The exact requirements to obtain authorization differ, depending on the type of undertaking. Most of the overlapping requirements can be grouped as follows:

• Integrity and suitability requirements – Managing directors and supervisory board members of financial institutions must be trustworthy and suitable. Therefore, the relevant supervisor will screen potential candidates for integrity and suitability. Candidates will have to submit their personal details, diplomas, references and a curriculum vitae, as well as disclose possible antecedents ranging from criminal to tax law, and disclose certain qualified holdings.
• Ethical business operations requirements – Financial undertakings are required to implement adequate policies to ensure ethical operational requirements, such as in relation to conflicts of interest, systemic risk, and the management of integrity risks.
• Sound business operations – Business processes and risks have to be appropriately managed. Financial undertakings need to have a clear, balanced and adequate organizational structure, division of duties, powers and responsibilities. They need to keep adequate records, reporting lines and communications channels. Some types of financial undertakings are also required to have a certain number of natural persons as managing directors or supervisory board members.
• Outsourcing requirements – The DFSA provides for a number of requirements relating to outsourcing.
• Minimum own finds, solvency and liquidity provisions. – A number of financial undertakings, such as banks, insurers and investment firms, are subject to solvency and liquidity requirements.
• Anti-money laundering – Most financial undertakings are required to implement policies and procedures to combat money laundering pertaining to, inter alia, client due diligence, reporting “unusual” transactions, and internal anti-money laundering compliance.