MIR 7.4 MIR 7.4 Regulator decision on recognition
MIR 7.4.1 MIR 7.4.1
If the Regulator considers that the Non-Abu Dhabi Global Market Recognition Requirements are satisfied, it may make a recognition order, which will state the date on which it takes effect.
The period covered by the report to be submitted under Rule 7.4.1 would most conveniently be one year.
The Regulator shall not approve a Non-Abu Dhabi Global Market Recognised Body unless it is satisfied:(a) that the rules and practices of the body, together with the law of the country in which the body's head office is situated, include appropriate Default Rules which provide adequate procedures for dealing with the default of Persons party to contracts connected with the body; and(b) that it is otherwise appropriate to approve the body.
The rules may apply in relation to the approval of a body under this section such of the provisions of FSMR as the Board considers appropriate.
Language of notice
The Board may make rules which, in relation to a body which is so approved:(a) apply such of the provisions of FSMR as the Board considers appropriate; and(b) provide that the provisions of this Rulebook apply with such exceptions, additions and adaptations as appear to the Board to be necessary or expedient,
and different provision may be made with respect to different bodies or descriptions of body.
Where the rules apply any provisions of FSMR, they may provide that those provisions apply with such exceptions, additions and adaptations as appear to the Board to be necessary or expedient.
Form and method of notification
Where the Regulator considers that it is unlikely to make a recognition order, it will discuss its concerns with the applicant with a view to enabling the applicant to make changes to its rules or guidance, or other parts of the application. If the Regulator decides to refuse to make a recognition order, it will follow the procedure set out in Part 12 of FSMR.
Remote Bodies may apply to the Regulator for a waiver of any of the notification rules. The procedure is the same as that for applications from Recognised Bodies, as set out in Rule 5.3.1.