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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Sourcebook Modules
Regulatory Policy and Process Sourcebook (RPP) February 2017 Edition
RPP 4 Supervisory and Enforcement Powers
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • RPP 4-7 Power to Withdraw an Authorisation or Endorsement in Respect of One or More Financial Services or a Licence

    • RPP 4-7-1

      The DFSA may exercise its powers under Article 50(1) on its own initiative to withdraw an authorisation under, or an endorsement on, a LicenceG to carry on one or more Financial ServicesG where:

      (a) the Authorised PersonG is or has been in breach of one or more restrictions or conditions applicable to its LicenceG or relating to a LicenseG endorsement;
      (b) the Authorised PersonG is in breach of the Regulatory Law, Rules or other legislation administered by the DFSA;
      (c) the Authorised PersonG is no longer fit and proper to carry on a Financial ServiceG for which it has an authorisation or an activity for which it has a LicenceG endorsement;
      (d) the Authorised PersonG has failed for a period of at least twelve consecutive months to carry on one or more Financial ServicesG for which it is authorised under a LicenceG or an activity for which it has a Licence EndorsementG ; or
      (e) the DFSAG considers that the exercise of the power is necessary or desirable in the pursuit of its objectives.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
      Amended (Made 21st August 2014). August 2014 Edition

    • RPP 4-7-2

      The DFSA may exercise its powers under Article 51 to withdraw a LicenceG where:

      (a) as a consequence of withdrawal of authorisation in relation to one or more Financial ServicesG under Article 50, the Authorised PersonG is no longer authorised to carry on a Financial ServiceG ;
      (b) the Authorised PersonG is no longer fit and proper to hold a LicenceG ;
      (c) the Authorised PersonG has failed to remove a ControllerG or take such other action as required by the DFSA under Article 64; or
      (d) the Authorised PersonG requests the withdrawal.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 4-7-3

      In determining whether to exercise its Article 50 and 51 powers, the DFSA will have regard to all relevant matters. These include, but are not limited to, the following:

      (a) when the DFSA has serious concerns about the manner in which the business of the Authorised PersonG has been or is being conducted;
      (b) when the DFSA considers it necessary to protect regulated entities and customers in the DIFC;
      (c) whether any alleged contraventions affect or have the potential to affect the DFSA's objectives;
      (d) the nature, seriousness and impact of any alleged contravention and whether the alleged contravention is ongoing;
      (e) when the Authorised PersonG no longer satisfies the relevant criteria set out in chapter 7 of the GEN module, chapters 2 and 7 of the AMI module and section 2-2 of this module in respect of the fitness and propriety to carry on a Financial ServiceG or hold a LicenceG ;
      (f) when the activities of the Authorised PersonG have ceased; and
      (g) when the Authorised Person'sG resources seem to the DFSA inadequate for the scale or type of activity which the firm is authorised to undertake.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
      Amended (Made 21st August 2014). August 2014 Edition

    • RPP 4-7-4

      Where an Authorised PersonG requests the DFSA to withdraw its LicenceG , then such a PersonG should complete and submit the relevant form to the DFSA (see SUP 6 Form - AFN Sourcebook). This form sets out a number of matters which the DFSA will consider before processing such an application to withdraw a LicenceG .

      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition