2. Transitional Provisions
Past version: effective from 20/10/2015 - 19/10/2015
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(1) A person ("A") who is licensed by a U.A.E. Financial Regulator ("U.A.E. licence") and who would otherwise be subject to the General Prohibition as at the date of enactment of these Regulations shall be deemed to be an Exempt Person and permitted to carry on the Regulated Activities falling within the scope of its U.A.E. licence subject to the conditions as prescribed under sub-paragraph (4), provided that A has notified the Regulator within one month of the date of enactment of these Regulations of its intention to rely upon this paragraph 2.
(2) The notice given to the Regulator by A under sub-paragraph (1) shall include the following —
(a) either an undertaking to —
(A) submit an application for authorisation under Part 4 of these Regulations within 3 months of the date of enactment of these Regulations; or
(B) cease carrying out Regulated Activities within 12 months from the date of enactment of these Regulations; and
(b) such other information as the Regulator may reasonably require.
(3) The periods referred to in sub-paragraph (2)(a) may be extended by the Regulator upon written request made by A to the Regulator.
(4) Subject to sub-paragraph (2)(b), the Regulator shall within 30 Business Days following receipt of the notice referred to in sub-paragraph (1) confirm to A its ability to continue to rely on this paragraph 2. Such confirmation or otherwise may include and be subject to such conditions as the Regulator considers appropriate.
(5) The Regulator shall publish on its website a list of persons designated as Exempt Persons under this paragraph 2.
(6) For the purposes of sub-paragraph (1) "U.A.E Financial Regulator" means any of —
(a) the Central Bank of the U.A.E;
(b) the Emirates Securities and Commodities Authority; and
(c) the Emirates Insurance Authority.