67. Obligations of Disclosure to the DFSA

Past version: effective up to 26/12/2011
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(1) Subject to Article 67(2), any of the following persons:
(a) an Authorised Firm, Authorised Market Institution or Ancillary Service Provider; or
(b) an auditor of any person in (a);
shall disclose to the DFSA any matter which reasonably tends to show one of the following:
(c) a breach, or likely breach of a provision of the Law or Rules or other legislation administered by the DFSA;
(d) a failure, or likely failure, to comply with any obligation to which a person is subject under such legislation; or
(e) any other matter as the DFSA may prescribe in Rules:
which may be attributable to the conduct of the relevant Authorised Firm, Authorised Market Institution or Ancillary Service Provider or of its director, officers, employees or agents.
(2) Article 67(1) shall not apply to the extent that compliance with such requirement would disclose a Privileged Communication.
(3) An Authorised Firm, Authorised Market Institution or Ancillary Service Provider shall establish and implement appropriate systems and internal procedures to enable its compliance, and compliance by its auditor, with Article 67(1).
(4) Any provision in an agreement between an Authorised Firm, Authorised Market Institution or Ancillary Service Provider and a director, officer, employee, agent or auditor is void in so far as it purports to hinder any person from causing or assisting an Authorised Firm, Authorised Market Institution or Ancillary Service Provider or auditor to comply with an obligation under Article 67(1).
(5) Without limiting the application of any other provision of this Law, an auditor does not contravene any duty to which the auditor is subject merely because the auditor gives to the DFSA:
(a) a notification as required under this Article; or
(b) any other information or opinion in relation to any such matter;
if the auditor is acting in good faith and reasonably believes that the notification, information or opinion is relevant to any functions of the DFSA.
(6) No person shall be subjected to detriment or loss or damage merely by reason of undertaking any act to cause or assist an Authorised Firm, Authorised Market Institution, Ancillary Service Provider or auditor to comply with an obligation under Article 67(1).
(7) A Court may, on application of an aggrieved person, make any order for relief where the person has been subjected to any such detriment or loss or damage referred to in Article 67(5).