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Appendix 1 DFSA's Regulatory Powers

A reference to executive* refers to the Chief Executive or a DFSA Officer that has been delegated the authority to act as Chief Executive.

Regulatory Law 2004

Article Description Type of Decision Right of appeal to RAC
Article 33 when the DFSA is proposing to commence proceedings before the Financial Markets Tribunal executive* No
Article 46 when the DFSA is proposing to require an applicant to provide additional information reasonably required to decide an application for a Licence executive No
Article 47 when the DFSA is proposing to refuse to grant an application for a Licence, or, an extension to a Licence executive Yes
Article 48 when the DFSA is proposing to grant an application for a Licence, or, an extension to a Licence, with or without conditions and restrictions executive No
Article 49(1) when the DFSA, at the request of an Authorised Person, is proposing to impose conditions and restrictions or additional conditions and restrictions on a Licence, or, vary or withdraw conditions and restrictions on such Licence executive Yes
Article 49(1) when the DFSA, on its own initiative, is proposing to impose conditions and restrictions or additional conditions and restrictions on a Licence, or, vary or withdraw conditions and restrictions on such Licence decision maker Yes
Article 50(1) when the DFSA, at the request of an Authorised Person, is proposing to withdraw an authorisation in relation to one or more Financial Services under a Licence executive Yes
Article 50(1) when the DFSA, on its own initiative, is proposing to withdraw an authorisation in relation to one or more Financial Services under a Licence decision maker Yes
Article 51 when the DFSA, at the request of an Authorised Person, is proposing to withdraw a Licence executive Yes
Article 51 when the DFSA, on its own initiative, is proposing to withdraw a Licence decision maker Yes
Article 54 when the DFSA is proposing to require an applicant to provide additional information reasonably required to decide an application for an Authorised Individual status executive No
Article 55 when the DFSA is proposing to refuse to grant an application for an Authorised Individual status, or, an extension to such status executive Yes
Article 56 when the DFSA is proposing to grant an application for an Authorised Individual status, or, an extension to such status, with or without conditions and restrictions executive No
Article 57 when the DFSA, at the request of an Authorised Person, is proposing to impose conditions and restrictions or additional conditions and restrictions on the grant of an Authorised Individual's status, or, vary or withdraw conditions and restrictions on such status executive Yes
Article 57 when the DFSA, is proposing on its own initiative, to impose conditions and restrictions or additional conditions and restrictions on the grant of an Authorised Individual's status, or, vary or withdraw conditions and restrictions to such status decision maker Yes
Article 58(1) when the DFSA, on its own initiative, is proposing to restrict an individual from performing one on more functions in connection with the provision of Financial Services or Ancillary Services decision maker Yes
Article 58(2) when the DFSA, at the request of a relevant person or Authorised Person, is proposing to either restrict, suspend or withdraw the status of an Authorised Individual executive Yes
Article 58(2) when the DFSA, on its own initiative, is proposing to either restrict, suspend or withdraw the status of an Authorised Individual decision maker Yes
Article 60(3) when the DFSA is proposing to grant an application for registration as an Ancillary Service Provider executive No
Article 60(3) when the DFSA is proposing to refuse to grant an application for registration as an Ancillary Service Provider executive Yes
Article 73 when the DFSA is proposing to either obtain information or documents, or to enter the premises of any Authorised Firm, Authorised Market Institution, Ancillary Services Provider or Fund for the purpose of inspecting and copying information within the premises executive No
Article 74 when the DFSA is proposing to require an Authorised Firm or Authorised Market Institution to provide a report on any matter or information about which the DFSA could have or has required under Article 73 executive Yes
Article 75 when the DFSA is proposing to impose a prohibition or requirement on the business of an Authorised Firm, Authorised Market Institution, Fund Manager or Fund decision maker Yes
Article 75A when the DFSA for prudential purposes is proposing to require an Authorised Firm or Authorised Firms within a specified class to comply with a direction decision maker Yes
Article 76 when the DFSA is proposing to impose on an Authorised Firm or Authorised Market Institution a prohibition, from or requirement to dealing with relevant property decision maker Yes
Article 77(2) when the DFSA is proposing to substitute or vary a prohibition or requirement made under Articles 75 and 76 decision maker No
Article 77(2) when the DFSA is proposing to withdraw a prohibition or requirement made under Article 75 and 76 decision maker No
Article 78 when the DFSA is proposing to conduct an investigation under Chapter 2 of Part 5 executive* No
Article 79(2) when the DFSA is proposing to apply to the Court to recover part or all of the costs of an investigation executive No
Article 80 when the DFSA is proposing to exercise powers of compulsion to obtain information, documents and testimony from any person that may be relevant to an investigation executive No
Article 84 when the DFSA is proposing to apply to the Court for an injunction or warrant to search premises in order to enforce compliance with a requirement made pursuant to the exercise of any power under Articles 73, 74 or 80 executive No
Article 87(5) when the DFSA is proposing to apply to the Court to recover outstanding fines executive No
Article 88(1) when the DFSA is proposing to require an Authorised Firm or Authorised Market Institution to appoint one or more individuals to act as managers of the business of such person decision maker Yes
Articles 89(1) & (2) when the DFSA is proposing to accept a written enforceable undertaking given by a person, or, withdraw or vary such undertaking executive No
Article 89 (3) when the DFSA is proposing to apply to the Court to enforce compliance with a written enforceable undertaking accepted by the DFSA under Articles 89 (1) and (2) executive No
Article 90 when the DFSA is proposing to issue an administrative fine decision maker Yes
Article 91 when the DFSA is proposing to issue an administrative censure decision maker Yes
Article 92 (2) when the DFSA is proposing to apply to the Court for an injunction or other judicial relief, where a person has engaged, is engaging or is proposing to engage in conduct which contravenes a relevant requirement under Article 92(1) executive No
Article 92 (3) when the DFSA is proposing to apply to the Court, where the DFSA is conducting, or has conducted, an investigation or has instituted civil or regulatory proceedings, for orders under Articles 92(3) (c) (d) (e) (f) (g) (h) or (i) executive No
Article 93 when the DFSA is proposing to apply to the Court to wind up an Authorised Firm, Authorised Market Institution, or, to wind up a company that is in breach of the Financial Services Prohibition executive No
Article 94(2) when the DFSA is proposing to apply to the Court for an order for damages, compensation, or recovery of property or any other order the Court sees fit, where there has been a breach of a requirement as described in Article 94(1) executive No
Article 95 when the DFSA is proposing to apply to the Court to intervene in any Court proceedings where the DFSA considers it necessary to meet its objectives executive No
Article 98(1) when the DFSA is proposing to grant an application for the registration of an Auditor executive No
Article 98(1) when the DFSA is proposing to refuse an application for the registration of an Auditor executive Yes
Article 99(7) when the DFSA is proposing to order the remove of an Auditor executive No
Article 111 when the DFSA is proposing to nominate or approve a person to make a scheme report relating to a sanctioned transfer scheme under Article 108 executive No

