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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Regulatory Law
Part 3: Licences, Authorisation and Registration
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Up to Aug 20 2014Aug 21 2014 onwards

56. Grant or rejection of an application for authorised status



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(1) The DFSA may grant Authorised Individual or Key Individual status, including an extension to status, if it is satisfied that the requirements under Article 53 for the grant of the application have been met.
(2) The DFSA may refuse to grant Authorised Individual or Key Individual status or an extension to such status if it is not satisfied that the requirements under Article 53 have been met.
(3) The DFSA may, if it considers it appropriate to do so:
(a) grant Authorised Individual or Key Individual status subject to conditions and restrictions;
(b) impose such conditions and restrictions at any time after the grant of Authorised Individual or Key Individual status; or
(c) vary or withdraw such conditions or restrictions.
(4) Upon deciding to authorise a director, officer, employee or agent of an Authorised Person as an Authorised Individual or Key Individual, or to extend the scope of an Authorised Individual or Key Individual status to other Licensed Functions, the DFSA shall without undue delay inform the relevant director, officer, employee or agent and the Authorised Person in writing of:
(a) such decision;
(b) the date on which the authorisation or extension shall be deemed to take effect;
(c) the Licensed Functions to which the authorisation relates; and
(d) any conditions and restrictions applicable to the Authorised Individual or Key Individual status or extended status.
(5) The procedures in Schedule 3 apply to a decision of the DFSA under this Article:
(a) to refuse to grant Authorised Individual or Key Individual status to an individual or to extend such status; or
(b) to impose or vary conditions or restrictions on an Authorised Individual or Key Individual.
The DFSA shall give both the applicant, Authorised Individual or Key Individual (as the case may be) and the relevant Authorised Person or applicant to be an Authorised Person (as the case may be) an opportunity to make representations under the procedures in Schedule 3.
(6) If the DFSA decides to exercise its power under this Article:
(a) to refuse to grant Authorised Individual or Key Individual status to an individual or to extend such status; or
(b) to impose or vary conditions or restrictions on an Authorised Individual or Key Individual,
the applicant, Authorised Individual or Key Individual (as the case may be) or the relevant Authorised Person or applicant to be an Authorised Person (as the case may be) may refer the matter to the FMT for review.