118. Sanctions for contraventions

(1) If the AFSA considers that a Person has committed a Contravention, it may:

• (a) fine the Person such amount as it considers appropriate in respect of the contravention; and/or
• (b) censure the Person in respect of the contravention; and/or
• (c) give a direction requiring the Person to effect restitution or compensate any other Person in respect of the contravention within such period and on such terms as the AFSA may direct; 
• (d) give a direction requiring the Person to account for, in such form and on such terms as the AFSA may direct, such amounts as the AFSA determines to be profits or unjust enrichment arising from the contravention; 
• (e) give a direction requiring the Person to cease and desist from such activity constituting or connected to the contravention as the AFSA may stipulate;
• (f) give a direction requiring the Person to do an act or thing to remedy the contravention or matters arising from the contravention; 
• (g) give a direction restricting or prohibiting the Person from holding office in or being Director or Employee of any Authorised Person or Ancillary Service Provider.

(2) Nothing in this section prevents the AFSA from exercising any other power that it may exercise under any legislation administered by it.

(3) The decision-making procedures in Schedule 1 apply to a decision made by the AFSA under this section.

119. General contravention provision

A Person commits a Contravention if he:

• (a) fails to comply with any prohibition or requirement imposed on him by the AFSA , any undertaking given by him to the AFSA, or any agreement made by him with the AFSA; or
• (b) does anything that is prohibited under, or that contravenes any legislation administered by the AFSA; or
• (c) does not do something that the Person is required to do under any legislation administered by the AFSA; or
• (d) commits an act of fraud or abuses any fiduciary duty which he owes to his clients or customers or to an Authorised Person; or
• (e) acts in a deceptive, misleading or dishonest manner in any context; or
• (f) otherwise commits any contravention described as such in these Regulations or Rules made by the AFSA.

120. Involvement in contraventions

(1) If a Person is knowingly concerned in a Contravention by another Person of legislation administered by the AFSA, that Person also commits a Contravention of the relevant legislation.

(2) A Person is knowingly concerned in a Contravention if, and only if, that Person:

• (a) has aided, abetted, counselled, or procured the Contravention; or
• (b) has induced, whether by threats or promises or otherwise, the Contravention; or
• (c) has in any way, by act or omission, directly or indirectly, been knowingly involved in or been party to, the contravention; or
• (d) has conspired with another or others to commit the Contravention.

121. Contraventions by Bodies Corporate

(1) If a Contravention committed by a Body Corporate is shown:

• (a) to have been committed with the consent or connivance of an officer; or
• (b) to be attributable to any neglect on his part; the officer as well as the Body Corporate commits the Contravention and is liable to sanctions accordingly.

(2) If the affairs of a Body Corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the Body Corporate.

(3) The AFSA may by Rules provide for the application of any provision of this section, with such modifications as the AFSA considers appropriate, to a Body Corporate formed or recognised under the law of a territory outside the AIFC.