MIR 8.2 MIR 8.2 Applications
The Remote Member Requirements for a Remote Member are that:(a) it agrees in writing to submit unconditionally to the jurisdiction of the Regulator in relation to any matters which arise out of or which relate to its use of the facilities of the Recognised Body;(b) it agrees in writing to submit unconditionally to the jurisdiction of the ADGM Courts in relation to any proceedings in the ADGM, arising out of or related to its use of the facilities of the Recognised Body; and(c) it agrees in writing to subject itself to the ADGM legislation and the jurisdiction of the ADGM Courts in relation to its use of the facilities of the ADGM Recognised Body.(d) it is licensed or otherwise authorised to trade on, or use the facilities of, an exchange or clearing house in a jurisdiction acceptable to the Regulator;(e) it is regulated in respect of the trading, or use of facilities in (d), by a Non‐ADGM Financial Services Regulator to a standard acceptable to the Recognised Body;(f) the law and practice under which the Remote Member is licensed or otherwise authorised is broadly equivalent to the ADGM regulatory regime as it applies to an ADGM Member;(g) adequate arrangements exist, or will exist, for co‐operation between the Regulator and the Non‐ADGM Financial Services Regulator responsible for the Remote Member’s licensing and regulation;(h) it carries on business in a jurisdiction other than the ADGM and has its head office and registered office outside the ADGM;(i) subject to Rule 8.2.2, when using the facilities of a Recognised Investment Exchange or Recognised Clearing House, it only does so for the purpose of dealing in investments as either agent or principal, pursuant to the scope of the activities it is licensed to undertake by its Non‐ADGM Financial Services Regulator; and(j) subject to Rule 8.2.3, when dealing on a Recognised Body it does so only for non‐ ADGM clients.
Rule 8.2.1(i) does not prevent a Remote Member which has a Branch that is an Authorised Person from carrying on a Regulated Activity in or from the ADGM through such a Branch.
Rule 8.2.1(j) does not apply to a Remote Member which:(a) is licensed and supervised by a Non‐ADGM Financial Services Regulator located within the U.A.E; or(b) has a Branch which is an Authorised Person.