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Custodian Requests: Transferring of Securities

Service ID
3.2.6

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. Moving clients between local custodians without change in beneficiary owner
  • C. Moving clients between local and global custodians together, without change in beneficiary owner 

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

Procedures
  • Custodian requests transfer of securities:
    • A) Dubai CSD receives a transfer request, to be signed and certified by the custodian(s) in case the investor moves from one custodian to another.
    • B) Dubai CSD receives the instructions of the global custodian (s) in case the investor moves from one custodian to another, signed by the local custodian.
    • C) Dubai CSD 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.
  • Dubai CSD ensures that all requirements are in order along with supporting documents.
  • Dubai CSD ensures the application in the system and approves it (within two working days).

Required Documents
  • Fill Custodians Transfers form by local custodian(s).
  • Attach global custodian's instruction (if any).
  • Attach letter from investor signed (in case of moving into/out of custody).
  • Attaching a copy of the Memorandum of Association, valid Commercial License and the Commercial Register of investor (in case of corporate)
  • Attaching a copy of valid Passport and ID of investor (in case of individuals).

How to Apply?
Online through Dubai CSD eServices

FAQs

What are the types of transfers available between accounts of different beneficiaries?
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.