7. Prohibition against conduct of business without incorporation or registration in the AIFC

(1) A Person must not conduct business in or from the AIFC as an AIFC Participant unless the Person is incorporated or registered as an AIFC Participant.

(2) Subsection (1) does not apply to a Person if the Person:

• (a) is an exempt Person under the Rules.
• (b) [intentionally omitted]

(3) Contravention of this section is punishable by a fine.

(4) Where a Person enters into a contract with a third party and that third party knows (or ought reasonably to know that entry into that contract is) in contravention of subsection (1), that contract may be terminated at the sole option of that third party unless a court or other tribunal determines otherwise.

8. Certificates

(1) The Registrar may issue a certificate subject to any conditions or restrictions.

(2) The AIFC Participant must not Contravene a condition or restriction to which the certificate is subject.

(3) The Registrar may suspend the activity of the AIFC Participant on the Registrar’s own initiative or on the application of the AIFC Participant.

(4) The Registrar may exercise a power under subsection (3) in relation to an activity of the AIFC Participant on the Registrar’s own initiative only if the Registrar:

1. (a) complies with the Decision-making Procedures; and
2. (b) either:
3. (i) is satisfied that the AIFC Participant, or an officer, employee or agent of the AIFC Participant, has Contravened, is Contravening or is likely to Contravene these Regulations; or

(ii) considers that the exercise of the power is necessary or desirable in the interests of the AIFC.

(5) [intentionally omitted]

(6) [intentionally omitted]

(7) Contravention of subsection (2) is punishable by a fine.