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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Regulatory Law
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Archive
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices

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  • Chapter 4 — Withdrawal or Suspension of a Licence or an Authorisation or Endorsement under a Licence

    • 50. Withdrawing an Authorisation under, or Endorsement on, a Licence

      (1) The DFSA may withdraw authorisation in relation to one or more Financial Services for which an Authorised Person is authorised under a Licence or may withdraw a Licence Endorsement.
      (2) The DFSA may act under Article 50(1) on its own initiative or at the request of an Authorised Person.
      (3) The DFSA may exercise its power under Article 50(1) on its own initiative in the following circumstances:
      (a) the Authorised Person is in breach of, or has been in breach of, one or more restrictions or conditions applicable to its Licence or relating to a Licence Endorsement;
      (b) the Authorised Person is otherwise in breach of, or has otherwise been in breach of, the Law or Rules or other legislation administered by the DFSA;
      (c) the Authorised Person is no longer fit and proper to carry on a Financial Service for which it has an authorisation or an activity for which it has a Licence Endorsement;
      (d) the Authorised Person has failed for a period of at least twelve consecutive months to carry on one or more Financial Services for which it is authorised under a Licence or an activity for which it has a Licence Endorsement; or
      (e) the DFSA considers that the exercise of the power is necessary or desirable in the pursuit of its objectives.
      (4) The procedures in Schedule 3 apply to a decision of the DFSA under this Article.
      (5) If the DFSA decides to exercise its power under this Article, the Authorised Person may refer the matter to the FMT for review.

    • 51. Withdrawing a Licence

      (1) The DFSA may withdraw a Licence of an Authorised Person where:
      (a) as a consequence of withdrawal of authorisation in relation to one or more Financial Services under Article 50, the person is no longer authorised to carry on any Financial Service;
      (b) the person is no longer fit and proper to hold a Licence;
      (c) the person has failed either to remove a controller or to take such other action as required by the DFSA under Article 64; or
      (d) the person asks the DFSA to withdraw the Licence.
      (2) The procedures in Schedule 3 apply to a decision of the DFSA under this Article.
      (3) If the DFSA decides to exercise its power under this Article, the Authorised Person may refer the matter to the FMT for review.

    • [Deleted]

    • 52. Suspension of Authorisation, Endorsement or Licence

      (1) The DFSA may suspend for a period not exceeding 12 months:
      (a) an authorisation in relation to one or more Financial Services for which an Authorised Person is authorised under its Licence;
      (b) a Licence Endorsement; or
      (c) a Licence of an Authorised Person.
      (2) The DFSA may act under this Article on its own initiative or at the request of an Authorised Person.
      (3) The DFSA may act under this Article on its own initiative if it has reasonable grounds to believe that:
      (a) the Authorised Person is:
      (i) in breach of, or has been in breach of, one or more restrictions or conditions applicable to its Licence or a Licence Endorsement;
      (ii) in breach of, or has been in breach of, the Law or Rules or other legislation administered by the DFSA; or
      (iii) no longer fit and proper to carry on a Financial Service for which it has Authorisation under its Licence or an activity for which it holds a Licence Endorsement; and
      (b) the exercise of the power is necessary or desirable in the interests of the DIFC.
      (4) If the DFSA imposes a suspension under this Article it may provide that the Authorised Person may continue to carry on specified activities despite the suspension.
      (5) The procedures in Schedule 3 apply to a decision of the DFSA under this Article.
      (6) If the DFSA decides to exercise its power under this Article, the Authorised Person may refer the matter to the FMT for review.