阿联酋国际金融中心GEN第三章解读

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1、GEN第 三 章 解 读金 融 产 品公 司 及 金 融 部 张 京 、 郭 大 维2013年 3月 29日 1 目 录34 3.6 授 权 公 司 可 推 介 金 融 产 品 的 审 批3.5 推 介 金 融 产 品 的 附 加 规 则 2 12 3.1-3.3 适 用 、 综 述 与 产 品 定 义3.4 推 介 金 融 产 品 的 范 围 3.1 适 用 （ Application） 3 .1 .1 This chapter applies to any Person who approves, makes or intends to make a Financial Promotion

2、 in or from the DIFC. 这一章节适用于DIFC区域内或来自于DIFC的企业批准、或执行，或准备进行金融产品推介活动。 3 .1 .2 Rules 3 .4 .1 to 3 .6 .3 do not apply to a Person who makes an Offer which is in accordance with the requirements relating to: (a) an Offer of Securities under the Markets Law 2 0 1 2 and the MKT Rules; or (b) an Offer of U

3、nits under the Collective Investment Law 2 0 1 0 and CIR Rules. 3 .4 .1 -3 .6 .3不适用于符合下列相关要求（a）2 0 1 2年市场法和其他市场法解释或规定下的证券报价；（b）2 0 1 0年集合投资法及集合投资法其他解 释或规定下的证券报价。3 3.2 overview3 .2 .1 The Rules in this chapter are made for the purposes of the Financial Promotions Prohibition in Article 4 1 A of the R

4、egulatory Law 2 0 0 4 . 2 0 0 4监管法第4 1 A项规定的金融产品推介的禁止条款。Guidance1 . Article 4 1 A(3 ) of the Regulatory Law 2 0 0 4 defines a Financial Promotion as: “Any communication, however made, which invites or induces a Person to: (a) enter into, or offer to enter into, an agreement in relation to the provis

5、ion of a financial service; or (b) exercise any rights conferred by a financial product or acquire, dispose of, underwrite or convert a financial product.” 2 0 0 4年监管法4 1 A（3）规定，任何邀请或吸引企业的以下行为均视为金融产品推介：（a）与客户签署提供金融服务的协议或针对该服务提供报价；（b）执行任何一项金融产品所授予的权利，或获取、处置、保险或转换。4 3.2 overview 2 . The Guidance in th

6、is chapter is designed to help explain the scope of the Financial Promotions Prohibition. 2 .客户帮助解释金融产品的禁止范围。 3 . The definition of a Financial Promotion is very broad and encompasses thedefinitions of a “financial promotion” in Article 1 9 (3 ) of the Collective InvestmentLaw 2 0 1 0 . A Financial

7、Promotion also includes “marketing material” as defined elsewhere in the Rulebook. 3 .金融产品的内涵非常广泛，包含2 0 1 0年集合投资法第1 9（3）款所定义的内容。金融产品的推介也包括营销材料。 5 3.2 overview4 . The DFSA considers that a Financial Promotion may be made in any manner and by any form including, but not limited to, an oral, electronic

8、 or written communication and includes an advertisement, or any form of promotion or marketing. A disclaimer stating that a communication is not a Financial Promotion would not, on its own, prevent a communication from being a Financial Promotion. DFSA认为，金融产品推介的形式应该包括但不限于：口头、电子或书面的交流，也包括广告，以及任何形式的推销

9、和市场活动。 其中免责条款说明如果一项交流活动不是金融产品推介，也应避免成为金融产品推介。 6 3.2 overview5 . A Person who is permitted to make a Financial Promotion in the DIFC pursuant to these Rules should ensure that in making such a Financial Promotion he does not breach the Financial Services Prohibition in Article 4 1 of the Regulatory L

10、aw 2 0 0 4 . 企业被允许在DIFC进行金融推介活动，必须保证其所从事的金融推介活动没有违反2 0 0 1年监管法4 1条金融推介活动禁止的范畴。 7 3.2 overview6 . Depending on the nature and scale of the activities, if a Person makes Financial Promotions on a regular basis or for a prolonged period while physically located in the DIFC, for example by way of a boot

11、h, meetings or conferences, the DFSA may consider such activities as constituting the carrying on of a Financial Service, such as Operating a Representative Office. The DFSA considers that in the context of Financial Promotions, “a regular basis” would be anything more than occasional and a prolonge

12、d period would usually be anything more than 3 consecutive days. 根据活动和性质和规模，如果企业在合规基础上提供金融推介活动，或比如通过柜台、会议、研讨等DIFC范围内，DFSA认为此类活动为提供金融服务，如代表处的对外营业。DFSA认为，金融推介的时间，不论是偶 发性的，还是延续时间较长的，均不应多于3个连续自然日。8 3.3 Definition of a Financial Product 3 .3 .1 Pursuant to Article 4 1 A(4 ) of the Regulatory Law 2 0 0 4

