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.
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
FMTor the Court, unless the matter is settled by way of an Enforceable Undertaking.
Enforcement Committeewill generally make a recommendation to the Chief Executiveto appoint a Decision Makerto consider whether a fine should be imposed against a Person.
Decision Makeris an individual delegated by the Chief Executiveto exercise a power on behalf of the DFSA. Prior to making a decision, the Decision Makerwill follow the process set out in Article 90(3) and Chapter 6 of the RPP Sourcebook.
Decision Makermay 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).
Personreceives 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.