• Power to disqualify

    • 264. Disqualification of persons subject to non-Abu Dhabi Global Market restrictions

      (1) The Board may make rules disqualifying a person subject to non-Abu Dhabi Global Market restrictions from—
      (a) being a director of a company,
      (b) acting as receiver of a company's property, or
      (c) in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company.
      (2) The rules may provide that a person subject to non-Abu Dhabi Global Market restrictions—
      (a) is disqualified automatically by virtue of the rules, or
      (b) may be disqualified by order made by the Registrar.
      (3) The rules may provide that the Registrar may accept an undertaking (a "disqualification undertaking") from a person subject to non-Abu Dhabi Global Market restrictions that he will not do anything which would be in breach of a disqualification under subsection (1).
      (4) In this Part—
      (a) a "person disqualified under this Part" is a person—
      (i) disqualified as mentioned in subsection (2)(a) or (b), or
      (ii) who has given and is subject to a disqualification undertaking,
      (b) references to a breach of a disqualification include a breach of a disqualification undertaking.
      (5) The rules may provide for applications to the Registrar by persons disqualified under this Part for permission to act in a way which would otherwise be in breach of the disqualification.
      (6) The rules must provide that a person ceases to be disqualified under this Part on his ceasing to be subject to non-Abu Dhabi Global Market restrictions.

    • 265. Disqualification rules: supplementary

      (1) Rules made under section 264 (disqualification of persons subject to non-Abu Dhabi Global Market restrictions) may make different provision for different cases and may in particular distinguish between cases by reference to—
      (a) the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions,
      (b) the nature of the non-Abu Dhabi Global Market restrictions,
      (c) the country or territory under whose law the non-Abu Dhabi Global Market restrictions were imposed.
      (2) Rules made under section 264 (5) (provision for applications to the Registrar)—
      (a) must specify the grounds on which an application may be made,
      (b) may specify factors to which the Registrar shall have regard in determining an application.
      (3) The rules may, in particular, require the Registrar to have regard to the following factors—
      (a) whether the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions would, if done in relation to a company, have led the Registrar to make a disqualification order pursuant to law or regulation applicable in the Abu Dhabi Global Market,
      (b) in a case in which the conduct on the basis of which the person became subject to non-Abu Dhabi Global Market restrictions would not be unlawful if done in relation to a company, the fact that the person acted unlawfully under non-Abu Dhabi Global Market law,
      (c) whether the person's activities in relation to companies began after he became subject to non-Abu Dhabi Global Market restrictions, or
      (d) whether the person's activities (or proposed activities) in relation to companies are undertaken (or are proposed to be undertaken) outside the Abu Dhabi Global Market.
      (4) Rules made under section 264(3) (provision as to undertakings given to the Registrar) may include provision allowing the Registrar, in determining whether to accept an undertaking, to take into account matters other than criminal convictions notwithstanding that the person may be liable in respect of those matters.

    • 266. Contravention of breach of disqualification

      (1) Rules made under section 264 (disqualification of persons subject to non-Abu Dhabi Global Market restrictions) may provide that a person disqualified under this Part who acts in breach of the disqualification is in contravention of these Regulations.
      (2) A person who commits the contravention referred to in subsection (1) is liable to a fine up to level 5.