MIR 6.8 MIR 6.8 Power to revoke recognition
The Regulator has the power to revoke a recognition order relating to a Recognised Body.
The Regulator will revoke a recognition order if the Recognised Body has asked the Regulator to revoke the order.
The Regulator will usually consider revoking a recognition order if:(a) the Recognised Body is failing or has failed to satisfy one or more of the Recognition Requirements and that failure has or will have serious consequences; or(b) it would not be possible for the Recognised Body to comply with a direction under the Regulator's power to give directions; or(c) for some other reason, it would not be appropriate for the Regulator to give a direction under its power to give directions; or(d) it has not carried on the business of a Recognised Body during the 12 months beginning with the day on which the recognition order took effect in relation to it, or it has not carried on the business of a Recognised Body at any time during the period of six months ending with the day the recognition order is revoked.
MIR 6.8.4(a) the Recognised Body appears not to have the resources or management to be able to organise its affairs so as to satisfy one or more of the Recognition Requirements; or(b) the Recognised Body does not appear to be willing to satisfy one or more of the Recognition Requirements; or(c) the Recognised Body is failing or has failed to comply with a direction made by the Regulator; or(d) the Recognised Body has ceased to carry out Regulated Activities in the Abu Dhabi Global Market, or has so changed the nature of its business that it no longer satisfies one or more of the Recognition Requirements in respect of the Regulated Activities for which Recognised Body status is relevant.
In addition to the relevant factors set out in Rule 6.8.4, the Regulator will usually consider that it would not be able to secure a Non-Abu Dhabi Global Market Recognised Body's compliance with the Recognition Requirements or other obligations means of a direction, if it appears to the Regulator that the Non-Abu Dhabi Global Market Recognised Body is prevented by any change in the legal framework or supervisory arrangements to which it is subject in its home territory from complying with the Recognition Requirements or other obligations in or under the Act.
A Recognised Clearing House must terminate, transfer, invoice back or otherwise close out all open contracts prior to any such revocation taking effect.