64. Provisions Governing Controllers

(1) The DFSA may make Rules governing controllers of Authorised Persons, including Rules as to:
(a) when a person becomes or ceases to be a controller of an Authorised Person;
(b) when the acquisition or increase in the level of control of an Authorised Person requires either the prior approval of, or notification to, the DFSA;
(c) when the DFSA may object to an existing controller;
(d) the procedures relating to the approval, notification and objections referred to in Article 64(1)(b) and (c); and
(e) any other matter necessary or incidental to give effect to the provisions governing controllers.
(2) Without limiting the generality of the DFSA powers, the DFSA may:
(a) approve or object to a person becoming a controller of an Authorised Person;
(b) approve or object to an increase in the level of control of an existing controller of an Authorised Person;
(c) object to an existing controller of an Authorised Person where it has reasonable grounds to believe that such a person is no longer an acceptable controller; and
(d) approve a person as a controller or approve an increase of control by an existing controller subject to such conditions as it considers appropriate.
(3) Where the DFSA considers an existing controller of an Authorised Person to be an unacceptable controller:
(a) it must notify the controller and the Authorised Person in writing that the controller is no longer an acceptable controller; and
(b) it may require that the controller and the Authorised Person take such actions as specified by the DFSA.
(4) Without limiting the generality of the DFSA powers, the DFSA may, for the purposes of Article 64(3)(b):
(a) require an Authorised Person to take such action as specified by the DFSA in relation to an unacceptable controller;
(b) where an Authorised Person has failed to comply with a requirement referred to in Article 64(4)(a) to the satisfaction of the DFSA, either withdraw, or impose conditions, on the Authorised Person's licence; or
(c) require the unacceptable controller to take such action as specified by the DFSA.