Entire Section

  • Application for a Withdrawal of Licence

    • RPP 3-2-42

      In considering requests under GEN Rule 11.4.1, an Authorised Firm will need to satisfy the DFSA that it has made appropriate arrangements with respect to its existing customers, including the receipt of any customers' consent where required and, in particular:

      (a) whether there may be a long period in which the business will be run-off or transferred;
      (b) whether deposits must be returned to customers;
      (c) whether money and other assets belonging to customers must be returned to them; and
      (d) whether there is any other matter which the DFSA would reasonably expect to be resolved before granting a request for the withdrawal of a Licence.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-43

      In determining a request for the withdrawal of a Licence, the DFSA may require additional procedures or information as appropriate including evidence that the Authorised Firm has ceased to carry on Financial Services.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-44

      An Authorised Firm should submit detailed plans where there may be an extensive period of wind-down. It may not be appropriate for an Authorised Firm to immediately request a withdrawal of its Licence in all circumstances, although it may wish to consider reducing the scope of its Licence during this period. Authorised Firms should discuss these arrangements with the DFSA.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-45

      The DFSA may refuse a request for the withdrawal of a Licence where it appears that customers may be exposed to adverse effect.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-46

      The DFSA may also refuse a request for the withdrawal of a Licence where:

      (a) the Authorised Firm has failed to settle its debts to the DFSA; or
      (b) it is in the interests of a current or pending investigation by the DFSA, or by another regulatory body or Financial Services Regulator.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 3-2-47

      Some other matters which an Authorised Firm should be mindful of in relation to the withdrawal of its Licence include:

      (a) Under Article 63 of the Regulatory Law 2004 where the DFSA grants a request for the withdrawal of a Licence, the DFSA may continue to exercise any power under the Regulatory Law 2004 or Rules in relation to an Authorised Firm or Authorised Individual for two years from the date on which the Licence was withdrawn;
      (b) Article 43(2) of the Regulatory Law 2004 states that Licensed Functions of an Authorised Firm shall be carried out by its Authorised Individuals. Accordingly, where an Authorised Firm's Licence is withdrawn, the authorised status of its Authorised Individuals will also be withdrawn from the same date. However, this does not remove the obligation on an Authorised Firm to provide a statement under GEN Rule 11.7.3 where an Authorised Individual has been dismissed or requested to resign; and
      (c) Where a Fund Manager or the Trustee makes a request under GEN Rule 11.4.1, the Fund Manager or the Trustee will need to satisfy the DFSA that it has made appropriate arrangements in accordance with the requirements under the Collective Investment Law 2010 and the CIR module with respect to the continuing management of the Fund for which it is the Fund Manager or the Trustee, as the case may be.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition