Article 78 empowers the DFSA to conduct such investigations as the
Chief Executiveor his delegate consider expedient:(a) where he has reason to suspect that there is being or may have been committed a contravention of the Laws or Rules; or(b) further to a request for assistance.18
18 Article 39 of the Regulatory Law 2004
Whether a matter is expedient is determined by reference to factors such as those set out in paragraph 5-4-2.
Chief Executiveor his delegate has "reason to suspect" a contravention of the Law or Rules, is a question which the Chief Executivewill determine on the facts and circumstances, available at the time, of each particular matter.
The DFSA is not bound to disclose, to any party, that an investigation is ongoing or the basis upon which an investigation is commenced. However, the DFSA may notify a
Personwho is the subject of an investigation that an investigation has commenced, and the general nature of the investigation.
However, the DFSA will not make such a notification if it is likely to compromise or prejudice the investigation. The DFSA will not advise a
Personat the conclusion of an investigation unless the Personhas earlier been notified of its commencement.
The decision to commence an investigation is not a decision which is appealable to the
Regulatory Appeals Committee.