• Branch of a non-ADGM firm

    • 3.2.9

      A firm carrying on Regulated Activities through a Branch will be subject to supervision by both us and the regulator in its head office jurisdiction.

    • 3.2.10

      We will have regard to any lead or consolidated prudential supervision arrangements to which a firm is subject. We may place appropriate reliance on a firm's lead regulator in another jurisdiction and, where appropriate, it's consolidated prudential regulator if we are satisfied that it meets appropriate regulatory criteria and standards. Where a firm is subject to lead regulation arrangements with a foreign regulator, we will usually not seek to impose consolidated prudential supervision on the firm's Group.

    • 3.2.11

      In determining the level of regulatory and supervisory oversight required for a specific firm, we will consider:

      (a) the degree of home country regulation and supervision by the home regulator;
      (b) the fitness and propriety of the head office and its Controllers;
      (c) the strength of support, both financial and managerial, which the head office is capable of providing to the branch, taking into account the branch's activities and the adequacy of, among other things, the corporate governance framework and practices at the head office; and
      (d) the risk and control mechanisms within the Branch itself.

    • 3.2.12

      Based on this assessment, we may consider granting a waiver or modification notice in respect of specific prudential or other regulatory requirements relating to a Branch.