Objection or conditional approval process
GEN 11.8.7 GEN 11.8.7(1) Where the
DFSAproposes to exercise its objection or conditional approval power pursuant to Rule 11.8.5(2)(b) or (c) in respect of a proposed acquisition of, or an increase in the level of control in, an Authorised Firm, it must, as soon as practicable and in any event within 90 days of the receipt of the duly completed application form, provide to the applicant:(a) a written notice stating:(i) the DFSA'sreasons for objecting to that Personas a Controlleror to the Person'sproposed increase in control; and(ii) any proposed conditions subject to which that Personmay be approved by the DFSA; and(b) an opportunity to make representations within 14 days of the receipt of such notice or such other longer period as agreed to by the DFSA.(2) The DFSAmust, as soon as practicable after receiving representations or, if no representations are received, after the expiry of the period for making representations referred to in (1)(b), issue a final notice stating that:(a) the proposed objections and any conditions are withdrawn and the Personis an approved Controller;(b) the Personis approved as a Controllersubject to conditions specified in the notice; or(c) the Personis not approved and therefore is an unacceptable Controllerwith respect to that Personbecoming a Controllerof, or increasing the level of control in, the Authorised Firm.(3) If the DFSAdecides to exercise its power under this Rule not to approve a Personas a Controlleror to impose conditions on an approval, the Personmay refer the matter to the FMTfor review.
GEN 11.8.7 Guidance [Deleted][Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]
GEN 11.8.8 GEN 11.8.8(1) A
Personwho has been approved by the DFSA as a Controllerof an Authorised Firmsubject to any conditions must comply with the relevant conditions of approval.(2) A Personwho has been notified by the DFSA pursuant to Rule 11.8.7(2)(c) as an unacceptable Controllermust not proceed with the proposed acquisition of control of the Authorised Firm.[Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
GEN 11.8.8 Guidance
Personwho acquires control of or increases the level of control in an Authorised Firmwithout the prior DFSA approval or breaches a condition of approval is in breach of the Rules. See Rule 11.8.13 for the actions that the DFSA may take in such circumstances.[Added] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]