Part 2 Reporting and Role and Powers of the Regulatory Authority
Past version: effective from 17/07/2017 - 16/07/2017
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3. Collecting and reporting information
(1) Each Reporting Financial Institution must collect and report to the UAE Competent Authority the information required in these Regulations by way of the reporting system provided by the Regulatory Authority for this purpose in the manner and on the dates prescribed by the Regulations, inclusive of but not limited to the dates referred to in Paragraph F of Part 1 in Schedule 1.
(2) A Reporting Financial Institution shall establish and implement appropriate systems and internal procedures to enable its compliance with these Regulations.
4. Role and powers of the Regulatory Authority
(1) The Regulatory Authority has such functions and powers as are conferred, or expressed to be conferred, on it:
(a) by or under these Regulations;
(b) any other instrument or enactment issued by the ADGM Board of Directors; or
(c) by the UAE Competent Authority or the Government from time to time.
(2) The Regulatory Authority has the power to do whatever it deems necessary for or in connection with, or reasonably incidental to, performing its functions and exercising its powers granted under these Regulations, inclusive of but not limited to:
(a) issuing guidance and directives pursuant thereto; and
(b) delegating its duties and powers under these Regulations to Designated Officers and other suitable persons.
5. Powers of inspection and investigation
(1) The Regulatory Authority may require a Reporting Financial Institution to provide records, information, explanations and particulars and to give all the required assistance which the Regulatory Authority may reasonably require in connection with the administration or enforcement of these Regulations.
(2) The Regulatory Authority may, by notice in writing, require a Reporting Financial Institution to provide to the Regulatory Authority within such time, not being less than ten (10) days, as may be provided by the notice, with such information as the Regulatory Authority may reasonably require for any purpose relating to the administration or enforcement of these Regulations.
(3) The Regulatory Authority may request information from and, at all reasonable times, enter any premises or place of business of a Reporting Financial Institution for the purposes of:
(a) determining whether information:
(i) included in an information return made under these Regulations by the institution is correct and complete; or
(ii) not included in an information return was correctly not included; or
(b) examining the systems and internal procedures put in place by a Reporting Financial Institution for the purposes of ensuring compliance with that Reporting Financial Institution's obligations under these Regulations.
(4) The Regulatory Authority may request information from any Account Holder that has a Reportable Account held with a Reporting Financial Institution subject to the supervision of the Regulatory Authority for purposes of these Regulations, inclusive of but not limited to Accounting Records and all other records held in connection with the information or certifications provided to the Reporting Financial Institution pursuant to these Regulations, and the Regulatory Authority may ask a Reporting Financial Institution to assist it to obtain such information or records from Account Holders.
(5) The Regulatory Authority may appoint Designated Officers to assist it in inspections performed at the premises of Reporting Financial Institutions pursuant to the provisions of subsections 5(1) to (4) and to submit such written reports in respect thereof as the Regulatory Authority may direct.
(6) The Regulatory Authority, or its delegate, may prescribe in a directive:
(a) penalties and Administrative Fees, in addition to the penalties and Administrative Fees stipulated in Schedule 2; and
(b) forms and additional procedures in relation to:
(i) the imposition and recovery of penalties and Administrative Fees imposed pursuant to these Regulations;
(ii) the enforcement of actions required by the Regulatory Authority pursuant to these Regulations; and
(iii) any objection or right of appeal in respect of any such penalty and or an Administrative Fee or action required or the enforcement thereof.
(7) The Regulatory Authority may commence an investigation in relation to a Reporting Financial Institution.
(8) For the purposes of subsection 5(7), sections 205 to 215 and section 217 of the Financial Services and Markets Regulations 2015 shall apply in relation to commencement and conduct of an investigation by the Regulatory Authority of a Reporting Financial Institution.