11. Application for an endorsement
Past version: effective up to 20/08/2014
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(1) An application for an endorsement on a Licence authorising an Authorised Firm or Authorised Market Institution to conduct Islamic Financial Business may be made to the DFSA by any:
(a) body corporate;
(b) partnership; or
(c) unincorporated association
when applying for a Licence under Article 45 of the Regulatory Law 2004.
(2) An Authorised Firm or Authorised Market Institution may apply to the DFSA for an endorsement to conduct Islamic Financial Business or to vary such an endorsement.
(3) The DFSA Board of Directors may make Rules providing that certain persons or categories of person may not be granted an endorsement in relation to Islamic Financial Business.
(4) The DFSA Board of Directors may make Rules:
(a) prescribing the requirements an applicant applying for an endorsement must meet before an endorsement can be granted by the DFSA. Such Rules may include requirements relating to the legal form an applicant must adopt;
(b) providing for such requirements referred to in Article 11(4)(a) to be varied in cases where an application is made by a person which is, at the time of application, regulated in a jurisdiction other than the DIFC;
(c) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 11(4)(a); and
(d) providing for any such exemptions to be:
(i) limited to certain Islamic Financial Business activities or specified circumstances; or
(ii) subject to certain conditions and restrictions.
(5) The DFSA may in its absolute discretion refuse to grant an application for an endorsement or for a variation to an endorsement.
(6) Upon refusing to grant an endorsement or a variation to an endorsement, the DFSA shall without undue delay inform the applicant in writing of such refusal and, if requested by the applicant, the reasons for such refusal.
(7) The Regulatory Appeals Committee has jurisdiction to hear and determine any appeal in relation to a decision to refuse an application for an endorsement or a variation to an endorsement made under this Article.