General (GEN) Module

GEN Module Description Type of Decision Right of appeal to RAC
GEN Rule 7.3.1(1) when the DFSA is proposing to grant an application for an endorsement on a Licence permitting an Authorised Firm to conduct business with Retail Clients executive No
GEN Rule 7.3.1(2) when the DFSA is proposing to refuse to grant an endorsement on a Licence permitting an Authorised Firm to conduct business with Retail Clients, or, vary such endorsement executive Yes
GEN Rule 8.4.6 when the DFSA is proposing to direct an Authorised Person to appoint an auditor, where an auditor has not been appointed by such Authorised Person executive No
GEN Rule 8.4.7 when the DFSA is proposing to direct an auditor to remove itself as auditor of an Authorised Person, where the DFSA is of the opinion that the existing auditor is unsuitable decision maker Yes
Rules GEN 8.12 and GEN 8.13 when the DFSA, on its own initiative, is proposing under Article 98(3) of the Regulatory Law to withdraw the registration of an Auditor decision maker Yes
GEN Section 8.14 when the DFSA, on its own initiative, is proposing under Article 105 of the Regulatory Law to suspend the registration of an Auditor decision maker Yes
GEN Rule 11.8.5(2) when the DFSA is proposing under Article 64(2) of the Regulatory Law to approve an application for a change in control without conditions in relation to a Domestic Firm executive No
GEN Rule 11.8.5(2) when the DFSA is proposing under Article 64(2) of the Regulatory Law to approve an application for a change in control with conditions, or, object to an application for a change in control, in relation to a Domestic Firm decision maker Yes
GEN Rule 11.8.13(1) when the DFSA is proposing under Article 64(3) and (4) of the Regulatory Law to object to a Person as a Controller. decision maker Yes
GEN Rule 11.9.4(a) when the DFSA is proposing to grant an application for the creation of a new Cell by an Insurer that is a Protected Cell Company executive No
GEN Rule 11.9.4(b) when the DFSA is proposing to impose conditions and restrictions in relation to granting an application for the creation of a new Cell by an Insurer that is a Protected Cell Company executive Yes
GEN Rule 11.9.4 (c) when the DFSA is proposing to refuse to approve the application for the creation of a new Cell by an Insurer that is a Protected Cell Company executive Yes
GEN Rule 11.10.5 when the DFSA is proposing to object to the establishment of a branch by a Domestic Firm executive Yes
GEN Rule 11.10.9 when the DFSA is proposing to object to a proposed Major Acquisition by an Authorised Firm or impose conditions in relation to any proposed Major Acquisition by a Domestic Firm executive Yes
GEN Rule 11.10.10(1)(b) when the DFSA is proposing to object to a proposed Major Acquisition by an Authorised Firm or impose conditions in relation to any proposed Major Acquisition by a An Authorised Firm which is not a Domestic Firm executive Yes
GEN Rule 11.10.11(2) when the DFSA is proposing to withdraw its no objection position, or, modify or vary any condition or any remedial action executive Yes

