GEN 11.10.7

An Authorised Person must advise the DFSA immediately if it becomes aware, or has reasonable grounds to believe, that any of the following matters may have occurred or may be about to occur:

(a) the Authorised Person's failure to satisfy the fit and proper requirements;
(b) any matter which could have a significant adverse effect on the Authorised Person's reputation;
(c) any matter in relation to the Authorised Person which could result in serious adverse financial consequences to the financial system or to other firms;
(d) a significant breach of a Rule by the Authorised Person or any of its Employees;
(e) a breach by the Authorised Person or any of its Employees of any requirement imposed by any applicable law in respect of the Authorised Person or any of its Employees;
(f) subject to Rule 11.10.8, any proposed restructuring, merger, acquisition, reorganisation or business expansion which could have a significant impact on the Authorised Person's risk profile or resources;
(g) any significant failure in the Authorised Person's systems or controls, including a failure reported to the Authorised Person by the firm's auditor;
(h) any action that would result in a material change in the capital adequacy or solvency of the Authorised Firm; or
(i) non-compliance with Rules due to an emergency outside the Authorised Person's control and the steps being taken by the Authorised Person.
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RMI288/2020 (Made 16th December 2020). [VER50/02-21]