Entire Section

  • RPP 5-8 RPP 5-8 Fines

    • RPP 5-8-1

      The DFSA may seek to impose a fine upon a Person whom it considers has contravened a provision of the Law or Rules. The DFSA may seek to impose such a fine46 through:

      (a) exercising its power pursuant to Article 90; or
      (b) commencing proceedings before the FMT47 (see section 5-10 of this chapter).

      46Article 105 of the Regulatory Law 2004

      47Article 87 (1) of the Regulatory Law 2004

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

    • RPP 5-8-2

      A fine imposed by the DFSA pursuant to Article 90 is referred to as an administrative fine. In some circumstances, the DFSA may seek to impose a fine by commencing proceedings before the FMT or the Court.

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

    • RPP 5-8-3

      In determining whether to impose a fine and the quantum of the fine, the DFSA may take into consideration the circumstances of the conduct and will be guided by the penalty guidance set out in section 5-16 of this chapter.

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

    • RPP 5-8-4

      Generally, the DFSA will not seek to impose more than one fine on a Person in respect of:

      (a) multiple contraventions which are closely connected to the same set of facts and circumstances; or
      (b) the same contravention.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 5-8-5

      Where the DFSA decides to commence proceedings in the FMT or the Court for the imposition of a fine or any other remedy, it will follow the procedures set out in section 5-10 of this chapter. The FMT and the Court may impose a fine in any amount considered appropriate.

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

    • Administrative Fine

      • RPP 5-8-6

        The DFSA will generally seek to impose an Article 90 fine in respect of less serious conduct. The DFSA considers that the seriousness of the conduct can vary, depending on the particular facts and circumstances. Isolated, one-off, or unintended breaches would generally be considered as being less serious, whilst repeated, systemic and intentional breaches would be considered as being more severe and aggravated in nature. When determining whether to impose an administrative fine and the quantum of such a fine, the DFSA will take into account a number of circumstances and factors, including, but not limited to, whether the conduct was deliberate or reckless, and whether the contravention is continuing.

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

      • RPP 5-8-7

        Where the circumstances and factors in a matter are of a more serious nature, the DFSA would not consider proceeding by way of administrative fine. Instead, the DFSA would consider commencing proceedings in either the FMT or the Court, unless the matter is settled by way of an Enforceable Undertaking.

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

      • RPP 5-8-8

        The Enforcement Committee will generally make a recommendation to the Chief Executive to appoint a Decision Maker to consider whether a fine should be imposed against a Person.

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

      • RPP 5-8-9

        A Decision Maker is an individual delegated by the Chief Executive to exercise a power on behalf of the DFSA. Prior to making a decision, the Decision Maker will follow the process set out in Article 90(3) and Chapter 6 of the RPP Sourcebook.

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

      • RPP 5-8-10

        The Decision Maker may impose a fine, in any amount, up to the maximum prescribed in Article 90(2) (i.e. $20,000 in respect of a natural person and $100,000 in respect of a body corporate).

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

      • RPP 5-8-11

        If a Person receives a notice imposing a fine and does not pay the full amount of the fine, the DFSA may recover so much of the fine as remains outstanding as a debt due, together with costs incurred by the DFSA in recovering such amount.

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