Past version: effective up to 20/08/2014
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(1) The DFSA may endorse the Licence of an Authorised Firm or Authorised Market Institution authorising it to conduct Islamic Financial Business as an Islamic Financial Institution or by operating an Islamic Window.
(2) Subject to Articles 12(3) and (4), the DFSA may at any time by written notice to an Authorised Firm or Authorised Market Institution;
(a) impose conditions and restrictions or additional conditions and restrictions in relation to an endorsement;
(b) vary or withdraw conditions and restrictions imposed in relation to an endorsement.
(3) The DFSA may act under Article 12(2) on its own initiative or at the request of an Authorised Firm or Authorised Market Institution.
(4) Subject to Article 12(5), the DFSA may only impose conditions and restrictions or additional conditions and restrictions or vary or withdraw conditions and restrictions in relation to an endorsement if it has given the relevant Authorised Firm or Authorised Market Institution a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed changes.
(5) The requirement imposed on the DFSA under Article 12(4) shall not apply:
(a) in relation to the imposition of conditions and restrictions when a Licence is first endorsed;
(b) where the relevant person has requested the imposition, variation or withdrawal of conditions and restrictions under Article 12(3); or
(c) where the DFSA concludes that any delay likely to arise as a result of such requirement is prejudicial to the interests of the DIFC.
(6) Where pursuant to Article 12(5)(c) the DFSA imposes, varies or withdraws a condition or restriction without providing a prior opportunity to make representations, the DFSA shall:
(a) provide the relevant Authorised Firm or Authorised Market Institution an opportunity to make representations in person and in writing to the DFSA within the period of 14 days, or such further period as may be agreed, from the date on which such condition or restriction is imposed, varied or withdrawn; and
(b) provide a response to any such submission, and make any consequential imposition, variation or withdrawal of the condition or restriction, without undue delay.
(7) The Regulatory Appeals Committee has jurisdiction to hear and determine any appeal in relation to a decision to impose, vary or withdraw a condition or restriction made under this Article.