1.3.1. Definition of Ancillary Service

The Ancillary Services that may be carried on by an Ancillary Service Provider, subject to the terms of its Licence, are specified in Schedule 2.

1.3.2. Form and content of application for a Licence

A Person may apply to the AFSA for a Licence authorising a Centre Participant to carry on one or more Ancillary Services in the AIFC by:

• (a) completing the form prescribed in Schedule 3 and filing the form with the AFSA accompanied by such documents as are specified in the form;
• (b) providing such further information as the AFSA may require; and
• (c) paying the fee prescribed in the Fees Rules to the AFSA.

1.3.3. Fitness and propriety

In assessing whether an applicant is fit and proper for the purposes of section 41 of the Framework Regulations, the AFSA will consider:

1. (a) the applicant’s standing with any relevant regulatory body;
2. (aa) registration with the AIFC Legal Services Board of at least one employee of the applicant applying for a Licence to carry on an Ancillary Service of Providing Legal Services;
3. (b) the applicant’s disciplinary record;
4. (c) the applicant’s procedures for monitoring and preventing Financial Crime;
5. (d) the risk posed to the AIFC by the applicant’s activities; and
6. (e) such other matters as the AFSA considers relevant.

1.3.3-1 Effective supervision

In assessing whether an applicant is capable of being effectively supervised by the AFSA for the purposes of section 41(1) of the Framework Regulations, the AFSA will consider:

(a)     the nature, including the complexity, of the Ancillary Services that the applicant will carry on; and

(b)     the way in which the applicant's business is organised; and

(c)     (if the applicant is a member of a Group) whether membership of the Group is likely to prevent the AFSA’s effective supervision of the applicant; and

(d)     whether the applicant is subject to consolidated supervision.

1.3.4. Notifications

An Ancillary Service Provider must promptly notify the AFSA of any change in its:

• (a) name; or
• (b) legal status; or
• (c) address; or
• (e) beneficial ownership.

1.3.5. Application to modify or withdraw an Ancillary Service Provider’s Licence

An Ancillary Service Provider may apply to the AFSA to change the scope of its Licence, to have a condition or restriction varied or withdrawn, or to have its Licence withdrawn by:

• (a) completing the form prescribed in Schedule 3 and filing the form with the AFSA accompanied by such documents as are specified in the form;
• (b) providing such further information as the AFSA may require; and
• (c) paying the fee prescribed in the Fees Rules.

1.3.6. Withdrawal of an Ancillary Service Provider’s Licence by the AFSA

The AFSA may withdraw the Licence of an Ancillary Service Provider:

1. (a) on the application of the Ancillary Service Provider; or
2. (b) [intentionally omitted]
3. (c) following a request by the Registrar of Companies; or
4. (d) in the event of the insolvency or the entering into administration of the Ancillary Service Provider; or
5. (e) if the AFSA considers it necessary or desirable in the interests of the AIFC.