(1) This Rule applies only to an Authorised Firm in Category 2.

(2) Subject to (3) and (4), an Authorised Firm may apply the Simplified Approach, as prescribed in PIB section A4.12 in PIB App4, upon obtaining prior approval to do so from the DFSA.

(3) After obtaining approval under (2), a firm must not disapply the Simplified Approach without further prior approval from the DFSA.

(4) The DFSA may revoke its approval under (2) and require a firm to disapply the Simplified Approach, where the DFSA considers that this is warranted by the firm's business model and risk profile.