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Up to Aug 20 2014Aug 21 2014 onwards

50. Withdrawing an Authorisation under, or Endorsement on, a Licence



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(1) The DFSA may withdraw authorisation in relation to one or more Financial Services for which an Authorised Person is authorised under a Licence or may withdraw a Licence Endorsement.
(2) The DFSA may act under Article 50(1) on its own initiative or at the request of an Authorised Person.
(3) The DFSA may exercise its power under Article 50(1) on its own initiative in the following circumstances:
(a) the Authorised Person is in breach of, or has been in breach of, one or more restrictions or conditions applicable to its Licence or relating to a Licence Endorsement;
(b) the Authorised Person is otherwise in breach of, or has otherwise been in breach of, the Law or Rules or other legislation administered by the DFSA;
(c) the Authorised Person is no longer fit and proper to carry on a Financial Service for which it has an authorisation or an activity for which it has a Licence Endorsement;
(d) the Authorised Person has failed for a period of at least twelve consecutive months to carry on one or more Financial Services for which it is authorised under a Licence or an activity for which it has a Licence Endorsement; or
(e) the DFSA considers that the exercise of the power is necessary or desirable in the pursuit of its objectives.
(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, the Authorised Person may refer the matter to the FMT for review.