Entire Section

  • Chapter 1: Chapter 1: Supervision of Authorised Market Institutions

    • 26. Supervision of Authorised Market Institutions

      (1) Without limiting the application of the Regulatory Law 2004, the DFSA may direct an Authorised Market Institution to do or not do specified things that the DFSA considers are necessary or desirable or to ensure the integrity of the DIFC financial markets, including but not limited to directions:
      (a) requiring compliance with any duty, requirement, prohibition, obligation or responsibility applicable to an Authorised Market Institution;
      (b) requiring an Authorised Market Institution to act in a specified manner in relation to a transaction conducted on or through the facilities operated by an Authorised Market Institution, or in relation to a specified class of transactions; or
      (c) requiring an Authorised Market Institution to act in a specified manner or to exercise its powers under any rules that the Authorised Market Institution has made.
      (2) Without limiting the application of Article 75 of the Regulatory Law 2004, the DFSA may direct an Authorised Market Institution to:
      (a) close the market or facilities operated by an Authorised Market Institution in a particular manner or for a specified period;
      (b) suspend transactions on the market or through the facilities operated by the Authorised Market Institution;
      (c) suspend transactions in Investments conducted on the market or through the facilities operated by the Authorised Market Institution;
      (d) prohibit trading in Investments conducted on the market or through the facilities operated by the Authorised Market Institution;
      (e) defer for a specified period the completion date of transactions conducted on the market or through the facilities operated by the Authorised Market Institution;
      (f) prohibit a specified person from undertaking any transactions on the facilities operated by the Authorised Market Institution; or
      (g) do any act or thing, or not do any act or thing, in order to ensure an orderly market, or reduce risk to the DFSA's objectives.
      (3) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under this Article.
      (4) If the DFSA decides to exercise its power under this Article, the Authorised Market Institution may refer the matter to the FMT for review.

    • 27. Staff liabilities at Authorised Market Institutions

      Neither an Authorised Market Institution nor any director, officer, employee or agent of an Authorised Market Institution may be held liable for anything done or omitted to be done in the performance or discharge or purported performance or discharge of their respective duties and regulatory functions if the act or omission is shown to have been committed or omitted in good faith.

    • 28. Default Rules of Authorised Market Institutions

      (1) The DFSA may require an Authorised Market Institution to have rules which set out procedures dealing with circumstances where a member is unable to meet its obligations in respect of contracts ("default rules") as a condition of its Licence.
      (2) The DFSA may, by Rules, prescribe provisions which shall be adopted as part of an Authorised Market Institution's default rules.