Dealing in Investments as Agent

The Regulated Activity as defined in paragraph 2 of Schedule 1 of GEN.

Dealing in Investments as Principal

The Regulated Activity as defined in paragraph 1 of Schedule 1 of GEN.

Debenture

An instrument creating or acknowledging indebtedness, whether secured or not, but excludes:

• (a) an instrument creating or acknowledging indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
• (b) a cheque or other bill of exchange, a banker’s draft or a letter of credit (but not a bill of exchange accepted by a banker);
• (c) a banknote, a statement showing a balance on a bank account, or a lease or other disposition of property; and
• (d) a Contract of Insurance.

Decentralised Private E-currency

Private E-currency that have no central administrating authority, and no central monitoring or oversight, give rise to no claims on their issuer, and contain no contractual right to receive Fiat Currency or another financial asset.

Decision Notice

A notice issued by the AFSA pursuant to paragraph 5 of schedule 1 of the Framework Regulations

Deemed Professional Client

Has the meaning given in COB 2.4.1.

Default Rules

(In AMI) rules prepared by an Authorised Market Institution in accordance with AMI 3.5 or AMI 4.6.

(In MOTF) rules prepared by a MTF Operator or OTF Operator in accordance with MOTF 17.1.

Delivery Versus Payment Transaction (DVP)

A transaction in which the transfer of Investments and the payment of Money between the buyer and the seller are intended to occur simultaneously.

Deposit

1. A Deposit means a sum of money paid on terms:

• (a) under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the Person making the payment and the Person receiving it; and
• (b) which is not relevant to the provision of property (other than currency) or services or the giving of security.

2. In (1) money is paid on terms which are relevant to the provision of property or services or the giving of security if:

• (a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services are not in fact sold, hired or otherwise provided;
• (b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
• (c) without prejudice to (b), it is paid by way of security for the delivery up of property, whether in a particular state of repair or otherwise. Exclusions

3. A sum is not a Deposit if it is paid:

• (a) by a Person in the course of carrying on a business consisting wholly or to a significant extent of lending money;
• (b) by one company to another at a time when both are members of the same Group;
• (c) by an Authorised Firm authorised to carry on the Regulated Activity of Accepting Deposits;
• (d) by a Person who is a close relative of the Person receiving it or who is a director, manager or Controller of that Person

4. A sum is not a Deposit if it is received:

• (a) by a lawyer acting in his professional capacity;
• (b) by an accountant acting in his professional capacity;
• (c) by an Authorised Firm or an Authorised Market Institution authorised to carry on any one or more of the Regulated Activities defined in

Schedule 1 of the GEN, except Accepting Deposits, in the course of or for the purpose of any such Regulated Activity disregarding any applicable exclusions; or by a Person as consideration for the issue by him of a Debenture.

Derivative

An Option, a Future or a Contract for Differences

Designated Functions

Any of the functions specified in GEN 2.3.

Designated Individual

An individual who is appointed by an Authorised Person to carry out a Designated Function.

Developing FinTech Activities

The activity as defined in paragraph 2.3.1 of FINTECH.

Digital wallet (or E-wallet)

A means (software application, electronic device or other mechanism/medium) for holding, storing and transferring Private E-currency, E-money and/or other assets, investments.

Direct Electronic Access

Direct Electronic Access means:

(a) an arrangement (called direct market access), through which a Member or a client of a member is able to electronically transmit, using the Member’s trading code, an order relating to a Security, Unit in a Listed Fund or Qualified Investment directly to the facility operated by the Authorised Market Institution or MTF or OTF Operator. It includes arrangements for the use, by a Person, of the infrastructure (or connecting system) of the Member, client of the Member or another participant; or

(b) an arrangement (called sponsored access) through which a Member or a client of a member is able to electronically transmit, using the Member’s trading code, an order to the facility operated by the Authorised Market Institution or MTF or OTF Operator without using the infrastructure (or connecting system) of the Member or another participant or client.

Direct Electronic Access Rules

(In AMI) the rules prepared by an Authorised Market Institution in accordance with AMI 2.7.

Director

A Person, by whatever name called, who is:

• (a) appointed to the position of a director; or
• (b) appointed to the position of an alternate director, and is acting in that capacity; or
• (c) not validly appointed as a director but is acting in the position of a director (i.e. a de-facto director).

Distribution Event

A distribution event is:

• (a) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over the Authorised Firm or its Nominee Company;
• (b) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, over a Third-Party Account Provider of the Authorised Firm or its Nominee Company; or
• (c) the coming into force of a direction by the AFSA in respect of all Client Assets held by the Authorised Firm.

DNFBP

Designated Non-Financial Business and Profession.

The following class of persons whose business or profession is carried on in or from the AIFC constitute DNFBPs:

(a) A real estate developer or agency which carries out transactions with a customer involving the buying or selling of real property;

(b) A dealer in precious metals or precious stones;

(c) A dealer in any saleable item of a price equal to or greater than USD 15,000;

(d) A law firm, notary firm, or other independent legal business;

(e) An accounting firm, audit firm, or insolvency firm; or

(f) A Company service provider; or

(g) A Single Family Office.

A person who is an Authorised Person or a Registered Auditor is not a DNFBP.

Domestic Fund

A Collective Investment Scheme that is established or domiciled in the AIFC.

Domestic Fund Manager

A Fund Manager located in the AIFC.