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88. Appointment of Managers



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(1) The DFSA may require an Authorised Person to appoint one or more individuals to act as managers of the business of the person on such terms as the DFSA may specify. Such terms may be varied from time to time by notice in writing given by the DFSA to the person.
(2) The individual or individuals appointed to act as managers of the business under Article 88(1) must be nominated or approved by the DFSA.
(3) The DFSA may impose a requirement under Article 88(1) where it considers it necessary or desirable to appoint a manager:
(a) to determine or address concerns as to the solvency or the level of compliance with prudential requirements of the Authorised Person;
(b) for the orderly transition of the Authorised Person from one set of owners or controllers to a new set of owners or controllers;
(c) to wind down the operations of the Authorised Person for the protection of customers of the Authorised Person; or
(d) where it has reasonable grounds to suspect serious contraventions of the law have been committed by the Authorised Person and to ensure that customers or regulated entities are not adversely affected or to maintain the integrity of the DIFC.
(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.