• Modification or waiver of Rules

    • 9. Modification or waiver of Rules

      (1) The Regulator may, on the application or with the consent of a person who is subject to Rules made by the Regulator, direct that all or any of those Rules —
      (a) are not to apply to that person; or
      (b) are to apply to that person with such modifications as may be specified in the Direction.
      (2) An application must be made in such manner as the Regulator may direct.
      (3) The Regulator may not give a Direction unless it is satisfied that —
      (a) compliance by the person with the Rules, or with the Rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the Rules were made; and
      (b) the Direction would not adversely affect the advancement of any of the Regulator's objectives.
      (4) A Direction may be given subject to conditions.
      (5) The Regulator may —
      (a) revoke a Direction; or
      (b) vary it on the application, or with the consent, of the person to whom it relates.

    • 10. Publication of Directions under section 9

      (1) Subject to subsection (2), a Direction must be published by the Regulator in such a way as it deems most suitable for bringing the Direction to the attention of —
      (a) persons likely to be affected by it; and
      (b) persons who are, in the opinion of the Regulator, likely to make an application for a similar Direction.
      (2) Subsection (1) does not apply if the Regulator is satisfied that it is inappropriate or unnecessary to publish the Direction.
      (3) In deciding whether it is satisfied as mentioned in subsection (2), the Regulator must —
      (a) consider whether the publication of the Direction would be detrimental to the stability of the Abu Dhabi Global Market Financial System;
      (b) take into account whether the Direction relates to a contravention which is actionable in accordance with section 242; and
      (c) consider whether publication of the Direction would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's Group.
      (4) For the purposes of subsection (3)(c), the Regulator must consider whether it would be possible to publish the Direction without the consequence mentioned in that paragraph occurring, by publishing it without disclosing the identity of the person concerned.