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 orRules as it applies to him, must:(a) apply in writing to theDFSA ;(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 theDFSA considers appropriate;(c) require any information furnished by the applicant to be verified in such manner as theDFSA 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 theDFSA may waive or modify the application of the Markets Law 2012 or of theRules .2. TheDFSA may grant a waiver or modification from the application of theRules where aTakeover transaction is subject to the dual jurisdiction of theDFSA and a regulator or agency of a jurisdiction other than theDIFC . While applications will be considered on a case by case basis, it should be expected that the factors that theDFSA 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 theseRules ,DIFC Law and international best practice;(c) whether the grant of the application is or is not in the interests of theDIFC .
Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]
[Amended] DFSA RM87/2012 (Made 14th June 2012). [VER5/06-12]