MIR 7.4.2

The Regulator shall not approve a Non-Abu Dhabi Global Market Recognised Body unless it is satisfied:

(a) that the rules and practices of the body, together with the law of the country in which the body's head office is situated, include appropriate Default Rules which provide adequate procedures for dealing with the default of Persons party to contracts connected with the body; and
(b) that it is otherwise appropriate to approve the body.