• MIR 7.3 MIR 7.3 Recognition requirements

    • MIR 7.3.1

      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.

    • MIR 7.3.3

      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]

    • MIR 7.3.6

      If the Regulator decides to refuse to make a Recognition Order, it will follow the procedure set out in Rule 6.9.6.

    • Guidance

      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.