Entire Section
RPP 4-7 RPP 4-7 Power to Withdraw an Authorisation or Endorsement in Respect of One or More Financial Services or a Licence
RPP 4-7-1
The DFSA may exercise its powers under Article 50(1) on its own initiative to withdraw an authorisation under, or an endorsement on, a
Licence to carry on one or moreFinancial Services where:(a) theAuthorised Person is or has been in breach of one or more restrictions or conditions applicable to itsLicence or relating to aLicense endorsement;(b) theAuthorised Person is in breach of the Regulatory Law, Rules or other legislation administered by the DFSA;(c) theAuthorised Person is no longer fit and proper to carry on aFinancial Service for which it has an authorisation or an activity for which it has aLicence endorsement;(d) theAuthorised Person has failed for a period of at least twelve consecutive months to carry on one or moreFinancial Services for which it is authorised under aLicence or an activity for which it has aLicence Endorsement ; or(e) theDFSA considers that the exercise of the power is necessary or desirable in the pursuit of its objectives.Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
Amended (Made 21st August 2014). August 2014 EditionRPP 4-7-2
The DFSA may exercise its powers under Article 51 to withdraw a
Licence where:(a) as a consequence of withdrawal of authorisation in relation to one or moreFinancial Services under Article 50, theAuthorised Person is no longer authorised to carry on aFinancial Service ;(b) theAuthorised Person is no longer fit and proper to hold aLicence ;(c) theAuthorised Person has failed to remove aController or take such other action as required by the DFSA under Article 64; or(d) theAuthorised Person requests the withdrawal.Derived from Notice of Updates (Made 20th December 2012). December 2012 EditionRPP 4-7-3
In determining whether to exercise its Article 50 and 51 powers, the DFSA will have regard to all relevant matters. These include, but are not limited to, the following:
(a) when the DFSA has serious concerns about the manner in which the business of theAuthorised Person has been or is being conducted;(b) when the DFSA considers it necessary to protect regulated entities and customers in the DIFC;(c) whether any alleged contraventions affect or have the potential to affect the DFSA's objectives;(d) the nature, seriousness and impact of any alleged contravention and whether the alleged contravention is ongoing;(e) when theAuthorised Person no longer satisfies the relevant criteria set out in chapter 7 of the GEN module, chapters 2 and 7 of the AMI module and section 2-2 of this module in respect of the fitness and propriety to carry on aFinancial Service or hold aLicence ;(f) when the activities of theAuthorised Person have ceased; and(g) when theAuthorised Person's resources seem to the DFSA inadequate for the scale or type of activity which the firm is authorised to undertake.Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
Amended (Made 21st August 2014). August 2014 EditionRPP 4-7-4
Where an
Authorised Person requests the DFSA to withdraw itsLicence , then such aPerson should complete and submit the relevant form to the DFSA (see SUP 6 Form - AFN Sourcebook). This form sets out a number of matters which the DFSA will consider before processing such an application to withdraw aLicence .Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition