Notification to the DFSA relating to a Major Acquisition
GEN Rule 11.10.8 provides that an
Authorised Firmwhich makes or proposes to make a Major Acquisitionas defined must comply with either GEN Rule 11.10.9 or 11.10.10, depending on whether it is a Domestic Firm.
Authorised Firmshould provide to the DFSAinformation that would enable the DFSAto consider factors noted in GEN Rule 11.10.9(3). Although the DFSAdoes not prescribe the form in which such information is to be provided to the DFSA, Authorised Firmsshould consider any relevant industry and international practices when providing information to the DFSAfor similar purposes.
The 45 day notice period referred to in GEN Rule 11.10.9(1) commences to run from the first business day after the date on which the
DFSAreceives the notification. However, if any critical information that the DFSArequires in order to assess the notification has not been provided to the DFSAat the time of the notification, the relevant notice period for considering that notification will only commence to run after the Authorised Firm has provided to the DFSAthat information upon a request made by the DFSAunder its powers in GEN Rule 11.10.11(1).
Upon the request of an
Authorised Firm, the DFSAmay, at its sole discretion, agree to consider a notification within a shorter period than the 45 days referred to above. The onus is on an Authorised Firmwhich wishes to obtain a DFSA decision under this Rule within a shorter period to make a request to that effect to the DFSAand provide all the information that the DFSArequires to enable the DFSAto process the notification within a shorter timeframe.
DFSAmay exercise its powers under this provision to object to a proposed Major Acquisitionor impose any conditions relating to a Major Acquisition. In these cases a Personaffected by such a decision may refer the decision to the Financial Markets Tribunalfor review. Provisions on the referral to the Financial Markets Tribunalare in GEN Rule 11.10.12.
DFSAreceives a notification under GEN Rule 11.10.10(1)(b), it will to the extent necessary, liaise with the home regulator in taking any appropriate action relating to the proposed Major Acquisition.