• MIR 7.6 MIR 7.6 Powers to supervise

    • MIR 7.6.1

      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 Non-Abu Dhabi Global Market Recognised 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 Act; or
      (b) revoke a recognition order if a Non-Abu Dhabi Global Market Recognised Body is failing, or has failed, to comply with the Non-Abu Dhabi Global Market Recognition Requirements or any other obligation in or under the Act; or
      (c) require a Non-Abu Dhabi Global Market Recognised Body or a Person connected with the Non-Abu Dhabi Global Market Recognised 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 Non-Abu Dhabi Global Market Recognised Body; or
      (ii) any other Member of the Non-Abu Dhabi Global Market Recognised Body's group; or
      (iii) a partnership of which the Non-Abu Dhabi Global Market Recognised Body is a Member; or
      (iv) a Person who has at any time been a Person falling within (i), (ii) or (iii).

    • MIR 7.6.2

      The Regulator will follow the approach in Rule 5, mutatis mutandis, if it is considering exercising these powers in relation to a Non-Abu Dhabi Global Market Recognised Body.