For intermediaries

An Authorised Market Institution (AMI) may admit as a Member only those Persons who satisfy the admission criteria set out in its Membership Rules and fall into one of the following categories:

• an Authorised Firm (AF) whose Licence permits it to carry on the Regulated Activities of Dealing in Investments;
• a Recognised Non-AIFC Member (RNAM);
• a Person intending to deal in Commodity Derivatives or Environmental Instruments who meets the criteria in AIFC GEN 1.1.14.
• a Person granted access to a facility on which Investment Tokens are traded and/or cleared, solely in respect of trading or clearing of Investment Tokens.

Recognised Non-AIFC Member (RNAM)

A Person located in a jurisdiction other than the AIFC may apply to AFSA for recognition as a RNAM. AFSA evaluates and recognizes these entities based on their home jurisdiction’s regulatory equivalence, supervisory cooperation frameworks, and compliance with applicable AIFC requirements.

Entities seeking recognition are encouraged to visit Recognition section of our website.

Supervision

CMD primary relies on the RNAM’s home regulator for prudential and operational oversight. Accordingly, CMD’s supervision of RNAMs is limited and conducted in accordance with the AIFC Recognition Rules (REC).

Reporting Obligations

All RNAMs are required to submit the Annual Report, which includes:

• a copy of its audited annual report and accounts;
• confirmation that the RNAM has complied with the Non-AIFC Member Requirements throughout the previous 12 months and continues to comply.

A RNAM that is not a member of the AMI, shall provide AFSA with an annual report.

A RNAM that has already obtained AMI membership, shall provide the AMI with an annual report.

Event-driven notifications

RNAM must notify the AMI or, in case such RNAM has not obtained membership, AFSA, of the events listed in REC Schedule 3  within the period and in the manner specified in schedule. Such events include, but are not limited to:

• A change in name or address of RNAM;
• Granting, modification, variation, withdrawal, revocation of, licensing, recognition, or authorisation of the RNAM in the jurisdiction in which the RNAM has its head office or principal business;
• Anything which causes or may cause the RNAM to fail to satisfy the Non-AIFC Member Recognition Requirements;
• The imposition of disciplinary measures or disciplinary sanctions on RNAM by any financial services regulator.

AFSA reserves broad discretion to exercise following supervisory powers over RNAMs/RNAMIs:

• Issuing directions to correct non-compliance;
• Revoking recognition in case of systemic or repeated violations;
• Appointing Skilled Persons to produce independent reports;
• Requesting specific documentation from the RNM/RNMI or affiliated persons.

For further guidance, please refer to the AIFC Recognition Rules (REC).

Recognition Fees

Annual Recognition fees for RNAM are set out in AIFC Fees Rules Schedule 6.4.

Highlights for potential RNAMs:

For more detailed information, please refer to the AIFC Fees Rules.