134. Application

(1)             This Part applies to:

(a)             an Authorised Person, or a class of Authorised Persons, prescribed by the AFSA; and

(b)             an entity in a Group to which an Authorised Person or member of a class referred to in (a) belongs if that entity is specified by written notice by the AFSA as an entity having systemic importance.

(2)             An Authorised Person does not cease to be an Authorised Person or an Authorised Person of a particular class for the purposes of this Part merely because it ceases to:

(a)             hold a licence to carry on a Financial Service; or

(b)             carry on a Financial Service, as a result of a Resolution Action.

135. Other powers not limited

Nothing in this Part limits the scope or application of any other provision in these Regulations or any other legislation administered by the AFSA.

136. Rules for the purposes of this Part

The AFSA may make Rules for the purposes of this Part, including Rules relating to:

(a)              the class of Authorised Persons to whom this Part applies;

(b)              Recovery or Resolution Plans;

(c)              Resolvability Assessments;

(d)              the holding and maintenance of Loss Absorbing Capacity;

(e)              the Resolution Powers and Resolution Tools;

(f)               the appointment of independent valuers and the valuations required under this Part;

(g)              the recognition of Resolution Action taken in jurisdictions outside the AIFC;

(h)              the effect of action taken under this Part on provisions in agreements or contracts;

(i)                the notification of events relevant to the AFSA’s exercise of its powers under this Part;

(j)                the conditions and procedures relating to the AFSA exercising any powers under this Part; and

(k)              any other matter necessary or incidental to give effect to this Part.