MIR 2.15.2

The Regulator must refuse to make a recognition order in relation to a body applying for recognition as a Recognised Body if it appears to the Regulator that an existing or proposed regulatory provision of the applicant in connection with the applicant's business as an investment exchange or the provision by the applicant of Clearing Services imposes, or will impose, an excessive requirement on Persons directly or indirectly affected by it. A requirement is excessive if it is not required by any Abu Dhabi Global Market law and either:

(a) it is not justified as pursuing a reasonable regulatory objective; or
(b) it is disproportionate to the end to be achieved,

in either case, having regard to the effect of existing legal and other requirements, the global character of financial services and markets and the international mobility of activity, the desirability of facilitating innovation and the impact of the proposed provision on market confidence.