• Investigations

    • 205. Commencement of Investigations

      (1) If it appears to the Regulator that there is good reason for doing so, the Regulator may commence an investigation into —
      (a) the nature, conduct or state of the Business of an Authorised Person or Recognised Body;
      (b) a particular aspect of that Business;
      (c) the ownership or control of an Authorised Person or Recognised Body; or
      (d) a matter reasonably requested to be investigated pursuant to a request made under section 217.
      (2) If the Regulator reasonably suspects that a person may have committed a contravention of these Regulations, the Regulator may commence an investigation into the matter.
      (3) The Regulator may appoint one or more competent persons as Investigators to conduct an investigation on its behalf.
      (4) The Regulator may but need not give written notice of the commencement of an investigation to the Person Under Investigation.
      (5) If an Investigator thinks it necessary for the purposes of his investigation under subsections (1) or (2), he may also investigate the Business of a person who is or has, at any relevant time, been —
      (a) a member of the Group of which the Person Under Investigation ("A") is part; or
      (b) a Partnership of which A is a member.
      (6) The power conferred by subsection (1)(a) to (c) may be exercised in relation to a former Authorised Person or former Recognised Body but only in relation to —
      (a) Business carried on at any time when he was an Authorised Person or Recognised Body; or
      (b) the ownership or control of a former Authorised Person or Recognised Body at any time when he was an Authorised Person or Recognised Body.
      (7) Nothing prevents the Regulator from appointing a person who is a member of its staff as an Investigator under this section.
      (8) References in subsection (1) to a Recognised Body do not include references to a Non-Abu Dhabi Global Market Recognised Investment Exchange.

    • 206. Powers of Investigators

      (1) The Investigator may, by written notice, require the person who is the Person Under Investigation or any other person (whether or not connected to the Person Under Investigation) to —
      (a) attend an interview at a Specified time and place and answer questions;
      (b) produce at a Specified time and place any Specified Documents or Documents of a Specified description;
      (c) provide such information as the Investigator may require;
      (d) provide such assistance as the Investigator may require; or
      (e) permit the Investigator to enter the business premises of such person during normal business hours for the purpose of inspecting and copying Documents on such premises.
      (2) A requirement under subsection (1) may be imposed only so far as the Investigator reasonably considers the interview, question, production of the Document, provision of information, provision of assistance or permission of entry to be relevant to the purposes of the investigation.
      (3) Where the Investigator exercises its power under subsection (1)(e) to enter business premises, it may —
      (a) require any appropriate person to make available any relevant information stored at those premises for inspection or copying;
      (b) require any appropriate person to convert any relevant information into a form capable of being copied; and
      (c) use the facilities of the occupier of the premises, free of charge, to make copies.
      (4) Where the Investigator exercises its power under subsection (1)(a) to conduct an interview, it may give a Direction —
      (a) concerning who may be present;
      (b) preventing any person present during any part of the interview from disclosing to any other person any information provided to the interviewee or questions asked by the interviewer during the interview;
      (c) concerning the conduct of any person present, including as to the manner in which they will participate in the interview;
      (d) requiring the interviewee to swear an oath or give an affirmation that the answers of the interviewee will be true; and
      (e) requiring the interviewee to answer any questions relevant to the investigation.
      (5) Subject to section 210(3), it is not a reasonable excuse for a person to refuse or fail to —
      (a) permit inspection and copying of any information or Document;
      (b) give or produce, or procure the giving or production of, any information or Document; or
      (c) answer questions;
      pursuant to any requirement under sections 201, 203 and 206(1)(a), (b), (c) and (e) on the grounds that any such information or Document or answer, as the case may be —
      (d) might tend to incriminate the person; or
      (e) is, or contains, or might reveal a communication made in confidence (subject to section 209(6)).

    • 207. Admissibility of statements made to Investigators

      (1) A statement made to an Investigator by a person in compliance with an Information Requirement under these Regulations is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.
      (2) The Investigator shall not disclose a statement made by a person in answer to any question asked pursuant to a requirement made of the person under section 206(1)(a) to any law enforcement agency for the purpose of criminal proceedings against the person unless —
      (a) the person consents to the disclosure; or
      (b) the Regulator is required by law or court order to disclose the statement.

    • 208. Costs of an investigation

      (1) Subject to subsection (2) and section 235, the Regulator shall be responsible for the costs and expenses of an investigation.
      (2) Where, as a result of an investigation under this Part, a person is found by the Court to have committed the contravention of these Regulations which is the subject matter of the investigation, the Court may order, on application brought by the Regulator, that the person pay or reimburse the Regulator in respect of the whole, or a specified part of, the costs and expenses of the investigation, including the remuneration of any person involved in the investigation.
      (3) The Court may make an order under subsection (2), on an application by the Regulator, whether or not the person has commenced, or intends to commence, a reference, appeal or other proceeding in relation to a decision of the Regulator.
      (4) The Regulator may apply to the Court for an order under subsection (2) only where there are proceedings before the Court relating to the alleged contravention by the person.
      (5) The Regulator may enter into any agreement regarding costs with the Person Under Investigation.