13、, “financial product” in Article 4 1 A(3 )(b) of the Regulatory Law 2 0 0 4 is hereby prescribed to mean an Investment, a Credit Facility, a Deposit, a Profit Sharing Investment Account,or a Contract of Insurance. 依据2 0 0 4年监管法第4 1条A(4 )款，金融产品被描述为“投资、授信、存款、利润共享投资账户或保险”。 9 目 录34 3.6 授 权 公 司 可 推 介 金 融

14、 产 品 的 审 批3.5 推 介 金 融 产 品 的 附 加 规 则 1 0 12 3.1-3.3 适 用 、 综 述 与 产 品 定 义3.4 推 介 金 融 产 品 的 范 围 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition）3 .4 .1 (1 ) A Person shall not, subject to (2 ), make a Financial Promotion in or from the DIFC unless that Person is an Authorised Pe

15、rson. 除第二款外，在未经授权前不得向DIFC区域内或来自DIFC的企业推介金融产品。 (2 ) A Person other than an Authorised Person may make a Financial Promotion in or from the DIFC if, and only to the extent that, the Person: 要向DIFC区域内或来自DIFC的企业需满足以下条件： (a) is licensed and supervised by a Financial Services Regulator in the UAE; (b) is

16、a Recognised Body or External Fund Manager; a）阿联酋金融监管部门颁发执照且受其监管； b）有完善的公司治理机制或外部的基金管理人；1 1 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition） (c) is a Reporting Entity and makes a Financial Promotion in or from the DIFC exclusively for the purpose of discharging its mandatory

17、 disclosure requirements; or (d) makes an exempt Financial Promotion as specified in (3 ). c）必须是对外披露的实体企业，仅为免除强制性披露要求这一目的向DIFC区域内或来自DIFC的企业推介金融产品。 d）如第（3）款规定，授权企业要有推介金融产品的豁免。 1 2 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition） (3 ) For the purposes of (2 )(d), a communicati

18、on is an “exempt FinancialPromotion” if it is:为实现第二款（d）项的要求，符合下列条件的活动才可以算作推介金融产品的豁免： (a) approved by an Authorised Firm; (b) directed at and capable of acceptance exclusively by a Person who appears on reasonable grounds to be a Professional Client of the type specified in COB Rule 2 .3 .2 (2 ); a)经

19、授权公司内部审批； b)仅有如COB2 .3 .2 (2 )中规定的专业客户，以合理的理由接受的； 1 3 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition） (c) made to a Person in the DIFC (the “recipient”) as a result of an unsolicited request by the recipient to receive the Financial Promotion; (d) made or issued by or on be

20、half of a government or noncommercial government entity; or c)针对DIFC注册的企业，使得接收人未经要求而收到的金融产品推介服务； d)由代表政府或非商业实体所举办。 (e) made in the DIFC by a Person in the course of providing legal or accountancy services and which may reasonably be regarded as incidental to and a necessary part of the provision of

21、such services. e)在DIFC范围内，由提供法律或会计服务的企业举办的，可以合理的被认为偶然发生的活动或企业提供上述服务的必要部分。1 4 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition）3 .4 .2 A Person does not breach the Financial Promotions Prohibition if: 企业未违反金融产品推介的禁止条款，如果其符合下列条件： (a) the Person causes a Financial Promotion to b

22、e made in the course of providing a facility which is a mere conduit for the making of the Financial Promotion; a)企业推介金融产品的根源，是发生在提供授信额度过程。这一授信过程仅作为推介金融产品的渠道； (b) the Person is located outside the DIFC and makes a Financial Promotion which appears, on reasonable grounds, to be a communication which

23、is not directed at or intended to be acted upon by a Person in the DIFC; or b)企业位于DIFC以外，且有合理的理由证实，所提供的金融产品推介活动不是直 接或针对DIFC注册的企业； (c) the Financial Promotion is not made for a commercial or business purpose. c）金融产品推介活动不是以商业盈利为目的。1 5 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohib

24、ition）Guidance 1 . Examples of a mere conduit would include a newspaper or magazine, a website carrying third-party banner ads, a postman or courier, a person paid to hand out promotional material to the public and an event venue - unless in each case they were the originator i.e the Person who make

25、s the Financial Promotion. 可算作推介金融产品渠道的举例：包括报纸或杂志、通过第三方的网页打广告、邮递员、公开资料派发员除非企业是该项推介活动的发起人。 2 . In Rule 3 .4 .2 (b) the DFSA considers that the following non-exhaustive list of factors may each be indicative of whether or not a Financial Promotion is “intended to be acted upon by, or targeted at, Pers

