RPP 6-4 RPP 6-4 Executive Decision Procedures
The Executive Decisions of the DFSA are generally operational decisions which involve the DFSA being called upon to make a decision in response to an application or notification made by a
Person. Some examples of these decisions include where the DFSA proposes to:(a) grant an application for a Licenceor an extension to such a Licenceof an Authorised Person;(b) grant an application for an Authorised Individual'sstatus;(c) register an Ancillary Service Provideror Auditor;(d) register a Public Fund;(e) approve an application for a change in control by an Authorised Person; or(f) approve a Prospectusfiled with the DFSA.
The decisions of the kind referred to above are generally decisions which would confer on a
Persona right or authority to undertake specified activities or enjoy a particular privilege or status only if the DFSA decides to grant the relevant licence, registration, approval, or privilege sought. Although a Persondoes not have any vested rights relating to the subject matter of the application or notification, that Personhas:(a) a right to be treated fairly and properly by the DFSA when considering the relevant application or notification; and(b) a right to have the DFSA's decision reviewed by the Regulatory Appeals Committee.
Procedural Fairness Principles
Personhas a right to be treated fairly and properly during the course of processing the application or notification made by that Person, a DFSA officer making an Executive Decision is expected to:(a) act without bias or conflict of interest;(b) give the Persona fair right to present his case; and(c) take into account only those considerations which are relevant to the matter to be decided upon.
Acting without Bias or Conflict of Interest
A DFSA officer is expected to act impartially. If an officer has a vested financial or personal interest in the subject matter of the decision, a conflict of interest may arise that prevents a decision being made by that officer.
A DFSA officer who has a financial or other personal interest in the subject matter of the decision, is required to disclose the fact to the DFSA, and where such interest is material, not act in relation to such decision.
Right to Present his Case
Personwho will be affected by a decision of the DFSA has the right to present his case. This right arises at the point of submission of an application or notification, and continues during the process until a decision is made. Generally, the application or notification form which is required to be submitted by the Personwho is asking for such a decision to be made will contain all the information relevant to the DFSA decision sought. The DFSA officer may require further information if the information provided is not complete.
In some cases, the DFSA officer will obtain information relevant to the matter in relation to which the decision is to be made from sources other than the
Personmaking the application or notification (external sources) in response to which the decision has to be made. As a matter of fair procedure, where information is obtained from an external source, particularly if that information has an adverse bearing (for example, information that does not support the grant of a Licence, authorisation or approval sought from the DFSA), the DFSA officer should, before acting on such information (subject to any confidentiality obligations), give to the Personmaking the application or notification a right to comment upon the adverse information before making his decision.
The DFSA officer is expected to take into account only those considerations which are relevant to the matter to be decided upon. Taking into account only those considerations which are relevant to the matter to be decided upon necessarily requires disregarding any irrelevant information. This also requires the DFSA officer to ensure that he has all the material information that is necessary to be able to make the relevant decision. For this purpose, the DFSA officer may ask for further information.
Right of Review
Personaffected by an Executive Decision has a right of review of that decision (see paragraph 6-3-3 above). To enable the Personaffected by the DFSA decision to exercise that right effectively, the DFSA Officerwill inform the relevant Personwithout undue delay of:(a) the decision and the reasons for making that decision;(b) any information required to be provided by the relevant Law or Rule empowering the action; and(c) if applicable, the fact that the Person has the right to appeal the decision to the Regulatory Appeals Committee, the process for making the appeal and the period within which the appeal can be lodged.