Entire Section

  • Objection or conditional approval process

    • GEN 11.8.7 GEN 11.8.7

      (1) Where the DFSA proposes 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's reasons for objecting to that Person as a Controller or to the Person's proposed increase in control; and
      (ii) any proposed conditions subject to which that Person may 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 DFSA must, 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      (a) the proposed objections and any conditions are withdrawn and the Person is an approved Controller;
      (b) the Person is approved as a Controller subject to conditions specified in the notice; or
      (c) the Person is not approved and therefore is an unacceptable Controller with respect to that Person becoming a Controller of, or increasing the level of control in, the Authorised Firm.
      (3) If the DFSA decides to exercise its power under this Rule not to approve a Person as a Controller or to impose conditions on an approval, the Person may refer the matter to the FMT for review.
      Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
      [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
      [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • 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 Person who has been approved by the DFSA as a Controller of an Authorised Firm subject to any conditions must comply with the relevant conditions of approval.
      (2) A Person who has been notified by the DFSA pursuant to Rule 11.8.7(2)(c) as an unacceptable Controller must 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

        A Person who acquires control of or increases the level of control in an Authorised Firm without 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]