26、ons in the DIFC”: 在3 .4 .2（b）DFSA考虑下列要素均可表示该金融活动是针对DIFC注册的企业，具体要素见下页：1 6 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition） 判定要素： i. whether it is expressed to be for a Person or type of Person in the DIFC; ii. whether it is sent to an address (including a P.O. Box) in the DIF

27、C; 该活动是针对DIFC中注册的企业；邮寄地址在DIFC范围内； iii. whether it is physically distributed to Persons in the DIFC; iv. whether it takes place in the DIFC; v. whether it makes reference to the DIFC; vi. whether it appears in a DIFC publication; 该活动发生在DIFC内的企业、或发生在DIFC范围内、或涉及DIFC或出现在 DIFC公开出版物上1 7 3.4 禁 止 推 介 金 融 产

28、品 的 范 围（ Scope of the Financial Promotions Prohibition） 判定要素（续）： vii. whether it appears on a DIFC-based or related website or other media viii. whether it is sent to the email of a Person in the DIFC; or ix. whether it contains a prominent and clear disclaimer on its face that it is not intended to

29、 be acted upon by Persons in the DIFC. 该活动出现在与DIFC相关网站和媒体、邮件收件人为DIFC内的企业、或有明显的免责声明该活动不是针对DIFC内注册企业。 1 8 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial Promotions Prohibition）3 . The DFSA in applying Rule 3 .4 .2 (c) will generally consider that for a communication to be made “for a commercial or

30、business purpose” there must be a commercial element to the Financial Promotion, whether or not the Financial Promotion actually leads to the provision of any financial service. However, the DFSA considers that “for a commercial or business purpose” requires a commercial or business interest on the

31、part of the communicator and the nature of the communicators business need not be related to any specific financial service. DFSA在应用3 .4 .2（c）条款时，一般考虑该活动具有商业性质，是因为该活动中有商业要素，不论该商业活动是否实际上提供任何金融服务。然而，DFSA在考虑商业活动目的时，要求活动参与人之间存在商业利益 ，活动不需要和任何具体的金融服务相关。1 9 3.4 禁 止 推 介 金 融 产 品 的 范 围（ Scope of the Financial

32、 Promotions Prohibition）4 . The DFSA considers that a Person located outside the DIFC who makes a Financial Promotion into the DIFC, makes that communication in the DIFC. The DFSA considers that the prohibition in Article 4 1 A(1 ) applies irrespective of where the communicator of the Financial Prom

33、otion is located. DFSA认为，DIFC以外企业向DIFC内推介金融产品时，就是在DIFC内从事推介金融产品活动。DFSA认为，4 1 A（1）条款所禁止的内容适用范围不考虑推介金融产品的企业所在的位置。 2 0 目 录34 3.6 授 权 公 司 可 推 介 金 融 产 品 的 审 批3.5 推 介 金 融 产 品 的 附 加 规 则 2 1 12 3.1-3.3 适 用 、 综 述 与 产 品 定 义3.4 推 介 金 融 产 品 的 范 围 3.5 推 介 金 融 产 品 的 附 加 条 款（ Aditional rules for Financial Promotio

34、ns Prohibition）3 .5 .1 (1 ) A Person in Rule 3 .4 .1 (2 ) (a) to (d) must, subject to (2 ), take reasonable care to ensure that any Financial Promotion it makes in or from the DIFC: 3 .4 .1（2） (a) 至 (d) 条款中所规定的企业，仍需服从于本条款（2）中规定，有合理的理由以保证任何DIFC内或来自于DIFC所提供的金融产品推介活动： (a) is clear, fair and not mislead

35、ing; (b) includes the Persons name, address and regulatory status; a)活动是公平、透明的，没有误导； b)对象的姓名、地址和监管企业类型。 (c) if it is intended only for Professional Clients, is not sent or directed to any Person who appears on reasonable grounds not to be a Professional Client, and contains a clear statement that on

36、ly a Person meeting the criteria for a Professional Client should act upon it; and c）如果该活动只针对专业客户，不能发送给能以合理的理由证明不是专业客户的企业，并且应包括一个清晰的表述，只有符合专业客户标准的企业才适合金融产品推介活动。2 2 3.5 推 介 金 融 产 品 的 附 加 条 款（ Aditional rules for Financial Promotions Prohibition）3 .5 .1 (1 ) (d) which is provided to or directed at a R

37、etail Client and contains any information or representation relating to past performance, or any forecast based on past performance or on any other assumptions: d)该活动如针对零售客户，应包括与产品过往业绩、以及以过往业绩为基础或假设的预测等任何信息。 (i) presents a balanced view of the financial products or financial services to which the Fi

38、nancial Promotion relates; 包括展示与金融推介相关的金融产品或服务的平衡视图； (ii) identifies, in an easy to understand manner, the information from which the past performance or forecast is derived and how any key facts and assumptions used in that context are drawn; and 以任何易于理解的方式确认，产品以往业绩或推算的预期业绩，以及所使用的任何关键事实和假设。2 3 3.5

