GEN 7.4.1

Past version: effective from 01/02/2021 - 31/01/2021
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(1) Pursuant to Article 43 of the Regulatory Law 2004, the functions specified in Rules 7.4.2 to 7.4.9 are Licensed Functions.
(2) A Licensed Function shall not include a function performed by a registered insolvency practitioner (subject to the restrictions defined within Article 123 of the Insolvency Law 2019) if the practitioner is:
(a) acting as a nominee in relation to a company voluntary arrangement within the meaning of Article 7 of the Insolvency Law 2019;
(b) appointed as a receiver or administrative receiver within the meaning of Article 42 of the Insolvency Law 2019;
(c) appointed as a liquidator in relation to a members' voluntary winding up within the meaning of Article 61 of the Insolvency Law 2019;
(d) appointed as a liquidator in relation to a creditors' voluntary winding up within the meaning of Article 68 of the Insolvency Law 2019; or
(e) appointed as a liquidator or provisional liquidator in relation to a compulsory winding up within the meanings of Article 90 and 91 of the Insolvency Law 2019.
(3) A Licensed Function shall not include a function performed by an individual appointed to act as manager of the business of an Authorised Firm or Authorised Market Institution as directed by the DFSA under Article 88 of the Regulatory Law 2004.
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
[Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]
[Amended] DFSA RMI288/2020 (Made 16th December 2020). [VER50/02-21]