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  • Factors the DFSA Will Consider When Contemplating Settlement

    • RPP 5-17-9

      In deciding whether a proposed settlement is acceptable and in accordance with meeting its objectives, the DFSA will consider a number of factors, including but not limited to:

      (a) the nature, seriousness and impact of the conduct or suspected contravention the subject of the proposed settlement, and whether the suspected contravention is continuing;
      (b) whether the Person is prepared to acknowledge publicly the DFSA's concerns about the conduct or suspected contravention which is the subject of the proposed settlement, and the necessity for protective or corrective action;
      (c) whether the conduct or suspected contravention which is the subject of the proposed settlement was inadvertent;
      (d) whether the suspected contravention which is the subject of the proposed settlement was the result of the conduct of one or more individual officers or employees of the Person;
      (e) the seniority and level of experience of the individuals involved in the conduct and/or suspected contravention which is the subject of the proposed settlement;
      (f) whether the Person co-operated with the DFSA, including providing complete information about the conduct or suspected contravention which is the subject of the proposed settlement, and any remedial action taken by the Person;
      (g) whether the settlement will achieve an effective outcome for those (such as consumers or investors) who have been adversely affected by the conduct and/or suspected contravention which is the subject of the proposed settlement;
      (h) whether the Person is likely to comply with the terms of the settlement;
      (i) whether the Person's compliance with the Law and Rules generally will be improved;
      (j) the disciplinary record and compliance history of the Person;
      (k) the prospects for a swift resolution of the matter; and
      (l) whether the settlement promotes general deterrence in making regulated entities in the DIFC aware of the conduct or suspected contravention which is the subject of the proposed settlement, and the consequences arising from engaging in similar conduct or contraventions.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition