GEN 11.13.1

The DFSA has the power to impose a prohibition or requirement on an Authorised Person in relation to the Authorised Person's business or in relation to the Authorised Person's dealing with property under Article 75 or Article 76 in circumstances where:

(a) there is a reasonable likelihood that the Authorised Person will contravene a requirement of any legislation applicable in the DIFC;
(b) the Authorised Person has contravened a relevant requirement and there is a reasonable likelihood that the contravention will continue or be repeated;
(c) there is loss, risk of loss, or other adverse effect on the Authorised Person's customers;
(d) an investigation is being carried out in relation to an act or omission by the Authorised Person that constitutes or may constitute a contravention of any applicable law or Rule;
(e) an enforcement action has commenced against the Authorised Person for a contravention of any applicable law or Rule;
(f) civil proceedings have commenced against the Authorised Person;
(g) the Authorised Person or any Employee of the Authorised Person may be or has been engaged in market abuse;
(h) the Authorised Person is subject to a merger;
(i) a meeting has been called to consider a resolution for the winding up of the Authorised Person;
(j) an application has been made for the commencement of any insolvency proceedings or the appointment of any receiver, administrator or provisional liquidator under the law of any country for the Authorised Person;
(k) there is a notification to dissolve the Authorised Person or strike it from the DIFC register of Companies or the comparable register in another jurisdiction;
(l) there is information to suggest that the Authorised Person is involved in financial crime;
(m) the DFSA considers there are reasonable grounds to require the suspension or removal from trading of an Investment traded on any facility operated by the Authorised Person; or
(n) the DFSA considers that this prohibition or requirement is necessary to ensure customers, Authorised Persons or the financial system are not adversely affected.
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RMI309/2021 (Made 30th June 2021). [VER53/10-21]