DFSA Authorised Market Institutions Module (AMI)chapter by chapter

2.2.12.2 Application for a Licence

Prepare and submit a formal DFSA Licence application before commencing Exchange/Clearing House activities in or from the DIFC.

2.2.22.2 Application for a Licence

Confirm and document that the applicant entity is a Body Corporate and is not, and is not applying to be, an Authorised Firm before submitting the Licence application.

2.2.2A2.2 Application for a Licence

Verify and evidence DIFC Companies Law incorporation before applying for (or varying a Licence to add) authorisation to clear Crypto Tokens.

2.2.32.2 Application for a Licence

Compile a written Licence application package demonstrating how the Licensing Requirements will be met, with all supporting agreements/information attached.

2.3.1(a)2.3 Application for an endorsement

Confirm the entity holds a current Exchange Licence before applying for an MTF endorsement.

2.3.1(b)2.3 Application for an endorsement

Prepare a demonstration/assessment showing the IT systems, human resources and controls to be used for the MTF meet the Licensing Requirements applicable to an Exchange.

2.3.1(c)2.3 Application for an endorsement

Verify and evidence DIFC Companies Law incorporation before applying for an MTF endorsement covering Crypto Tokens.

2.3.22.3 Application for an endorsement

Assess and document compliance with GEN App 5 Trade Repository requirements before applying for a Trade Repository endorsement.

2.4.12.4 Application for a change of scope of a Licence

Prepare a written change-of-scope submission to the DFSA including a Licensing Requirements impact/satisfaction assessment.

3.2.1(1)3.2 Assessment

Build and maintain a documented Licensing Requirements compliance case covering all applicable chapters (5/5A/5B/6/7), both for initial licensing and on an on-going basis.

3.2.1(2)3.2 Assessment

Build and maintain a documented compliance case for the specific endorsement requirements (Official List / MTF / Trade Repository), both at application and on an on-going basis post-grant.

3.2.2(b)-(d)3.2 Assessment

Establish a process to respond promptly and completely to DFSA information/verification requests raised during application assessment.

3.3.1(1)3.3 Obtaining Key Individual status

Ensure the AMI-side and individual-side sections of the AFN Key Individual application form are both completed and submitted.

3.3.1(2)(a)3.3 Obtaining Key Individual status

Conduct and document a competency assessment of the proposed Key Individual against the requirements of the proposed Licensed Function.

3.3.1(2)(b)3.3 Obtaining Key Individual status

Verify and document the candidate's continuing professional development / up-to-date knowledge of relevant market, product, technology and regulatory developments.

3.3.1(2)(c)3.3 Obtaining Key Individual status

Assess and document the candidate's practical ability to apply relevant knowledge in the proposed Licensed Function (e.g. through interview, reference checks or role simulation).

3.3.2(1)-(2)3.3 Obtaining Key Individual status

Compile a fit and proper assessment dossier for each proposed Key Individual covering integrity, competence/capability, financial soundness, and proposed role.

3.3.3(a)3.3 Obtaining Key Individual status

Perform and document a bankruptcy/insolvency check on each proposed Key Individual before submitting the application.

3.3.3(b)3.3 Obtaining Key Individual status

Perform and document a criminal record/background check on each proposed Key Individual before submitting the application.

3.3.3(c)3.3 Obtaining Key Individual status

Assess and document that the proposed Key Individual is not incapable, through mental or physical incapacity, of managing his own affairs.

3.3.4(b)-(c)3.3 Obtaining Key Individual status

Establish a process to respond promptly to DFSA information/verification requests raised during a Key Individual fit and proper assessment.

4.2.1(1)4.2 Licensing Requirements

Maintain and periodically review adequate arrangements (systems, controls, resources) to meet all applicable Licensing Requirements on an on-going basis.

4.2.1(3)4.2 Licensing Requirements

Apply the chapter 5 (general) and chapter 6 (Exchange-specific) Licensing Requirements to the MTF operation as if the MTF were an Exchange, and maintain arrangements accordingly.

4.3.1(1)4.3 Approval of material changes

Implement a governance control preventing material changes to Licensing Requirement arrangements from proceeding until DFSA prior approval is obtained.

4.3.1(2)4.3 Approval of material changes

Route any proposed change to the Business Rules through the section 5.6 Business Rules change process instead of the general section 4.3 process.

4.3.2(1)4.3 Approval of material changes

Prepare a formal material change notice covering the proposed change, its rationale, and its impact on the AMI's Regulatory Functions.

4.3.2(2)4.3 Approval of material changes

Track and enforce a minimum 30-day advance submission timeline for material change notices, seeking DFSA agreement to shorter notice only where urgency can be demonstrated on reasonable grounds.

5.2.1(a)-(b)5.2 Organisational Requirements

Maintain and periodically reassess the AMI's fitness/propriety status and constitutional documents (Articles of Association, licence conditions) to ensure continued fitness, propriety and appropriate constitution.

5.2.1(c)5.2 Organisational Requirements

Implement and maintain a documented framework of measures/controls ensuring ongoing satisfaction of DFSA Licensing Requirements and effective performance of Regulatory Functions.

5.2.2(1)5.2 Organisational Requirements

Maintain a resourcing plan/headcount analysis ensuring sufficient staff to operate and supervise the AMI's facilities.

5.2.2(2)5.2 Organisational Requirements

Establish an employee fitness & propriety screening programme and a training programme covering role-specific skills and DIFC regulatory requirements.

5.2.2(3)(a)5.2 Organisational Requirements

Implement ongoing fitness & propriety monitoring arrangements (periodic re-screening, disclosure obligations, disciplinary triggers).

5.2.2(3)(b)5.2 Organisational Requirements

Retain fitness & propriety assessment records for each employee for at least six years after cessation of employment.

5.2.3(1)(a)5.2 Organisational Requirements

Develop, document and maintain a corporate governance framework (board structure, committees, policies) commensurate with the AMI's business.

5.2.3(1)(b)5.2 Organisational Requirements

Design and maintain a remuneration policy aligned with the AMI's long-term interests, proportionate to its business.

5.2.3(2)5.2 Organisational Requirements

Maintain a minimum threshold of independent Governing Body members on an ongoing basis, monitoring composition changes.

5.3.1(1)5.3 Licensed Functions and Key Individuals

Ensure continuous appointment of individuals to each Licensed Function with DFSA approval as required.

5.3.2(1)5.3 Licensed Functions and Key Individuals

Conduct and document a competency assessment of each candidate before permitting them to perform a Licensed Function.

5.3.105.3 Licensed Functions and Key Individuals

Ensure SEO, Compliance Officer and MLRO appointees are, and remain, UAE residents.

5.3.11(1)5.3 Licensed Functions and Key Individuals

Review and restrict allocation of commercial duties to Key Individuals where these would conflict with, or impair, their Key Individual functions.

5.3.11(2)5.3 Licensed Functions and Key Individuals

Perform and document a pre-assignment conflict assessment for any commercial function proposed for a Key Individual and implement mitigating controls where conflicts are identified.

5.3.11(3)5.3 Licensed Functions and Key Individuals

Retain records of all conflict assessment decisions and mitigating procedures relating to Key Individual commercial function assignments.

5.3.12(2)5.3 Licensed Functions and Key Individuals

Exclude Governing Body member roles from any temporary-cover appointment arrangement.

5.3.12(3)5.3 Licensed Functions and Key Individuals

Brief and monitor temporary-cover appointees on all Key-Individual-applicable rules and obligations during their tenure.

5.3.12(4)5.3 Licensed Functions and Key Individuals

Submit written notification to the DFSA of the temporary cover appointee's name and contact details.

5.3.12(5)5.3 Licensed Functions and Key Individuals

Track temporary cover duration and initiate the permanent Key Individual recruitment/appointment process before the maximum cover period expires.

5.4.15.4 Conflicts of interests

Maintain a conflicts-of-interest identification, prevention/management and disclosure framework covering AMI-shareholder-Member-user relationships.

5.4.25.4 Conflicts of interests

Implement a Personal Account Dealing (PAD) policy governing employee transactions in Investments/Crypto Tokens.

5.4.35.4 Conflicts of interests

Establish, publish (as appropriate) and enforce an employee Code of Conduct addressing conflicts-of-interest procedures.

