Entire Section

  • RPP 9-4 RPP 9-4 Considering an Application

    • RPP 9-4-6

      The legal standing of the RAWC's work is that the committee does not itself grant waivers or modifications. The committee's role is to consider applications and to make recommendations to the Chief Executive, or his delegate, either to approve or to reject applications for proposed waivers and modifications.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-7

      The Chief Executive, or his delegate, may then in relation to waivers or modifications of Rules exercise his power under Article 36(e) of the Regulatory Law 2004 or, in relation to waivers or modifications of Articles of the Markets Law 2012, exercise his powers under Article 36(f) of the Regulatory Law 2004 and issue a notice.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-8

      In some cases the RAWC may determine that waivers or modifications should be standardised, that is, made available to any applicant meeting certain criteria. An example of standard relief given is a waiver of the prudential requirements in Chapters 4, 6 and 7 of the PIN Module that would otherwise apply to an Insurer operating as a Branch. Where standard relief is given, the DFSA will consider at the appropriate time whether the relevant Rule or Rules should be amended, so that standard relief need no longer be applied for.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-9

      The DFSA may impose conditions on the relief, for example, of additional reporting requirements, and a notice may be given for a specified period of time, after which time it will cease to apply.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-10

      If the DFSA decides not to grant relief, it will give reasons for the decision. An applicant may withdraw its application for relief at any time up until the giving of the notice. In doing so, the applicant should give reasons for the withdrawing of the application.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-1

      The DFSA will acknowledge an application for relief and may request further information. The time taken by the DFSA to determine the application will depend upon the issues it raises.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-2

      It is unlikely that the DFSA will waive the following Rules:

      (a) Rules in GEN chapters 2, 3, 4 and 8;
      (b) Rules in COB chapter 4 and section 7.2; and
      (c) Rules in AML chapters 4 to 7.

      However, modification of some of the above mentioned Rules may be possible.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-3

      When considering an application, the DFSA attempts to weigh the net regulatory benefit or detriment which would flow from granting the sought relief on the conditions proposed. The DFSA will generally grant relief where:

      (a) it considers that there is a net regulatory benefit; or
      (b) the regulatory detriment is minimal as the relief sought does not conflict with the policy intent of the Rule and the associated risks are adequately mitigated.
      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-4

      Relief will be given to overcome the disproportionate effects of provisions in exceptional cases, the anomalous effects of old provisions in novel cases for which they were not designed, and the unintended side effects of provisions.

      For example, it may simply be the case that an applicant, such as an Authorised Firm, needs more time in which to implement certain procedures or to carry out specified tasks. This commonly arises when new Rules are introduced requiring, for example, Authorised Firms to introduce new procedures or to carry out due diligence on financial products.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition

    • RPP 9-4-5

      All applications for waivers and modifications are handled by the Rules and Waivers Committee (RAWC). The objective of the RAWC is to consider and determine applications to waive or modify Rules and provisions of the Markets Law 2012.

      Derived from Notice of Updates (Made 11th February 2015). February 2015 Edition