• Chapter 2 Chapter 2 Rules: Modification, Waiver, Contravention and Procedural Provisions

    • Modification or waiver of Rules

      • 9. Modification or waiver of Rules

        (1) The Regulator may, on the application or with the consent of a person who is subject to Rules made by the Regulator, direct that all or any of those Rules —
        (a) are not to apply to that person; or
        (b) are to apply to that person with such modifications as may be specified in the Direction.
        (2) An application must be made in such manner as the Regulator may direct.
        (3) The Regulator may not give a Direction unless it is satisfied that —
        (a) compliance by the person with the Rules, or with the Rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the Rules were made; and
        (b) the Direction would not adversely affect the advancement of any of the Regulator's objectives.
        (4) A Direction may be given subject to conditions.
        (5) The Regulator may —
        (a) revoke a Direction; or
        (b) vary it on the application, or with the consent, of the person to whom it relates.

      • 10. Publication of Directions under section 9

        (1) Subject to subsection (2), a Direction must be published by the Regulator in such a way as it deems most suitable for bringing the Direction to the attention of —
        (a) persons likely to be affected by it; and
        (b) persons who are, in the opinion of the Regulator, likely to make an application for a similar Direction.
        (2) Subsection (1) does not apply if the Regulator is satisfied that it is inappropriate or unnecessary to publish the Direction.
        (3) In deciding whether it is satisfied as mentioned in subsection (2), the Regulator must —
        (a) consider whether the publication of the Direction would be detrimental to the stability of the Abu Dhabi Global Market Financial System;
        (b) take into account whether the Direction relates to a contravention which is actionable in accordance with section 242; and
        (c) consider whether publication of the Direction would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's Group.
        (4) For the purposes of subsection (3)(c), the Regulator must consider whether it would be possible to publish the Direction without the consequence mentioned in that paragraph occurring, by publishing it without disclosing the identity of the person concerned.

    • Contravention of Rules

      • 11. Limits on effect of contravening Rules

        A contravention of a Rule shall not make any transaction void or unenforceable under these Regulations.

    • Procedural Provisions

      • 12. Rule-Making Instruments

        (1) Any power conferred on the Regulator to make Rules is exercisable in writing.
        (2) A Rule-Making Instrument must be published by the Regulator on its website.
        (3) A person is not to be taken to have contravened any Rule made by the Regulator if the person shows that at the time of the alleged contravention the Rule-Making Instrument concerned had not been published in accordance with subsection (2).

      • 13. Verification of Rules

        (1) The production of a printed copy of a Rule-Making Instrument purporting to be made by the Regulator —
        (a) on which is endorsed a certificate signed by a person duly authorised by the Regulator for that purpose; and
        (b) which contains the required statements;
        is evidence of the facts stated in the certificate.
        (2) The required statements are —
        (a) that the Rule-Making Instrument was made by the Regulator;
        (b) that the copy is a true copy of the Rule-Making Instrument; and
        (c) that on a specified date the Rule-Making Instrument was published.
        (3) A certificate purporting to be signed as mentioned in subsection (1)(a) is to be taken to have been properly signed unless the contrary is shown.
        (4) A person who wishes in any legal proceedings to rely on a Rule-Making Instrument may require the Regulator to endorse a copy of the Rule-Making Instrument with a certificate of the kind mentioned in subsection (1).

      • 14. Consultation

        (1) Before a Regulator makes, modifies or replaces Rules, it must publish a draft of the Rules on its website.
        (2) The draft must be accompanied by a notice that representations about the proposal may be made to the Regulator within a specified time.
        (3) Before the Regulator issues the Rules, it may have regard to any representations made to it in accordance with subsection (2).
        (4) Subsections (1) to (3) do not apply if the Regulator considers that there is an urgent need to publish the Rules or that the delay involved in complying with such provisions would be prejudicial to its objectives.
        (5) Any consultation on Rules undertaken in advance of these Regulations entering into force shall be deemed to have been undertaken in accordance with this section.