Entire Section

  • Chapter 8 — Chapter 8 — Other Regulators

    • 39. Exercise of Powers on Behalf of Other Regulators

      At the request of:

      (a) the Companies Registrar;
      (b) a Financial Services Regulator;
      (c) a governmental or regulatory authority exercising powers and performing functions relating to anti-money laundering, counter-terrorist financing or sanctions compliance;
      (d) a self-regulatory body or organisation exercising and performing powers and functions in relation to financial services;
      (e) a civil or criminal law enforcement agency;
      (f) a governmental or other regulatory authority including a self-regulatory body or organisation exercising powers and performing functions in relation to the regulation of auditors, accountants or lawyers; or
      (g) a Resolution Authority in another jurisdiction,

      the DFSA may, where it considers appropriate, exercise its powers under the Law or under any other legislation administered by the DFSA for the purpose of assisting the performance by such persons of their regulatory functions.

    • 39A. Performance of Functions Delegated by Other Regulators

      (1) This Article applies if:
      (a) a person referred to in Article 39 (a) to (g) (“the regulator”) delegates a regulatory function to the DFSA (“the delegated function”); and
      (b) the DFSA enters into a binding or non-binding written arrangement, including a memorandum of understanding, with the regulator under which the DFSA agrees to perform the delegated function.
      (2) The DFSA may perform the delegated function and, without prejudice to the DFSA’s ability to exercise any powers delegated by the regulator, the DFSA may exercise its powers under the Law or under any other legislation administered by the DFSA for the purposes of performing the delegated function.

    • 40. Delegation of Functions and Powers to Other Regulators

      (1) Without limiting in any way the generality of any other provisions of the Law, the DFSA may delegate functions and powers to a representative of:
      (a) a Financial Services Regulator;
      (b) a governmental or regulatory authority in the State or elsewhere exercising powers and performing functions relating to anti-money laundering, counter-terrorist financing or sanctions compliance; or
      (c) a civil or criminal law enforcement agency of the State;
      for the purpose of exercising the powers of the DFSA under Chapters 1 and 2 of Part 5.
      (2) The DFSA may delegate a function or power under this Article only if it considers that there are adequate arrangements in place to ensure that the delegated function or power will be exercised in a manner that is consistent with Chapters 1 and 2 of Part 5 and the objectives of the DFSA.