5.4.4 (MTF proprietary capital)5.4 Conflicts of interests

Implement a system control preventing execution of MTF orders against the AMI's own proprietary capital.

5.4.4 (Performance of Regulatory Functions) [duplicate clause number in source]5.4 Conflicts of interests

Establish safeguards ensuring commercial interests do not compromise the performance of Regulatory Functions (e.g. market surveillance, membership admission, disciplinary action).

5.4.55.4 Conflicts of interests

Implement documented systems and controls (policies/procedures) safeguarding Regulatory Function performance from commercial/profitability pressures.

5.5.1(1)5.5 Operational efficiency and resilience

Maintain a systems and controls framework that is compliant, resilient for operational continuity, and proportionate to business nature/scale/complexity.

5.5.1(2)5.5 Operational efficiency and resilience

Maintain documented arrangements covering risk management, financial & technology resourcing, employee fitness/propriety, operational functions, outsourcing, safeguarding of Member/participant assets, information transmission to Members, and transaction supervision/monitoring.

5.5.1(3)5.5 Operational efficiency and resilience

Conduct regular (e.g. annual) reviews of systems and controls to confirm continued adequacy and effective operation.

5.5.3(1)5.5 Operational efficiency and resilience

Submit an application for, and obtain, DFSA prior approval before entering any material outsourcing arrangement.

5.5.3(3)5.5 Operational efficiency and resilience

Follow the Rule 4.3.1(1) material-change notification/approval procedure when seeking outsourcing approval.

5.5.4(1)-(2)5.5 Operational efficiency and resilience

Calculate, hold and maintain minimum financial resources (>= 50% of forecast next-12-month gross operating costs, or the DFSA-specified amount) plus additional adequate resources.

5.5.4(3)(a)5.5 Operational efficiency and resilience

Ensure assets held to satisfy financial resource requirements are high-quality and sufficiently liquid to meet current/projected operating expenses under adverse scenarios.

5.5.4(3)(b)5.5 Operational efficiency and resilience

Hold cash financial resources only with a Bank or a DFSA-acceptable authorised deposit-taking institution.

5.5.4(4)5.5 Operational efficiency and resilience

Implement systems/controls to determine and monitor financial resource sufficiency addressing the specified risk and resource factors.

5.5.4(5)5.5 Operational efficiency and resilience

Monitor and manage concentration limits for credit/liquidity exposure to commercial banks and clearing Members.

5.5.5(1)5.5 Operational efficiency and resilience

Provision and maintain sufficient IT infrastructure/resources to operate, maintain and supervise trading/clearing/settlement facilities.

5.5.5(2)5.5 Operational efficiency and resilience

Establish and enforce technical connectivity/compatibility standards for Members and participants accessing the AMI's facilities.

5.5.5(3)5.5 Operational efficiency and resilience

Implement documented IT governance procedures covering problem/change management, pre-live testing, performance/availability/integrity monitoring and reporting, system resilience, business continuity for IT failures, and data integrity controls.

5.5.5(4)5.5 Operational efficiency and resilience

Comply with GEN/AMI App 1 testing standards for own IT systems and for assessing adequacy/effectiveness of Members' IT systems.

5.5.6(1)5.5 Operational efficiency and resilience

Conduct regular scheduled reviews and updates of IT systems and controls.

5.5.6(2)5.5 Operational efficiency and resilience

Adopt and document IT development and testing methodologies aligned with recognised international standards.

5.6.1(1)5.6 Business Rules

Establish and maintain a comprehensive Business Rules book covering Member/participant admission criteria, product admission criteria, Default Rules, and other operational matters.

5.6.1(2)5.6 Business Rules

Ensure Business Rules meet the required quality standards: objectivity/non-discrimination, clarity/fairness, clear obligations, legal enforceability, free public availability, dispute/appeal mechanisms, and disciplinary/sanctions provisions.

5.6.25.6 Business Rules

Establish Default Rules setting out the process for taking action on unsettled market contracts of a defaulting Member/participant.

5.6.35.6 Business Rules

Implement compliance monitoring/enforcement procedures for Business Rules, complaint handling, disciplinary action, appeals, and DFSA referral processes.

5.6.4(1)5.6 Business Rules

Ensure any new Business Rule or amendment is only adopted following the consultation/approval process in Rules 5.6.5-5.6.7.

5.6.5(1)5.6 Business Rules

Conduct public consultation on any proposed Business Rules amendment unless dispensation is obtained under Rule 5.6.6.

5.6.5(2)(a)-(b)5.6 Business Rules

Publish a consultation paper meeting the specified content/timing requirements and lodge it with the DFSA no later than release for public comment.

5.6.5(3)5.6 Business Rules

Extend the public consultation period upon DFSA direction.

5.6.5(4)5.6 Business Rules

Engage Members/stakeholders via informal discussions during consultation, assess the impact of the proposed amendment on their interests, and give proper regard to comments received.

5.6.5(5)5.6 Business Rules

Prepare and lodge with the DFSA, before the amendment takes effect, a summary of public comments received (with responses) and any resulting changes to the proposal.

5.6.6(2)5.6 Business Rules

Prepare and lodge with the DFSA a written statement supporting a dispensation request made on urgency grounds, including all required content items.

5.6.6(3)5.6 Business Rules

Prepare and lodge with the DFSA a written statement supporting a dispensation request made on the administrative/immaterial (or prior stakeholder consideration) ground.

5.6.7(1)5.6 Business Rules

Obtain DFSA approval of every proposed Business Rules amendment prior to its effective date.

5.6.7(5)5.6 Business Rules

Publish/issue a notice to Members and the public announcing the approved Business Rules amendment and its effective date immediately upon DFSA approval.

5.7.1(1)5.7 Access to facilities

Implement and enforce Business Rules-based admission criteria and access controls; deny access to any Person not satisfying the module and Business Rules requirements.

5.7.2(2)5.7 Access to facilities

Obtain signed written undertakings covering DFSA jurisdiction, DIFC Courts jurisdiction, DIFC law submission, and confirmation of an appointed DIFC process agent, before admission.

5.7.2(3)5.7 Access to facilities

Conduct and document a pre-admission due diligence assessment covering reputation, staff competence/conduct, and organisational/financial/technological resourcing.

5.7.2(4)5.7 Access to facilities

Conduct and document a tailored due diligence assessment for Investment Token/Crypto Token-only Members covering reputation/competence, resourcing, and operational risk.

5.7.3(1)5.7 Access to facilities

Establish DEA-permission criteria requiring Member-level suitability vetting, retained responsibility, position/margin breach-prevention mechanisms, and confirmation the Member is not a Direct Access Member, and verify compliance before permitting DEA.

5.7.3(2)5.7 Access to facilities

Implement DEA risk-control standards/thresholds, order/trade tagging to identify DEA-originated activity, and a kill-switch capability to halt an individual DEA client's orders independently of the Member's other activity.

5.8.1(1)5.8 Admission of Investments to trading or clearing

Draft and maintain investment/admission criteria in the Business Rules meeting the requirements of Rule 5.8.1(2)-(4).

5.8.1(2)5.8 Admission of Investments to trading or clearing

Implement pre-admission verification confirming Official List status for Securities and contract-design compliance for Derivatives before listing on the Exchange.

5.8.1(3)5.8 Admission of Investments to trading or clearing

Implement pre-admission eligibility verification for MTF-traded instruments (Regulated Exchange listing check, Approved Prospectus/MKT 9.3 eligibility check with ongoing MKT 9B compliance monitoring, or contract-design check) prior to admission.

5.8.1(4)5.8 Admission of Investments to trading or clearing

Implement a Suitable Crypto Token verification and contract-design check as a pre-admission gate for Crypto Tokens and Crypto Token Derivatives.

5.8.1(5)5.8 Admission of Investments to trading or clearing

Verify Price Information Provider and benchmark/index compliance with App 2 requirements before admitting or trading benchmark-linked Investments.

5.9.1(a)5.9 Integrity and transparency

Embed integrity/fair-dealing standards into Business Rules, policies and Member conduct requirements, and actively promote adherence.

5.9.1(b)5.9 Integrity and transparency

Maintain a documented cooperation protocol for responding to DFSA/regulator requests, including information-sharing agreements.

