RPP 4-7 RPP 4-7 Power to Withdraw an Authorisation in Respect of One or More Financial Services or a Licence
The DFSA may exercise its powers under Article 50(1) to withdraw the authorisation under a
Licenceto carry on one or more Financial Serviceswhere:(a) the Authorised Personis or has been in breach of one or more restrictions or conditions applicable to its Licence;(b) the Authorised Personis in breach of the Regulatory Law 2004, Rules or other legislation administered by the DFSA;(c) the Authorised Personis no longer fit and proper to carry on a Financial Service;(d) the Authorised Personhas failed for a period of at least twelve consecutive months to carry on one or more Financial Servicesfor which it is authorised under a Licence;(e) the Authorised Personrequests the withdrawal; or(f) the DFSA considers that the exercise of the power is necessary or desirable in the pursuit of its objectives.
The DFSA may exercise its powers under Article 51 to withdraw a
Licencewhere:(a) as a consequence of withdrawal of authorisation in relation to one or more Financial Servicesunder Article 50, the Authorised Personis no longer authorised to carry on a Financial Service;(b) the Authorised Personis no longer fit and proper to hold a Licence;(c) the Authorised Personhas failed to remove a Controlleror take such other action as required by the DFSA under Article 64; or(d) the Authorised Personrequests the withdrawal.
RPP 4-7-3(a) when the DFSA has serious concerns about the manner in which the business of the
Authorised Personhas been or is being conducted;(b) when the DFSA considers it necessary to protect regulated entities and customers in the DIFC;(c) whether any alleged contraventions affect or have the potential to affect DFSA objectives;(d) the nature, seriousness and impact of any alleged contravention and whether the alleged contravention is ongoing;(e) when the Authorised Personno longer satisfies the relevant criteria set out in chapter 7 of the GEN module, chapters 2 and 7 of the AMI module and section 2-2 of this module in respect of the fitness and propriety to carry on a Financial Serviceor hold a Licence;(f) when the activities of the Authorised Personhave ceased; and(g) when the Authorised Person'sresources seem to the DFSA inadequate for the scale or type of activity which the firm is authorised to undertake.
Authorised Personrequests the DFSA to withdraw its Licence, then such a Personshould complete and submit the relevant form to the DFSA (see SUP 6 Form - AFN Sourcebook). This form sets out a number of matters which the DFSA will consider before processing such an application to withdraw a Licence.