RPP 4-9 RPP 4-9 Power to Restrict, Suspend and Withdraw the Status of an Authorised Individual
Pursuant to Article 58(2) of the Regulatory Law 2004, the DFSA has the power to restrict a
Personfrom performing Licensed Functions, or to suspend or withdraw a Person's Authorised Individualstatus, if it reasonably concludes that:(a) the Personis in breach or has been in breach of an obligation that applies as a result of such Person's Authorised Individualstatus; or(b) a Personis no longer fit and proper to perform the Licensed Functionrole for which he requires status as an Authorised Individual.6
6 Article 58(2) of the Regulatory Law 2004
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 Individualas set out in chapter 7 of GEN and section 2-3 of this Sourcebook.
The DFSA may also withdraw the
Authorised Individualstatus of a Personpursuant to Article 58(3) if:(a) the Personbecomes bankrupt;(b) the Personis convicted of a serious criminal offence;(c) the Personbecomes incapable, through mental or physical incapacity, of managing his affairs;(d) the Personor the relevant Authorised Firmasks the DFSA to withdraw the status; or(e) the Licenceof the relevant Authorised Firmis withdrawn.
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.