195. Waivers and modifications of certain provisions

(1) In this section: relevant provision means a provision of these Regulations, the Rules, or any other Legislation Administered by the Registrar, or any provision of other Regulations and Rules declared by the Rules to be a provision to which this section applies.

(2) On the application or with the consent of a Person, the Registrar may, by Written notice, provide that 1 or more relevant provisions:

• (a) do not apply to the Person; or
• (b) apply to the Person with the modifications stated in the notice.

(3) The notice may be given subject to conditions.

(4) If the notice is given subject to conditions, the Person must comply with the conditions. If the Person Contravenes a condition, the Registrar may, without limiting the Registrar’s other powers, apply to the Court for the order that the Registrar considers appropriate, including an order that the Person comply with the condition, whether or not in a specified way.

(5) Unless the Registrar is satisfied that it is inappropriate or unnecessary to do so, the Registrar must publish a notice under subsection (2) in a way the Registrar considers appropriate for bringing the notice to the attention of:

• (a) Persons likely to be affected by it; and
• (b) others who may be likely to become subject to a similar notice.

(6) The Registrar may withdraw or vary a notice under subsection (2), on the Registrar’s own initiative or on the application of the Person to whom the notice applies.

196. Obligation of disclosure to Registrar

(1) A Regulated Entity or auditor of a Regulated Entity must disclose to the Registrar any matter that reasonably tends to show:

1. (a) that the Regulated Entity has or may have Contravened these Regulations; or
2. (b) anything else prescribed by the Rules or any other Legislation Administered by the Registrar.

(2) Contravention of subsection (1) is punishable by a fine.

(3) Subsection (1) does not require disclosure of a privileged communication.

(4) A Regulated Entity must establish and maintain appropriate systems and internal procedures to enable it to comply with subsection (1).

(5) Any provision in an agreement between a Regulated Entity and a Relevant Person for the Regulated Entity or an auditor, is void so far as it purports to hinder any Person from causing or assisting a Regulated Entity to comply with an obligation under subsection (1).

(6) A Person must not be subjected to detriment, loss or damage merely because the Person does anything to cause or assist a Regulated Entity to comply with an obligation under subsection (1).

(7) The Court may, on the application of an aggrieved Person, make any order for relief if the Person has been subjected to any detriment, loss or damage referred to in subsection (6).

(8) In this section: auditor includes a Person who is registered by the Registrar as an auditor under these Regulations. privileged communication means a communication attracting a privilege arising from the provision of professional legal advice or any other advice to which the relationship of lawyer and client or other similar relationship applies but does not include a communication to which a general duty of confidentiality only applies. Regulated Entity has the meaning given by section 158(2) (Application and interpretation of Part 14). Relevant Person, for a Regulated Entity, has the meaning given by section 158(3) and (4).

197. Disclosures to Registrar

(1) A Person is not liable to any proceedings, subject to any Liability, or in Breach of any duty, merely because the Person gives or produces any information or Document to the Registrar in good faith, and in the reasonable belief that the information or Document is relevant to any of the Functions of the Registrar under these Regulations, the Rules or any other Legislation Administered by the Registrar.

(2) This section applies whether the information or Document is given or produced under a requirement at law or otherwise.

198. [intentionally omitted]

199. Irregularities

(1) In this section: procedural irregularity includes a defect, irregularity or deficiency of notice or time. procedure means any procedure, including, for example, the making of a decision, the conduct of a hearing, the giving of a notice, and any proceeding, whether or not a legal proceeding.

(2) A procedure under these Regulations, the Rules or any other Legislation Administered by the Registrar is not invalid because of any procedural irregularity unless the Court declares the procedure to be invalid.

(3) A Person may apply to the Court for an order:

• (a) declaring that:

(i) anything purporting to have been done; or

(ii) any procedure purporting to have been commenced or undertaken; under these Regulations, the Rules or any other Legislation Administered by the Registrar is not invalid because of any Contravention of these Regulations, the Rules or any other Legislation Administered by the Registrar; or

• (b) extending or abridging the period for doing anything, or commencing or undertaking any procedure, under these Regulations, the Rules or any other Legislation Administered by the Registrar; if the thing or procedure is essentially of a procedural nature.

200. Giving false or misleading information to Registrar etc.

(1) A Person must not:

• (a) make a statement, or give information, to the Registrar (whether orally, in a Document or in any other way) that is false or misleading in a material particular; or
• (b) give a Document to the Registrar that is false or misleading in a material particular; or
• (c) conceal information or a Document if the concealment is likely to mislead or deceive the Registrar.

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

201. Compliance with orders etc. of Registrar

(1) If the Registrar makes an order, issues a direction, or makes a requirement, (however described) in relation to a Person under these Regulations, the Rules or any other Legislation Administered by the Registrar, the Person must comply with the order, direction or requirement.

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

202. Notification of Registrar’s decisions and reasons

(1) This section applies if, under these Regulations, the Rules or any other Legislation Administered by the Registrar:

• (a) the Registrar makes a decision (including a decision refusing to make a decision) on the application (however described) of a Person (the affected Person for the decision); or
• (b) the Registrar makes a decision affecting the interests of a Person (the affected Person for the decision) on the Registrar’s own initiative.

(2) As soon as practicable after the Registrar makes the decision, the Registrar must give the affected Person Written notice of the decision.

(3) Without limiting subsection (2), the notice must:

• (a) if the decision is to take effect on the day after the day the notice is given to the Person—state that fact; or
• (b) if the decision is to take effect at a different time—specify the time; or
• (c) if the decision is to grant or issue (however described) permit, registration or anything else subject to conditions, restrictions or limitations of any kind—state the conditions, restrictions or limitations; or
• (d) if the decision is to grant or issue (however described) permit, registration or anything else for a period - specify the period.

(4) The notice must include, or be accompanied by, a statement of the Registrar’s reasons for the decision.

(5) However, if the decision was made on the application (however described) of the affected Person, subsection (4) does not apply to the decision so far as the decision was the decision the affected Person applied for.

(6) Also, subsection (4) does not apply to the decision if a provision of any Legislation Administered by the Registrar expressly provides that the Registrar need not provide reasons for the decision.

(7) This section is additional to, and does not limit, any other provision of any the AIFC Regulations or AIFC Rules.

203. Publication by AFSA

(1) The AFSA must make Rules and Guidance available to the public without undue delay after they are adopted.

(2) The AFSA may publish, in the form and way the AFSA considers appropriate, information and statements relating to the practices and procedures of the Registrar, decisions of the Court, and any other matters that the Registrar considers relevant to the conduct of affairs in the AIFC.

(3) Publications made under this section may be provided with or without charge, as the Board of Directors of the AFSA may decide.

204. Public registers

(1) The Registrar must keep and publish registers of current and past registrations of Companies and Recognised Companies in accordance with any requirements prescribed by the Rules.

(2) The Registrar must make a reasonably current version of each register kept under subsection (1) freely available for viewing by the public during the normal business hours of the Registrar.

205. Language

The Registrar may require communications to which the Registrar is a party (including communications under any other Legislation Administered by the Registrar) to be conducted in the English language.