Entire Section

  • TKO 5.3.1 TKO 5.3.1

    Subject to prior consent of the DFSA, a Bid shall not be subject to conditions which depend solely on subjective judgements by the Directors of the Bidder or the fulfilment of which is in their hands.


    Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]

    • TKO 5.3.1 Guidance

      1. The DFSA may be prepared to accept an element of subjectivity in certain special circumstances where it is not practicable to specify all the factors on which satisfaction of a particular condition may depend. This may especially arise in cases involving official authorisations, the granting of which may be subject to an additional material obligation of the Bidder. Consent would also normally be granted where an announcement for a Bid is to be expressed as being conditional on statements or estimates being appropriately verified.
      2. A Bidder should not invoke any condition, other than the acceptance condition, so as to cause the Bid to lapse unless the circumstances which give rise to the right to invoke the condition are of material significance to the Bidder in the context of the Bid.
      3. Conditions that depend solely on a force majeure are not prohibited by this Rule.

      Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]