DIFC Ancillary Service Providers (“ASPs”)

A firm providing Ancillary Services (listed below) must be a body corporate or a partnership (as opposed to being a sole proprietorship or an Authorised Market Institution, which could be an exchange or clearing house) and must be registered if it is to carry on one of the businesses set out below, and it intends to have a permanent place of business at the DIFC.

Moreover, such firms can be formed either inside the DIFC under the Companies Law, Limited Liability Partnership Law or General Partnership Law, or alternatively, outside the DIFC but having a branch office in the DIFC that is registered with the DIFC Companies’ Registrar.

An Ancillary Service Provider is one who provides any of the following:

1.      Legal Services 

Providing Legal Services means the application of legal principles or judgment with regard to the circumstances of another Person who is an Authorised Firm, Authorised Market Institution or Ancillary Service Provider, including but not limited to:

(a) Giving legal advice or counsel to such a Person as to their legal rights or the legal rights or responsibilities of others;

(b) Giving legal advice or counsel to such a Person in relation to any DIFC law or legislation made thereunder;

(c) Drafting or completion of legal documents or agreements which affect such a Person's legal rights;

(d) Representation of such a Person in Court proceedings or in an administrative adjudicative procedure in which legal pleadings are filed or a record is established as the basis for judicial review; or

(e) Negotiation of legal rights or responsibilities on behalf of such a Person; but excluding acting as a lay representative authorised by an administrative agency or tribunal, serving as a judge, mediator, arbitrator, conciliator or facilitator; and participation in employment negotiations, arbitrations or conciliations.

2.      Accountancy Services

Providing Accountancy Services means the application of accounting principles or judgment with regard to the circumstances of

another Person who is an Authorised Firm, Authorised Market Institution or Ancillary Service Provider, including but not limited to the following:

(a) Performing audit, examination, verification, investigation, certification, presentation or review of financial transactions and accounting records for such a Person;

(b) Preparing or certifying reports on audits or examinations of books or records of account, balance sheets, and other financial, accounting and Related documents for such a Person ; or

(c) Advising such a Person on matters relating to accounting procedure and the recording, presentation or certification of  financial information or data, including financial information or data required by legislation applicable in the DIFC.

3.      Market information Services

Providing Market Information Services means providing broadcast, online or other services which provide real time information on the prices of Investments on the basis of which Persons conducting Financial Services are or may be accustomed to deal in those Investments. A Person does not Provide Market Information Services if that Person is an Authorised Market Institution.

4.      Compliance Services 

Providing Compliance Services means providing advice, consultancy or other services, to another Person who is an Authorised Firm, Authorised Market Institution or Ancillary Service Provider in relation to compliance matters arising from, or interpretation of the Regulatory Law 2004, the Markets Law 2004 or the Law Regulating Islamic Financial Business 2004 or any legislation made there under. A Person does not Provide Compliance Services in circumstances where the Person providing the advice, consultancy or other services falls within the definition of Providing Legal Services or Providing Accountancy Services.

5. Local Services Office

Operating a Local Services Office means:

(a)      Seeking, or offering generic advice to, potential customers with a view to the provision of Financial Services , either directly  or by a Member of the same Group, from an establishment outside the DIFC ; or

        (b) Marketing and other activities relating to (a), but not falling within the definition of Financial Services in GEN chapter 2.

A Person does not Operate a Local Services Office if that Person is an Authorised Firm.

5.      Management Office 

(1) Operating a Management Office means managing one or more Members of the same Group who are Regulated Financial

     Institutions.

(2) A Person does not Operate a Management Office if that Person is an Authorised Firm.

 Note that an Ancillary Service Provider cannot be registered unless it nominates and puts in place two “Designated Persons”;a Principal Representative and an Anti Money Laundering Officer (AMLO), both who should be ordinarily resident in the United Arab Emirates. The DFSA must be satisfied that these persons are ‘fit and proper’, and the Firm shall bear the consequences of failing to ensure that such is the case. If a Firm appoints one person only to perform both roles, then the DFSA must also be satisfied that that person can perform adequately and without an unacceptable conflict of interests.

An Ancillary Service Provider may not carry on any Financial Services in the DIFC unless it is also licensed as an Authorised Firm, and the DFSA shall take action against any violations of this limitation.


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