4.7.4

In deciding whether to exercise our power to disqualify an Auditor or actuary under section 233(3) of FSMR, and what the scope of any disqualification will be, we will take into account all the circumstances of the case, including:

(a) the nature and seriousness of any contravention of the FSMR or Rules and the effect of that contravention;
(b) whether any contravention of the FSMR or Rules, or any failure to disclose information to us, has resulted in, or is likely to result in:
(i) loss to customers;
(ii) damage to the reputation of the ADGM; or
(iii) an increased risk that an firm, Recognised Body or Reporting Entity may be used for the purposes of Financial Crime;
(c) any action taken by the Auditor or actuary to remedy the contravention;
(d) any disciplinary action taken (or to be taken) against the Auditor or actuary by a relevant professional body, and whether that action adequately addresses the particular contravention; and
(e) the previous compliance record of the Auditor or actuary concerned, and whether the relevant regulatory body or professional body has imposed any previous disciplinary sanctions on the firm, Recognised Body, Reporting Entity or individual concerned.