AMI 8.2.10

(1) Without limiting the generality of its other powers, the DFSA may, subject only to (2), object to a Person as a Controller of an Authorised Market Institution where such a Person:
(a) has acquired or increased the level of control that Person has in an Authorised Market Institution without the prior written approval of the DFSA as required under Rule 8.2.1;
(b) has breached the requirement in Rule 8.2.5 to comply with conditions of approval applicable to that Person; or
(c) is no longer acceptable to the DFSA as a Controller.
(2) Where the DFSA proposes to object to a Person as a Controller of an Authorised Market Institution, the DFSA must provide such a Person with:
(a) a written notice stating:
(i) the DFSA's reasons for objecting to that Person as a Controller; and
(ii) any proposed conditions subject to which that Person may be approved by the DFSA; and
(b) an opportunity to make representations within 14 days of the receipt of such notice or such other longer period as agreed to by the DFSA.
(3) The DFSA must, as soon as practicable after receiving representations, or if no representations are made, after the expiry of the period for making representations referred to in (2)(b), issue a final notice stating that:
(a) the proposed objections and any conditions are withdrawn and the Person is an approved Controller; or
(b) the Person is approved as a Controller subject to conditions specified in the notice; or
(c) the Person is an unacceptable Controller and accordingly, must dispose of that Person's holdings.
(4) Where the DFSA has issued a final notice imposing any conditions subject to which a Person is approved as a Controller, that Person must comply with those conditions.
(5) Where the DFSA has issued a final notice declaring a Person to be an unacceptable Controller that Person must dispose of the relevant holdings within such period as specified in the final notice.
(6) If the DFSA decides to exercise its power under this Rule to object to a Person as a Controller, to impose conditions on an approval or to require a Person to dispose of their holdings, the Person may refer the matter to the FMT for review.
Derived from RM118/2013 [VER15/07-13]
[Amended] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]