39、推 介 金 融 产 品 的 附 加 条 款（ Aditional rules for Financial Promotions Prohibition）3 .5 .1 (1 ) (d) (iii) contains a prominent warning that past performance is not necessarily a reliable indicator of future performance. (iii)在显著位置警示以往业绩不能作为预期产品表现的一个必要参考。 (2 ) A Person described in Rule 3 .4 .1 (2 )(a) who

40、makes a Financial Promotion to an existing client in the DIFC is not required to comply with (1 ) provided that in making the Financial Promotion that Person complies with the requirements of the relevant Financial Services Regulator in the UAE which relate to Financial Promotions. 3 .4 .1 (2 )(a)所描

41、述的企业对DIFC中存在的客户进行金融推介，不受本条款（1）限制。 2 4 3.5 推 介 金 融 产 品 的 附 加 条 款（ Aditional rules for Financial Promotions Prohibition）Guidance 1 . In presenting information relating to past performance of a financial product or financial service, a Person should use a reputable independent actuarial, financial or s

42、tatistical reporting service provider. 企业在展示金融产品和服务以往业绩时，应使用知名的独立的精算、财务和统计服务商。 2 . The effect of Rule 3 .5 .1 (2 ) is that a Person who is licensed and regulated by a Financial Services Regulator in the UAE is not required to comply with Rule 3 .5 .1 (1 ) when communicating with an existing client.

43、However, when making a Financial Promotion to a prospective client in the DIFC, Rule 3 .5 .1 (1 ) does apply to such Persons, as do the prohibitions on the making of offers contained in the Markets Law 2 0 1 2 and Collective Investment Law 2 0 1 0 respectively. 3 .5 .1中第(2 )项的规定，由阿联酋境内金融监管部门颁发执照和监管的

44、企业在与现有客户推介过程中，不需要遵守3 .5 .1（1）项条款。然而，当向DIFC中目标客户提供金融产品推介时则使用3 .5 .1（1）条款规定，如2 0 1 2年市场法和2 0 1 0年集合投资法所分别规定的。3 .5 .2 A Person must not, in any Financial Promotion, attempt to limit or avoid any duty or liability it may have under any DFSA-administered laws or the Rules. 在任何金融产品服务中，企业不得限制或避免DFSA所规定的义务或

45、债务。2 5 目 录34 3.6 授 权 公 司 可 推 介 金 融 产 品 的 审 批3.5 推 介 金 融 产 品 的 附 加 规 则 2 6 12 3.1-3.3 适 用 、 综 述 与 产 品 定 义3.4 推 介 金 融 产 品 的 范 围 3.6 授 权 公 司 可 推 介 金 融 产 品 的 审 批 3 .6 .1 For the purposes of GEN Rule 3 .4 .1 (3 )(a), an Authorised Firm must not approve a Financial Promotion unless: 3 .4 .1（3）中规定，授权企业不得批准

46、开展金融产品推介，除非： (a) the Financial Promotion includes a clear and prominent statement that it has been “approved by” the relevant Authorised Firm; and a）金融产品推介包括清晰和显著的位置注明“经授权企业批准”； (b) the Financial Promotion is made in accordance with the requirements in Section 3 .5 . b)金融产品推介活动符合3 .5部分的规定。 2 7 3.6 授

47、 权 公 司 可 推 介 金 融 产 品 的 审 批 3 .6 .2 An Authorised Firm must not approve a Financial Promotion which is directed at a Person who appears on reasonable grounds to be a Retail Client unless:授权企业不得批准针对零售客户的金融产品推介活动，除非符合以下条件： (a) it has an endorsement on its License which permits it to carry on a Financia

48、l Service with or for a Retail Client; and a)该企业许可证上有其可对零售客户的陈述； (b) the scope of its License includes the Financial Service and, if applicable, the particular financial product, to which the Financial Promotion relates. b）许可证规定的经营范围包括金融服务，如果适用的话，应标注金融产品推介相关的具体的金融产品。 2 8 3.6 授 权 公 司 可 推 介 金 融 产 品 的

49、审 批 3 .6 .3 An Authorised Firm must ensure that a Financial Promotion it has approved complies with the requirements in this chapter on an on-going basis. 授权企业必须保证金融产品推介经审批，且符合本章节的要求。 Guidance An Authorised Firm which proposes to approve a Financial Promotion where all or part of that promotion will be real time, such as a live event, will need to consider whether it is able to comply effectively with any relevant Rules in relation to the Financial Promotion or its approval。 授权企业建议批准的金融产品推介必须是实时的，如现场活动，均需要考虑该活动是否有效地遵守金融产品推介相关制度。 2 9 谢 谢 ！