64. Provisions Governing Controllers

Past version: effective from 05/01/2014 - 20/08/2014
To view other versions open the versions tab on the right

(1) The DFSA may make Rules governing controllers of Authorised Firms and Authorised Market Institutions, including Rules as to:
(a) when a person becomes or ceases to be a controller of an Authorised Firm or Authorised Market Institution;
(b) when the acquisition or increase in the level of control of an Authorised Firm or Authorised Market Institution requires either the prior approval of, or notification to, the DFSA;
(c) when the DFSA may object to an existing controller;
(d) the procedures relating to the approval, notification and objections referred to in Article 64(1)(b) and (c); and
(e) any other matter necessary or incidental to give effect to the provisions governing controllers.
(2) Without limiting the generality of the DFSA powers, the DFSA may:
(a) approve or object to a person becoming a controller of an Authorised Firm or Authorised Market Institution;
(b) approve or object to an increase in the level of control of an existing controller of an Authorised Firm or Authorised Market Institution;
(c) object to an existing controller of an Authorised Firm or Authorised Market Institution where it has reasonable grounds to believe that such a person is no longer an acceptable controller; and
(d) approve a person as a controller or approve an increase of control by an existing controller subject to such conditions as it considers appropriate.
(3) Where the DFSA considers an existing controller of an Authorised Firm or Authorised Market Institution to be an unacceptable controller:
(a) it must notify the controller and the Authorised Firm or Authorised Market Institution in writing that the controller is no longer an acceptable controller; and
(b) it may require that the controller, the Authorised Firm or Authorised Market Institution take such actions as specified by the DFSA.
(4) Without limiting the generality of the DFSA powers, the DFSA may, for the purposes of Article 64(3)(b):
(a) require an Authorised Firm or Authorised Market Institution to take such action as specified by the DFSA in relation to an unacceptable controller;
(b) where an Authorised Firm or Authorised Market Institution has failed to comply with a requirement referred to in Article 64(4)(a) to the satisfaction of the DFSA, either withdraw, or impose conditions, on the Authorised Firm's or Authorised Market Institution's licence; or
(c) require the unacceptable controller to take such action as specified by the DFSA.