Powers Exercisable To Assist Non-Abu Dhabi Global Market Regulatory Authorities
926. Request for assistance by non-Abu Dhabi Global Market regulatory authority(1) The powers conferred by section 927 are exercisable by the Registrar for the purpose of assisting a non-Abu Dhabi Global Market regulatory authority which has requested his assistance in connection with inquiries being carried out by it or on its behalf.(2) A “non-Abu Dhabi Global Market regulatory authority” means an authority which in a country or territory outside the Abu Dhabi Global Market exercises—(a) any function corresponding to any function of the Registrar or the Board under these Regulations, or(b) any function prescribed for the purposes of this subsection by order of the Board, being a function which in the opinion of the Board relates to companies or financial services.(3) The Registrar shall not exercise the powers conferred by section 927 unless it and the corresponding Abu Dhabi Global Market regulatory body are is satisfied that the assistance requested by the non-Abu Dhabi Global Market regulatory authority is for the purposes of its regulatory functions.An authority’s “regulatory functions” means any functions falling within subsection (2) and any other functions relating to companies or financial services.(4) In deciding whether to exercise those powers the Registrar may take into account, in particular—(a) whether corresponding assistance would be given in that country or territory to an authority exercising regulatory functions in the Abu Dhabi Global Market,(b) whether the inquiries relate to the possible breach of a law, or other requirement, which has no close parallel in the Abu Dhabi Global Market or involves the assertion of a jurisdiction not recognised by the Abu Dhabi Global Market,(c) the seriousness of the matter to which the inquiries relate, the importance to the inquiries of the information sought in the Abu Dhabi Global Market and whether the assistance could be obtained by other means,(d) whether it is otherwise appropriate in the public interest to give the assistance sought.(5) The Registrar may decline to exercise those powers unless the non-Abu Dhabi Global Market regulatory authority undertakes to make such contribution towards the costs of their exercise as the Registrar considers appropriate.(6) References in this section to financial services include, in particular, investment business, insurance and banking.
927. Power to require information, documents or other assistance(1) The following powers may be exercised in accordance with section 926, if the Registrar considers there is good reason for their exercise.(2) The Registrar may require any person—(a) to attend before it at a specified time and place and answer questions or otherwise furnish information with respect to any matter relevant to the inquiries,(b) to produce at a specified time and place any specified documents which appear to the Registrar to relate to any matter relevant to the inquiries, and(c) otherwise to give it such assistance in connection with the inquiries as he is reasonably able to give.(3) The Registrar may examine a person on oath and may administer an oath accordingly.(4) Where documents are produced the Registrar may take copies or extracts from them.(5) A person shall not under this section be required to disclose information or produce a document which he would be entitled to refuse to disclose or produce on grounds of legal professional privilege in Court proceedings, except that a lawyer may be required to furnish the name and address of his client.(6) A statement by a person in compliance with a requirement imposed under this section may be used in evidence against him.(7) Where a person claims a lien on a document, its production under this section is without prejudice to his lien.(8) In this section “documents” includes information recorded in any form, and, in relation to information recorded otherwise than in legible form, the power to require its production includes power to require the production of a copy of it in legible form.
928. Exercise of powers by officer, etc(1) The Registrar may authorise any of its officers or any other competent person to exercise on his behalf all or any of the powers conferred by section 927.(2) No such authority shall be granted except for the purpose of investigating—(a) the affairs, or any aspects of the affairs, of a person specified in the authority, or(b) a subject-matter so specified,being a person who, or subject-matter which, is the subject of the inquiries being carried out by or on behalf of the non-Abu Dhabi Global Market regulatory authority.(3) No person shall be bound to comply with a requirement imposed by a person exercising powers by virtue of an authority granted under this section unless he has, if required, produced evidence of his authority.(4) A person shall not by virtue of an authority under this section be required to disclose any information or produce any documents in respect of which he owes an obligation of confidence by virtue of carrying on the business of banking unless—(a) the imposing on him of a requirement with respect to such information or documents has been specifically authorised by the Registrar, or(b) the person to whom the obligation of confidence is owed consents to the disclosure or production.In this subsection “documents” has the same meaning as in section 927.(5) Where the Registrar authorises a person other than one of his officers to exercise any powers by virtue of this section, that person shall make a report to the Registrar in such manner as it may require on the exercise of those powers and the results of exercising them.
929. Penalty for failure to comply with requirement, etc(1) A person who without reasonable excuse fails to comply with a requirement imposed on him under section 927 commits a contravention of these Regulations and shall be liable to a fine of up to level 7.(2) A person who in purported compliance with any such requirement furnishes information which he knows to be false or misleading in a material particular, or recklessly furnishes information which is false or misleading in a material particular, commits a contravention of these Regulations and shall be liable to a fine of up to level 8.
930. Restrictions on disclosure of information(1) This section applies to information relating to the business or other affairs of a person which—(a) is supplied by a non-Abu Dhabi Global Market regulatory authority in connection with a request for assistance, or(b) is obtained by virtue of the powers conferred by section 927, whether or not any requirement to supply it is made under that section.(2) Except as permitted by section 931 below, such information shall not be disclosed for any purpose—(a) by the primary recipient, or(b) by any person obtaining the information directly or indirectly from him,without the consent of the person from whom the primary recipient obtained the information and, if different, the person to whom it relates.(3) The “primary recipient” means, as the case may be−(a) the Registrar,(b) the Board,(c) any person authorised under section 928 to exercise powers on his behalf, and(d) any officer or servant of any such person.(4) Information shall not be treated as information to which this section applies if it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purpose for which, disclosure is not precluded by this section.(5) A person who contravenes this section commits a contravention of these Regulations and shall be liable to a fine of up to level 8.
931. Exceptions from restrictions on disclosure(1) Information to which section 930 applies may be disclosed−(a) to any person with a view to the institution of, or otherwise for the purposes of, relevant regulatory proceedings as determined by the Registrar,(b) for the purpose of enabling or assisting a relevant authority to discharge any relevant function (including functions in relation to proceedings),(c) if the disclosure is made in the interests of investors or in the public interest,(d) if the information is or has been available to the public from other sources,(e) in a summary or collection of information framed in such a way as not to enable the identity of any person to whom the information relates to be ascertained,(f) pursuant to an obligation imposed on the Registrar under the laws of the United Arab Emirates which is effective in the Abu Dhabi Global Market.
932. Contraventions by bodies corporate, partnerships and unincorporated associations(1) Where a contravention under section 929 or 930 committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a director, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity, he as well as the body corporate has committed a contravention and is liable to be proceeded against and fined accordingly.(2) Where the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his functions of management as to a director of a body corporate.(3) Where a contravention under section 929 or 930 committed by a partnership is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a partner, he as well as the partnership has committed a contravention and is liable to be proceeded against and fined accordingly.(4) Where a contravention under section 929 or 930 committed by an unincorporated association (other than a partnership) is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any officer of the association or any member of its governing body, he as well as the association has committed a contravention and is liable to be proceeded against and fined accordingly.
933. Jurisdiction and procedure in respect of contraventions(1) Proceedings for a contravention under section 929 may, without prejudice to any jurisdiction exercisable apart from this section, be taken against a body corporate or unincorporated association at any place at which it has a place of business and against an individual at any place where he is for the time being.(2) Proceedings for a contravention alleged to have been committed under section 929 or 930 by an unincorporated association shall be brought in the name of the association (and not in that of any of its members), and for the purposes of any such proceedings any rules of Court relating to the service of documents apply as in relation to a body corporate.(3) A fine imposed on an unincorporated association on its conviction of such a contravention shall be paid out of the funds of the association.