Entire Section

  • RPP 5-7 RPP 5-7 Appointment of Managers

    • RPP 5-7-1

      Under Article 88, the DFSA may require an Authorised Person to appoint one or more individuals to act as a manager of the business of the Person on such terms as the DFSA may stipulate. Such individuals must be nominated or approved by the DFSA.

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

    • RPP 5-7-2

      The types of circumstances in which the DFSA may exercise this power are set out in Article 88(3). For example, the DFSA may require an Authorised Person to appoint a manager where it has concerns about the solvency or the level of compliance with prudential requirements of an Authorised Person.

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

    • RPP 5-7-3

      An Authorised Person may receive an opportunity to make representations prior to being required to appoint a manager in accordance with the procedures set out in Schedule 3 of the Regulatory Law. However, in circumstances of urgency, the DFSA may not give advance notice of the proposed requirement and may not provide the relevant Authorised Person with the opportunity to make representations prior to the imposition of the requirement.

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

    • RPP 5-7-4

      When the DFSA does require an Authorised Person to appoint a manager, it will do so in writing, setting out:

      (a) that the Authorised Person is required to appoint a manager;
      (b) the time by which such manager must be appointed;
      (c) the reasons for the Authorised Person being required to appoint a manager;
      (d) the individual nominated by the DFSA to be the manager or the process by which approval may be given by the DFSA; and
      (e) the fact that the Authorised Person may have the decision reviewed by the Financial Markets Tribunal.
      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition

    • RPP 5-7-5

      The DFSA recognises that the use of its Article 88 power to appoint a manager is likely to have a significant impact on an Authorised Person. Accordingly, the DFSA is likely to exercise such power only in exceptional circumstances.

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

    • RPP 5-7-6

      In considering whether a manager should be appointed, the DFSA will take into consideration all relevant circumstances including, but not limited to, the following matters:

      (a) the nature and extent of the business of the Authorised Person;
      (b) the nature of the DFSA's concerns in relation to the Authorised Person and whether they affect, or have the potential to affect, the DFSA's objectives;
      (c) whether the DFSA's concerns in relation to the Authorised Person may be addressed by the appointment of a manager;
      (d) where the DFSA considers it necessary to protect regulated entities and customers in the DIFC;
      (e) whether an appropriately qualified manager may be available and willing to undertake the appointment;
      (f) the likely duration of the appointment; and
      (g) the likely impact of costs associated with the appointment of a manager.
      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition