B. Financial Group - Requirements

5. For the purposes of BBR Rule 11.1, the AFSA would consider a range of factors when requiring an Authorised Firm to form a Financial Group. These factors would include regulatory risk factors, including but not limited to, (direct and indirect) participation, influence or contractual obligations, interconnectedness, intra group exposures, intra group services, regulatory status and legal framework.

6. If more than one member of the same Group is subject to an obligation to provide information in respect of a position of the Group or Financial Group, one or more of those Authorised Firms may make application to the DFSA for an appropriate waiver or modification.

7. For the purposes of Rule 11.4 (1), an Islamic Bank may take into account its position within its Group. For instance, it would be reasonable for a small Islamic Bank within a larger Group to place some reliance on its parent to ensure that appropriate systems and controls are in place.