A Category 3C Licence company is authorised to carry on one or more of the following financial services:

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Managing Assets

 

Managing Assets means managing on a discretionary basis assets belonging to another person if the assets include any Investment, crypto token or rights under a contract of Long-Term Insurance, not being a contract of reinsurance.

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Managing a Collective Investment Fund

 

Managing a collective investment fund means:

• being legally accountable to the unit holders in the fund for the management of the property held for or within a fund under the fund’s Constitution; and

• establishing, managing or otherwise operating or winding up a fund;

 

Providing Custody (where it does so other than for a Fund and other than in relation to crypto assets)

 

Providing custody means one or more of the following activities:

• safeguarding and administering investments belonging to another person;

• safeguarding and administering crypto tokens belonging to another person;

• in the case of a fund, safeguarding and administering fund Property; or

• acting as a central securities depository

 

Managing a Profit Sharing Investment Account (PSIA) (which is a PSIAr)

 

Managing a profit sharing investment account means managing an account or portfolio which is a Profit Sharing Investment Account.

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PSIAr is where a PSIA in respect of the investment account holder imposes certain restrictions as to where, how and for what purpose his funds are to be invested.

 

Providing Trust Services (where it is acting as trustee in respect of at least one express trust)

 

Providing Trust Services means:

• the provision of services with respect to the creation of an express trust;

• arranging for any Person to act as a trustee in respect of any express trust;

• acting as trustee in respect of an express trust;

• the provision of Trust Administration Services in respect of an express trust; or

• acting as protector or enforcer in respect of an express trust

  

Providing Money Services (where it issues Stored Value)

 

Providing Money Services means:

• providing currency exchange;

• providing Money Transmission;

• providing or operating a Payment Account;

• executing Payment Transactions on a Payment Account provided or operated by another Person;

• issuing Payment Instruments; or

• issuing Stored Valu

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Money Transmission means the transmission of money or monetary value, without a Payment Account being created in the name of the payer or the payee, where funds are:

• received from a payer for the sole purpose of transferring a corresponding amount to a payee or to another Payment Service Provider acting on behalf of the payee; or

• received on behalf of, and made available to, the payee.

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Payment Account means an account held in the name of one or more users which is used to execute Payment Transactions.

 

Payment Transaction means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee.

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Stored Value means any electronically (including magnetically) stored monetary value as represented by a claim on the issuer which is issued on receipt of funds or other assets for the purpose of making Payment Transactions, but does not include monetary value that can be used only to pay for goods or services.

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Capital Requirement

 

The base capital of a category 3C Licence is USD 500,000 except as follows:

• If the only financial service is only to carry on managing a collective investment fund, in which case its base capital requirement is USD140,000 and if it manages any public fund or credit fund, it is USD 40,000

• If the only financial service is only to carry on is managing assets or managing a profit sharing investment account (which is a PSIAr), in which case its base capital requirement is USD140,000;

 

​​​Office

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The company must have its Head Office and Registered Office in the DIFC. Head office means the place where the day-to-day management and control of the business and licensed activities are carried out.

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Mandatory Officers

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