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  • Chapter 3 — Rules

    • 23. Power to Make Rules

      (1) The DFSA Board of Directors may make Rules in respect of any matters related to the objectives, powers or functions of the DFSA or which facilitate the administration of, or further the purpose of, any law administered by the DFSA. This power shall be exercised by the DFSA Board of Directors.
      (2) In particular, the DFSA Board of Directors when exercising the power in Article 23(1) may make Rules in respect of:
      (a) procedures and requirements in relation to licensing, authorisation and registration;
      (b) levels and types of financial resources to be maintained by particular persons in the DIFC;
      (c) standards of practice and business conduct of persons in dealing with their customers and clients and prospective customers and clients;
      (d) the resolution of disputes;
      (e) the conduct of particular persons in the DIFC;
      (f) the operation of an Authorised Market Institution in the DIFC, including but not limited to:
      (i) notification to and approval by the DFSA of any rules or guidance issued by an Authorised Market Institution;
      (ii) the prescribing of regulatory functions of an Authorised Market Institution; and
      (iii) the conduct of and supervision of any such regulatory function; and
      (g) the conduct of the DFSA and its officers, employees and agents in relation to the exercise of powers and performance of functions, including the exercise of discretionary powers and powers to conduct investigations and hearings.
      (3) Where the DFSA Board of Directors issues a standard or code of practice, the DFSA Board of Directors may incorporate such a standard or code into the Rules by reference and in such circumstances, except to the extent that the Rules otherwise provide, a person who is subject to the provisions of any such standard or code must comply with such provisions as if they were provisions of the Rules.
      (4) Where any legislation made under this Law purports to be made in exercise of a particular power or powers, it shall be taken also to be made in the exercise of all powers under which it may be made.

    • 24. Publication of Draft Rules

      (1) The DFSA shall publish draft Rules by means of a notice under Article 24(2).
      (2) The notice of draft Rules must include the following:
      (a) the draft text of the Rules;
      (b) a statement of the substance and purpose of the material provisions of the draft Rules; and
      (c) a summary of the draft Rules.
      (3) Upon publication of a notice under Article 24(2), the DFSA shall invite interested persons to make representations with respect to the draft Rules within a period of at least 30 days after the publication, or within such period as the DFSA Board of Directors may otherwise determine.
      (4) Articles 24(1), (2) and (3) shall not apply if the DFSA Board of Directors concludes that:
      (a) any delay likely to arise under such Articles is prejudicial to the interests of the DIFC; or
      (b) the draft Rules are amendments to correct anomalies or typographical errors in the legislation or are merely consequential in nature and in all cases do not alter the policy set forth in the relevant legislation.
      (5) Any period of time during which the DFSA invites interested persons to make representations with respect to draft Rules prior to Article 24 coming into effect shall be deemed to count as part or all of the period referred to in Article 24(3).

    • 25. Waivers and Modification of Rules

      (1) The DFSA may:
      (a) on the application of a person; or
      (b) with the consent of a person;
      by means of a written notice provide that one or more provisions of the Rules either:
      (c) shall not apply in relation to such person; or
      (d) shall apply to such person with such modifications as are set out in the written notice.
      (2) A written notice may be given subject to conditions.
      (3) A person to whom a condition specified in a written notice applies must comply with the condition. In the event of failure to comply with a condition, the DFSA may, without limiting any other powers that the DFSA may have, apply to the Court for an order, including an order that the person must comply with the condition in a specified way.
      (4) Unless the DFSA is satisfied that it is inappropriate or unnecessary to do so, it must publish a written notice in such a way as it considers appropriate for bringing the notice to the attention of:
      (a) those likely to be affected by it; and
      (b) others who may be likely to become subject to a similar notice.
      (5) The DFSA may:
      (a) on its own initiative or on the application of the person to whom it applies, withdraw a written notice; or
      (b) on the application of, or with the consent of, the person to whom it applies, vary a written notice.
      (6) The DFSA may make Rules in connection with the provision of a written notice under this Article, including Rules prescribing procedures for the making of applications and providing of consents.