CMC 11 Enforcement Powers
1. If the
DFSA considers that a person has engaged in Market Abuse it may impose a range of different sanctions under Article 90 of the Regulatory Law, such as:
(a) fining the person such amount as it considers appropriate;
(b) censuring the person;
(c) directing the person to effect restitution or to compensate any person;
(d) requiring the person to cease or desist from the activity; or
(e) directing the person to do an act or thing to remedy the contravention.
DFSA may also take other types of action under the Regulatory Law against a person whom it considers has engaged in Market Abuse such as:
(a) taking action in respect of a
Licence held by the person;
(b) restricting the person from performing any functions connected with
Financial Services in or from the DIFC; or
(c) applying to the
Court for an order against the person.
3. If the
DFSA proposes to take enforcement action against a person, it is required to comply with the applicable decision-making procedures in Schedule 3 to the Regulatory Law. If the DFSA decides to take enforcement action against the person, the person may refer the matter to the FMT for review.
4. Further information about the DFSA's enforcement powers and decision-making procedures can be found in chapters 5, 6 and 7 of the Regulatory Policy and Process (RPP) Sourcebook.
Derived from GM9/2014 (Made 1st January 2015). [VER1/01-15]