Ancillary Service Providers (ASP) Module

ASP Module Description Type of Decision Right of appeal to RAC
ASP Rule 4.5.1(a) when the DFSA, at the request of an Ancillary Service Provider, is proposing to withdraw its registration executive Yes
ASP Rule 4.5.1(a) when the DFSA, on its own initiative, is proposing to withdraw the registration of an Ancillary Service Provider decision maker Yes
ASP Rule 4.5.1(b) when the DFSA, at the request of an Ancillary Service Provider, is proposing to change the scope of authority under its registration executive Yes
ASP Rule 4.5.1(b) when the DFSA, on its own initiative, is proposing to change the scope of authority under the registration of an Ancillary Service Provider decision maker Yes

Collective Investments Law 2010

Article Description Type of Decision Right of appeal to RAC
Article 25(2) when the DFSA is proposing to apply to the Court to make an application to remove a Fund Manager executive No
Articles 28 and 31 when the DFSA is proposing to register a Domestic Fund which is a Public Fund executive No
Article 29 when the DFSA is proposing to request the Fund Manager or Trustee to provide additional information in relation to an application for registration of a Public Fund executive No
Article 30 when the DFSA is proposing to reject an application for registration of a Public Fund executive Yes
Article 32(1) when the DFSA, at the request of a Fund Manager or Trustee, is proposing to withdraw the registration of a Public Fund executive Yes
Article 32(1) when the DFSA, on its own initiative, is proposing to withdraw the registration of a Public Fund decision maker Yes
Articles 35(6) and 36(1) when the DFSA is proposing to refuse to grant approval of a proposed alteration of a Domestic Fund'sConstitution or Prospectus, or, replacement of the Fund Manager, Trustee, member of the Governing Body or the auditor of a Fund as described in Article 35(1) executive Yes
Article 39(4) when the DFSA is proposing to object to a particular oversight arrangement for a Public Fund executive Yes
Article 43(8) when the DFSA is proposing to apply to the Court for the removal of an Auditor of a Domestic Fund executive No
Article 69 when the DFSA is proposing to issue a stop order directing that no Offers, issues, redemptions, sales or transfers of the Units of the Fund be made for an appropriate period executive Yes

Islamic Financial Business Law 2004

Article Description Type of Decision Right of appeal to RAC
Articles 11(2) and 12(1) when the DFSA is proposing to grant an application for an endorsement on a Licence permitting an Authorised Person to conduct Islamic Financial Business, or to vary such an endorsement executive No
Article 11(5) when the DFSA is proposing to refuse an application for an endorsement on a Licence permitting an Authorised Person to conduct Islamic Financial Business, or a variation to an endorsement executive Yes
Article 12(2) when the DFSA, at the request of an Authorised Person, is proposing to impose conditions and restrictions or additional conditions and restrictions in relation to an endorsement on a Licence, or, vary or withdraw conditions and restrictions to such endorsement executive Yes
Article 12(2) when the DFSA, on its own initiative, is proposing to impose conditions and restrictions or additional conditions and restrictions in relation to an endorsement on a Licence, or, vary or withdraw conditions and restrictions to such endorsement decision maker Yes

Investment Trust Law 2006

Article Description Type of Decision Right of appeal to RAC
Article 26(5) when the DFSA is proposing to apply to the Court for an order for the removal of the Trustee and any other appropriate orders executive No

