23. Power to Make Rules

Past version: effective up to 04/07/2012
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(1) The DFSA Board of Directors may make Rules in respect of any matters related to the objectives, powers or functions of the DFSA or which facilitate the administration of, or further the purpose of, any law administered by the DFSA. This power shall be exercised by the DFSA Board of Directors.
(2) In particular, the DFSA Board of Directors when exercising the power in Article 23(1) may make Rules in respect of:
(a) procedures and requirements in relation to licensing, authorisation, registration and recognition;
(b) levels and types of financial resources to be maintained by particular persons in the DIFC;
(c) standards of practice and business conduct of persons in dealing with their customers and clients and prospective customers and clients;
(d) the resolution of disputes;
(e) the conduct of particular persons in the DIFC;
(f) the operation of an Authorised Market Institution in the DIFC, including but not limited to:
(i) notification to and approval by the DFSA of any rules or guidance issued by an Authorised Market Institution;
(ii) the prescribing of regulatory functions of an Authorised Market Institution; and
(iii) the conduct of and supervision of any such regulatory function; and
(g) the conduct of the DFSA and its officers, employees and agents in relation to the exercise of powers and performance of functions, including the exercise of discretionary powers and powers to conduct investigations and hearings.
(3) Where the DFSA Board of Directors issues a standard or code of practice, the DFSA Board of Directors may incorporate such a standard or code into the Rules by reference and in such circumstances, except to the extent that the Rules otherwise provide, a person who is subject to the provisions of any such standard or code must comply with such provisions as if they were provisions of the Rules.
(4) Where any legislation made under this Law purports to be made in exercise of a particular power or powers, it shall be taken also to be made in the exercise of all powers under which it may be made.