2.3 Scope of a Representative Office's Licence

(1) A Representative Office shall not undertake a Regulated Activity outside the scope of its Licence.

(2) The Scope of a Representative Office's Licence may include:

(a) marketing activities;

(b) activities that increase the profile, in the AIFC, of the Representative Office's head office;

(c) activities that relate to correspondence with or the provision of information from the Representative Office's head office;

(d) activities that relate to the provision of information to the Representative Office's head office relating to business trends, business opportunities and developments in the AIFC markets; and

(e) any other activities that the AFSA determine may be suitable for a Representative Office to conduct.

(3) Marketing activities as described in REP 2.3(2)(a) can include one or more of the following:

(a) providing information to third parties about Financial Products or financial services offered by the Representative Office's head office or a member of its Group that is based outside the AIFC;

(b) engaging in Financial Promotions relating to the Financial Products or financial services referred to above in REP 2.3(3)(a); and

(c) making introductions or referrals between third parties and the Representative Office's head office or a member of its Group for the financial services or Financial Products offered by them outside the AIFC.

(4) A Representative Office is prohibited from marketing any products or services offered by:

(a) any unrelated third party, notwithstanding the fact that such a third party may have an arrangement with the Representative Office's head office or a member of its Group; or

(b) a related party of the Representative Office if that related party is based in the AIFC.

(5) An Islamic Financial Institution may operate a Representative Office but it is deemed not to be conducting Islamic Financial Business through its Representative Office.

(6) A Representative Office will not be taken to be holding itself out as conducting Islamic Financial Business in circumstances where it:

(a) does not represent that it provides any services that are in accordance with Shari’ah; and

(b) acts within the scope of its Licence and does not carry on a Regulated Activity other than Operating a Representative Office.