• PART 2 PART 2 RULES AND GUIDANCE

    • 22. Power to make rules

      (1) The Board may make such rules applying to licensed persons —
      (a) with respect to the carrying on by them of controlled activities; or
      (b) with respect to the carrying on by them of activities which are not controlled activities,
      as appear to the Board to be in the interests of the Abu Dhabi Global Market.
      (2) Rules made by the Board —
      (a) may make different provision for different cases and may, in particular, make different provision in respect of different descriptions of licensed persons or controlled activities;
      (b) may make provision in relation to matters such as conduct of business, consumer protection, professional standards, fitness and propriety of officers, employees or agents of the licensed person, systems and controls, maintenance of adequate financial resources, provision of information to the Registrar (including financial statements), and provision of other assistance to the Registrar to enable the Registrar to discharge its functions; and
      (c) may contain such incidental, supplemental, consequential and transitional provision as the Board considers appropriate.

    • 23. Modification or waiver of rules

      (1) The Registrar may, on the application or with the consent of a person who is subject to rules made under section 22, 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 Registrar may direct.
      (3) The Registrar 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 interests of the Abu Dhabi Global Market.
      (4) A direction may be given subject to conditions.
      (5) The Registrar may —
      (a) revoke a direction; or
      (b) vary it on the application, or with the consent, of the person to whom it relates.
      (6) "Direction" means a direction under this section.

    • 24. Publication of directions under section 23

      (1) Subject to subsection (2), a direction must be published by the Registrar in the way appearing to the Registrar to be best calculated for bringing it to the attention of —
      (a) persons likely to be affected by it; and
      (b) persons who are, in the opinion of the Registrar, likely to make an application for a similar direction.
      (2) Subsection (1) does not apply if the Registrar 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 Registrar must —
      (a) consider whether the publication of the direction would be detrimental to the interests of the Abu Dhabi Global Market; and
      (b) 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 immediate group, including whether it would be possible to avoid such prejudice by publishing the direction without disclosing the identity of the person concerned.
      (4) "Direction" means a direction under section 23.

    • 25. Limit on effect of contravening rules

      A contravention of any rule made by the Board under these Regulations does not by itself make any transaction void or unenforceable.

    • 26. Rule-making instruments

      (1) Any power conferred on the Board to make rules pursuant to these Regulations is exercisable in writing.
      (2) An instrument by which rules are made by the Board ("a rule-making instrument") must specify the provision of these Regulations under which the rules are made.
      (3) To the extent that a rule-making instrument does not comply with subsection (2), it is void.
      (4) A rule-making instrument must be published by the Board in the way appearing to it to be best calculated to bring it to the attention of the public.
      (5) The Board may charge a reasonable fee for providing a person with a copy of a rule-making instrument.
      (6) A person is not to be taken to have contravened any rule made by the Board if the person shows that at the time of the alleged contravention the rule-making instrument concerned had not been made available in accordance with this section.

    • 27. Verification of rules

      (1) The production of a printed copy of a rule-making instrument purporting to be made by the Board —
      (a) on which is endorsed a certificate signed by a person duly authorised by the Board for that purpose; and
      (b) which contains the required statements,
      is evidence of the facts stated in the certificate.
      (2) The required statements are —
      (a) that the instrument was made by the Board;
      (b) that the copy is a true copy of the instrument; and
      (c) that on a specified date the instrument was made available to the public in accordance with section 26(4).
      (3) A certificate purporting to be signed as mentioned in subsection (1) is to be taken to have been properly signed unless the contrary is shown.
      (4) A person who wishes in any legal proceedings to rely on a rule-making instrument may require the Board to endorse a copy of the instrument with a certificate of the kind mentioned in subsection (1).

    • 28. Power of the Registrar to give guidance

      (1) The Registrar may give guidance consisting of such information as it considers appropriate —
      (a) with respect to the operation of specified parts of these Regulations and of any rules made under these Regulations;
      (b) with respect to any matter relating to the functions of the Registrar;
      (c) with respect to any other matters about which it appears to the Registrar to be desirable to give information.
      (2) The Registrar may give financial or other assistance to persons giving information of a kind which the Registrar could give under this section.
      (3) The Registrar may —
      (a) publish its guidance;
      (b) offer copies of its published guidance for sale at a reasonable price; and
      (c) if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.