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Dubai Financial Services Authority (DFSA): Contents

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  • AMI 10.2 Withdrawal of a Licence at an Authorised Market Institution's request

    • AMI 10.2.1

      (1) An Authorised Market InstitutionG must continue to carry on every Financial ServiceG it is authorised to conduct under its LicenceG until its LicenceG is withdrawn or the DFSAG consents in writing.
      (2) An Authorised Market InstitutionG seeking to have its LicenceG withdrawn must submit a request in writing stating:
      (a) the reasons for the request;
      (b) the date on which it will cease to carry on Financial ServicesG in or from the DIFCG ;
      (c) how PersonsG using facilities maintained by it for trading, clearing or settlement, as applicable, are affected and any alternative arrangements made for the trading, clearing or settlement;
      (d) where applicable, how persons with SecuritiesG admitted to an Official List of SecuritiesG maintained by it are affected and any alternative arrangements made for the listing and trading of the relevant SecuritiesG ; and
      (e) that it has discharged, or will discharge, all obligations owed to its users in respect of whom the Authorised Market InstitutionG has carried on Financial ServicesG in or from the DIFCG .
      Derived from RM118/2013 [VER15/07-13]

      • AMI 10.2.1 Guidance

        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]