Authorised Firm or transferee may apply in writing to the DFSA seeking its consent to a transfer scheme.
DFSA may consent in writing to the transfer scheme if it is reasonably satisfied that:
(a) the scheme is not a transfer scheme referred to in Rule 12.1.3;
(b) it is more appropriate and proportionate, and in the overall interests of
Clients affected by the scheme, for the Authorised Firm or transferee to seek the DFSA's consent rather than applying to the Court for an order sanctioning the scheme;
Authorised Firm or transferee has taken all reasonable steps to pursue other options for giving effect to the scheme;
(d) the scheme is not likely to result in any material prejudice to the interests of
Clients of the Authorised Firm; and
(e) implementation of the scheme will not result in the
Authorised Firm or transferee contravening any applicable law or Rule.
(3) The procedures in Schedule 3 to the Law apply to a decision of the
DFSA under (2) to refuse to give its consent to a transfer scheme.
(4) If the
DFSA decides to refuse to give its consent under this Rule, the Authorised Firm may refer the matter to the FMT for review.
Derived from DFSA RM155/2015 (Made 9th December 2015) [VER35/02-16]