms and, in certain instances, to codify the basis upon which waivers and modifications have been granted to accommodate evolving market practices or structures.

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