RPP 9-3 RPP 9-3 Making an Application
When applying for relief from a Rule or a provision of the Markets Law 2012 please use the GEN1 form in the AFN Sourcebook.
Currently not in use
Prior to submitting an application to the
DFSA, the applicant should contact their usual DFSAsupervisory contact to discuss the application. For Authorised Firmssubject to thematic supervision, the dedicated contact portal should be used:
If the applicant is not regulated by the
DFSA, contact should be made through the general enquiries form on the DFSA website here.
Before making an application, the
DFSAexpects that the applicant will carry out appropriate research on:(a) the intention behind the provisions in question and the regulatory outcomes that the provisions aim to achieve;(b) whether there are any precedents where the DFSA has previously granted relief, or not granted relief, from the provisions in question; and(c) if so, any similarities and differences between the cases where relief has previously been granted and the applicant's case.
In the application, the applicant will need to:(a) set out the reasons for requesting the granting of a waiver or a modification;(b) explain the impact of the application of the provisions as it stands on the applicant;(c) attach any precedent relief supporting the application which may have been issued;(d) identify any risks associated with the relief being sought and how the applicant plans to mitigate such risks; and(e) in the case of an application to modify a provision, propose wording for the modification.
The reasons stated by the applicant need to show a compelling case for the granting of the relief, as the
DFSAdoes not grant relief lightly. The determination of a waiver or modification is at the discretion of the DFSAand it will generally only grant relief where there is shown to be an appropriate and justifiable reason for doing so.
On occasion, the
DFSAmay believe that the relief being sought by an applicant may be relevant to, and should be applied to, a large number of persons. In these circumstances instead of requiring the relevant persons to apply for the relief, the DFSAwill publish the relief on the homepage of its website and invite the relevant persons to "consent" to the waiver or modification. This is simply done by notifying the DFSAthat they wish the notice to apply in relation to their activities.