Entire Section

  • Acceptance of an Enforceable Undertaking

    • RPP 5-15-16

      An EU may be given by a Person and accepted by the DFSA at any time, either before, during or after an investigation, the making of a decision or the commencement of litigation or proceedings in the Court. The DFSA does not have the power to require a Person to enter into an EU nor can a Person compel the DFSA to accept an EU. This does not mean, however, that the DFSA cannot propose an EU to a Person, during the course of settlement negotiations, or provide a Person with a draft EU to provide guidance as to the terms of an EU that the DFSA would be willing to accept.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition
      Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition

    • RPP 5-15-17

      The DFSA may accept an EU that it considers necessary or desirable in pursuit of its objectives. Article 89 does not prescribe a particular structure or format to an EU or the circumstances in which an EU would be acceptable to the DFSA. The DFSA will consider all the relevant circumstances of a matter when deciding whether to accept an EU including whether other regulatory tools, for example a notice of decision, might achieve a more appropriate outcome in the particular matter. However, in the context of an enforcement matter, the DFSA will generally only accept an EU that:

      (a) contains an admission or acknowledgement of any contraventions of the Law or the DFSA's concerns;
      (b) contains undertakings that address the DFSA's concerns; and
      (c) contains an agreement to make the EU public, and an agreement not to make public statements that conflict with the spirit of the EU.
      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition
      Amended by Notice of Updates (Made 28th January 2016). February 2016 Edition
      Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition

    • RPP 5-15-18

      A Person offering an EU to the DFSA may also undertake in the EU to pay a pecuniary penalty and/or the DFSA's costs, including any costs associated with compliance with the EU.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition
      Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition

    • RPP 5-15-19

      An EU will not take effect until it is formally accepted by the Chief Executive of the DFSA or his delegate.

      Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition
      Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition