(1) Where, in the opinion of the
DFSA, a sponsor appointed by a Person is not suitable, or where a sponsor has not been appointed or has resigned, the DFSA may direct the Person to replace or appoint a sponsor.
(2) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the
DFSA under this Rule. The DFSA must give both the Person and, if in the DFSA's opinion a sponsor is not suitable, the sponsor an opportunity to make representations under the procedures in that Schedule.
(3) If the
DFSA decides to exercise its power under this Rule, the Person may refer the matter to the FMT for review.