Entire Section
RPP 4-9 RPP 4-9 Power to Restrict, Suspend and Withdraw the Status of an Authorised Individual
RPP 4-9-1
Pursuant to Article 58(2) of the Regulatory Law 2004, the DFSA has the power to restrict a
Person from performingLicensed Functions , or to suspend or withdraw aPerson's Authorised Individual status, if it reasonably concludes that:(a) thePerson is in breach or has been in breach of an obligation that applies as a result of suchPerson's Authorised Individual status; or(b) aPerson is no longer fit and proper to perform theLicensed Function role for which he requires status as anAuthorised Individual .6
6 Article 58(2) of the Regulatory Law 2004
Derived from Notice of Updates (Made 20th December 2012). December 2012 EditionRPP 4-9-2
In determining whether to exercise its Article 58(2) power, the DFSA will have regard to all relevant matters including, but not limited to, the criteria for assessing the fitness and propriety of an
Authorised Individual as set out in chapter 7 of GEN and section 2-3 of this Sourcebook.Derived from Notice of Updates (Made 20th December 2012). December 2012 EditionRPP 4-9-3
The DFSA may also withdraw the
Authorised Individual status of aPerson pursuant to Article 58(3) if:(a) thePerson becomes bankrupt;(b) thePerson is convicted of a serious criminal offence;(c) thePerson becomes incapable, through mental or physical incapacity, of managing his affairs;(d) thePerson or the relevantAuthorised Firm asks the DFSA to withdraw the status; or(e) theLicence of the relevantAuthorised Firm is withdrawn.Derived from Notice of Updates (Made 20th December 2012). December 2012 EditionRPP 4-9-4
In determining whether to exercise its power under Article 58(3)(b), the DFSA will give particular consideration to offences involving dishonesty, fraud or a financial crime.
Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition