Entire Section

  • TKO 16 TKO 16 Waivers or Modifications

    • TKO 16.1 TKO 16.1 Applications to waive or modify the Markets Law 2012 and rules

      • TKO 16.1.1

        A Person wishing to seek a waiver or modification of a provision of the Law or Rules as it applies to him, must:

        (a) apply in writing to the DFSA;
        (b) clearly identify the provision in relation to which he seeks a waiver or modification;
        (c) ensure that the application is accompanied by a statement of the reasons supporting the application; and
        (d) pay the prescribed fee (if any).

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

      • TKO 16.1.2 TKO 16.1.2

        In considering the application, the DFSA may:

        (a) carry out any enquiries which it considers appropriate;
        (b) require the applicant to provide additional information in such form as the DFSA considers appropriate;
        (c) require any information furnished by the applicant to be verified in such manner as the DFSA may specify; and
        (d) take into account any information which it considers appropriate in relation to the application.

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

        • TKO 16.1.2 Guidance

          1. Under Article 9 of the Markets Law 2012 the DFSA may waive or modify the application of the Markets Law 2012 or of the Rules.
          2. The DFSA may grant a waiver or modification from the application of the Rules where a Takeover transaction is subject to the dual jurisdiction of the DFSA and a regulator or agency of a jurisdiction other than the DIFC. While applications will be considered on a case by case basis, it should be expected that the factors that the DFSA will take into account in considering such an application will include:
          (a) whether the application of legislation or procedures of that other jurisdiction will or will not adequately and properly govern the transaction;
          (b) whether such legislation or procedures will or will not provide shareholder protection in a manner commensurate with these Rules, DIFC Law and international best practice;
          (c) whether the grant of the application is or is not in the interests of the DIFC.

          Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]
          [Amended] DFSA RM87/2012 (Made 14th June 2012). [VER5/06-12]