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Jan 1 2015 onwards

CMC 11 Enforcement Powers

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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.

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1. If the DFSAG considers that a person has engaged in Market AbuseG it may impose a range of different sanctions under Article 90 of the Regulatory Law, such as:
(a) fining the person such amount as it considers appropriate;
(b) censuring the person;
(c) directing the person to effect restitution or to compensate any person;
(d) requiring the person to cease or desist from the activity; or
(e) directing the person to do an act or thing to remedy the contravention.
2. The DFSAG may also take other types of action under the Regulatory Law against a person whom it considers has engaged in Market AbuseG such as:
(a) taking action in respect of a LicenceG held by the person;
(b) restricting the person from performing any functions connected with Financial ServicesG in or from the DIFCG ; or
(c) applying to the CourtG for an order against the person.
3. If the DFSAG proposes to take enforcement action against a person, it is required to comply with the applicable decision-making procedures in Schedule 3 to the Regulatory Law. If the DFSAG decides to take enforcement action against the person, the person may refer the matter to the FMTG for review.
4. Further information about the DFSA's enforcement powers and decision-making procedures can be found in chapters 5, 6 and 7 of the Regulatory Policy and Process (RPP) Sourcebook.
Derived from GM9/2014 (Made 1st January 2015). [VER1/01-15]