• MIR 7.5 MIR 7.5 Powers To Supervise

    • MIR 7.5.6 MIR 7.5.6

      The rules relating to the form and method of notification in Rule 5 also apply to Non-Abu Dhabi Global Market Recognised Bodies.

      • MIR 7.5.7 MIR 7.5.7

        Non-Abu Dhabi Global Market Recognised 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.

        • MIR 7.5.1 MIR 7.5.1

          The Regulator has similar powers to supervise Non‐Abu Dhabi Global Market Recognised Bodies to those it has to supervise Recognised Bodies. It may (in addition to any other powers it might exercise):

          (a) give directions to a Remote Body if it has failed, or is likely to fail, to satisfy the Non‐Abu Dhabi Global Market Recognition Requirements or if it has failed to comply with any other obligation imposed by or under the FSMR and the Rules; or
          (b) revoke a Recognition Order if a Remote Body is failing, or has failed, to comply with the Remote Recognition Requirements or any other obligation in or under the FSMR and the Rules; or
          (c) require a Remote Body or a Person connected with the Remote Body, to provide or produce specified information or information of a specified description, at a specified place and before the end of a reasonable period, in such form and with such verifications or authentications as it may reasonably require; or
          (d) require any of the following Persons, to provide the Regulator with a report on any matter, or appoint a Skilled Person to provide the Regulator with information or produce documents with respect to any matter:
          (i) the Remote Body; or
          (ii) any other Member of the Remote Body's Group; or
          (iii) a partnership of which the Remote Body is a Member; or
          (iv) a Person who has at any time been a Person falling within (i), (ii) or (iii).

          • MIR 7.5.4

            Any notice to be given or information to be supplied under these notification rules must be supplied in English, and any document to be provided must be accompanied, if not in English, by an accurate English translation.

          • MIR 7.5.2 MIR 7.5.2

            The Regulator will follow the approach in Rules 6.2.1, 6.6.1, 6.8.1, 6.96 and GEN 8.12 if it is considering exercising these powers in relation to a Remote Body.

            • MIR 7.5.5

              An English glossary of technical or statistical terms may be sufficient to accompany tables of statistical or financial information.

            • MIR 7.5.3

              The following events are examples of events likely to affect an assessment of whether a Non-Abu Dhabi Global Market Recognised Body is continuing to satisfy the Non-Abu Dhabi Global Market Recognition Requirements:

              (a) significant changes to any relevant law or regulation in its home territory, including laws or regulations:
              (i) governing exchanges or Clearing houses;
              (ii) designed to prevent insider dealing, market manipulation or other forms of market abuse or misconduct;
              (iii) designed to protect the interests of clients of Members of the Non-Abu Dhabi Global Market Recognised Body, or of a class of bodies which includes the Non-Abu Dhabi Global Market Recognised Body;
              (iv) which affect:
              A. the ability of the Non-Abu Dhabi Global Market Recognised Body to seek information (whether compulsorily or voluntarily) from its Members, including information relating to the price and volume of transactions, the identity of parties to transactions, and the movement of funds associated with transactions; and
              B. the ability of the Non-Abu Dhabi Global Market Recognised Body to pass such information, on request, to Global Market authorities;
              (b) significant changes to its internal organisation or structure;
              (c) significant changes to the practices of the Non-Abu Dhabi Global Market Recognised Body applying to any Regulated Activities carried on by it in the Abu Dhabi Global Market; or
              (d) any other event or series of events in relation to the body which:
              (i) affects or may significantly affect cooperation between the Non-Abu Dhabi Global Market Recognised Body, or its supervisor in its home territory, and the Regulator;
              (ii) has or may have a substantial effect on the structure of the markets in which the body operates;
              (iii) brings about or may bring about a substantial change in the nature and composition of its Membership in the Abu Dhabi Global Market; or
              (iv) brings about or may bring about a substantial change in the Regulated Activities undertaken by it in the Abu Dhabi Global Market.