RPP 6-2 RPP 6-2 Who can Exercise a DFSA Power?
The DFSA's powers can be exercised by the
Chief Executiveand any DFSA officer with an appropriate delegation.
Some DFSA powers can be exercised only by the
Chief Executive, or an individual acting in the capacity of the Chief Executive. An example of such a decision is the power to commence an investigation under Article 78 of the Regulatory Law 2004.
The decisions which are made by the DFSA generally fall into two main categories:(a) the first category is those decisions made by the DFSA in response to an application or notification made by a Person to the DFSA to obtain a right, status or other privilege which the Person would not have, unless the DFSA grants such a right, status or other privilege. These decisions mainly involve "entry control" or "gatekeeper" type decisions. An example of such a decision is when the DFSA considers an application for a
Licenceor extension to an existing Licence. Such decisions are referred to as "Executive Decisions" in this chapter; and(b) the second category is those decisions which result from action initiated by the DFSA and which can have a significant adverse impact on the existing rights, interests and legitimate expectations of Persons. An example of such a decision is when the DFSA seeks to withdraw an Authorised Person's Licence. Such decisions are referred to as "Decision Maker Decisions" in this chapter.