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  • Part 9: Contraventions and Proceedings

    • 52. Contraventions

      A person who:

      (a) does an act or thing that the person is prohibited from doing by or under this Law or by the Rules;
      (b) does not do an act or thing that the person is required or directed to do by or under this Law or by the Rules;
      (c) otherwise contravenes a provision of this Law or the Rules;
      commits a contravention of this Law or the Rules, as the case may be, by virtue of Article 85 of the Regulatory Law 2004.

    • 53. Declaration of contravention

      Without in any way limiting the orders the Court or the Financial Markets Tribunal may make under Article 54 of this Law or any other legislation administered by the DFSA, the Court or the Financial Markets Tribunal may make a declaration in proceedings pending before it that a person has committed a contravention of this Law or the Rules.

    • 54. Orders in the interests of the DIFC

      (1) Without limiting the powers of the Court or the Financial Markets Tribunal, either may on the application of the DFSA, make one or more of the following orders in relation to a person, irrespective of whether a contravention has occurred, if in its opinion, it is in the interest of the DIFC to make the order or orders:
      (a) an order restricting any conduct on such conditions or terms as the Court or Financial Markets Tribunal thinks fit;
      (b) an order that trading in any Investments cease permanently or for such period as is specified in the order;
      (c) an order that any exemptions contained in the Law or the Offered Securities Rules, Takeover Rules or Market Conduct Rules, do not apply permanently or for such period as is specified in the order;
      (d) an order that a person submit to a review by the DFSA of his practices and procedures and institute such changes as may be directed by the DFSA;
      (e) orders in relation to activities relating to Takeover Offers within the DIFC;
      (f) an order that a disclosure be made to the market;
      (g) an order reprimanding a person described in the order;
      (h) an order that a person resign one or more positions that the person holds as a director or officer of a company;
      (i) an order that a person is prohibited from becoming or acting as a director or officer of any company;
      (j) an order that a person is prohibited from making offers of Securities in or from the DIFC;
      (k) an order that a person is prohibited from being involved in listing companies or Securities within the DIFC;
      (l) an order requiring a person to disgorge to the DFSA any amounts obtained as a result of the non-compliance with the Law or the Rules;
      (m) an order that a release, report, Prospectus, Supplementary Prospectus, return, financial statement or any other document described in the order:
      (i) be provided by a person described in the order,
      (ii) not be provided by a market participant described in the order; or
      (iii) be amended by a market participant to the extent that amendment is practicable.
      (n) an order that a person pay a fine; or
      (o) any order that the Court or Financial Markets Tribunal thinks fit, in order to maintain the integrity of the DIFC and ensure an efficient, honest, fair and transparent market.
      (2) The Court or Financial Markets Tribunal may on the application of the DFSA, make interim and ex parte orders specified in Article 54(1)(a), (b), (c), (d), (e), (f), (m) and (o).
      (3) An order under Article 54(1) and (2) may be subject to such terms and conditions as the Court or the Financial Markets Tribunal may impose.

    • 55. Certificate of contravention

      A certificate signed by the Registrar of the Court or a member of the Financial Markets Tribunal which states that the Court or Financial Markets Tribunal on a specified day made a finding that a specified person has committed a contravention of a specified provision of the Law or of the Rules or of any other legislation administered by the DFSA or made a specified finding of fact is, in any proceedings before the Court or Financial Markets Tribunal, where relevant:

      (a) conclusive evidence that the person was found by the Court or the Financial Markets Tribunal on that day to have contravened the relevant provision;
      (b) prima facie evidence that the person contravened that provision; and
      (c) prima facie evidence of the relevant finding of fact determined by the Court or the Financial Markets Tribunal.