64. Provisions Governing Change of Control

Past version: effective up to 22/12/2012
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(1) The DFSA may make Rules in connection with the change of control of Authorised Firms, Authorised Market Institutions and Ancillary Service Providers, including Rules as to:
(a) the circumstances in which a person becomes or ceases to be a controller;
(b) the circumstances in which a change in a measure of control requires notice to be given to the DFSA;
(c) the manner in which and by whom such notification is to be given;
(d) in relation to the Authorised Firms and Authorised Market Institutions, the circumstances in which approval of the DFSA may be required prior to a change in control; and
(e) the manner by which and circumstances in which the DFSA will notify an Authorised Firm or Authorised Market Institution that a controller is unacceptable to the DFSA.
(2) Where:
(a) the DFSA notifies an Authorised Firm or Authorised Market Institution that a controller is unacceptable to the DFSA; and
(b) such Authorised Firm or Authorised Market Institution fails to remove the controller without undue delay or take other action to the satisfaction of the DFSA;
the DFSA may exercise its power under Article 51 to withdraw the Licence of the Authorised Firm or Authorised Market Institution.
(3) Nothing in Article 64(2) affects the powers and liabilities that the DFSA or a person may have apart from this Article.