133. Additional power to direct Recognised Clearing Houses

Past version: effective from 20/10/2015 - 19/10/2015
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(1) The Regulator may direct a Recognised Clearing House to take, or refrain from taking, specified action if the Regulator is satisfied that it is necessary to give the Direction, having regard to the public interest in —
(a) protecting and enhancing the stability of the Abu Dhabi Global Market Financial System;
(b) maintaining public confidence in the stability of the Abu Dhabi Global Market Financial System;
(c) maintaining the continuity of the clearing services provided by the Recognised Clearing House; and
(d) maintaining and enhancing the financial resilience of the Recognised Clearing House.
(2) The Direction may, in particular —
(a) specify the time for compliance with the Direction;
(b) require the rules of the Recognised Clearing House to be amended; and
(c) override such rules (whether generally or in their application to a particular case).
(3) The Direction may not require the Recognised Clearing House —
(a) to take any steps for the purpose of securing its compliance with —
(i) the Recognition Requirements; or
(ii) any obligation of a kind mentioned in section 132(1)(b); or
(b) to accept a transfer of property, rights or liabilities of another Recognised Clearing House.
(4) If the Direction is given in reliance on section 135(7), the Regulator must, within a reasonable time of giving the Direction, give the Recognised Clearing House a statement of its reasons —
(a) for giving the Direction; and
(b) for relying on section 135(7).
(5) A Direction under this section is enforceable, on the application of the Regulator, by an injunction.
(6) The Regulator may revoke a Direction given under this section.