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  • 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 more Financial Services where:

      (a) the Authorised Person is or has been in breach of one or more restrictions or conditions applicable to its Licence or relating to a License endorsement;
      (b) the Authorised Person is in breach of the Regulatory Law, Rules or other legislation administered by the DFSA;
      (c) the Authorised Person is no longer fit and proper to carry on a Financial Service for which it has an authorisation or an activity for which it has a Licence endorsement;
      (d) the Authorised Person has failed for a period of at least twelve consecutive months to carry on one or more Financial Services for which it is authorised under a Licence or an activity for which it has a Licence Endorsement; or
      (e) the DFSA 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 Edition

    • RPP 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 more Financial Services under Article 50, the Authorised Person is no longer authorised to carry on a Financial Service;
      (b) the Authorised Person is no longer fit and proper to hold a Licence;
      (c) the Authorised Person has failed to remove a Controller or take such other action as required by the DFSA under Article 64; or
      (d) the Authorised Person requests the withdrawal.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition

    • RPP 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 the Authorised 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 the Authorised 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 a Financial Service or hold a Licence;
      (f) when the activities of the Authorised Person have ceased; and
      (g) when the Authorised 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 Edition

    • RPP 4-7-4

      Where an Authorised Person requests the DFSA to withdraw its Licence, then such a Person 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 a Licence.

      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition