• Supervision

    • 129. Notification requirements

      (1) The Regulator may make Rules requiring a Recognised Body to give it —
      (a) notice of such events relating to the body as may be Specified; and
      (b) such information in respect of those events as may be Specified.
      (2) The Rules may also require a Recognised Body to give the Regulator, at such times or in respect of such periods as may be Specified, such information relating to the body as may be Specified.
      (3) An obligation imposed by the Rules extends only to a notice or information which the Regulator may reasonably require for the exercise of its functions under these Regulations.
      (4) The Rules may require information to be given in a Specified form and to be verified in a Specified manner.
      (5) If a Recognised Body —
      (a) alters or revokes any of its rules or guidance; or
      (b) proposes to make new rules, makes new rules or issues new guidance;
      it must give written notice to the Regulator without delay.
      (6) If a Recognised Investment Exchange makes a change —
      (a) in the arrangements it makes for the provision by another person of clearing services in respect of transactions effected on the exchange; or
      (b) in the criteria which it applies when determining to whom it will provide services falling within section 119(1)(b);
      it must give written notice to the Regulator without delay.
      (7) If a Recognised Clearing House makes a change —
      (a) in the Recognised Investment Exchanges for whom it provides clearing services or services falling within section 119(2)(b); or
      (b) in the criteria which it applies when determining to whom (other than Recognised Investment Exchanges) it will provide clearing services or services falling within section 119(2)(b);
      it must give written notice to the Regulator without delay.
      (8) Subsections (5) to (7) do not apply to a Non-Abu Dhabi Global Market Investment Exchange or a Non-Abu Dhabi Global Market Clearing House.

    • 130. Modification or waiver of Rules

      (1) The Regulator may, on the application or with the consent of a Recognised Body, direct that Rules made under section 129 or 131
      (a) are not to apply to the body; or
      (b) are to apply to the body 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) Subsections (4) to (6) apply to a Direction given under subsection (1).
      (4) The Regulator may not give a Direction unless it is satisfied that —
      (a) compliance by the Recognised Body 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 result in undue risk to persons whose interests the Rules are intended to protect.
      (5) A Direction may be given subject to conditions.
      (6) The Regulator may —
      (a) revoke a Direction; or
      (b) vary it on the application, or with the consent, of the Recognised Body to which it relates.

    • 131. Notification: Non-Abu Dhabi Global Market Investment Exchanges and Non-Abu Dhabi Global Market Clearing Houses

      (1) At least once a year, every Non-Abu Dhabi Global Market Investment Exchange and Non-Abu Dhabi Global Market Clearing House must provide the Regulator with a report.
      (2) The report must contain a statement as to whether any events have occurred which are likely to affect the Regulator's assessment of whether the requirements set out in section 127(3) have been satisfied.
      (3) The report must also contain such information as may be specified in the Rules made by the Regulator.

    • 132. Regulator's power to give Directions

      (1) This section applies if it appears to the Regulator that a Recognised Body —
      (a) has failed, or is likely to fail, to satisfy the Recognition Requirements; or
      (b) has failed to comply with any other obligation imposed on it by or under these Regulations.
      (2) The Regulator may direct the body to take specified steps for the purpose of securing the body's compliance with —
      (a) the Recognition Requirements; or
      (b) any obligation of the kind in question.
      (3) In the case of a Recognised Body other than a Non-Abu Dhabi Global Market Investment Exchange or Non-Abu Dhabi Global Market Clearing House, those steps may include —
      (a) the granting to the Regulator of access to the premises of the body for the purpose of inspecting —
      (i) those premises; or
      (ii) any Documents on the premises which appear to the Regulator to be relevant for the purpose mentioned in subsection (2);
      (b) the suspension of the carrying on of any Regulated Activity by the body for the period specified in the Direction.
      (4) A Direction under this section is enforceable, on the application of the Regulator, by an injunction.
      (5) The fact that a rule made by a Recognised Body has been altered in response to a Direction given by the Regulator does not prevent it from being subsequently altered or revoked by the Recognised Body.

