Entire Section

  • FPR 9 FPR 9 Supervisory and Investigatory Powers

    • FPR 9.1 FPR 9.1 Requests for Assistance

      • FPR 9.1.1

        This section applies if the DFSA is the Home Regulator of a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.1.2

        The DFSA may request assistance from the Host Regulator to separately conduct an investigation relating to the Passported Fund in the Host Jurisdiction. Upon completion of the DFSA's investigation, it will inform the relevant Host Regulator of its findings, including any penalties imposed on the Fund Manager or any other Person in relation to the Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 9.2 FPR 9.2 Inspections

      • FPR 9.2.1

        This section applies if the DFSA is the Home Regulator of a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.2.2

        Where the DFSA receives a request from a Host Regulator to carry out an onsite inspection in relation to a Passported Fund, the DFSA must, subject to FPR Rule 9.3.2, permit such inspection and accompany the Host Regulator during the on-site inspection.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.2.3

        Prior to the inspection, the Host Regulator must provide to the DFSA:

        (a) information on the purpose of such a request and the names of officials from the Host Regulator that will be involved; and
        (b) copies of public and non-public documents and information in the Host Regulator's possession that may assist in any inquiry and that may be reasonably relevant.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 9.3 FPR 9.3 Circumstances in which the DFSA may decline a request for an inspection

      • FPR 9.3.1

        This section applies if the DFSA is the Home Regulator of a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.3.2

        The DFSA may refuse to act on a request by a Host Regulator under FPR section 9.2 for cooperation in relation to an inspection if:

        (a) the DFSA has al commenced, or concluded, enforcement action in respect of the same conduct and the same Persons; or
        (b) judicial proceedings have al been initiated, or concluded, in respect of the same conduct and the same Persons.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 9.4 FPR 9.4 Exercise of DFSA's powers at the request of another authority

      • FPR 9.4.1

        This section applies if the DFSA is the Home Regulator or Host Regulator of a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.4.2

        The DFSA's powers may be exercised at the request of, or for the purpose of assisting, another Authority in relation to a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.4.3

        If a request has been submitted to the DFSA to exercise its powers under these Rules, the DFSA will, in deciding whether or not to exercise those powers in response to the request, consider whether it is necessary and permitted under applicable law to do so.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.4.4

        In deciding whether or not to exercise its powers, the DFSA may take into account factors including, but not limited to, the following:

        (a) whether the case concerns the breach of a law, or other requirements, in the DIFC;
        (b) the seriousness of the case and its importance in the public interest to give the assistance sought; and
        (c) whether it would further one or more of the DFSA's statutory objectives.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.4.5

        Nothing in this section limits any other powers that DFSA may exercise at the request of, or for the purpose of assisting, another Authority.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 9.5 FPR 9.5 Exercise of the DFSA's powers as Host Regulator

      • FPR 9.5.1

        This section applies if the DFSA is the Host Regulator of a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.5.2

        If, despite the measures, if any, taken by a Home Regulator in relation to a Passported Fund, a Fund Manager's activities, or the activities of its Agent or any other Licensed Person that is Promoting the Passported Fund in the DIFC, appear to the DFSA to be materially prejudicial to either:

        (a) Unitholders of the Passported Fund who are situated in the DIFC; or
        (b) the interests of the DIFC,

        the DFSA may request urgent discussions with the Home Regulator.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.5.3

        If the urgent discussions referred to in FPR Rule 9.5.2 fail to resolve the issues to the satisfaction of the DFSA within a period that is reasonable in the circumstances, then the DFSA may take all appropriate measures needed in order to protect the interests of Unitholders situated in the DIFC or the interests of the DIFC.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 9.5.4

        Subject to FPR Rule 9.5.2, the DFSA may take any action that is necessary and appropriate to enable it to further its objectives, including, but not limited to:

        (a) preventing the Fund Manager, its Agent or any other Licensed Person from further Promotion of the Passported Fund in the DIFC, including de-registering the relevant Passported Fund from its Register of Passported Funds; and
        (b) imposing a penalty on the Fund Manager, its Agent or any other Licensed Person, of such amount as it considers appropriate under the applicable legislation of the DIFC, following consultation with the Home Regulator.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]