Procedures Relating to Appointment of Sponsors
MKT 7.1.3(1) A
Personrequired to appoint a sponsor must, prior to appointing a sponsor:(a) take reasonable steps to ensure that the proposed sponsor has the required knowledge, experience, qualifications and resources to carry out its obligations under the Rules; and(b) notify the DFSAof the proposed sponsor's name, its business address and an address in the DIFCfor the service of documents.(2) If requested by the DFSA, a Personappointing a sponsor must provide the DFSAwith information about the knowledge, experience, qualifications and resources of the appointed or proposed sponsor.Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
MKT 7.1.4(1) A
Personmust take reasonable steps to ensure that the relevant sponsor and Employeesof the sponsor are independent and have appropriately managed any conflict of interest that may arise.(2) A Personmust notify the DFSAif it becomes aware, or has reason to believe, that the sponsor or relevant Employeesof the sponsor are no longer independent or have a conflict of interest which has not been appropriately managed.Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
MKT 7.1.5 MKT 7.1.5(1) Where, in the opinion of the
DFSA, a sponsor appointed by a Personis not suitable, or where a sponsor has not been appointed or has resigned, the DFSAmay direct the Personto replace or appoint a sponsor.(2) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSAunder this Rule. The DFSAmust give both the Personand, if in the DFSA'sopinion a sponsor is not suitable, the sponsor an opportunity to make representations under the procedures in that Schedule.(3) If the DFSAdecides to exercise its power under this Rule, the Personmay refer the matter to the FMTfor review.
[Deleted][Deleted] DFSA RM134/2014 (Made 21st August 2014). [VER5/06-14]