5.9.2(1)5.9 Integrity and transparency

Develop and maintain disclosure policies/procedures covering risk explanations, fee schedules and material cost information for facility users.

5.9.2(2)5.9 Integrity and transparency

Publish the disclosure policies and procedures on the AMI's website/other public channel and keep the publication current.

5.9.3(a)5.9 Integrity and transparency

Implement trading/transaction recording systems capturing orders, amendments, cancellations and full order audit trails.

5.9.3(b)5.9 Integrity and transparency

Configure records retention systems/policy to store transaction and order records for a minimum 6-year period.

5.9.3(c)5.9 Integrity and transparency

Establish a process to promptly retrieve and provide requested records to the DFSA upon request.

5.9.3(d)5.9 Integrity and transparency

Align transaction record-keeping practices with DIFC Data Protection Law requirements (e.g., data handling, access, retention/deletion controls).

5.10.1(a)5.10 Safeguarding and administration of assets

Establish and maintain safe custody arrangements for client/participant assets meeting the minimum requirements of Rules 5.10.2 and 5.10.3.

5.10.1(b)5.10 Safeguarding and administration of assets

Put in place clear, documented custody agreement terms with each Member/participant covering the safe custody service.

5.10.2(a)5.10 Safeguarding and administration of assets

Implement asset segregation controls (e.g., segregated accounts/ledgers) ensuring no commingling of client assets with house assets or other clients' assets.

5.10.2(b)5.10 Safeguarding and administration of assets

Ensure custody agreements and operational processes guarantee the AMI prompt access to custodied assets when needed.

5.10.2(c)5.10 Safeguarding and administration of assets

Implement controls requiring documented client instruction (or agreement/legal authority) before any use or transfer of custodied assets.

5.10.2(d)5.10 Safeguarding and administration of assets

Establish a periodic reconciliation process comparing custody records/accounts to actual assets held (including with custodians/sub-custodians).

5.10.2(e)5.10 Safeguarding and administration of assets

Maintain an accurate asset register/ledger recording ownership, charges/interests, and all account movements per Member/participant.

5.10.3(a)5.10 Safeguarding and administration of assets

Conduct and document due diligence confirming a prospective custodian's authorisation/regulatory status before appointment.

5.10.3(b)5.10 Safeguarding and administration of assets

Include contractual restrictions in custodian agreements prohibiting sub-custodian appointment unless the sub-custodian meets the same authorisation/regulatory standard, with advance notification requirements.

5.11.1(a)5.11 Promotion and maintenance of standards

Implement and maintain a market surveillance program covering orderly-conduct monitoring, Business Rules compliance checks, and investor protection controls (e.g., trading halts, pre/post-trade transparency).

5.11.1(b)5.11 Promotion and maintenance of standards

Configure surveillance systems/alerts specifically targeting Market Abuse patterns, financial crime and money-laundering indicators.

5.11.2(1)(a)5.11 Promotion and maintenance of standards

Implement detection/prevention measures (surveillance rules, controls, alerts) targeting Market Abuse, money laundering and financial crime.

5.11.2(1)(b)5.11 Promotion and maintenance of standards

Establish an immediate escalation and DFSA notification procedure for suspected Market Abuse/money laundering/financial crime.

5.11.2(2)(a)5.11 Promotion and maintenance of standards

Draft and incorporate a Market Abuse/AML/financial crime prevention regime into the Business Rules covering compliance arrangements, transaction monitoring, risk assessment and training.

5.11.2(2)(b)5.11 Promotion and maintenance of standards

Implement Member compliance-monitoring measures (attestations, reviews, audits) to ensure ongoing adherence to the regime.

5.11.2(3)5.11 Promotion and maintenance of standards

Ensure the Business Rules regime explicitly addresses all four minimum components: compliance arrangements, transaction monitoring, risk assessment, and training requirements for Members.

5.11.2(4)5.11 Promotion and maintenance of standards

Use a standardised notification template capturing conduct details and grounds for suspicion for every DFSA notification.

5.11.3(1)(a)5.11 Promotion and maintenance of standards

Assess each prospective Member's AML/Market Abuse systems and controls as part of the admission due diligence process.

5.11.3(1)(b)5.11 Promotion and maintenance of standards

Establish a periodic Member compliance review/monitoring program for the AML/Market Abuse regime.

5.11.3(1)(c)5.11 Promotion and maintenance of standards

Implement a remediation/enforcement process requiring Members to correct identified regime breaches promptly, with escalation for non-compliance.

5.11.3(2)5.11 Promotion and maintenance of standards

Establish a prompt DFSA notification procedure for material Member regime breaches and non-rectification situations.

5.12.2(1)5.12 Miscellaneous requirements

Implement a documented complaints-handling procedure (acknowledgement, independent investigation, timely response) for complaints against the AMI.

5.12.2(2)5.12 Miscellaneous requirements

Maintain a complaints register logging each complaint and its resolution, retained for at least six years.

5.12.35.12 Miscellaneous requirements

Review and, if necessary, restrict use of facility naming/marketing terms to ensure token-specific terminology is used only for facilities exclusively trading/clearing Investment Tokens (or with demonstrable clear separation where mixed).

5A.2.15A.2 Technology and governance requirements

Map COB 14.1 technology/governance requirements (e.g. DLT governance framework, technology risk management, business continuity, cyber resilience) to the AMI's Investment Token facility and implement/document compliance with each.

5A.3.1(1)5A.3 Operating a Facility for Investment Tokens that permits direct access

Classify all Direct Access Members as Clients and apply all Client-related obligations (e.g. COB conduct of business, disclosure, redress rules) to them.

5A.3.1(2)5A.3 Operating a Facility for Investment Tokens that permits direct access

Draft/update Business Rules to include a dedicated section specifying mutual duties and accountability mechanisms between the AMI and Direct Access Members.

5A.3.1(3)5A.3 Operating a Facility for Investment Tokens that permits direct access

Establish an investor redress/complaints mechanism for Investment Token trading/clearing Members and publish/disclose it to those Members.

5A.3.1(4)5A.3 Operating a Facility for Investment Tokens that permits direct access

Publish a prominent DLT/Digital Wallet risk disclosure statement on the trading facility/website.

5A.3.2(1)(a)5A.3 Operating a Facility for Investment Tokens that permits direct access

Implement UBO identification procedures for corporate Direct Access Member applicants as part of access/onboarding controls.

5A.3.2(1)(b)5A.3 Operating a Facility for Investment Tokens that permits direct access

Implement pre-access CDD procedures for Direct Access Members covering AML/CTF risk.

5A.3.2(1)(c)5A.3 Operating a Facility for Investment Tokens that permits direct access

Implement automated/manual market surveillance procedures to detect and address market manipulation and abuse.

5A.3.2(1)(d)5A.3 Operating a Facility for Investment Tokens that permits direct access

Verify prospectus and ongoing disclosure obligations under MKT 2, 4 and 6 are satisfied for each Investment Token admitted to trading.

5A.3.2(2)(a)5A.3 Operating a Facility for Investment Tokens that permits direct access

Establish a margin/collateral management framework calibrated to the facility's settlement cycle for Direct Access Members.

5A.3.2(2)(b)5A.3 Operating a Facility for Investment Tokens that permits direct access

Implement order-tagging and kill-switch/stop-trading functionality specific to Direct Access Members.

5A.3.2(2)(c)5A.3 Operating a Facility for Investment Tokens that permits direct access

Implement access controls/authentication safeguards preventing unauthorised sub-access via a Direct Access Member's connection.

5A.3.2(2)(d)5A.3 Operating a Facility for Investment Tokens that permits direct access

Implement Business Rules compliance monitoring for Direct Access Members with a remediation process for gaps/deficiencies.

5A.3.2(3)5A.3 Operating a Facility for Investment Tokens that permits direct access

Resource and maintain a front-line trading monitoring function (staff and systems) dedicated to Direct Access Member activity.

5A.3.2(4)5A.3 Operating a Facility for Investment Tokens that permits direct access

Ensure the scope of the annual DLT technology audit explicitly covers the market integrity/AML/CTF/investor protection controls under 5A.3.2(1).

5A.3.35A.3 Operating a Facility for Investment Tokens that permits direct access

Issue confirmation notes to Direct Access Members for executed Investment Token transactions in the form/content required by COB 6.9 and App 3 A3.1.

5A.4.1(1)5A.4 Safe custody of Investment Tokens

Implement Digital Wallet Service Provider controls (key management, segregation, reconciliation, insurance/cover) meeting COB 14.3 and Client Asset (COB 6.11-6.13) standards.

5A.4.1(2)5A.4 Safe custody of Investment Tokens

Perform due diligence to confirm any Third Party Digital Wallet Service Provider is either DFSA-authorised for that activity or regulated to an equivalent standard by another Financial Services Regulator, before appointment.

5A.5.15A.5 Technology audit reports

Commission an annual independent technology audit and written report covering the Investment Token facility's DLT/technology systems and controls, per COB 14.5 scope and timing requirements, and submit/retain as required.

5B.2.15B.2 Technology and governance requirements

Map COB 15.7 technology/governance requirements to the Crypto Token facility and implement/document compliance.

5B.3.1(a)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Classify all Direct Access Members as Clients and apply all Client-related obligations to them.

5B.3.1(b)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Draft/update Business Rules to include a dedicated section specifying mutual duties and accountability mechanisms between the AMI and Direct Access Members.

5B.3.1(c)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Establish an investor redress/complaints mechanism for Crypto Token trading/clearing Members and publish/disclose it to those Members.

5B.3.1(d)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Publish a prominent DLT/Digital Wallet risk disclosure statement on the trading facility/website.

5B.3.2(1)(a)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Implement UBO identification procedures for corporate Direct Access Member applicants as part of access/onboarding controls.

5B.3.2(1)(b)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Implement pre-access CDD procedures for Direct Access Members covering AML/CTF risk.

5B.3.2(1)(c)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Implement automated/manual market surveillance procedures to detect and address market manipulation and abuse.

5B.3.2(2)(a)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Establish a margin/collateral management framework calibrated to the facility's settlement cycle for Direct Access Members.

5B.3.2(2)(b)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Implement order-tagging and kill-switch/stop-trading functionality specific to Direct Access Members.

5B.3.2(2)(c)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Implement access controls/authentication safeguards preventing unauthorised sub-access via a Direct Access Member's connection.

5B.3.2(2)(d)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Implement Business Rules compliance monitoring for Direct Access Members with a remediation process for gaps/deficiencies.

5B.3.2(3)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Resource and maintain a front-line trading monitoring function (staff and systems) dedicated to Direct Access Member activity.

5B.3.2(4)5B.3 Operating a Facility for Crypto Tokens that permits direct access

Ensure the scope of the annual DLT technology audit explicitly covers the market integrity/AML/CTF/investor protection controls under 5B.3.2(1).

5B.3.35B.3 Operating a Facility for Crypto Tokens that permits direct access

Issue confirmation notes to Direct Access Members for executed Crypto Token transactions in the form/content required by COB 6.9 and App 3 A3.1.

5B.4.1(1)5B.4 Provision of information about Crypto Tokens

Publish a key features document on the AMI's website for each Crypto Token before permitting it to trade, and withhold/suspend trading for tokens lacking one.

5B.4.1(2)5B.4 Provision of information about Crypto Tokens

Ensure the key features document template includes all information items mandated by COB 15.3.1 and validate each token's document against that checklist.

5B.4.2(a)5B.4 Provision of information about Crypto Tokens

Establish a version-control/verification process to confirm any white paper made available is the current/latest version before publication and periodically thereafter.

5B.4.2(b)5B.4 Provision of information about Crypto Tokens

Include author attribution (if known) and publication date alongside each white paper made available.

5B.4.2(c)5B.4 Provision of information about Crypto Tokens

Attach a prominent standard disclaimer to every white paper published or disseminated via the facility.

5B.4.3(1)5B.4 Provision of information about Crypto Tokens

Establish an ongoing information monitoring and refresh process for each Crypto Token traded, covering the data categories required under 5B.4.3(2).

5B.4.3(2)-(3)5B.4 Provision of information about Crypto Tokens

Build and maintain a per-token information page/data set covering supply, holder concentration (10%+ holders), inflation/deflation mechanisms, developer/issuer holdings, and (for Fiat Crypto Tokens) reserve and redemption details, taking reasonable steps to identify significant holders.

5B.4.4(1)5B.4 Provision of information about Crypto Tokens

Publish the full set of prescribed risk warnings prominently on the facility's website.

5B.4.4(2)5B.4 Provision of information about Crypto Tokens

Embed the standard risk warning at or near the top of every marketing/educational communication and each webpage referencing Crypto Tokens.

5B.4.4(3)5B.4 Provision of information about Crypto Tokens

Implement a fixed/sticky risk-warning banner on the website and app, replicated on every linked page.

5B.4.55B.4 Provision of information about Crypto Tokens

Implement a review/approval control for all past-performance and forecast content aimed at Retail Clients, checking for balance, source/assumption disclosure, and inclusion of the required warning.

5B.4.6(a)5B.4 Provision of information about Crypto Tokens

Display a prominent no-due-diligence warning on the forum.

5B.4.6(b)5B.4 Provision of information about Crypto Tokens

Implement access controls restricting forum posting rights to registered facility users.

5B.4.6(c)5B.4 Provision of information about Crypto Tokens

Design the forum so no user group receives preferential access/visibility of posted information.

5B.4.6(d)5B.4 Provision of information about Crypto Tokens

Build a mandatory affiliation/compensation disclosure prompt/field into the forum posting process.

5B.4.6(e)5B.4 Provision of information about Crypto Tokens

Implement forum content monitoring (automated filters and/or human moderation) to detect misleading, fraudulent or market-abuse-related posts.

5B.4.6(f)5B.4 Provision of information about Crypto Tokens

Implement an immediate post-removal/takedown procedure triggered upon identification of non-compliant forum posts.

5B.4.6(g)5B.4 Provision of information about Crypto Tokens

Restrict AMI staff forum participation to moderation-only activity; prohibit substantive engagement in discussion threads.

5B.5.1(a)5B.5 Safe custody of Crypto Tokens

Implement Digital Wallet Service Provider controls (key management, segregation, reconciliation) for Crypto Token custody meeting COB 14.3 and Client Asset (COB 6.11-6.13) standards.

5B.5.1(b)5B.5 Safe custody of Crypto Tokens

Perform due diligence confirming any Third Party Digital Wallet Service Provider for Crypto Tokens is DFSA-authorised or regulated by a Financial Services Regulator, before appointment.

5B.6.15B.6 Technology audit reports

Commission an annual independent technology audit and written report covering the Crypto Token facility's DLT/technology systems and controls per COB 15.8, and submit/retain as required.

5B.7.15B.7 Other requirements

Implement a mandatory appropriateness assessment for Retail Clients prior to permitting access to Crypto Token/Crypto Token Derivative trading.

5B.7.25B.7 Other requirements

Implement payment method controls that block or reject credit card/credit facility funding for Retail Client Crypto Token purchases.

5B.7.3(1)5B.7 Other requirements

Prohibit trading-linked incentives, promotions, or rewards targeted at Retail Clients for Crypto Token/Derivative trading.

5B.7.3(2)5B.7 Other requirements

Embed a formal control (e.g. marketing approval workflow, compliance sign-off gate) into systems and controls to prevent incentive schemes reaching Retail Clients.

5B.7.45B.7 Other requirements

Ensure no lending/staking product or service is offered on the facility involving Members'/users' Crypto Tokens, other than permitted Collateral arrangements with an Authorised Firm.

5B.7.5(a)5B.7 Other requirements

Establish and maintain satisfactory clearing/settlement arrangements for the MTF ensuring timely discharge of transaction obligations.

5B.7.5(b)5B.7 Other requirements

Publish/communicate the clearing and settlement arrangements to all Members and participants.

5B.7.65B.7 Other requirements

Restrict settlement currency/instruments on the MTF to fiat currency or DFSA-qualifying Suitable Crypto Tokens (Fiat Crypto Tokens), with controls preventing settlement in other Crypto Tokens.

6.2.1(1)6.2 Proper Markets

Establish and maintain Business Rules covering fair/orderly/efficient trading and a Proper Market assessment/admission-to-trading policy.

6.2.1(2)(c)6.2 Proper Markets

Implement a documented trading-halt/suspension/de-listing mechanism triggered by loss of Proper Market conditions.

6.2.1(2)(g)6.2 Proper Markets

Implement and maintain an order-matching engine configured to a fair, non-discretionary (e.g. price/time priority) algorithm.

6.3.1(1)(a)6.3 Specifications relating to design and trading of Derivatives

Publish clear derivative-trading rules/procedures (e.g. in Business Rules) on the Exchange's public website.

6.3.1(1)(b)6.3 Specifications relating to design and trading of Derivatives

Implement trading conduct controls/surveillance specific to Derivative markets to ensure fair, orderly, efficient trading.

6.3.1(2)6.3 Specifications relating to design and trading of Derivatives

Publish detailed contract terms/specifications for each Derivative contract, including delivery and pricing information.

6.3.2(1)(a)6.3 Specifications relating to design and trading of Derivatives

Apply a documented contract-design review/approval process assessing orderly pricing and settlement effectiveness before launch of each Derivative contract.

6.3.2(1)(b)6.3 Specifications relating to design and trading of Derivatives

Incorporate App 3 delivery specifications and legally enforceable settlement/delivery terms into Commodity Derivative contract terms; validate correlation with the physical market and price-discovery function.

6.3.2(2)6.3 Specifications relating to design and trading of Derivatives

Maintain a Business Rules schedule/contract specification listing each of the eight minimum design parameters for every Derivative contract traded.

6.3.3(a)6.3 Specifications relating to design and trading of Derivatives

Document a Contract Design Development & Review Procedure covering new contract development and periodic review of existing contracts.

6.3.3(b)6.3 Specifications relating to design and trading of Derivatives

Implement a market consultation process (e.g. consultation papers, user working groups) for new or reviewed Derivative contract designs.

6.3.3(c)6.3 Specifications relating to design and trading of Derivatives

Embed in Business Rules an express power for the Exchange to vary, remove or rescind Derivative contract terms found to cause manipulative/disorderly conditions.

6.3.3(d)6.3 Specifications relating to design and trading of Derivatives

Implement periodic monitoring/evaluation of settlement and delivery procedures against physical market benchmarks.

6.4.16.4 Transparency and disclosure

Establish a documented market transparency framework covering pre-trade and post-trade information dissemination arrangements.

6.4.26.4 Transparency and disclosure

Operate a real-time public market-data feed disseminating bid/offer prices, volumes and market depth throughout the trading day.

6.4.36.4 Transparency and disclosure

Operate a real-time post-trade market data feed/tape disseminating executed transaction details on non-discriminatory commercial terms.

6.5.1(1)6.5 Volatility controls

Implement and regularly stress-test trading system resilience and capacity controls (capacity planning, failover, stress testing).

6.5.1(2)(a)6.5 Volatility controls

Configure pre-trade order-validation controls (price/volume thresholds) in the trading system to automatically reject erroneous or threshold-breaching orders.

6.5.1(2)(b)6.5 Volatility controls

Implement automated volatility/circuit-breaker mechanisms that trigger a temporary trading halt on significant price movements.

6.5.1(2)(c)6.5 Volatility controls

Maintain a documented transaction cancellation/variation/correction capability and procedure within the trading system and Business Rules.

6.5.2(1)(a)6.5 Volatility controls

Implement message-throttling/rate-limiting technology to prevent breaches of messaging capacity limits.

6.5.2(1)(b)6.5 Volatility controls

Embed a Business Rules requirement mandating Members to implement pre-trade risk controls (price/size parameters, permission checks, risk limits) on client order flow.

6.5.2(1)(c)6.5 Volatility controls

Configure system access controls so that pre-trade control parameters can only be modified by authorised Member users, not underlying clients.

6.5.2(2)6.5 Volatility controls

Publish a description of the Exchange's messaging-capacity and pre-trade-control arrangements on its website/Business Rules.

6.6.1(1)6.6 Error Trade policy

Implement operational and system capability to cancel, amend or correct trades identified as Error Trades.

6.6.1(3)6.6 Error Trade policy

Draft and maintain a comprehensive Error Trade Policy within the Business Rules covering all three cancellation bases.

6.6.1(4)(a)6.6 Error Trade policy

Implement pre-trade validation/order controls designed to prevent or minimise Error Trades (e.g. fat-finger checks, price collars).

6.6.1(4)(b)6.6 Error Trade policy

Implement real-time Error Trade detection/alerting and a rectification workflow (cancel/amend/correct) with defined turnaround times.

6.6.1(4)(c)6.6 Error Trade policy

Incorporate a disorderly-market-activity assessment step into the Error Trade investigation process.

6.7.1(1)(a)6.7 Short selling and position management

Implement Short Selling monitoring controls (e.g. flagging, reporting, limits) across its trading facilities.

6.7.1(1)(b)6.7 Short selling and position management

Implement position-concentration monitoring and management controls (e.g. position limits, concentration reports).

6.7.1(2)6.7 Short selling and position management

Embed enforceable powers in Business Rules enabling the Exchange to act against Members in relation to unsettled-position risks (e.g. require position reduction, impose margin, restrict trading).

6.8.1(1)6.8 Foreign ownership restrictions

Establish a foreign-ownership-restriction monitoring and breach-response framework applicable before admitting any such Investments to trading.

6.8.1(2)(a)6.8 Foreign ownership restrictions

Include issuer disclosure and breach-remediation requirements in listing/admission documentation or Business Rules for Investments subject to foreign ownership restrictions.

6.8.1(2)(b)6.8 Foreign ownership restrictions

Establish a data-access mechanism (e.g. registrar/CSD data feed) providing current ownership and beneficial-ownership information for restricted Investments.

6.8.1(2)(c)6.8 Foreign ownership restrictions

Implement a public disclosure/announcement procedure to be triggered when foreign ownership thresholds are breached or approaching breach.

6.8.1(2)(d)6.8 Foreign ownership restrictions

Implement a trading-suspension mechanism/procedure triggered by foreign ownership restriction breaches.

6.8.1(2)(e)6.8 Foreign ownership restrictions

Implement a trading-reinstatement procedure triggered once foreign ownership breaches are remedied.

6.9.1(1)(a)6.9 Liquidity incentive schemes

Restrict liquidity incentive scheme eligibility to Members or non-Members who have passed due diligence and signed a written compliance agreement.

6.9.1(1)(b)6.9 Liquidity incentive schemes

Obtain DFSA written approval before launching any liquidity incentive scheme.

6.9.1(3)6.9 Liquidity incentive schemes

Prepare and lodge a formal DFSA notification package at least 10 business days prior to scheme launch, including the required certification.

6.9.1(6)6.9 Liquidity incentive schemes

Publish a market announcement of the new liquidity incentive scheme promptly upon DFSA approval and before go-live.

6.10.1(a)6.10 Clearing and settlement arrangements

Establish and maintain clearing and settlement arrangements (own or via a linked clearing house/CSD) ensuring timely discharge of transaction rights and liabilities.

6.10.1(b)6.10 Clearing and settlement arrangements

Publish/communicate clearing and settlement arrangement details to Members and participants.

6.11.2(1)(a)6.11 Listing Rules

Draft listing rules satisfying the requirements set out in Rule 6.11.3 before offering an Official List of Securities.

6.11.2(1)(b)6.11 Listing Rules

Submit listing rules (and any future versions) to the DFSA for approval prior to use.

6.11.2(2)(a)6.11 Listing Rules

Run a market consultation process for a reasonable period before any listing rule amendment takes effect.

6.11.2(2)(b)6.11 Listing Rules

Obtain DFSA approval for each listing rule amendment prior to it taking effect.

6.11.3(1)6.11 Listing Rules

Publish current listing rules free of charge (e.g. on the Exchange's public website).

6.11.3(2)6.11 Listing Rules

Implement a user-notification procedure (e.g. circulars, website alerts) for listing rule amendments.

6.11.4(1)6.11 Listing Rules

Ensure listing rules comprehensively address each of the mandated content areas (admission, agreements/enforcement, suspension/delisting, conduct obligations, penalties, procedures/conditions, conflicts of interest, other necessary matters).

6.11.4(2)6.11 Listing Rules

Incorporate security-type-specific listing requirements (financial reporting/auditing standards, track record, free float, transferability restrictions, other DFSA-specified matters) into the listing rules.

6.11.56.11 Listing Rules

Implement systems and controls ensuring ongoing compliance with Official List requirements, whether the list is maintained by the Exchange or the DFSA.

6.11.6(1)6.11 Listing Rules

Establish organisational/governance separation (e.g. independent listing committee/function) ensuring the listing function operates independently from trading/commercial functions.

6.11.6(2)(a)6.11 Listing Rules

Implement an ongoing listing-rule monitoring and enforcement programme covering listed issuers' compliance.

6.11.6(2)(b)6.11 Listing Rules

Implement a complaints-handling and investigation procedure for complaints against listed issuers/Persons subject to the listing rules.

6.11.7(a)6.11 Listing Rules

Establish a disciplinary and sanctions framework (powers, process, penalty scale) applicable to Persons subject to the listing rules.

6.11.7(b)6.11 Listing Rules

Establish an appeals procedure allowing Persons subject to disciplinary/sanctions decisions to appeal.

6.11.8(2)6.11 Listing Rules

Perform a formal pre-admission compliance assessment against listing rule requirements and complete the DFSA notification before granting admission.

6.11.8(3)6.11 Listing Rules

Issue a written decision notice to each listing applicant.

6.11.9(1)6.11 Listing Rules

Prepare and lodge a formal DFSA pre-admission notification package at least 5 business days before admission, including the listing application copy and the Exchange's assessment.

6.11.9(2)6.11 Listing Rules

Implement an immediate DFSA notification procedure for any suspension, restoration or de-listing decision, including reasons.

7.2.1(1)7.2 Risk management

Establish and document a comprehensive enterprise risk management framework covering legal, credit, liquidity, operational and other material risk categories.

7.2.1(2)(a)7.2 Risk management

Conduct and document regular risk reviews covering the Clearing House's own material risk exposures and the risks its operations pose to market participants.

7.2.1(2)(b)7.2 Risk management

Perform periodic independent effectiveness reviews of the risk management framework itself.

7.2.2(1)7.2 Risk management

Maintain documented legal analysis/opinions confirming the enforceability of the legal basis for each material activity in every relevant jurisdiction.

7.2.2(2)7.2 Risk management

Draft, review and maintain enforceable rules, procedures and contractual documentation governing the Clearing House's operations.

7.2.2(3)(a)7.2 Risk management

Perform and document a multi-jurisdictional legal risk assessment identifying conflict-of-law and other cross-border risks, with mitigation measures.

7.2.2(3)(b)7.2 Risk management

Obtain independent legal opinions confirming that actions taken under the Clearing House's rules/procedures cannot be reversed, stayed or voided in each relevant jurisdiction.

7.2.3(1)(a)7.2 Risk management

Calculate and document the minimum liquid resource requirement using an approved methodology.

7.2.3(1)(b)7.2 Risk management

Hold and maintain a liquid resource buffer calibrated to cover settlement obligations under stressed conditions.

7.2.3(1)(c)7.2 Risk management

Verify and document the accessibility/availability of each qualifying liquid resource under stress conditions.

7.2.3(1)(d)7.2 Risk management

Prepare and maintain a documented rationale/paper justifying the quantum and composition of liquid resources held.

7.2.3(1)(e)7.2 Risk management

Implement operational arrangements (funding lines, replenishment procedures) to sustain the required liquid resource level continuously.

7.2.3(2)(a)7.2 Risk management

Document rules/procedures for meeting payment obligations following participant default and for addressing unforeseen liquidity shortfalls.

7.2.3(2)(b)7.2 Risk management

Implement systems/tools for real-time or timely monitoring of settlement and funding flows.

7.2.3(2)(c)7.2 Risk management

Establish and apply a due diligence programme for approving and monitoring liquidity providers.

7.2.3(3)(a)7.2 Risk management

Conduct periodic reviews of the minimum liquid resource calculation for continued adequacy.

7.2.3(3)(b)7.2 Risk management

Design and execute a liquidity stress-testing programme covering a wide range of extreme but plausible scenarios.

7.2.3(3)(c)7.2 Risk management

Conduct periodic access/drawdown testing of committed liquidity facilities with providers.

7.2.4(2)(a)7.2 Risk management

Ensure all custodian/deposit-taking banks used for the Clearing House's own assets are appropriately licensed.

7.2.4(2)(b)7.2 Risk management

Confirm contractual/operational arrangements ensure prompt access to assets held with third parties.

7.2.4(2)(c)7.2 Risk management

Perform periodic credit/concentration exposure assessments of custodians/deposit-taking banks holding its own assets.

7.2.4(3)(i)7.2 Risk management

Document an investment strategy aligned with the risk-management strategy and publish/disclose it to Members and participants.

7.2.4(3)(ii)7.2 Risk management

Restrict the investment universe to instruments meeting the minimal-risk/high-quality-obligor/quick-liquidation criteria.

7.2.5(1)7.2 Risk management

Implement a commercial-bank-money settlement risk control framework.

7.2.5(2)(a)7.2 Risk management

Define and enforce an approved list of settlement assets meeting the low-risk criterion.

7.2.5(2)(b)7.2 Risk management

Establish settlement bank selection/approval criteria and an ongoing monitoring programme against those criteria.

7.2.5(2)(c)7.2 Risk management

Set and monitor concentration limits for exposures to individual/groups of settlement banks.

7.2.5(2)(d)(i)7.2 Risk management

Ensure settlement bank agreements contractually define transfer timing and finality points.

7.2.5(2)(d)(ii)7.2 Risk management

Ensure settlement bank agreements contractually guarantee same-day (or faster) transferability of received funds.

7.2.5A(1)7.2 Risk management

Restrict clearing/settlement mediums for Crypto Token transactions to fiat currency or an approved Fiat Crypto Token only.

7.2.5A(2)7.2 Risk management

Perform and document a suitability/risk assessment of any Fiat Crypto Token before permitting its use for clearing and settlement.

7.2.6(1)(a)7.2 Risk management

Publish and maintain physical delivery rules/information for commodity contracts.

7.2.6(1)(b)7.2 Risk management

Establish a physical delivery risk management process (identification, monitoring, mitigation).

7.2.6(1)(c)7.2 Risk management

Establish storage/delivery risk and cost management procedures for physically-settled commodities.

7.2.6(2)7.2 Risk management

Put in place service agreements with warehouses/logistics providers supporting physical delivery obligations.

7.2.7(1)(a)7.2 Risk management

Define and enforce an eligible-collateral list restricted to low-risk asset types.

7.2.7(1)(b)7.2 Risk management

Establish haircut schedules and concentration limits for accepted collateral and enforce them operationally.

7.2.7(2)7.2 Risk management

Build/implement a collateral management system covering eligibility, valuation, haircuts and monitoring.

7.2.7(2)(b)7.2 Risk management

Implement a collateral valuation methodology and a haircut back-testing programme incorporating stress scenarios.

7.2.7(2)(c)7.2 Risk management

Calibrate the haircut methodology to be stable through-the-cycle and inclusive of stress periods, minimising procyclical adjustments.

7.2.7(2)(d)7.2 Risk management

Monitor and limit concentration of collateral holdings by asset/issuer to preserve liquidation ability.

7.2.7(2)(e)7.2 Risk management

Implement specific controls (legal, operational, FX) for cross-border collateral to ensure timely usability.

7.2.8(1)7.2 Risk management

Document settlement finality arrangements/rules applicable to all payment and transfer obligations processed.

7.2.8(2)(a)7.2 Risk management

Design settlement cycle controls guaranteeing completion by end of value date at minimum.

7.2.8(2)(b)7.2 Risk management

Define and publish the settlement finality moment and the irrevocability cut-off point in the rulebook.

7.3.1(1)(a)7.3 Additional requirements for a CCP

Build and maintain a credit/market risk exposure management process for counterparty exposures.

7.3.1(1)(b)7.3 Additional requirements for a CCP

Implement controls addressing credit risk generated within the payment, clearing and settlement workflows.

7.3.1(2)(a)7.3 Additional requirements for a CCP

Design and run a regular credit/market stress-testing programme with defined parameters and assumptions.

7.3.1(2)(b)7.3 Additional requirements for a CCP

Perform periodic comprehensive review/validation of stress-test models, scenarios and assumptions.

7.3.1(3)(a)7.3 Additional requirements for a CCP

Schedule and execute stress-test model reviews at least bi-monthly, with triggers for more frequent reviews under specified market conditions.

7.3.1(3)(b)7.3 Additional requirements for a CCP

Conduct an annual full validation of all risk-management models.

7.3.2(1)(b)7.3 Additional requirements for a CCP

Implement daily mark-to-market and variation margin collection processes.

7.3.2(1)(c)7.3 Additional requirements for a CCP

Establish rulebook authority and operational systems enabling scheduled and ad hoc intra-day margin calls.

7.3.2(1)(d)7.3 Additional requirements for a CCP

Conduct periodic margin system reviews/validation (back-testing, sensitivity analysis).

7.3.2(2)(a)7.3 Additional requirements for a CCP

Calibrate margin levels per product/portfolio/market based on their specific risk attributes.

7.3.2(2)(b)7.3 Additional requirements for a CCP

Establish approved pricing data sources and fallback valuation models/procedures for the margin system.

7.3.2(2)(c)7.3 Additional requirements for a CCP

Develop and maintain risk-based initial margin models calibrated to the close-out/liquidation horizon.

7.3.2(3)(a)7.3 Additional requirements for a CCP

Ensure the initial margin methodology's granularity (portfolio or sub-portfolio) properly reflects the corresponding future exposure distribution.

7.3.2(3)(b)(i)7.3 Additional requirements for a CCP

Calibrate margin model liquidation/close-out horizons conservatively, including stress scenarios.

7.3.2(3)(b)(ii)7.3 Additional requirements for a CCP

Implement a credit exposure measurement methodology capturing product risk factors, portfolio/cross-product effects, and anti-procyclicality features.

7.3.3(1)7.3 Additional requirements for a CCP

Implement segregation and portability systems/procedures for customer positions and collateral.

7.3.3(2)(a)7.3 Additional requirements for a CCP

Design and verify legal/operational protections isolating customer assets from a defaulting Member's estate.

7.3.3(2)(b)7.3 Additional requirements for a CCP

Where enhanced protection is offered, implement and validate the specific measures needed to make it effective.

7.3.3(2)(c)7.3 Additional requirements for a CCP

Implement individual/omnibus account structures enabling identification and segregation of customer positions and collateral.

7.3.3(3)7.3 Additional requirements for a CCP

Publish/disclose segregation and portability rules, policies and procedures to Members and participants.

7.4.1(1)(a)7.4 Additional requirements for a CSD

Implement accounting practices/controls that guarantee securities issue integrity.

7.4.1(1)(b)7.4 Additional requirements for a CSD

Implement safekeeping/transfer risk controls as part of the CSD's accounting and operational procedures.

7.4.1(2)7.4 Additional requirements for a CSD

Ensure securities are dematerialised/recorded in book-entry form before they may be traded.

7.4.1(3)(a)7.4 Additional requirements for a CSD

Implement system access controls and reconciliation checks preventing unauthorised creation/deletion of securities records.

7.4.1(3)(b)7.4 Additional requirements for a CSD

Implement an intra-day reconciliation process comparing total issued securities to aggregate account balances.

7.4.1(3)(c)7.4 Additional requirements for a CSD

Establish cooperation/information-exchange arrangements (e.g. service level agreements) with all parties involved in reconciliation.

7.4.1(3)(d)7.4 Additional requirements for a CSD

Implement system controls preventing any securities account from going into overdraft/debit balance.

7.4.2(1)(a)(i)7.4 Additional requirements for a CSD

Conduct and document a pre-link risk identification and assessment.

7.4.2(1)(a)(ii)7.4 Additional requirements for a CSD

Implement ongoing monitoring/control systems for CSD link risks post-establishment.

7.4.2(1)(b)(i)7.4 Additional requirements for a CSD

Obtain and document a reasonable-grounds assessment of the adequacy of link contractual protections before establishing the link.

7.4.2(1)(b)(ii)7.4 Additional requirements for a CSD

Embed a prohibition on retransfer before first-transfer finality within the CSD link agreement/operating rules.

7.4.2(1)(b)(iii)7.4 Additional requirements for a CSD

Ensure the link agreement clearly documents the rights/obligations of each CSD and its Members/participants.

7.4.2(1)(b)(iv)7.4 Additional requirements for a CSD

Ensure the link agreement specifies the governing law applicable to each operational aspect for out-of-DIFC linked CSDs.

7.4.2(2)(a)7.4 Additional requirements for a CSD

Prepare a DFSA-ready demonstration package showing adequate risk mitigants in the link arrangement.

7.4.2(2)(b)7.4 Additional requirements for a CSD

Obtain and document confirmation of each linked CSD's daily reconciliation procedures before establishing the link.

7.4.2(2)(c)7.4 Additional requirements for a CSD

Assess and document intermediary-related risks and the controls addressing them prior to link establishment.

7.4.2(2)(d)7.4 Additional requirements for a CSD

Assess DVP feasibility for the link and either implement DVP settlement or prepare a DFSA notification explaining why DVP is not used.

7.4.2(2)(e)7.4 Additional requirements for a CSD

Ensure the common settlement infrastructure's rules provide simultaneous transfer-order entry points, irrevocability, and settlement finality for securities and cash.

8.2.1(1)-(2)8.2 Changes relating to control

Pre-transaction approval check: block any acquisition/increase of control in the AMI past 30%/50% thresholds until DFSA approval is obtained.

8.2.2(1)8.2 Changes relating to control

Prepare and submit the Controller approval application via the AFN portal using the prescribed form.

8.2.5(1)8.2 Changes relating to control

Track and enforce ongoing compliance with any DFSA-imposed conditions attached to a Controller approval.

8.2.5(2)8.2 Changes relating to control

Prevent completion of any acquisition of control by a Person declared an unacceptable Controller by the DFSA.

8.2.68.2 Changes relating to control

File an AFN notification when a Controller intends to give up control or reduce its holding below the 50% threshold.

8.2.7(1)-(3)8.2 Changes relating to control

File an AFN notification before completing any control-changing transaction relating to a non-DIFC-incorporated AMI.

8.2.8(1)8.2 Changes relating to control

Implement and maintain a Controller-monitoring system (e.g. share register/press/regulatory disclosure monitoring) as part of the compliance monitoring programme.

8.2.8(2)-(3)8.2 Changes relating to control

Issue a written DFSA notification whenever a monitored Controller event occurs, unless duplicate notification by the Controller is confirmed.

8.2.9(1)-(2)8.2 Changes relating to control

Prepare and submit the annual Controllers report (or equivalent corporate structure diagram) to the DFSA within four months of FY end.

8.2.10(4)8.2 Changes relating to control

Track and enforce compliance with conditions imposed in a DFSA final notice issued under the Rule 8.2.10 objection process.

8.2.10(5)8.2 Changes relating to control

Ensure disposal of holdings by an unacceptable Controller within the DFSA-specified deadline.

9.2.19.2 Relations with regulators and the risk based approach

Maintain an open, cooperative regulatory relationship and a process for promptly escalating significant events to the DFSA.

9.2.29.2 Relations with regulators and the risk based approach

Operate a breach-identification and immediate DFSA notification process for significant Rule/Licensing Requirement breaches.

9.3.19.3 Notifications

Follow up any oral DFSA notification with a written confirmation without delay.

9.4.19.4 Key Individuals

Notify the DFSA of any Key Individual cessation and initiate prompt recruitment/appointment of a replacement.

9.4.29.4 Key Individuals

Immediately notify the DFSA with full particulars whenever a Key Individual is subject to disciplinary/criminal action, resigns under investigation, or is dismissed for misconduct.

9.4.39.4 Key Individuals

Immediately notify the DFSA of any Key Individual bankruptcy petition, bankruptcy order, or creditors' voluntary arrangement.

9.5.19.5 Constitution and governance

Notify the DFSA of proposed constitutional amendments before circulating the proposal to shareholders/facility users.

9.5.29.5 Constitution and governance

Immediately notify the DFSA once a constitutional amendment is made, providing particulars and the effective date.

9.5.3(2)(a)9.5 Constitution and governance

Notify the DFSA promptly of any significant change to a constitution-related agreement.

9.5.3(2)(b)9.5 Constitution and governance

Notify the DFSA in advance of any significant planned change to the corporate governance framework or remuneration structure/strategy.

