20. The Powers and Functions of the DFSA Board of Directors
Past version: effective up to 26/12/2011
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(1) The general powers and functions of the DFSA Board of Directors are to:
(a) ensure that the DFSA exercises its statutory powers and performs its statutory functions in accordance with its objectives;
(b) make policies relating to the regulation of financial services and related activities;
(c) make provision for the consideration of, adjudication on and the application of penalties in relation to disciplinary and other matters concerning Authorised Firms, Authorised Market Institutions, Authorised Individuals and other persons;
(d) review the performance of the Chief Executive;
(e) give the Chief Executive written directions as to the furtherance of any of the DFSA's objectives or the performance of any of the Chief Executive's statutory functions. Such written directions shall not constitute Rules; and
(f) arrange for the DFSA to enter into binding and non-binding arrangements, including memoranda of understanding and co-operation with similar bodies provided they do not conflict with the treaties to which the United Arab Emirates is a party.
(2) The legislative powers and functions of the DFSA Board of Directors are, so far as is reasonably practicable, to:
(a) review and, where appropriate, submit draft laws to the President with a recommendation that they be approved and enacted;
(b) review and, where appropriate, approve and make Rules;
(c) review and, where appropriate, approve and issue standards and codes of practice of the DFSA; and
(d) make written submissions to the President in relation to legislative matters outside the scope of its own legislative powers.
(3) Except in respect of the powers and functions set out in Article 20(1)(c) and (d) and Article 20(2), the DFSA Board of Directors may delegate to a committee of the DFSA Board of Directors or to the Chief Executive such of its powers or functions as may appropriately and more efficiently and effectively be exercised or performed by such committee or the Chief Executive.
(4) The DFSA Board of Directors may act through the Chairman of the DFSA.