MIR 6.5.8

Where a Recognised Body has taken action either of its own accord or in response to a direction, the Regulator may direct it to do or not to do specific things subject to these being within the powers of the Recognised Body under its Default Rules. However,

(a) where the Recognised Body is acting in accordance with a direction given by the Regulator to take action on the basis that failure to take action would involve undue risk to investors or other participants in the market, the Regulator will not direct it to do or not to do specific things which the Recognised Body has power to do under its Default Rules, unless the Regulator is satisfied that this will not impede or frustrate the proper and efficient conduct of the default proceedings; and
(b) where the Recognised Body has taken action under its Default Rules without being directed to do so, the Regulator will not direct it to do or not to do specific things which the Recognised Body has power to do under its Default Rules, unless the Regulator is satisfied that:
(i) the direction will not impede or frustrate the proper and efficient conduct of the default proceedings; or
(ii) the direction is necessary:
A. having regard to the public interest in the stability of the Abu Dhabi Global Market financial system;
B. to facilitate a proposed or possible use of a power under COBS 16; or
C. in connection with a particular exercise of a power under COBS 16.