• 5.14 5.14 The compulsory winding-up of a regulated entity

    • 5.14.1

      We may apply to the ADGM Court for the winding up of a company which is, or has been, an Authorised Person or Recognised Body, or operating in breach of the General Prohibition, where we consider it is just and equitable and in the interests of the ADGM, in accordance with section 244 of FSMR.

    • 5.14.2

      In deciding whether such an application is just and equitable and is in the interests of the ADGM, we will consider all relevant circumstances, including:

      (a) whether the company has operated in accordance with the FSMR and Rules;
      (b) where the company has contravened the FSMR or Rules:
      (i) the nature, scale and seriousness of the contravention;
      (ii) whether the contravention is on-going;
      (iii) whether the contravention affects, or has the potential to affect, our objectives;
      (iv) what other steps the person could take or other orders a court could make to remedy the contravention;
      (c) the need to protect a firm's clients, particularly in cases where an Authorised Person holds or controls Client Assets;
      (d) whether the needs of those operating in the ADGM and the interests of the ADGM are best served by the company ceasing to operate;
      (e) in the case of an Authorised Person, where we consider that our Financial Services Permission should be withdrawn or, where it has been withdrawn, the extent to which there is other business that the firm carries on without authorisation;
      (f) whether there is reason to believe that the firm or person is or has been involved in money laundering, terrorist financing or other form of financial crime or other criminal conduct;
      (g) where there is a significant cross-border or international element to the business being carried on by the company, the impact on the business in other jurisdictions and whether another law enforcement agency or Non-ADGM Financial Services Regulator can adequately address the matter; or
      (h) the extent to which the firm or person company has co-operated with us.