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  • RPP 5-6 RPP 5-6 Remedies

    • RPP 5-6-1

      At the conclusion of an investigation, the Enforcement Committee considers the findings of the investigation and may resolve to recommend to the Chief Executive to:

      (a) appoint a Decision Maker;
      (b) refer a matter to the Financial Markets Tribunal ("FMT")30;
      (c) accept an Enforceable Undertaking31;
      (d) accept a settlement;
      (e) commence Court proceedings32;
      (f) exercise a power on behalf of another regulator33; and
      (g) delegate power to another regulator34.

      30Article 33 of the Regulatory Law 2004

      31Article 89 of the Regulatory Law 2004

      32Articles 84, 92, 93, 94 and 95 of the Regulatory Law 2004

      33Article 39 of the Regulatory Law 2004

      34Article 40 of the Regulatory Law 2004

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

    • RPP 5-6-2

      A Decision Maker is an individual delegated by the Chief Executive to exercise a power on behalf of the DFSA. A Decision Maker will be appointed by the Chief Executive, generally upon receiving a recommendation from the Enforcement Committee.

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

    • RPP 5-6-3

      Whilst not an exhaustive list, the Enforcement Committee may recommend to the Chief Executive that a matter be referred to a Decision Maker for the:

      (a) imposition of a fine35;
      (b) imposition of a censure36;
      (c) imposition of conditions or restrictions on a Licence37;
      (d) withdrawal of an authorisation under a Licence38;
      (e) withdrawal of a Licence39;
      (f) imposition of conditions or restrictions on an Authorised Individual40;
      (g) restriction or suspension of an Authorised Individual, or the withdrawal of his or her authorisation41;
      (h) withdrawal of the registration of an Ancillary Service Provider;
      (i) revocation of recognition42;
      (j) appointment of a manager43;
      (k) withdrawal of the registration of an Auditor44; and
      (l) suspension of the registration of an Auditor45.

      35Article 90 of the Regulatory Law 2004

      36Article 91 of the Regulatory Law 2004

      37Article 49 of the Regulatory Law 2004

      38Article 50 of the Regulatory Law 2004

      39Article 51 of the Regulatory Law 2004

      40Article 57 of the Regulatory Law 2004

      41Article 58 of the Regulatory Law 2004

      42Article 60 of the Regulatory Law 2004

      43Article 61 of the Regulatory Law 2004

      44Article 88 of the Regulatory Law 2004

      45Article 98 of the Regulatory Law 2004

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

    • RPP 5-6-4

      There is a range of remedies which the DFSA may pursue to achieve its objectives and the DFSA may pursue more than one remedy. The types of remedies, along with an indication of the DFSA's approach to the use of such remedies, are set out in sections 5-7 to 5-18 of this chapter and in chapter 4.

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

    • RPP 5-6-5

      When the DFSA exercises a power specified in sections 5-7 to 5-9 in this chapter, it will follow the decision making procedures set out in chapter 6 of this Sourcebook. Chapter 6 sets out whether a Person will:

      (a) receive prior written notice and have a suitable opportunity to make representations prior to the DFSA exercising a power;
      (b) receive reasons for any decision to exercise such power; and
      (c) have a right of appeal to the Regulatory Appeals Committee.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 5-6-6

      When the DFSA exercises a power specified in sections 5-10 to 5-18 in this chapter, it will follow the procedures set out in the relevant section.

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

    • RPP 5-6-7

      The DFSA does not exercise criminal jurisdiction. Should criminal conduct be identified, then it will be referred to the appropriate law enforcement agency.

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