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Up to Aug 20 2014Aug 21 2014 onwards

12. Conditions, restrictions and withdrawal



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(1) The DFSA may at any time by written notice to an Authorised Person;
(a) impose conditions and restrictions in relation to an endorsement;
(b) vary or withdraw conditions and restrictions imposed in relation to an endorsement; or
(c) withdraw an endorsement.
(2) The DFSA may act under Article 12(1) on its own initiative or at the request of an Authorised Person.
(3) The DFSA may withdraw an endorsement on its own initiative under Article 12(1)(c) if:
(a) the Authorised Person is in breach of, or has been in breach of, one or more restrictions or conditions applicable to the endorsement;
(b) the Authorised Person is in breach of, or has 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 Islamic Financial Business; or
(d) 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 to the Regulatory Law 2004 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.