Entire Section

  • Chapter 5 — Chapter 5 — Authorised Individual and Key Individual Status

    • 53. Applications for Authorised Individual or Key Individual status

      (1) In this Chapter:
      (a) "Authorised Person" includes a person whose application for a Licence or application for extension of a Licence is being considered by the DFSA; and
      (b) "director, officer, employee or agent" of a person includes a person who proposes to become a director, officer, employee or agent of a person.
      (2) An application for Authorised Individual or Key Individual status of a director, officer, employee or agent of an Authorised Person shall be made by:
      (a) such director, officer, employee or agent; and
      (b) the Authorised Person for which the Licensed Function is to be performed under the terms of office, employment or agency between such Authorised Person and such director, officer, employee or agent.
      (3) Where a person holds Authorised Individual or Key Individual status, that individual together with the relevant Authorised Person may apply to the DFSA to extend the scope of the Authorised Individual or Key Individual status to Licensed Functions other than those in respect of which the individual al holds such status.
      (4) The DFSA shall make Rules prescribing the requirements which an application for Authorised Individual or Key Individual status must meet before authorisation is granted by the DFSA. Such Rules, without limiting the generality of the power, shall include requirements relating to the fitness and propriety of applicants.
      (5) The DFSA may make Rules providing for such requirements to be varied in cases where:
      (a) an application is made to extend the scope of Authorised Individual or Key Individual status to Licensed Functions other than those in respect of which he al holds such status; or
      (b) an application is made for the grant of Authorised Individual or Key Individual status by and for an officer, employee or agent who is, at the time of application, regulated in a jurisdiction other than the DIFC to perform a role which is substantially similar to the Licensed Function in relation to which the application is made.
      (6) The DFSA may make Rules:
      (a) prescribing certain persons or categories of persons to be exempted from the requirements referred to in Article 53(4); and
      (b) providing for any such exemptions to be:
      (i) limited to certain Licensed Functions or specified circumstances; or
      (ii) subject to certain conditions and restrictions.

    • 54. Providing Information in relation to the Application

      (1) At any time after the filing of an application under Article 53, the DFSA may require the Authorised Person or the relevant director, officer, employee or agent to provide additional information reasonably required for the DFSA to be able to decide the application.
      (2) If at any time between the filing of an application and the grant of Authorised Individual or Key Individual status or of an extension to his status, the relevant director, officer, employee or agent becomes aware of a material change in his circumstances reasonably likely to be relevant to the application under consideration, he shall inform the Authorised Person in writing of such change without delay.
      (3) If at any time between the filing of an application and the grant of Authorised Individual or Key Individual status or of an extension to a status the Authorised Person becomes aware of a material change reasonably likely to be relevant to the application under consideration, it shall inform the DFSA in writing of such change without delay.

    • 55. [Deleted]

    • 56. Grant or rejection of an application for authorised status

      (1) The DFSA may grant Authorised Individual or Key Individual status, including an extension to status, if it is satisfied that the requirements under Article 53 for the grant of the application have been met.
      (2) The DFSA may refuse to grant Authorised Individual or Key Individual status or an extension to such status if it is not satisfied that the requirements under Article 53 have been met.
      (3) The DFSA may, if it considers it appropriate to do so:
      (a) grant Authorised Individual or Key Individual status subject to conditions and restrictions;
      (b) impose such conditions and restrictions at any time after the grant of Authorised Individual or Key Individual status; or
      (c) vary or withdraw such conditions or restrictions.
      (4) Upon deciding to authorise a director, officer, employee or agent of an Authorised Person as an Authorised Individual or Key Individual, or to extend the scope of an Authorised Individual or Key Individual status to other Licensed Functions, the DFSA shall without undue delay inform the relevant director, officer, employee or agent and the Authorised Person in writing of:
      (a) such decision;
      (b) the date on which the authorisation or extension shall be deemed to take effect;
      (c) the Licensed Functions to which the authorisation relates; and
      (d) any conditions and restrictions applicable to the Authorised Individual or Key Individual status or extended status.
      (5) The procedures in Schedule 3 apply to a decision of the DFSA under this Article:
      (a) to refuse to grant Authorised Individual or Key Individual status to an individual or to extend such status; or
      (b) to impose or vary conditions or restrictions on an Authorised Individual or Key Individual.
      The DFSA shall give both the applicant, Authorised Individual or Key Individual (as the case may be) and the relevant Authorised Person or applicant to be an Authorised Person (as the case may be) an opportunity to make representations under the procedures in Schedule 3.
      (6) If the DFSA decides to exercise its power under this Article:
      (a) to refuse to grant Authorised Individual or Key Individual status to an individual or to extend such status; or
      (b) to impose or vary conditions or restrictions on an Authorised Individual or Key Individual,
      the applicant, Authorised Individual or Key Individual (as the case may be) or the relevant Authorised Person or applicant to be an Authorised Person (as the case may be) may refer the matter to the FMT for review.