59. Procedure for Restricting Persons or Suspending or Withdrawing an Authority

Past version: effective up to 20/08/2014
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(1) Subject to Articles 59(2) and (3), the DFSA may only exercise its power to:
(a) issue or vary a written notice; or
(b) suspend or withdraw Authorised Individual status;
under Article 58 if it has given the relevant person a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed written notice or variation of notice or suspension or withdrawal.
(2) The restriction imposed on the DFSA under Article 59(1) shall not apply where:
(a) the DFSA concludes that any delay likely to arise as a result of such requirement is prejudicial to the interests of the DIFC;
(b) the DFSA proposes to withdraw Authorised Individual status under Article 58(3); or
(c) the Authorised Individual has requested the issue or variation of a written notice or the suspension of his status.
(3) Where the DFSA takes steps to exercise its powers under Article 58 in relation to an Authorised Individual following a determination by the Regulatory Appeals Committee or the Financial Markets Tribunal or a decision of the Court relating to the conduct of such person, the obligation upon the DFSA to afford the person an opportunity to make representations to the DFSA shall not apply in relation to findings of fact of that tribunal or committee or the Court as the case may be.
(4) Where the DFSA has received a representation from a person under this Article, the DFSA shall without undue delay inform such person in writing of its response to such representation.
(5) Upon deciding under Article 58 to:
(a) issue, vary or withdraw a written notice; or
(b) suspend or withdraw Authorised Individual status;
the DFSA shall without undue delay inform the relevant person in writing of:
(c) such decision;
(d) the date on which the issue, variation or withdrawal of the written notice or suspension or withdrawal of Authorised Individual status shall be deemed to take effect; and
(e) the Licensed Functions or other functions to which such issue, variation or withdrawal of the written notice or suspension or withdrawal of Authorised Individual status may relate.