AMI 8.2.4
(1) Where the DFSA proposes to exercise its objection or conditional approval power pursuant to Rule 8.2.4(2)(b) or (c) in respect of a proposed acquisition or an increase in the level of control in an Authorised Market Institution , it must, as soon as practicable and in any event within 90 days of the receipt of the duly completed application form, provide to the applicant:
(a) a written notice stating;
(i) the DFSA's reasons for objecting to that Person as a Controller or to the Person's proposed increase in control; 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 objections notice or such other longer period as agreed to by the DFSA .
(2) The DFSA must, as soon as practicable after receiving representations or, if no representations are received, after the expiry of the period for making representations referred to in (1)(b), issue a final notice stating that:
(a) the proposed objections and any conditions are withdrawn and the Person is an approved Controller ;
(b) the Person is approved as a Controller subject to conditions specified in the notice; or
(c) the Person is not approved and therefore is an unacceptable Controller with respect to that Person becoming a Controller of, or increasing the level of control in, the Authorised Firm .
(3) If the DFSA decides to exercise its power under this Rule not to approve a Person as a Controller or to impose conditions on an approval, 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]
[Amended] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]