    • 133. Additional power to direct Recognised Clearing Houses

      (1) The Regulator may direct a Recognised Clearing House to take, or refrain from taking, specified action if the Regulator is satisfied that it is necessary to give the Direction, having regard to the public interest in —
      (a) protecting and enhancing the stability of the Abu Dhabi Global Market Financial System;
      (b) maintaining public confidence in the stability of the Abu Dhabi Global Market Financial System;
      (c) maintaining the continuity of the clearing services provided by the Recognised Clearing House; and
      (d) maintaining and enhancing the financial resilience of the Recognised Clearing House.
      (2) The Direction may, in particular —
      (a) specify the time for compliance with the Direction;
      (b) require the rules of the Recognised Clearing House to be amended; and
      (c) override such rules (whether generally or in their application to a particular case).
      (3) The Direction may not require the Recognised Clearing House —
      (a) to take any steps for the purpose of securing its compliance with —
      (i) the Recognition Requirements; or
      (ii) any obligation of a kind mentioned in section 132(1)(b); or
      (b) to accept a transfer of property, rights or liabilities of another Recognised Clearing House.
      (4) If the Direction is given in reliance on section 135(7), the Regulator must, within a reasonable time of giving the Direction, give the Recognised Clearing House a statement of its reasons —
      (a) for giving the Direction; and
      (b) for relying on section 135(7).
      (5) A Direction under this section is enforceable, on the application of the Regulator, by an injunction.
      (6) The Regulator may revoke a Direction given under this section.

    • 134. Revoking recognition

      (1) A recognition order in respect of a Recognised Investment Exchange or in respect of a Recognised Clearing House may be revoked by an order made by the Regulator at the request, or with the consent, of the Recognised Body concerned.
      (2) If it appears to the Regulator that a Recognised Body —
      (a) is failing, or has failed, to satisfy the Recognition Requirements; or
      (b) is failing, or has failed, to comply with any other obligation imposed on it by or under these Regulations;
      it may make an order revoking the recognition order for that body.
      (3) If it appears to the Regulator that a Recognised Body —
      (a) has not carried on the business of an investment exchange or (as the case may be) of a clearing house during the period of 12 months beginning with the day on which the recognition order took effect in relation to it; or
      (b) has not carried on the business of an investment exchange or (as the case may be) of a clearing house at any time during the period of six months ending with the Relevant Day;
      it may make an order revoking the recognition order for that body.
      (4) Subsection (3) does not apply to a Non-Abu Dhabi Global Market Investment Exchange or Non-Abu Dhabi Global Market Clearing House.
      (5) An order under this section (a "Revocation Order") must specify the date on which it is to take effect.
      (6) In the case of a Revocation Order made under subsection (2) or (3), the specified date must not be earlier than the end of the period of three months beginning with the day on which the order is made.
      (7) A Revocation Order may contain such transitional provisions as the Regulator thinks necessary or expedient.

    • 135. Directions and revocation: procedure

      (1) Before giving a Direction under sections 132 or 133 or making a Revocation Order under section 134(2) or (3), the Regulator must give written notice of its intention to do so to the Recognised Body concerned.
      (2) A notice under subsection (1) must —
      (a) state why the Regulator intends to give the Direction or make the order; and
      (b) draw attention to the right to make representations conferred by subsection (3).
      (3) Before the end of the period for making representations, the Recognised Body may make representations to the Regulator.
      (4) The period for making representations is such period as is specified in the notice (which may, in any particular case, be extended by the Regulator).
      (5) In deciding whether to —
      (a) give a Direction; or
      (b) make a Revocation Order;
      the Regulator must have regard to any representations made in accordance with subsection (3).
      (6) When the Regulator has decided to give a Direction under sections 132 or 133 or make the proposed Revocation Order, it must give the Recognised Body written notice of its decision.
      (7) If the Regulator reasonably considers it necessary to do so, it may give a Direction under section 132 or 133
      (a) without following the procedure set out in this section; or
      (b) if the Regulator has begun to follow that procedure, regardless of whether the period for making representations has expired.
      (8) If the Regulator has, in relation to a particular matter, followed the procedure set out in subsections (1) to (5), it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under subsection (1).

    • 136. Complaints about recognised bodies

      The Regulator must make arrangements for the investigation of any Relevant Complaint about a Recognised Body.