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84N. Resolution Powers

(1) Where the DFSA is satisfied that the Resolution Conditions have been met, it may, by written notice, exercise one or more of the following Resolution Powers with respect to an Authorised Firm:
(a) remove and replace any director or member of senior management (irrespective of whether they are responsible for the failure);
(b) appoint one or more individuals to act as a Temporary Administrator in accordance with Article 84Q;
(c) recover monies from any person whose acts or omissions materially contributed to the failure, including by the claw-back of variable remuneration such as bonuses;
(d) terminate contracts, continue or assign contracts or purchase or sell assets;
(e) write down or convert any instrument or liability;
(f) ensure continuity of essential services and functions by:
(i) requiring other entities in the Group to continue to provide essential services or facilities to the Authorised Firm or any successor or an acquiring entity; or
(ii) procuring the necessary services or facilities from unaffiliated third parties;
(g) override rights of shareholders of the Authorised Firm, including requirements for approval by shareholders of particular transactions, in order to permit a merger, acquisition, sale of business operations, recapitalisation or other measures to restructure and dispose of the Authorised Firm’s business, liabilities or assets;
(h) apply the Sale of Business Tool;
(i) apply the Bail-in Tool;
(j) require the Authorised Firm to prepare and implement a business reorganisation plan;
(k) temporarily suspend the exercise of early termination rights under any contracts or agreements that may otherwise be triggered upon entry of the Authorised Firm into Resolution or in connection with the exercise of Resolution Powers or application of a Resolution Tool;
(l) impose a moratorium with a suspension of payments to unsecured creditors and customers (except for payments to central counterparties, payment, clearing and settlements systems and central banks) and a stay on creditor actions to attach assets or otherwise collect money or property from the Authorised Firm, while protecting the enforcement of eligible netting and collateral agreements;
(m) take any action necessary to effect the restructure or closure and orderly wind-down of the whole or part of the business of the Authorised Firm while facilitating prompt access to transaction accounts and to segregated client assets;
(n) require the Authorised Firm or any of the entities in the Group to provide any services or facilities;
(o) require the Authorised Firm to promptly return client assets to clients;
(p) suspend any payment or delivery obligations pursuant to any contract to which the Authorised Firm is a party; or
(q) restrict secured creditors of the Authorised Firm from enforcing security interests in relation to any assets of the Authorised Firm.
(2) In addition to the powers specified in (1), the DFSA may:
(a) require any person to provide any information required for the DFSA to decide upon and prepare resolution action, including to update or supplement information provided in the Resolution Plan;
(b) remove rights to acquire further shares, such as shareholders’ pre-emption rights in the case of a new share issue under the Companies Law;
(c) cancel or modify the terms of a contract to which the Authorised Firm is a party or substitute a purchaser under the Sale of Business Tool as a party;
(d) in relation to debt instruments and other eligible liabilities issued by the Authorised Firm:
(i) amend or alter the maturity;
(ii) amend the amount of interest payable; or
(iii) amend the date on which the interest becomes payable, including by suspending payment for a temporary period;
(e) close out and terminate financial contracts or derivative contracts for the purposes of the application of the Bail-in Tool; and
(f) require a person to discontinue or suspend the admission to trading of financial instruments relating to the Authorised Firm.
(3) The DFSA may exercise its Resolution Powers:
(a) irrespective of any restriction on, or requirement to obtain consent for, the transfer of the financial instruments, rights, assets or liabilities in question that might otherwise apply;
(b) without the requirement to obtain approval or consent from any person either public or private, including the shareholders or creditors of the Authorised Firm; and
(c) without the requirement to notify any person, including any requirement to publish any notice or Prospectus or to file or register any document with any other authority.