MIR 7.3 MIR 7.3 Recognition requirements
Before making a recognition order, the Regulator will need to be satisfied that the Non-Abu Dhabi Global Market Recognition Requirements in Rule 7.3.2 have been met.
MIR 7.3.2 Non-Abu Dhabi Global Market Recognition Requirements:
A Non-Abu Dhabi Global Market Recognised Body must ensure that:(a) investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with Recognition Requirements;(b) there are adequate procedures for dealing with a Person who is unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the Non-Abu Dhabi Global Market Recognised Body;(c) the applicant is able and willing to co-operate with the Regulator by the sharing of information and in other ways; and(d) adequate arrangements exist for co-operation between the Regulator and those responsible for the supervision of the applicant in the country or territory in which the applicant's head office is situated.
In considering whether it is satisfied as to the requirements mentioned in Rule 7.3.2, the Regulator shall have regard to:(a) the relevant law and practice of the country or territory in which the applicant's head office is situated; and(b) the rules and practices of the applicant.
MIR 7.3.4 [Deleted]
MIR 7.3.5 [Deleted]
If the Regulator decides to refuse to make a Recognition Order, it will follow the procedure set out in Rule 6.9.6.
Where the Regulator considers that it is unlikely to make a Recognition Order it may discuss its concerns with the Applicant with a view to enabling the Applicant to make changes to its Regulatory Provisions, or other parts of its application.