GEN 7.4.1

(1) Pursuant to Article 43 of the Regulatory Law 2004, the functions specified in Rules 7.4.2 to 7.4.9 are Licensed Functions.
(2) A Licensed Function shall not include a function performed by a registered insolvency practitioner (subject to the restrictions defined within Article 123 of the Insolvency Law 2019) if the practitioner is:
(a) acting as a nominee in relation to a company voluntary arrangement within the meaning of Article 7 of the Insolvency Law 2019;
(b) appointed as a receiver or administrative receiver within the meaning of Article 42 of the Insolvency Law 2019;
(c) appointed as a liquidator in relation to a members' voluntary winding up within the meaning of Article 61 of the Insolvency Law 2019;
(d) appointed as a liquidator in relation to a creditors' voluntary winding up within the meaning of Article 68 of the Insolvency Law 2019; or
(e) appointed as a liquidator or provisional liquidator in relation to a compulsory winding up within the meanings of Article 90 and 91 of the Insolvency Law 2019.
(3) A Licensed Function shall not include a function performed by an individual appointed to act as:
(a) manager of the business of an Authorised Firm or Authorised Market Institution as directed by the DFSA under Article 77A of the Regulatory Law; or
(b) Temporary Administrator of an Authorised Firm under Article 84Q of the Regulatory Law.
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
[Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]
[Amended] DFSA RMI288/2020 (Made 16th December 2020). [VER50/02-21]
[Amended] DFSA RMI285/2020 (Made 16th December 2020). [VER51/04-21]