Be registered in the Authority Register of Brokers as the holder of a valid broking license issued by the Authority;

Be a corporate person incorporated in the State in accordance with Federal Law No. 4 of 1984 relating to Commercial Companies.

Have a contract of establishment or memorandum and articles of association written in Arabic and notarized before the official authorities;

It shall not be permissible for a partner in the capital of a Broker to be a partner in the capital of another Broker or to occupy a management position therein

Have paid up share capital of at least Dhs. 30,000,000 or such greater amount as the Board may prescribe from time to time;

Have a valid and enforceable bank guarantee issued by a bank operating in the State in an amount of not less than 20 million Dirhams (twenty million Dirhams) as a minimum, payable unconditionally and on demand in favour of the Clearing, the value of such guarantee increasing progressively with the increase in volume of the Broker's business as determined by the Market's board of directors. If the Broker is entered in more than one Market, it shall be possible for it to apportion such bank guarantee as between the Markets in which it is entered, in such manner that the total of the portions of the guarantee is not less than 20 million Dirhams (twenty million Dirhams). It shall be permissible, with the agreement of the Market in question, for the Broker to pledge all or part of the securities invested in the portfolios owned by it and deposited with the Clearing as security for the increasing of the amount of the bank guarantee for it, and to empower the Market to sell such securities or part thereof at the prevailing price in order to cover any financial claims which might result from the Broker's inability to discharge its obligations to the Market or to investors, provided that the bank guarantee relating to the investment portfolios does not exceed 50% of the current market value."

Have a Broker Settlement Bank Account which does not have a debit balance;

Not carry on any other business other than approved brokerage and those activities which are normally ancillary thereto.

Provide a list of all the applicant’s employees including shareholders and board members in excel sheet as indicated below

Name Occupation Nationality Mobile No. Joining date

Have no manager or partner authorized to manage the ADX Broker or any ADX Broker’s Representatives or any part of its business who has ceased to pay his or her commercial debts even if not declared bankrupt and including a declared bankrupt who has not discharged such crime of dishonesty or immorality and such person has not been rehabilitated;

Employ a General Manager or executive manager who holds a university qualification and possesses experience of not less than five years in the field of securities or fields relating thereto.

Employee an operations manager who holds a first university certificate (in the field of business management or accountancy) as a minimum, and has practical experience of not less than four years in the field of securities or experience of not less than two years if he holds a higher study qualification, and, for those who hold the nationality of the State, the requirement as to experience shall be at least two years in the field of securities or experience of not less than one year if he holds a higher study qualification.

Employee a trading manager who holds a first university certificate as a minimum and has practical experience of not less than four years in the field of securities or experience of not less than two years if he holds a higher study qualification, and, for those holding the nationality of the State, the requirement as to experience shall be two years at least in the field of securities or experience of not less than one year if he holds a higher study qualification.

Employee an Internal auditor who holds a professional certificate in the field of accountancy (CPA or equivalent) as a minimum, and has practical experience of not less than three years in the field of securities or five years at least in the external audit field, of which at least three years are in the field of auditing financial institutions, or five years at least in the field of internal audit in a financial institution, and for those holding the nationality of the State the requirement as to experience shall be three years at least in the field of securities or the external audit field. If the Broker is unable to appoint an internal auditor, it shall be permissible, exceptionally, for it to appoint an external auditing office holding approval to do internal audit work, being an office other than the external audit office undertaking the audit of the Broker's accounts. The ADX shall be provided with the names of the representatives of the audit office undertaking the internal audit work, and any change in them. The notifying of the ADX of the names of those responsible for following up on internal audit at the Broker's principal place of business and its branches, if any.

Employ at least two ADX Broker’s Representative who passed ADX exams, who should holds a first university certificate as a minimum and has practical experience of not less than three years in the field of securities or finance, or experience of not less than two years if he holds a higher study qualification, and those holding the nationality of the State shall be exempted from the requirement as to experience, it being sufficient that they hold a diploma certificate as a minimum.

Employee a Settlement Officer who holds a first university certificate as a minimum and has practical experience of not less than 3 years in the field of Accounting.

Provide an undertaking to contribute to the Investor Protection Fund.

Provide a letter of acknowledgment that the manager will be responsible for and remain liable for actions of its ADX Broker’s Representatives and other employees;

Provide a written undertaking that the applicant shall be responsible for the acts of its employees including without limitation its ADX broker’s representatives in relation to their activities.

Provide a written undertaking to abide by these Rules and the rulings of the board and the Authority and to provide to ADX such information as the board may require from time to time;

Provide a certificate from Ministry of Justice that the Ministry knows of no reason why the applicant should not operates as an ADMS Broker and the applicant has no outstanding judgments against it;

Provide a copy o audited annual financial accounts of the applicant for the year ended on a date within 3 months of the date of the application from if the firm already existed.

Provide a copy of the memorandum and articles of association of the applicant and all contracts governing the applicant’s constitution together with evidence of the nationality of the shareholders of the applicant;

Provide a certificate of balance from a bank stating that the company has in its account available balance of which Dhs. 1,250,000 is in cash or liquid assets;

Provide a certificate from approved auditor that the firm has Back-office accounting systems as capable of reconciling and calculating assets, liabilities, cash, securities holdings and capital adequacy on a daily basis, and with controlled segregation of responsibilities and duties;

Provide a certificate from an approved auditor that the firm has in place the systems and processes to ensure compliance with ADX Rules, including the Code of Conduct and Customer Agreement;

Provide a Fidelity Insurance to the attached ADX requirements.

Provide a certificate from approved auditor that the firm has a fidelity insurance as of ADX requirements.