Application for Authorisation to Carry on Financial Services in Or from the DIFC

APPLICATION FORMS AND NOTICES (AFN) – AUT FAD

For DFSA use only

Form AUT - FAD

Application for Authorisation to carry on Financial Services in or from the DIFC

Providing Fund Administration

1 of 9 AUT FAD/VER2/04-08 APPLICATION FORMS AND NOTICES (AFN) – AUT FAD

Purpose of this form

This form must be submitted by any Person applying for a Licence to carry on the Financial Service of Providing Fund Administration in or from the DIFC. The activities which constitute Providing Fund Administration are defined in the General Module of the DFSA’s Rulebook, and are summarised as follows:

 processing dealing instructions including subscriptions, redemptions, stock transfers and arranging settlements;  valuation of assets and performing net asset value calculations;  maintaining the share register and Unitholder registration details;  performing anti money laundering requirements;  undertaking transaction monitoring and reconciliation functions;  performing administrative activities in relation to banking, cash management, treasury and foreign exchange;  production of Financial Statements, other than as the Fund’s registered auditor; or  communication with participants, the Fund, Operator, fund managers, prime brokers, Regulators and any other parties in relation to the administration of the Fund.

An Authorised Firm wishing to change the scope of its current Licence should complete Form SUP4.

Applicants seeking authorisation to Operate a Collective Investment Fund, provided they have submitted Form AUT–INV, are not required to complete Form AUT-FAD.

This form is designed to assist applicants in providing information about the Financial Services for which a Licence is sought and to assist the DFSA in understanding how applicants intend to carry on those activities. Applicants will need to satisfy the DFSA that they have sufficient financial resources, appropriate personnel, and adequate systems and internal controls in relation to the Financial Services to be carried on.

The DFSA may require additional information or clarification in order to complete the processing of an application. In this respect, the DFSA will correspond with the applicant’s contact person, as detailed in form AUT – CORE.

Contents

Section Title 1 General Information

2 About the Applicant’s Clients and Services

3 Checklist of Attachments

4 Declaration

Notes for completing this form

 The term “applicant” refers to the entity for which a Licence is being sought to conduct Financial Services in or from the DIFC. In all instances where this application form requests details to be supplied in relation to the applicant, responses should be provided in relation to the applicant entity wanting to incorporate within the DIFC.

 Defined terms are identified throughout this application form by the capitalisation of the initial letter of a word or phrase and are defined in the Glossary module (GLO) of the DFSA’s Rulebook.

 All financial information must be given in US dollars, together with a statement of the original currency used (if relevant) and the exchange rate applied for conversion.

 Questions must be answered fully and the use of abbreviations or acronyms should be avoided or defined.

 Do not leave any questions blank. If a question is not applicable this should be indicated in the response section. Failure to answer questions or provide full responses may delay the progress of the application.

 Answers must be typed in electronic format and the form must be signed by a Director/Partner of the Applicant or, in the event that, for example, the applicant has yet to be incorporated, the Director who will be authorised in due course to sign on behalf of the applicant.

SECTION 1 – ABOUT THE APPLICANT’S SERVICES

1.1 Please describe the applicant’s proposed Fund Administration activities to be provided in or from the DIFC with reference to the types of activities set out under GEN 2.24 of the DFSA’s Rulebook (summarised at the beginning of this form under ‘Purpose of this form’).

1.2 Please describe any other administrative functions or services proposed to be undertaken not captured in your response to 1.1 above.

1.3 Please explain what experience the applicant and its employees have in relation to the proposed business, and in which jurisdictions.

For applicants applying to establish a branch office, please provide details about the applicant’s head office as well.

1.4 Outline how the applicant will supervise, train and monitor its Employees with a view to maintaining an ongoing level of industry knowledge. If Employees will require ongoing training to meet professional development or other professional requirements imposed by industry associations this should also be detailed. This should include the types of training offered, to whom the training will be offered, the frequency of the training and whether internal or external training staff will be used.

