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84D. Recovery Plans

(1) This Article applies to an Authorised Firm which:
(a) is of a class prescribed in the Rules as requiring a Recovery Plan; or
(b) is not included in a class prescribed under (a), but has been given written notice by the DFSA that it must prepare a Recovery Plan.
(2) An Authorised Firm must prepare and submit to the DFSA for review a plan setting out the measures to be taken to restore the financial position of the Authorised Firm (or one or more entities in its Group) in the event of a serious deterioration of the Authorised Firm’s financial position (the “Recovery Plan”).
(3) The Recovery Plan must be in writing and set out such information as may be prescribed in the Rules.
(4) The DFSA may, by written notice given to the Authorised Firm, require it to prepare and provide to the DFSA such information as the DFSA considers reasonably necessary for it to assess the adequacy of the Authorised Firm’s Recovery Plan.
(5) If the DFSA is not satisfied with an Authorised Firm’s Recovery Plan it may, by written notice, require the Authorised Firm to take measures to rectify any deficiencies in the Recovery Plan and provide the rectified Recovery Plan to the DFSA.
(6) An Authorised Firm must review and update its Recovery Plan and submit the updated Recovery Plan to the DFSA:
(a) annually;
(b) where there has been a material change reasonably likely to affect the implementation of the original Recovery Plan; or
(c) if otherwise directed in writing by the DFSA to do so.