MIR 6.5.5

The Regulator may issue a "negative" direction (not to take action) where in any case a Recognised Body has not taken action under its Default Rules — if it appears to the Regulator that it is proposing to take or may take action, the Regulator may direct it not to do so. Before giving such a direction, the Regulator shall consult the Recognised Body in question; and the Regulator shall not give a direction unless the Regulator is satisfied, in the light of that consultation that the taking of action would be premature or otherwise undesirable in the interests of investors or other participants in the market, or that the direction is necessary having regard to the public interest in the financial stability of the Abu Dhabi Global Market, or that the direction is necessary to facilitate a proposed or possible use of a power under COBS 16 or in connection with a particular exercise of a power under that Part.