SECTION 2 - ABOUT THE APPLICANT’S CUSTOMERS

2.1 Describe in detail the types of funds or fund operators the applicant intends to target, including the approximate size of the target customer base, and to what extent the firm will specialise in any particular sector or type of fund.

2.2 Describe in detail how the applicant plans to obtain such customers, e.g. by referral, marketing, advertising or transfer from within the applicant's Group. Please attach any marketing material to be used by the Applicant. Where existing Fund Administration service relationships will be transferred to the applicant in the DIFC from any other part or office of the group outside of the DIFC, please explain the due diligence process to be undertaken and how the firm will address the AML requirements set out in the CIR Module (CIR 4.2.1) and the AML Module of the DFSA’s Rulebook.

2.3 Describe in detail the basis on which charges for Fund Administration services will be calculated and received.

2.4 Fund Administrators, where used, would usually be appointed either by the Fund itself, or the Fund’s operator. Please describe any circumstances you are aware of where this may not always be the case.

2.5 Please attach a copy of any draft Delegation Agreement(s) or Service Level Agreement(s) which should include the matters required by the DFSA Rules (see CIR 4.4) to the extent that they are known at this stage.

2.6 Please detail the arrangements for the maintenance of records in compliance with Rule 4.5 of the CIR Module of DFSA’s Rulebook.

2.7 Will the applicant’s services involve it holding cheques to the Yes No order of a Fund’s bank account, OR hold a mandate over a Fund’s bank account? If Yes, please outline the circumstances and the controls that will operate to ensure compliance with CIR 4.3.1.

SECTION 3 - ATTACHMENTS

Attachment Relevant Attachment Required Included Question To Yes N/A Follow 2.2 Marketing material.

2.5 Draft Delegation / Service Level Agreement.

Other – Please specify:

SECTION 4 - DECLARATION

4.1 Declaration by the applicant

1. I declare that, to the best of my knowledge and belief, having made due enquiry, the information given in this form is complete and correct. I understand that it is an offence under Article 66 of the Regulatory Law 2004 to provide to the DFSA any information which is false, misleading or deceptive or to conceal information where the concealment of such information is likely to mislead or deceive the DFSA.

2. I declare my understanding that the DFSA may request more detailed information (including but not limited to, personal, educational, employment and financial information) should it be deemed necessary to adequately assess the fitness and propriety of the firm or any person connected to the firm. I consent to the DFSA contacting any previous employers, educational institutions, professional organisations or any other organisation, to verify any information contained in this form.

3. I confirm that I have the authority to make this application, to declare as specified above and sign this form for, or on behalf of, the applicant. I also confirm that I have the authority to give the consent specified above, and if applicable.

4.2 Consent by the applicant for disclosures to the Dubai International Finance Centre Authority (DIFCA)

The provision of information by the DFSA under the following consent will assist the DIFCA with exercising its functions and powers, including in relation to establishing your firm’s presence in the centre. It is not mandatory to provide consent. Should you not wish to provide consent, we ask that you keep the DIFCA informed of the progress of your application.

I consent to disclosure of the following information by the DFSA to DIFCA, in each case on or after the date stipulated:

1. The fact of the filing of this application, together with the name of the applicant, on or after the date of filing with the DFSA: and

2. A decision by the DFSA to approve this application, and whether or not approval is or will be subject to pre conditions, on or after the date of that decision.

Signature of Director/Partner of the Date applicant*

Name of Director/Partner of the applicant*

Position/title

Signature of Director/Partner of the Date applicant*

Name of Director/Partner of the applicant*

Position/title

*Or the person who will be authorised by the entity once it has been incorporated or established within the DIFC.

Please return the completed form to:

Dubai Financial Services Authority Authorisation Department Level 13, The Gate PO Box 75850 Dubai, UAE

Firms are advised to retain a copy of the form and all relevant attachments for their records.

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