169. When does a Person Contravene these Regulations

(1) A Person Contravenes these Regulations if the Person:

• (a) does something that the Person is prohibited from doing by or under these Regulations, the Rules or any other Legislation Administered by the Registrar; or
• (b) does not do something that the Person is required or directed to do (however described) by or under these Regulations, the Rules or any other Legislation Administered by the Registrar; or
• (c) otherwise Contravenes these Regulations, the Rules or any other Legislation Administered by the Registrar.

(2) This section does not apply to anything done, or omitted to be done, by the Governor, AFSA, AIFCA or Registrar of Companies.

170. Involvement in Contraventions of these Regulations

(1) If a Person is Knowingly Concerned in a Contravention of these Regulations committed by another Person, the first Person as well as the other Person Contravenes these Regulations and is liable to be proceeded against and dealt with accordingly.

(2) Without limiting subsection (1), if an Officer of a Company or another Body Corporate is Knowingly Concerned in a Contravention of these Regulations committed by the Body Corporate, the Officer as well as the Body Corporate Contravenes these Regulations and is liable to be proceeded against and dealt with accordingly.

(3) If the affairs of a Body Corporate are managed by its members, subsection (2) applies in relation to the acts and omissions of a member in connection with the member’s management Functions as if the member were an Officer of the Body Corporate.

(4) For these Regulations, a Person is Knowingly Concerned in a Contravention of these Regulations if the Person:

• (a) aided, abetted, counselled or procured the Contravention; or
• (b) induced the Contravention, whether by threats or promises or otherwise; or
• (c) was in any way, whether by act or omission and whether directly or indirectly, knowingly involved in, or a party to, the Contravention; or
• (d) conspired with another Person or others to affect the Contravention; or
• (e) whether alone or in concert with others and whether directly or indirectly, did, attempted or planned any of the following:

(i) concealing the existence, extent or nature of the Contravention;

(ii) obstructing, hindering, impeding or preventing competent authorities within the AIFC from detecting, investigating or prosecuting the Contravention.

(5) In this section:

member, of a Body Corporate that is a Company, includes a Shareholder.

Officer, of a Company or other Body Corporate, includes a Person who is, acts as or purports to be any of the following:

• (a) a member of a committee of management of the Body Corporate, whether or not a Director of the Body Corporate;
• (b) a chief executive officer, Secretary or similar officer of the Body Corporate;
• (c) a controller of the Body Corporate.

(6) This section does not apply to anything done, or omitted to be done, by the Governor, AFSA, AIFCA or Registrar of Companies.