• GEN 8.13 GEN 8.13 Imposing Restrictions on an Authorised Person or Recognised Body's business or on an Authorised Person or Recognised Body's dealing with property

    • GEN 8.13.1

      The Regulator has the power to impose a prohibition or requirement on an Authorised Person or Recognised Body in relation to its business or in relation to its dealing with property in circumstances where:

      (a) there is a reasonable likelihood that it will Contravene a requirement of any Regulations or Rules;
      (b) it has contravened a relevant requirement and there is a reasonable likelihood that the Contravention will continue or be repeated;
      (c) there is loss, risk of loss, or other adverse effect on its Customers;
      (d) an investigation is being carried out in relation to an act or omission by it that constitutes or may constitute a Contravention of any applicable Regulation or Rule;
      (e) an enforcement action has commenced against it for a Contravention of any applicable Regulation or Rule;
      (f) civil proceedings have commenced against it;
      (g) it or any of its Employees may be or has been engaged in Market Abuse;
      (h) it is subject to a merger;
      (i) a meeting has been called to consider a resolution for its Winding-Up;
      (j) an application has been made for the commencement of any insolvency proceedings or the appointment of any receiver, administrator or provisional liquidator under the law of any country, territory or jurisdiction outside the ADGM for it;
      (k) there is a notification to dissolve it or strike it from the register maintained by the Registration Bureau, or a comparable register in another jurisdiction;
      (l) there is information to suggest that it is involved in Financial Crime; or
      (m) the Regulator considers that this prohibition or requirement is necessary to ensure Customers, Authorised Persons, Recognised Bodies, or the financial system, are not adversely affected.