• MIR 8.4 MIR 8.4 Remote Member Supervision

    • Guidance

      The Regulator will rely upon a Remote Member’s Non‐ADGM Financial Services Regulator in its home jurisdiction to supervise the Remote Member. The focus of the Regulator’s interest will be on the ADGM and those activities of the Remote Member that may impact the ADGM.

    • MIR 8.4.1

      A Remote Member must provide the Regulator with reasonable advance notice of a change in:

      (a) its name;
      (b) any business name or trading name it uses in the ADGM, if different to (a); or
      (c) the address of its registered office or head office in its home jurisdiction.

    • MIR 8.4.2

      A Remote Member must notify the Regulator immediately upon the granting, modification, variation, withdrawal or refusal of an application for, or revocation of membership of an exchange or clearing house, including membership of a Recognised Body.

    • MIR 8.4.3

      A Remote Member must provide the Regulator with a copy of any information provided to any Non‐ADGM Financial Services Regulator to which the Remote Member is subject and which is relevant to its status as a Remote Member.

    • MIR 8.4.4 MIR 8.4.4

      Notwithstanding Rule 8.4.2, a Remote Member must notify the Regulator as soon as possible of:

      (a) anything which causes, or may cause, it to fail to satisfy the Remote Member Requirements;
      (b) it becoming aware that a Non‐ADGM Financial Services Regulator has started an investigation into the affairs of the Remote Member;
      (c) the appointment of inspectors, howsoever named, by a Non‐ADGM Financial Services Regulator to investigate or manage the affairs of the Remote Member;
      (d) the imposition of disciplinary measures or sanctions on the Remote Member by any Non‐ADGM Financial Services Regulator;
      (e) any significant event, or anything else relating to the Remote Member, which the Recognised Body would reasonably expect to notified of; or
      (f) it receiving an order from a Client, or arranges or executes a transactions with or for a Client, and has reasonable grounds to suspect that the order or transaction may constitute Market Abuse in the ADGM.
      (i) The notification under 8.4.4(f) must provide sufficient details of the order or transaction, and the reasons for the Remote Member suspecting that the order or transaction may constitute Market Abuse in the ADGM.
      (ii) A Remote Member must not inform the Client, or any other Person involved in the order or transaction, of a notification under Rule 8.4.4(f).

      • Guidance

        Events which may cause a Remote Member to be unable to meet the Remote Member Requirements include significant changes to any relevant laws or regulations in its home jurisdiction, which:

        (a) are designed to prevent market abuse or money laundering; or
        (b) affect the ability of a Remote Member to provide information to the Regulator.

        The Regulator does not require notification from a Remote Member, for the purposes of Rule 8.4.4(b) or (c), where the activities of the Non‐ADGM Financial Services Regulator are part of a routine / regular inspection or audit of affairs of the Remote Member.

    • MIR 8.4.5 MIR 8.4.5

      A Remote Member must:

      (a) deal with the Regulator in an open and co‐operative manner; and
      (b) ensure that communication with the Regulator is conducted in the English language.

      • Guidance

        GEN Rule 8.11 sets out how information is to be provided to the Regulator.