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 performing Licensed Functions, or to suspend or withdraw a Person's Authorised Individual status, if it reasonably concludes that:

      (a) the Person is in breach or has been in breach of an obligation that applies as a result of such Person's Authorised Individual status; or
      (b) a Person is no longer fit and proper to perform the Licensed Function role for which he requires status as an Authorised Individual.6

      6 Article 58(2) of the Regulatory Law 2004

      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 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 Edition

    • RPP 4-9-3

      The DFSA may also withdraw the Authorised Individual status of a Person pursuant to Article 58(3) if:

      (a) the Person becomes bankrupt;
      (b) the Person is convicted of a serious criminal offence;
      (c) the Person becomes incapable, through mental or physical incapacity, of managing his affairs;
      (d) the Person or the relevant Authorised Firm asks the DFSA to withdraw the status; or
      (e) the Licence of the relevant Authorised Firm is withdrawn.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 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