30. Application for a Licence to carry on Regulated Activities

(1) A Person may apply to the AFSA for a Licence authorising a Centre Participant to carry on one or more Regulated Activities.

(2) An Authorised Firm may apply to the AFSA to extend, vary or withdraw its Licence to carry on Regulated Activities.

(3) The applicant for a Licence, variation of a Licence or withdrawal of a Licence may withdraw its application by giving the AFSA notice at any time before the AFSA issues, varies or withdraws the Licence or rejects the application.

31. Form and content of application for a Licence

(1) An application for a Licence or variation or withdrawal of a Licence must be in such form and contain such information as may be prescribed by the AFSA from time to time.

(2) The AFSA may make Rules providing that certain Centre Participants or types of Centre Participant may not be granted a Licence to carry on particular Regulated Activities.

(3) The AFSA may make Rules providing for such requirements referred to in 31(1) to be varied in cases where an application is made by or on behalf of a Centre Participant which is, at the time of application, regulated in a jurisdiction other than the AIFC.

(4) The AFSA may waive all or any part of its generally adopted requirements as to form and contents either in individual cases or generally, provided it is satisfied in either case that:

• (a) materially similar, up-to-date information is provided in other documentation already issued or completed by the applicant; or
• (b) such information is not necessary in the light of any registration or authorisation of the applicant in another jurisdiction; or
• (c) such information is not considered by the AFSA to be relevant in the context of any particular application.

(5) The AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.

(6) If at any time between the filing of an application and the grant of a Licence or the grant of an extension to a Licence the applicant becomes aware of a material change reasonably likely to be relevant to the application under consideration, it must inform the AFSA in writing of such change without delay.

32. Financial technology

The AFSA may, on the application of a Person or its own initiative and by written notice, waive or modify the requirements of these Regulations or Rules made thereunder where it considers it necessary or desirable to do so in the field of financial technology.

33. Exemption

The AFSA may issue an order or make Rules:

• (a) prescribing certain Centre Participants or categories of Centre Participant to be exempted from

(i) the General Prohibition in respect of Regulated Activities; or

(ii) the requirements referred to in section 34(1); and

• (b) providing for any such exemptions to be:

(i) limited to certain Regulated Activities or specified circumstances; or

(ii) subject to certain conditions and restrictions.

34. Criteria for the grant of a Licence to carry on Regulated Activities

(1) The AFSA may only grant a Licence authorising a Centre Participant to carry on one or more Regulated Activities if it is satisfied that the Centre Participant:

• (a) has adequate and appropriate resources, including financial resources;
• (b) is fit and proper;
• (c) is capable of being effectively supervised; and
• (d) has adequate compliance arrangements, including policies and procedures, that will enable it to comply with all the applicable legal requirements.

(2) The AFSA may make Rules prescribing the matters to which the AFSA will have regard in making the above assessment.

35. Grant or rejection of application

(1) The AFSA may:

• (a) grant an application for a Licence, variation or withdrawal of a Licence either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
• (b) reject the application.

(2) Where the AFSA grants an application for a Licence or variation or withdrawal of a Licence, the AFSA must inform the applicant of:

• (a) such decision;
• (b) the date on which the Licence or extension will be deemed to take effect;
• (c) the Regulated Activity or Regulated Activities that the applicant is authorised to carry on; and
• (d) any conditions and restrictions applicable to the Licence or the newly extended Licence.

(3) Where the AFSA rejects an application for a Licence or variation or withdrawal of a Licence, the AFSA must promptly inform the applicant in writing of such rejection and, where requested by the applicant, the reasons for such rejection, and of the applicant’s right to appeal that decision to the AIFC Court.

(4) If an applicant decides to appeal the AFSA’s decision to the AIFC Court, the time for instituting an appeal commences from the date when the rejection was given to an applicant.

36. Application for a Licence to carry on Market Activities

(1) A Person may apply to the AFSA for a Licence authorising a Centre Participant to carry on one or more Market Activities.

(2) An Authorised Market Institution may apply to the AFSA to extend, vary or withdraw its Licence to carry on Market Activities.

(3) The applicant for a Licence, variation of a Licence or withdrawal of a Licence may withdraw its application by giving the AFSA notice at any time before the AFSA issues, varies or withdraws the Licence or rejects the application.

(4) An application under this section must be made in such manner as the AFSA may require.

37. Criteria for the grant of a Licence to carry on Market Activities

(1) The AFSA may only grant a Licence authorising a Centre Participant to carry on one or more Market Activities if it is satisfied that the Centre Participant:

• (a) has adequate and appropriate resources, including financial resources and technology resources;
• (b) is fit and proper;
• (c) is capable of being effectively supervised; and
• (d) has adequate compliance arrangements, including policies and procedures, that will enable it to comply with all the applicable legal requirements, including the Rules.

(2) The AFSA may make Rules prescribing the matters to which the AFSA will have regard in making the above assessment.

38. Grant or rejection of application

(1) The AFSA may:

• (a) grant an application under section 36, either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
• (b) reject the application.

(2) Where the AFSA grants an application under section 36, the AFSA will notify the applicant of:

• (a) such decision;
• (b) the date on which the Licence will be deemed to take effect;
• (c) the Market Activity or Market Activities that the applicant is authorised to carry on; and
• (d) any conditions and restrictions applicable to the Licence.

(3) Where the AFSA rejects an application under section 36, the AFSA must promptly inform the applicant in writing of such rejection and, where requested by the applicant, the reasons for such rejection, and of the applicant’s right to appeal that decision to the AIFC Court .

(4) The AFSA may vary the terms of a Licence granted by it under this section, either on the application of the Authorised Market Institution or on its own initiative.

(5) If an applicant decides to appeal the AFSA’s decision to the AIFC Court, the time for instituting an appeal commences from the date when the rejection was given to an applicant.

39. Exemption for Authorised Market Institutions

(1)      An Authorised Investment Exchange is exempt from the General Prohibition in respect of any Regulated Activity:

1. (a)which is carried on as a part of the Authorised Investment Exchange's business as an investment exchange; or
2. (b)which is carried on for the purposes of, or in connection with, the provision by the Authorised Investment Exchange of services designed to facilitate the provision of clearing services by another Person.

(2)      An Authorised Clearing House is exempt from the General Prohibition in respect of any Regulated Activity:

1. (a)which is carried on for the purposes of, or in connection with, the provision of clearing services by the Authorised Clearing House; or
2. (b)which is carried on for the purposes of, or in connection with, the provision by the Authorised Clearing House of services designed to facilitate the provision of clearing services by another Person.

(3)      [intentionally omitted] 

1. (a) [intentionally omitted] 
2. (b) [intentionally omitted] 

(4)      Subject to AMI 7.2, an Authorised Crowdfunding Platform is exempt from the General Prohibition in respect of any Regulated Activity which is carried on as a part of the Authorised Crowdfunding Platform's business as a private crowdfunding platform.

40. Application for a Licence to carry on Ancillary Services

(1) A Person may apply to the AFSA for a Licence permitting a Centre Participant to carry on one or more Ancillary Services.

(2) An Ancillary Service Provider may apply to the AFSA to extend, vary or withdraw its Licence to carry on Ancillary Services.

(2-1) The applicant for a Licence or its variation or withdrawal may withdraw its application by giving the AFSA notice at any time before the AFSA issues, varies or withdraws the Licence or rejects the application.

(3) An application under this section must be made in such manner as the AFSA may by Rules require.

40-1. Grant or rejection of application

(1) The AFSA may:

(a) grant an application under section 40, either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or

(b) reject the application.

(2) If the AFSA grants an application under section 40, the AFSA must inform the applicant in writing of:

(a) such decision;

(b) the date on which the Licence will be deemed to take effect;

(c) the Ancillary Service or Ancillary Services that the applicant is authorised to carry on; and

(d) any conditions and restrictions applicable to the Licence.

(3) Where the AFSA rejects an application under section 40, the AFSA must promptly inform the applicant in writing of such rejection and, where requested by the applicant, the reasons for such rejection, and of the applicant’s right to appeal that decision to the AIFC Court.

(4) The AFSA may vary the terms of a Licence granted by it, either on the application of the Ancillary Service Provider or on its own initiative.

(5) If an applicant decides to appeal the AFSA’s decision to the AIFC Court, the time for instituting an appeal commences from the date when the rejection was given to an applicant.

41. Criteria for the grant of a Licence to carry on Ancillary Services

(1) The AFSA may only grant a Licence permitting a Centre Participant to carry on one or more Ancillary Services if it is satisfied that the Centre Participant is fit and proper.

(2) The AFSA may prescribe by Rules:

• (a) the Centre Participants or class of Centre Participants who may be permitted to carry on Ancillary Services;
• (b) the requirements for the grant of such a Licence; and
• (c) the circumstances in which the AFSA may withdraw such a Licence.