9.6.19.6 Financial and other information

Submit annual report and accounts (and group consolidated accounts, if applicable) to the DFSA by the earliest applicable trigger date.

9.6.29.6 Financial and other information

Forward to the DFSA, immediately, any audit committee report touching on the AMI's Regulatory Functions.

9.6.39.6 Financial and other information

Submit quarterly management accounts to the DFSA within one month of each quarter end.

9.6.49.6 Financial and other information

Prepare and submit annual budget/cash-flow projections and estimated balance sheet to the DFSA at least 15 days before each FY starts.

9.6.5(a)9.6 Financial and other information

Notify the DFSA of proposed fee/charge changes at the same time users are informed of the proposal.

9.6.5(b)9.6 Financial and other information

Notify the DFSA of an implemented fee/charge change no later than its publication/notification date.

9.7.19.7 Complaints

Notify the DFSA immediately of any complaint investigation outcome recommending compensation or remedial action, and provide the investigation report/recommendations.

9.8.19.8 Notification

Notify the DFSA, with prescribed details, whenever a new (or removed) class of Investment/Crypto Token is proposed for trading.

9.8.29.8 Notification

Immediately notify both the DFSA and facility users of any trading suspension, restoration, or cessation decision.

9.8.39.8 Notification

Notify the DFSA, with prescribed details, whenever a new (or discontinued) class of Investment/Crypto Token is proposed for clearing/settlement.

9.8.49.8 Notification

Immediately notify the DFSA, with reasons, of any suspension, restoration or delisting decision affecting the Official List.

9.9.19.9 Information technology systems

Immediately notify the DFSA and provide the updated IT incident-response/contingency plan whenever it is revised following a disruptive IT failure.

9.9.29.9 Information technology systems

Immediately notify the DFSA of any reserve IT system failure that removes failover protection, with remedial action and expected restoration timing.

9.9.39.9 Information technology systems

Immediately issue a written DFSA notice whenever the AMI becomes unable to discharge a Regulatory Function, with cause, affected function and remediation plan.

9.10.19.10 Investigations and disciplinary action

Immediately notify the DFSA whenever a non-DFSA regulator appoints an investigator into the AMI's trading business or clearing/settlement services (excluding routine inspections/requests per Guidance).

9.10.29.10 Investigations and disciplinary action

Immediately notify the DFSA of any disciplinary action taken against a Member/access-holder/its employee, with name, action taken and reasons.

9.10.3(a)9.10 Investigations and disciplinary action

Immediately notify the DFSA when a disciplinary appeal is lodged, including appellant name and grounds.

9.10.3(b)9.10 Investigations and disciplinary action

Notify the DFSA of the outcome of a disciplinary appeal as soon as it is known.

9.10.4(a)-(c)9.10 Investigations and disciplinary action

Immediately give the DFSA full written details whenever the AMI has information suggesting unlicensed financial services activity, Market Abuse, or financial crime/money laundering.

9.10.4(c)-UAE9.10 Investigations and disciplinary action

Immediately report suspected financial crime/money laundering information to the relevant U.A.E. authorities, in addition to notifying the DFSA.

9.10.59.10 Investigations and disciplinary action

Immediately notify the DFSA whenever a position-limit or close-out direction is issued to a market participant.

9.12.19.12 Reports

Produce and deliver the Article 74(2) report to the DFSA whenever directed, covering all required and DFSA-requested matters.

9.14.1(1)9.14 Public disclosures of decisions in relation to an Official List of Securities of an Authorised Market Institution

Publish and submit to the DFSA a market disclosure for every qualifying Official List/trading status decision.

10.2.1(1)10.2 Withdrawal of a licence at an Authorised Market Institution's request

Maintain uninterrupted operation of all authorised Financial Services and prevent any premature cessation of services without confirmed Licence withdrawal or DFSA written consent.

10.2.1(2)10.2 Withdrawal of a licence at an Authorised Market Institution's request

Prepare and submit a formal Licence-withdrawal request letter to the DFSA addressing all five prescribed content items (reasons, cessation date, impact/alternative arrangements for users, impact/alternative arrangements for listed Securities holders, and confirmation of discharged obligations).

12.1.1(2)12.1 Transitional Rule for Key Individuals

Historical record-keeping only: confirm (if needed for legacy/audit purposes) that Key Individuals authorised prior to the 2014 commencement date were carried over without requiring fresh DFSA authorisation.

A1.2.1A1.2 Testing of technology systems

Implement a formal IT development/testing (SDLC) methodology with mandatory pre-live sign-off testing covering regulatory-compliance functionality, stress-condition performance, and validation of embedded risk controls.

A1.3.1(1)A1.3 Testing relating to Members' technology systems

Establish and maintain a standardised Member conformance-testing programme/certification process for connectivity and trading system compatibility.

A1.3.1(2)A1.3 Testing relating to Members' technology systems

Embed a mandatory pre-live testing requirement for Members' electronic trading systems, user interfaces and trading algorithms (and their updates) into the AMI's Business Rules/Member requirements.

A1.3.1(3)(a)A1.3 Testing relating to Members' technology systems

Define minimum trading-algorithm testing standards for Members, including mandatory simulation-environment testing scaled to the algorithm's risk profile, and embed these in Business Rules/guidance.

A1.3.1(3)(b)A1.3 Testing relating to Members' technology systems

Mandate a controlled/staged deployment protocol for Members' live trading algorithms (e.g. phased rollout, volume or price limits, kill-switch capability) via Business Rules.

A2.1.2(1)A2.1 Use of Price Information Providers

Establish a Price Information Provider due-diligence policy/checklist and perform initial due diligence before admitting any benchmark/index-linked Investment, plus on-going monitoring thereafter.

A2.1.2(3)(a)A2.1 Use of Price Information Providers

Verify and document that the PIP's pricing procedures are fair, non-discriminatory and publicly available.

A2.1.2(3)(b)A2.1 Use of Price Information Providers

Obtain and review the PIP's methodology/calculation disclosure documentation for adequacy of transparency.

A2.1.2(3)(c)A2.1 Use of Price Information Providers

Review the PIP's data-input hierarchy and anti-selective-reporting controls.

A2.1.2(3)(d)A2.1 Use of Price Information Providers

Perform a reputational and independence assessment of the PIP (market standing, track record, independence).

A2.1.2(3)(e)A2.1 Use of Price Information Providers

Review the PIP's corporate governance framework (board independence, oversight functions, internal controls).

A2.1.2(3)(f)A2.1 Use of Price Information Providers

Review the PIP's conflict-of-interest policy and controls applicable to staff involved in price setting.

A2.1.2(3)(g)A2.1 Use of Price Information Providers

Confirm the existence and adequacy of the PIP's complaint-handling/resolution process.

A3.2.2A3.2 Deliverability of the underlying commodity

Draft/review each Commodity Derivative contract's specifications to define grade, class and weight for par delivery, benchmarked against prevailing physical-market practice.

A3.2.3A3.2 Deliverability of the underlying commodity

Draft/review contract delivery-unit size/composition provisions and benchmark them against the underlying physical market to ensure they do not impede delivery.

A3.2.4A3.2 Deliverability of the underlying commodity

Draft/review contract terms specifying acceptable delivery instruments and their negotiability/assignability conditions.

A3.2.5A3.2 Deliverability of the underlying commodity

Draft/review contract terms setting out the delivery process (timing, location, manner, form) and available delivery/storage facilities, benchmarked against physical-market practice.

A3.2.6A3.2 Deliverability of the underlying commodity

Draft/review contract inspection/certification procedures for verifying delivered commodity quality, aligned to physical-market practice (including, for perishables, any limits on inspection-certificate duration).

A3.2.7A3.2 Deliverability of the underlying commodity

Draft/review contract terms allocating transportation/storage cost responsibility between parties and specifying the timing/mechanism of title transfer.

A3.2.8A3.2 Deliverability of the underlying commodity

Identify all jurisdictions involved in trading/clearing/settlement of the contract and draft legal-enforceability provisions mitigating cross-jurisdictional legal disparity risk.

A3.2.9A3.2 Deliverability of the underlying commodity

Draft/review contract default and force-majeure provisions, including whether/how a Clearing House or Exchange guarantee of settlement applies.