58. Suspending or Withdrawing Authorisations

(1) If the DFSA reasonably concludes that:
(a) an Authorised Individual or Key Individual is in breach of, or has been in breach of, an obligation that applies as a result of such individual's Authorised Individual or Key Individual status; or
(b) an individual is no longer fit and proper to perform a role in respect of which he is an Authorised Individual or Key Individual;
it may:
(c) restrict the individual from performing one or more Licensed Functions; or
(d) suspend or withdraw Authorised Individual or Key Individual status from such individual.
(2) The DFSA may withdraw the Authorised Individual or Key Individual status of an individual if:
(a) the individual becomes bankrupt;
(b) the individual is convicted of a serious criminal offence;
(c) the individual becomes incapable (through mental or physical incapacity) of managing his affairs;
(d) the individual or the relevant Authorised Person asks the DFSA to withdraw the relevant status; or
(e) the Licence of the relevant Authorised Person is withdrawn.
(3) The DFSA may withdraw authorisation in relation to one or more Licensed Functions of an Authorised Individual or Key Individual if the Authorised Individual or relevant Authorised Person asks the DFSA to withdraw such authorisation.
(4) The procedures in Schedule 3 apply to a decision of the DFSA under Article 58(1) or (2).
(5) Where the DFSA:
(a) is conducting an investigation under Article 78; and
(b) in the course of such investigation believes on reasonable grounds that an individual has engaged in serious misconduct that may form grounds for the withdrawal of the individual's Authorised Individual or Key Individual status;
it may suspend the Authorised Individual or Key Individual status of such individual for the duration of the investigation or related proceedings insofar as such investigation or proceedings relate to the individual.
(6) The procedures in Schedule 3 apply to a decision of the DFSA under Article 58(5).
(7) An individual commits a contravention if the individual performs a Licensed Function:
(a) in breach of a provision in legislation administered by the DFSA that applies to that individual;
(b) contrary to a restriction imposed issued under Article 58(2); or
(c) where his Authorised Individual or Key Individual status has been suspended or withdrawn under Article 58(1), (2), (3) or (5).
(8) The DFSA may vary or withdraw a restriction or suspension imposed under this Article where it is reasonable to do so.
(9) The DFSA may act under Article 58(8) on its own initiative or at the request of the relevant individual or Authorised Person.
(10) The DFSA shall give both the individual and the Authorised Person an opportunity to make representations under the procedures in Schedule 3 where the procedures in that Schedule apply under this Article.
(11) If the DFSA decides to exercise a power under this Article, the individual or the Authorised Person may refer the matter to the FMT for review.