Entire Section

  • Other Powers relating to Controllers

    • GEN 11.8.13 GEN 11.8.13

      (1) Without limiting the generality of its other powers, the DFSA may, subject only to (2), object to a Person as a Controller of an Authorised Firm where such a Person:
      (a) has acquired or increased the level of control that Person has in an Authorised Firm without the prior written approval of the DFSA as required under Rule 11.8.4;
      (b) has breached the requirement in Rule 11.8.8 to comply with the conditions of approval applicable to that Person; or
      (c) is no longer acceptable to the DFSA as a Controller.
      (2) Where the DFSA proposes to object to a Person as a Controller of an Authorised Firm under (1), the DFSA must provide such a Person with:
      (a) a written notice stating:
      (i) the DFSA's reasons for objecting to that Person as a Controller; 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 objections notice or such other longer period as agreed to by the DFSA.
      (3) The DFSA must, as soon as practicable after receiving representations, or if no representations are made, after the expiry of the period for making representations referred to in (2)(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      (a) the proposed objections and any conditions are withdrawn and the Person is an approved Controller;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 an unacceptable Controller and accordingly, must dispose of that Person's holdings.
      (4) Where the DFSA has issued a final notice imposing any conditions subject to which a Person is approved as a Controller, that Person must comply with those conditions.
      (5) Where the DFSA has issued a final notice declaring a Person to be an unacceptable Controller, that Person must dispose of the relevant holdings within such period as specified in the final notice.
      (6) The DFSA must also notify the Authorised Firm of any decision it has made pursuant to (3).
      (7) If the DFSA decides to exercise its power under this Rule to object to a Person as a Controller, to impose conditions on an approval or to require a Person to dispose of their holdings, the Person may refer the matter to the FMT for review.
      [Added] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
      [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • GEN 11.8.13 Guidance

        Sections 3.2.34 and 3.2.37 of the RPP Sourcebook set out the matters which the DFSA takes into consideration when exercising its powers under Rule 11.8.13.

        [Added] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
        [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]