FPR 9.5 FPR 9.5 Exercise of the DFSA's powers as Host Regulator
This section applies if the
DFSAis the Host Regulatorof a Passported Fund.
If, despite the measures, if any, taken by a
Home Regulatorin relation to a Passported Fund, a Fund Manager's activities, or the activities of its Agentor any other Licensed Personthat is Promotingthe Passported Fundin the DIFC, appear to the DFSAto be materially prejudicial to either:(a) Unitholdersof the Passported Fundwho are situated in the DIFC; or(b) the interests of the DIFC,
DFSAmay request urgent discussions with the Home Regulator.
If the urgent discussions referred to in FPR Rule 9.5.2 fail to resolve the issues to the satisfaction of the
DFSAwithin a period that is reasonable in the circumstances, then the DFSAmay take all appropriate measures needed in order to protect the interests of Unitholders situated in the DIFCor the interests of the DIFC.
Subject to FPR Rule 9.5.2, the
DFSAmay 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 Agentor any other Licensed Personfrom further Promotionof the Passported Fundin the DIFC, including de-registering the relevant Passported Fundfrom its Register of Passported Funds; and(b) imposing a penalty on the Fund Manager, its Agentor any other Licensed Person, of such amount as it considers appropriate under the applicable legislation of the DIFC, following consultation with the Home Regulator.