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01 january 2014
Home > Products > Services Catalogue > Services Details

Custodian Requests: Transferring of Securities

Details

Transferring securities from one account to another as per the request of the local custodian, according to the below classifications:

  • A. Transfer of securities to custody account or vice versa without change in beneficiary owner
  • B. Transfer of securities from OMNIBUS account to investor’s account 
  • C. Moving clients between global custodians without change in beneficiary owner
  • D. Moving clients between local custodians without change in beneficiary owner
  • E. Moving clients between local and global custodians together, without change in beneficiary owner 

For more information on this service, please contact:
DFM Customer Services
T: +971 4 305 5555
E: customerservice@dfm.ae

Fees
  • A. AED 10 for each company
  • B. AED 10 for each company
  • C. AED 300 for each company
  • D. AED 300 for each company
  • E. AED 600 for each company

Procedures
  • Custodian requests transfer of securities:

            A) DFM receives a transfer request, to be signed and certified by the custodian(s)       in case the investor moves from one custodian to another.

            B) DFM receives the instructions of the global custodian (s) in case the                               investor moves from one custodian to another, signed by the local                                       custodian.

             C) DFM receives the investor’s instructions in case the investor moves from a                      direct account to a custody account, or if there is no global custodian for this                        investor. The instructions are to be certified by the local custodian.

  • DFM ensures that all requirements are in order along with supporting documents.
  • DFM ensures the application in the system and approves it (within two working days).
  • DFM sends the custodian an email confirming the transfer.

Required Documents
  • A valid transcription of the Memorandum of Association, Commercial License and the Commercial Registry.
  • A transcription of the valid Passport.
  • A transcription of the valid ID.

How to Apply?
Online through DFM eServices

FAQs

The following list illustrates the different approved types of external transfers available at the DFM:
  • Family / Inheritance / Judicial Transfers (charged to the Transferee only)
  • Transfer of securities from investor to another:
    • Due to pre-regulated market securities assignment
    • Or due to assignment deed.
  • Merge between Individual and Sole Proprietorship and vice-versa
  • Transfer of securities from company to a company’s partner and vice-versa, from company to a subsidiary or from sole proprietorship to company and vice-versa
  • Transfer of securities from company to a company’s partner and vice-versa, from company to another company or from sole proprietorship to company and vice-versa (up to 2nd degree kinship)
  • Transfer of securities from Individual A/C to Joint A/C and vice-versa or from Joint A/C to another
  • Transfer of securities from Individual A/C to Joint A/C and vice-versa or from Joint A/C to another (up to 2nd degree kinship)
  • Transfer of Securities from Founder to another Founder
  • Transfer of Securities from subsidiary to company or vice-versa
Kindly click here to view the requirements related to the above transfers.