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Jul 14 2013 - Aug 20 2014Aug 21 2014 onwards

AMI 10.2.1 Guidance



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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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

1. The DFSAG will need to be satisfied when considering requests under Rule 10.2.1, that an Authorised Market InstitutionG has made appropriate arrangements with respect to its existing users (including the receipt of consent where required) and, in particular:
a. whether there may be a long period in which the business will be wound down or transferred;
b. whether money and other assets belonging to users must be returned to them; and
c. whether there is any other matter which the DFSAG would reasonably expect to be resolved before granting a request for the withdrawal of a LicenceG .
2. In determining a request for the withdrawal of a LicenceG , the DFSAG may require additional procedures or information as appropriate including evidence that the Authorised Market InstitutionG has ceased to carry on Financial ServicesG .
3. Detailed plans should be submitted where there may be an extensive period of wind-down. It may not be appropriate for an Authorised Market InstitutionG to immediately request a withdrawal of its LicenceG in all circumstances, although it may wish to consider reducing the scope of its LicenceG during this period. Authorised Market InstitutionG should discuss these arrangements with the DFSAG .
4. The DFSAG may refuse a request for the withdrawal of a LicenceG where it appears that users and customers may be adversely affected.
5. The DFSAG may also refuse a request for the withdrawal of a LicenceG where:
a. the Authorised Market InstitutionG has failed to settle its debts to the DFSAG ; or
b. it is in the interests of a current or pending investigation by the DFSAG , or by another regulatory body or Financial Services RegulatorG .
6. Under Article 63 where the DFSAG grants a request for the withdrawal of a LicenceG , the DFSAG may continue to exercise any power under the Regulatory Law, the Markets Law or Rules in relation to an Authorised Market InstitutionG for a period of three years from the date on which it became aware of the matter giving rise to the right to exercise the power.
Derived from RM118/2013 [VER15/07-13]
[Amended] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]