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  • RPP 5-6 RPP 5-6 Remedies

    • RPP 5-6-1

      At the conclusion of an investigation, the DFSA may:

      (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 Court proceedings;28
      (g) exercise a power on behalf of another regulator;29 and
      (h) delegate a power to another regulator.30

      27Article 89.

      28Articles 84, 92, 93, 94 and 95.

      29Article 39.

      30Article 40.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-6-2

      There are a range of remedies which the DFSA may pursue to achieve its objectives and the DFSA may, in any matter, pursue more than one remedy. The types of remedies, along with an indication of the DFSA's approach to the use of these remedies, are set out in sections 5-7 to 5-18 of this chapter and in chapter 4.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-6-3

      The Decision Making Committee (DMC) is an internal committee of the DFSA established to consider and make certain regulatory decisions of the DFSA. For more information on the DMC see section 7-7 in chapter 7.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-6-4

      Whilst not an exhaustive list, the DFSA may 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 Licence or in relation to a Licence endorsement;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 Individual or Key Individual;35
      (g) restriction or suspension of an Authorised Individual or 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 Auditor or 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.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-6-5

      When the DFSA uses 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's decision making process.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-6-6

      When the DFSA uses a power specified in sections 5-10 to 5-18 in this chapter, it will follow the procedures set out in the relevant section.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-6-7

      The DFSA does not have criminal jurisdiction. Should criminal conduct be identified, then it will be referred to the appropriate law enforcement agency.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition