264. Disqualification of persons subject to non-Abu Dhabi Global Market restrictions

(1) The Board may make rules disqualifying a person subject to non-Abu Dhabi Global Market restrictions from—
(a) being a director of a company,
(b) acting as receiver of a company's property, or
(c) in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company.
(2) The rules may provide that a person subject to non-Abu Dhabi Global Market restrictions—
(a) is disqualified automatically by virtue of the rules, or
(b) may be disqualified by order made by the Registrar.
(3) The rules may provide that the Registrar may accept an undertaking (a "disqualification undertaking") from a person subject to non-Abu Dhabi Global Market restrictions that he will not do anything which would be in breach of a disqualification under subsection (1).
(4) In this Part—
(a) a "person disqualified under this Part" is a person—
(i) disqualified as mentioned in subsection (2)(a) or (b), or
(ii) who has given and is subject to a disqualification undertaking,
(b) references to a breach of a disqualification include a breach of a disqualification undertaking.
(5) The rules may provide for applications to the Registrar by persons disqualified under this Part for permission to act in a way which would otherwise be in breach of the disqualification.
(6) The rules must provide that a person ceases to be disqualified under this Part on his ceasing to be subject to non-Abu Dhabi Global Market restrictions.