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  • 36. The Powers and Functions of the Chief Executive

    The powers and functions of the Chief Executive are, so far as is reasonably practicable, to:

    (a) exercise the executive power of the DFSA by taking such steps as are reasonable and which he considers appropriate to meet the objectives of the DFSA;
    (b) license, authorise, register, recognise, regulate and supervise the conduct of activities and persons required to be regulated by the DFSA by or under Dubai Law or DIFC Law;
    (c) prepare or cause to be prepared in a timely and efficient manner:
    (i) draft Rules; and
    (ii) draft standards or codes of practice;
    reasonably required to enable the DFSA to perform its statutory functions, and submit such drafts to the DFSA Board of Directors;
    (d) make and issue Guidance which does not constitute a standard or code of practice, and which is reasonably required to enable the DFSA to perform its statutory functions, and advise the DFSA Board of Directors of such Guidance;
    (e) grant waivers and modifications to the application of Rules;
    (f) exercise any power to grant waivers or modifications to the application of other legislation applying in the DIFC where such a power is conferred on the DFSA by that legislation, and advise the DFSA Board of Directors of any such exercise of power;
    (g) investigate matters capable of investigation under any legislation administered by the DFSA, undertake remedial or enforcement actions and, where appropriate, commence proceedings before the FMT and any other tribunals or courts of appropriate jurisdiction;
    (h) where appropriate to do so, delegate such of his functions and powers as may more efficiently and effectively be performed by officers or employees of the DFSA or committees of such persons, and, with the approval of the DFSA Board of Directors either generally or in relation to any particular matter, by any other person; and
    (i) exercise and perform such other powers and functions as may be delegated to the Chief Executive by the DFSA Board of Directors from time to time.