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Jul 5 2012 - Aug 20 2014Aug 21 2014 onwards

37. Recognised Status



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(1) The DFSA shall, by Rules, permit an Authorised Market Institution to admit as a member a recognised member.
(2) A person which operates an exchange, clearing house or alternative trading system from a place of business outside the DIFC (the "operator") shall not provide direct access to its facilities to persons in the DIFC unless such operator is admitted to the list of recognised persons maintained by the DFSA pursuant to Article 37(4).
(3) For the purposes of this Law:
(a) "recognised body" means a person which operates an exchange, clearing house or alternative trading system in a jurisdiction other than the DIFC which has been admitted to, and appears on, the list of recognised bodies maintained by the DFSA pursuant to this Article;
(b) "recognised member" means a person located in a jurisdiction other than the DIFC which has been admitted to, and appears on, the list of recognised members maintained by the DFSA pursuant to this article; and
(c) "recognised person" means a recognised body or a recognised member.
(4) The DFSA shall maintain a list of recognised bodies and recognised members (the "list of recognised persons") for the purposes of this Article.
(5) The DFSA may only admit a person to its list of recognised persons if it appears to the DFSA that such a person satisfies and will continue to satisfy the recognition criteria prescribed for the purposes of this Article.
(5A) The DFSA may refuse to admit a person to its list of recognised persons if it appears to the DFSA that the person does not satisfy or will not continue to satisfy the criteria referred to in Article 37(5).
(6) The DFSA shall, by Rules, prescribe the initial and ongoing criteria which a person must satisfy in order to be, and continue to be, a recognised person (the "recognition criteria");
(7) If it is necessary or desirable in pursuit of its objectives, the DFSA may remove a person from its list of recognised persons in the circumstances and manner prescribed in the Rules made for the purposes of this Article.
(8) The DFSA may make Rules regarding any definition, requirement or other matter which the DFSA considers necessary to give effect to the requirements, purpose or intent of this Article.
(9) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under Article 37(5A) or Article 37(7).
(10) If the DFSA decides to exercise its power under Article 37(5A) or Article 37(7), the person may refer the matter to the FMT for review.