Home   Browse contents   View updates   Search  
     Quick search
Go
   

Whole SectionText only Print Print Manager Link


  Versions
(1 version)
 
Aug 21 2014 onwards

90. Sanctions and directions



Whole Section PDF

To view past versions of this module in PDF format, please visit the Archive.

(1) Where the DFSA considers that a person has contravened a provision of any legislation administered by the DFSA, other than in relation to Article 32, the DFSA may exercise one or more of the powers in Article 90(2) in respect of that person.
(2) For the purposes of Article 90(1) the DFSA may:
(a) fine the person such amount as it considers appropriate in respect of the contravention;
(b) censure the person in respect of the contravention;
(c) make a direction requiring the person to effect restitution or compensate any other person in respect of the contravention within such period and on such terms as the DFSA may direct;
(d) make a direction requiring the person to account for, in such form and on such terms as the DFSA may direct, such amounts as the DFSA determines to be profits or unjust enrichment arising from the contravention;
(e) make a direction requiring the person to cease and desist from such activity constituting or connected to the contravention as the DFSA may stipulate;
(f) make a direction requiring the person to do an act or thing to remedy the contravention or matters arising from the contravention; or
(g) make a direction prohibiting the person from holding office in or being an employee of any Authorised Person, DNFBP, Reporting Entity or Domestic Fund.
(3) Nothing in this Article prevents the DFSA from exercising any other power that it may exercise under this Law or any other legislation administered by the DFSA.
(4) The procedures in Schedule 3 apply to a decision of the DFSA under this Article.
(5) If the DFSA decides to exercise its power under this Article in relation to a person, the person may refer the matter to the FMT for review.
(6) The DFSA shall prepare, publish and maintain a statement of:
(a) its policy in relation to the factors to be considered by the DFSA in exercising a power in respect of a person under Article 90(2)(a) and (b); and
(b) the procedure which the DFSA has adopted, which is designed to secure, among other things, that the decision is taken by a person not directly involved in establishing the evidence on which that decision is based.
(7) The DFSA may at any time modify or replace a statement published by it under this Article and where it does so it shall publish any modified or replacement statement.
(8) A statement required to be published under this Article shall be published in a way appearing to the DFSA to be best calculated to bring it to the attention of the public.
(9) In exercising, or deciding whether to exercise, its power under Article 90(2)(a) or (b), the DFSA shall have regard to any statement published by it under this Article and in force at the time when the contravention in question occurred.
(10) If the person who is subject to a fine under Article 90(2)(a) has not paid to the DFSA the full amount of the fine within the period specified in the notice, the Court may order, on application of the DFSA, the recovery as a debt due so much of the fine as remains outstanding, together with costs.