• Applications for recognition

    • 121. Application by an investment exchange

      (1) Any Body Corporate may apply to the Regulator for an order declaring it to be a Recognised Investment Exchange for the purposes of these Regulations.
      (2) An Application under subsection (1) must be made in such manner as the Regulator may by Rules require.

    • 122. Application by a clearing house

      (1) A Body Corporate may, where it intends to provide clearing services in the Abu Dhabi Global Market, apply to the Regulator for an order declaring it to be for the purposes of these Regulations a Recognised Clearing House.
      (2) An Application under subsection (1) must be made in such manner as the Regulator may by Rules require.

    • 123. Applications: supplementary

      (1) At any time after receiving an Application and before determining it, the Regulator may require the Applicant to provide such further information as it reasonably considers necessary to enable it to determine the Application.
      (2) Information which the Regulator requires in connection with an Application must be provided in such form, or verified in such manner, as the Regulator may direct.
      (3) Different directions may be given, or requirements imposed, by the Regulator with respect to different Applications.

    • 124. Recognition orders

      (1) If it appears to the Regulator that the Applicant satisfies the Recognition Requirements applicable in its case, the Regulator may —
      (a) where the Application is made under section 121, make a recognition order declaring the Applicant to be a Recognised Investment Exchange;
      (b) where the Application is made under section 122, make a recognition order declaring the Applicant to be a Recognised Clearing House.
      (2) In considering an Application made under section 121 or 122, the Regulator may have regard to any information which it considers is relevant to the Application.
      (3) A recognition order must specify a date on which it is to take effect.
      (4) Section 135 has effect in relation to a decision to refuse to make a recognition order —
      (a) as it has effect in relation to a decision to revoke such an order; and
      (b) as if references to a Recognised Body were references to the Applicant.

    • 125. Variation of a recognition order

      (1) On an application made to it, the Regulator may vary a recognition order by adding or removing a specified service or activity or class of Financial Instruments.
      (2) The Regulator may at any time vary a recognition order for the purpose of correcting an error in, or omission from, the order.

    • 126. Liability in relation to Recognised Body's Regulatory Functions

      A Recognised Body and its officers and staff are not to be liable in damages for anything done or omitted in the discharge of the Recognised Body's Regulatory Functions unless it is shown that the act or omission was in bad faith.

    • 127. Non-Abu Dhabi Global Market Investment Exchanges and Non-Abu Dhabi Global Market Clearing Houses

      (1) An Application under sections 121 or 122 by a Non-Abu Dhabi Global Market Applicant must comply with such requirements relating to Non-Abu Dhabi Global Market Recognised Bodies as the Regulator may specify by Rules.
      (2) If it appears to the Regulator that a Non-Abu Dhabi Global Market Applicant satisfies the requirements of subsection (3) it may make a recognition order declaring the Applicant to be —
      (a) a Recognised Investment Exchange;
      (b) a Recognised Clearing House.
      (3) The requirements are that —
      (a) investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with Recognition Requirements, other than any such requirements which are expressed in Rules under section 120 not to apply for the purposes of this paragraph;
      (b) there are adequate procedures for dealing with a person who is unable, or likely to become unable, to meet his obligations in respect of one or more Market Contracts connected with the investment exchange or clearing house;
      (c) the Applicant is able and willing to co-operate with the Regulator by the sharing of information and in other ways;
      (d) adequate arrangements exist for co-operation between the Regulator and those responsible for the supervision of the Applicant in the country or territory in which the Applicant's head office is situated.
      (4) In considering whether it is satisfied as to the requirements mentioned in subsections (3)(a) and (b), the Regulator is to have regard to —
      (a) the relevant law and practice of the country or territory in which the Applicant's head office is situated, including, with respect to a Non-Abu Dhabi Global Market Recognised Clearing House applicant, the equivalence of such laws to those set out in Chapter 3 and Chapter 4 of this Part, and Part 13 of these Regulations;
      (b) the rules and practices of the Applicant.
      (5) In relation to a Non-Abu Dhabi Global Market Applicant and a body or association declared to be a Recognised Investment Exchange or Recognised Clearing House by a recognition order made by virtue of subsection (2) —
      (a) the reference in section 139(1) to Recognition Requirements is to be read as a reference to matters corresponding to the matters in respect of which provision is made in the Recognition Requirements;
      (b) sections 132(1) and 134(2) have effect as if the requirements mentioned in section 132(1)(a) and section 134(2)(a) were those of subsections (3)(a), (b), and (c) of this section;
      (c) section 134(2) has effect as if the grounds on which a recognition order may be revoked under that provision included the ground that in the opinion of the appropriate regulator arrangements of the kind mentioned in subsection (3)(d) no longer exist.