Entire Section

  • RPP 5-17 RPP 5-17 Publicity

    • RPP 5-17-1

      This section describes how the DFSA may comment publicly on investigations, enforcement actions and other formal regulatory decisions41, subject to any independent determinations by the Financial Markets Tribunal (FMT) or Court.


      41 In the remainder of the section we refer to 'enforcement actions', for brevity. Formal regulatory decisions are those that are made by the DFSA and are reviewable by the Financial Markets Tribunal.

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

    • General Policy on Publicity of Enforcement Actions

      • RPP 5-17-2

        The DFSA will generally publish, in such form and manner as it regards appropriate, information and statements relating to enforcement actions, including censures and any other matters which the DFSA considers relevant to the conduct. The publication of enforcement outcomes is consistent with the DFSA's commitment to open and transparent processes and its objectives.

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

      • RPP 5-17-3

        In all cases the DFSA retains the discretion to take a different course of action, where it furthers the DFSA's achievement of its objectives or is otherwise in the public interest to do so. For example, the DFSA may decide to publish at an earlier stage than suggested by the general policy, where circumstances justify this.

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

    • Commencement and Conclusion of Investigations

      • RPP 5-17-4

        The DFSA generally will not publish information about the commencement, conduct or conclusion of the investigative phase of its enforcement actions.

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

      • RPP 5-17-5

        Where the DFSA has published the fact that it is conducting an investigation and no enforcement action results, the DFSA may issue a press release confirming the conclusion of the investigation and that no action is to be taken.

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

      • RPP 5-17-6

        The DFSA expects not to publish information about referrals to the DMC.

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

    • Commencement of Proceedings

      • The Decision Making Committee (DMC)

        • RPP 5-17-7

          The DMC will generally be the decision maker for enforcement decisions under Article 90 of the Regulatory Law. Information about matters before the DMC (e.g. a Preliminary Notice) is not normally published prior to a notice of decision being given to a Person (see RPP 5-17-9 to 5-17-11). Reasons for this include:

          (a) representations in regard to a matter before the DMC are confidential and made in private;
          (b) DMC meetings, if any, are held in private; and
          (c) the release of information by the DMC prior to a full and complete consideration of all representations and facts may be contrary to the DFSA's objectives or not in the public interest.
          Added by Notice of Updates (Made 23rd November 2014). November 2014 Edition
          Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition

      • FMT or a court

        • RPP 5-17-8

          The DFSA expects to publish appropriate information about the commencement or hearing of proceedings before the FMT or court, unless otherwise ordered by the FMT or court.

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

    • Disclosure of Decisions

      • DMC

        • RPP 5-17-9

          The DFSA will generally make public any decision made by the DMC, and will do so in a timely manner after any relevant period to institute a referral of the decision to the FMT has expired or when a matter is referred to the FMT (see RPP 15-17-11).

          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 5-17-10

          [deleted]

          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 5-17-11

          If the affected Person exercises its right of referral then, as required by Article 29 of the Regulatory Law, the DFSA will publish appropriate information about the decision which has been referred to the FMT unless publication would, in the DFSA’s opinion, be prejudicial to the interests of the DIFC or the FMT has made an order that such information should not be published. When the referral has been heard and determined, or the FMT proceedings have otherwise come to an end, the DFSA expects to publish information about the outcome of those proceedings (subject only to the FMT ordering otherwise — see 5-17-12).

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

      • FMT or a court decision

        • RPP 5-17-12

          The Regulatory Law requires all FMT hearings to be heard in public unless the FMT orders otherwise or its rules of procedure provide otherwise. The FMT may exercise its discretion not to make public any decisions it may make. Where it does determine to publish a decision or interim decision, the FMT will publish these on the DFSA website. Following hearings and decisions by the FMT, the DFSA expects to make timely public disclosure of the FMT's decisions, including any interim decisions, unless otherwise ordered.

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

        • RPP 5-17-13

          Decisions made by the courts will be published by the DFSA in a timely manner, unless ordered otherwise.

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

        • RPP 5-17-14

          This approach is adopted on the basis that any delay in disclosure may hinder and unfairly prejudice the DFSA in achieving some of its primary objectives. For example, non-disclosure may potentially prejudice users and prospective users of financial services in the DIFC if they are acting unaware of facts known in the enforcement action.

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

    • Disclosure of Settled Enforcement Actions

      • RPP 5-17-15

        The DFSA expects to disclose publicly the outcome of any settlement of an enforcement action, including the notice of decision or EU, to ensure all stakeholders and the general public are clearly informed as to the outcome. Settlement agreements which result in a notice of decision or EU will result in the publication of the relevant notice of decision or EU on the DFSA website as well as an associated press release.

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

      • RPP 5-17-16

        The DFSA may be ordered, or required by law, not to publish information regarding a settlement. For example, disclosure may not occur if a third party has commenced proceedings in the courts in respect of the same conduct and the publication of the undertaking or settlement may prejudice that party's case in the courts. However, simply because a third party has commenced proceedings does not preclude the DFSA from publishing its settlements, including the notice of decision or EU.

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

    • Disclosure of Information about Certain Temporary Suspensions

      • RPP 5-17-17

        The DFSA will not generally publish information about temporary suspensions imposed under Article 58(5) or Article 98A(5),42 when an investigation is ongoing. However, the DFSA retains discretion to publicise such a suspension if it is considered appropriate.


        42 That is, suspensions of Authorised Individuals, Key Individuals, Registered Auditors or Audit Principals pending completion of an investigation.

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

    • Content of Publication

      • RPP 5-17-18

        The DFSA will generally make appropriate disclosures when publishing notices of decision, EUs proceedings before, and decisions of the FMT or a court.

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

      • RPP 5-17-19

        The DFSA will take into consideration any privileged or sensitive information when considering the content of its publications. In doing so, it will also consider the possibility that any publication may also potentially affect the rights of a third party and, if so, will endeavour to give that third party an opportunity to make representations on the publication.

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

    • Mode of Publication

      • RPP 5-17-20

        Publication may take any one or more forms including, for example, a media release, a statement on the DFSA website, and any other suitable forums as determined by the DFSA.

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