(1) Where the
DFSA proposes to exercise its objection or conditional approval power pursuant to Rule 11.8.5(2)(b) or (c) in respect of a proposed acquisition of, or an increase in the level of control in, an Authorised Firm, 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:
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 notice or such other longer period as agreed to by 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(a) the proposed objections and any conditions are withdrawn and the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;
Person is approved as a Controller subject to conditions specified in the notice; or
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.