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Dec 23 2012 - Aug 20 2014Aug 21 2014 onwards

75A. Power to issue directions for prudential purposes



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Past version: effective from Dec 23 2012 - Aug 20 2014.
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(1) For prudential purposes, the DFSA may, by written notice, direct that a particular Authorised Firm or Authorised Firms within a specified class:
(a) comply with any specified additional capital or liquidity requirements;
(b) apply a specific provisioning policy or treatment of specified assets;
(c) comply with specified limits on material risk exposures;
(d) comply with specified limits on exposures to related parties;
(e) meet additional or more frequent reporting requirements; or
(f) take such other action as is specified in the direction.
(2) A direction issued under Article 75A(1) comes into force on the date specified in the written notice and remains in force, subject to Article 75A(4), until it is revoked or varied in writing by the DFSA pursuant to Article 75A(3).
(3) The DFSA may, by written notice, revoke or vary, any direction given pursuant to Article 75A(1).
(4) A direction issued to Authorised Firms within a specified class, including any variation made to such a direction pursuant to Article 75A(3), shall not remain in force for a period longer than 12 months from the date specified in the initial direction notice issued pursuant to Article 75A(1).