Markets Law 2012

Article Description Type of Decision Right of appeal to RAC
Article 25 when the DFSA is proposing to issue a stop order directing that no Offers, issue, sale or transfer of a Security to be made for an appropriate period executive Yes
Article 26(1) and (2) when the DFSA is proposing to direct an Authorised Market Institution to do, or, not to do specific things executive Yes
Article 29(3) when the DFSA is proposing to transfer an Official List of Securities for an Authorised Market Institution executive No
Article 30(2) when the DFSA is proposing to grant an application for an endorsement on a Licence of an Authorised Market Institution to maintain an Official List of Securities executive No
Article 30(2) when the DFSA is proposing to refuse to grant an application for an endorsement on a Licence of an Authorised Market Intuition to maintain an Official List of Securities executive Yes
Article 31 when the DFSA, at the request of an Authorised Market Institution, is proposing by written notice to suspend or withdraw the endorsement on the Licence of an Authorised Market Institution to maintain an Official List of Securities executive No
Article 31 when the DFSA, on its own initiative, is proposing by written notice to suspend or withdraw an endorsement on the Licence of an Authorised Market Institution to maintain an Official List of Securities decision maker Yes
Article 32(2) when the DFSA is proposing to direct an Authorised Market Institution to make or amend its listing rules executive No
Article 33(1) when the DFSA is proposing to grant admission of Securities to an Official List of Securities maintained by it executive No
Article 34(1) when the DFSA is proposing to object to the admission of Securities, or impose conditions or restrictions to the admission of Securities to an Official List of Securities maintained by an Authorised Market Institution, or, vary or withdraw such conditions and restrictions executive Yes
Article 34(2) when the DFSA is proposing to refuse an application for the admission of Securities, or, impose conditions or restrictions to the admission of Securities to an Official List of Securities maintained by the DFSA, or, vary or withdraw such conditions and restrictions executive Yes
Article 35(1) when the DFSA is proposing to suspend or delist Securities from its Official List of Securities with immediate effect, or, from such date and time as may be specified executive Yes
Article 35(2) when the DFSA is proposing to direct an Authorised Market Institution to suspend or delist Securities from an Official List of Securities with immediate effect, or, from such date and time as may be specified executive Yes
Article 37(5) when the DFSA is proposing to admit a person to its list of Recognised Persons executive No
Article 37(5) when the DFSA is proposing not to admit a person to its list of Recognised Persons executive Yes
Article 37(7) when the DFSA is proposing to remove a person from its list of Recognised Persons executive Yes
Articles 38(1)(d) & (4) when the DFSA is proposing to declare a Person to be, or not to be, a Reporting Entity, or impose conditions or restrictions as it considers appropriate in respect of such declaration executive Yes
Article 49(1) when the DFSA is proposing to require a Reporting Entity to appoint a sponsor, compliance adviser or other expert adviser on such terms and conditions as it considers appropriate executive Yes
Article 50(1)(a) when the DFSA is proposing to direct a Reporting Entity to disclose specified information to the market, or, take such other steps as the DFSA considers appropriate executive Yes
Article 50(1)(b) when the DFSA is proposing to impose any additional continuing obligations on a Reporting Entity executive Yes

Markets Rules (MKT) Module

MKT Module Description Type of Decision Right of appeal to RAC
MKT Rule 2.6.2(1) when the DFSA is proposing to approve a Prospectus filed with the DFSA executive No
MKT Rule 2.6.2(2) when the DFSA is proposing not to approve a Prospectus or Supplementary Prospectus filed with the DFSA executive Yes
MKT Rule 2.7.1 when the DFSA is proposing to approve an offer document from other jurisdictions executive No
MKT Rule 2.13.1 when the DFSA is proposing to require a Prospectus Offer to be underwritten by an underwriter acceptable to the DFSA executive No
MKT Rule 2.13.3(1) when the DFSA is proposing to impose a requirement that monies held by a Person making a Prospectus Offer are held in an escrow account for a specified period and on specified terms executive No
MKT Rule 2.13.3(2) when the DFSA is proposing to require the appointment of a paying agent during the Offer Period executive No
MKT Rule 4.2.4(3) when the DFSA is proposing to specify the period during which disclosure of the information included in a confidential report need not be disclosed to the markets and may extend such period upon application by the Reporting Entity executive No
MKT Rule 4.5.1(1) when the DFSA is proposing to issue a notice pursuant to Article 50(1) of the Markets Law to direct a Reporting Entity to disclose specified information to the market and to take any other steps as the DFSA considers appropriate executive Yes
MKT Rule 4.7.2 when the DFSA is proposing to approve a Regulatory Announcement Services for the purposes of making the disclosure in MKT Rule 4.7.1(c) executive No
MKT Rule 5.2.6 when the DFSA is proposing to direct a Public Listed Company to appoint an auditor, where an auditor has not been appointed by such Public Listed Company executive No
MKT Rule 5.2.7 when the DFSA is proposing to direct an auditor to remove itself as auditor of a Public Listed Company, where the DFSA is of the opinion that the existing auditor is unsuitable decision maker Yes
MKT Rule 5.2.15 when the DFSA is proposing to impose any terms or conditions on the registration of an Auditor of a Public Listed Company executive Yes
MKT Rule 5.2.27 when the DFSA, at the request of an Auditor of a Public Listed Company, is proposing under Article 98(3) of the Regulatory Law to withdraw the registration of such Auditor executive Yes
Rule MKT 5.2.27(1) and MKT 5.2.31 when the DFSA, on its own initiative, is proposing under Article 98(3) of the Regulatory Law 2004 to withdraw the registration of an Auditor of a Public Listed Company decision maker Yes
MKT Rule 5.2.35 when the DFSA, at the request of an Auditor of a Public Listed Company, is proposing under Article 105 of the Regulatory Law 2004 to suspend the registration of such Auditor executive Yes
MKT Rule 5.2.35 when the DFSA, on its own initiative, is proposing under Article 105 of the Regulatory Law to suspend the registration of an Auditor of a Public Listed Company decision maker Yes
MKT Rule 6.3.2(1) when the DFSA is proposing to approve a Fund Prospectus executive No
MKT Rule 6.3.2(2) and (3) when the DFSA is proposing not to approve a Fund Prospectus executive Yes
MKT Rule 6.5.4(3) when the DFSA is proposing to specify the period during which disclosure of the information included in a confidential report need not be disclosed to the markets executive No
MKT Rule 6.11.1(1) when the DFSA is proposing to issue a notice pursuant to Article 50(1) of the Markets Law to direct a Reporting Entity of a Listed Fund to disclose specified information to the market or take any other steps as the DFSA considers appropriate executive No
MKT Rule 7.1.2(1) when the DFSA is proposing to issue a notice pursuant to Article 49(1) of the Markets Law, requiring a Person who makes or intends to make a Prospectus Offer, to appoint a sponsor and provide third party certification in respect of any specific matters relating to the Prospectus Offer executive No
MKT Rule 7.2.2 when the DFSA is proposing pursuant to Article 49(1)of the Markets Law, to require a Reporting Entity to appoint a compliance adviser or replace a compliance advisor already appointed executive Yes

Authorised Market Institutions (AMI) Module

AMI Module Description Type of Decision Right of appeal to RAC
AMI Rule 7.2.20 when the DFSA is proposing to approve amendments to the Business Rules of an Authorised Market Institution executive No
AMI Rule 8.2.1(1) when the DFSA is proposing to approve the Listing Rules of an Authorised Market Institution wishing to admit Securities to its own Official List of Securities executive No
AMI Rule 8.2.1(2) when the DFSA is proposing to approve amendments to the Listing Rules of an Authorised Market Institution executive No

Recognition (REC) Module

REC Module Description Type of Decision Right of appeal to RAC
REC Rule 2.3.1 when the DFSA is proposing to refuse to recognise an applicant as a Recognised Person executive Yes

Price Stabilisation (PRS) Module

PRS Module Description Type of Decision Right of appeal to RAC
PRS Rule 3.2.3 when the DFSA is proposing to direct an Issuer to replace or appoint a Stablisation Manager, where the DFSA considers a Stablisation Manager appointed by an Issuer is not suitable or where one has not been appointed executive No
PRS Rule 4.3.2(e) when the DFSA is proposing to request a Stablisation Manager within 2 business days following the end of the Stablisation Window to disclose any additional information to the market. executive No
PRS Rule 5.2.4(3) when the DFSA is proposing to permit a Person to inspect the register maintained by a Stabilisation Manager under section 5.2 of PRS executive No
PRS Rule 6.2.1(2) where the DFSA is proposing to give its consent to a Person who conducts Price Stabilisation in the DIFC of dual-listed Eligible Securities executive No
PRS Rule 6.2.1(3) when the DFSA is proposing to attach a condition to the giving of its consent to a decision made under Rule 6.2.1(2) executive No
Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition