RPP 5-6 RPP 5-6 Remedies
At the conclusion of an investigation, the
DFSAmay:(a) take no further action;(b) commence a settlement negotiation;(c) accept a settlement;(d) accept an enforceable undertaking;27(e) seek to have the matter referred to a decision-maker (see Chapter 7);(f) commence Courtproceedings;28(g) exercise a power on behalf of another regulator;29 and(h) delegate a power to another regulator.30
There are a range of remedies which the
DFSAmay pursue to achieve its objectives and the DFSAmay, in any matter, pursue more than one remedy. The types of remedies, along with an indication of the DFSA'sapproach to the use of these remedies, are set out in sections 5-7 to 5-18 of this chapter and in chapter 4.
The Decision Making Committee (DMC) is an internal committee of the
DFSAestablished to consider and make certain regulatory decisions of the DFSA. For more information on the DMC see section 7-7 in chapter 7.
Whilst not an exhaustive list, the
DFSAmay refer a matter for determination to the DMC for the:(a) imposition of a fine;31(b) imposition of a censure;19(c) imposition of conditions or restrictions on a Licenceor in relation to a Licenceendorsement;32(d) withdrawal of an authorisation under, or endorsement on, a Licence;33(e) withdrawal of a Licence;34(f) imposition of conditions or restrictions on an Authorised Individualor Key Individual;35(g) restriction or suspension of an Authorised Individualor Key Individual, or the withdrawal of his or her authorisation;36(h) withdrawal of the registration of a DNFBP;(i) revocation of recognition;(j) appointment of a manager;37 or(k) withdrawal or suspension of the registration of a Registered Auditoror Audit Principal;38
31 Article 90.
32 Article 49.
33 Article 50.
34 Article 51.
35 Article 56.
36 Article 58.
37 Article 88.
38 Article 98A.
DFSAuses a power specified in sections 5-7 to 5-9 in this chapter, it will follow the decision making procedures set out in Schedule 3 of the Regulatory Law. See also chapter 7 of the RPP regarding the DFSA'sdecision making process.
DFSAdoes not have criminal jurisdiction. Should criminal conduct be identified, then it will be referred to the appropriate law enforcement agency.