• MIR 8.5 MIR 8.5 Revocation of a Remote Member Recognition Order

    • MIR 8.5.1

      If a Remote Member wishes to have its Recognition Order revoked it must submit a request in writing to the Regulator stating:

      (a) the reasons for the request;
      (b) that it is no longer, or will no longer be, a Member of a Recognised Body;
      (c) the date on which its membership was, or will be, terminated; and
      (d) that it has discharged, or will discharge, all obligations owed to any Person in the ADGM which have arisen as a result of its recognised status.

    • MIR 8.5.2 MIR 8.5.2

      If the Regulator decides to revoke a Remote Member’s Recognition Order, it will follow the requirements set out in Rules 6.9.3 and 6.9.6, mutatis mutandis.

      • Guidance

        The Regulator may revoke a Remote Member's Recognition Order in circumstances where such Person continues to the meet the Remote Member Recognition Requirements. This may include where the Regulator considers it necessary or desirable in order to prevent damage to the reputation of the ADGM or to the ADGM Financial System.