1.2.1. Annual reports

(a) A Recognised Non-AIFC Market Institution shall provide the AFSA with an annual report which must include:

1. (i.) a copy of its annual report and accounts, including any consolidated annual report and accounts of any Group of which the Recognised Non-AIFC Market Institution is a member;
2. (ii.) confirmation that the Recognised Non-AIFC Market Institution has satisfied the Recognition Requirements throughout the previous 12 months and is continuing to satisfy the Recognition Requirements; and
3. (iii.) a statement about whether the Recognised Non-AIFC Market Institution has not satisfied the Recognition Requirements in any respect, an explanation of why the Recognised Non-AIFC Market Institution failed to satisfy the Recognition Requirements and what actions it is taking, or has already taken, to satisfy them.

(b) The period covered by such a report:

1. (i) starts on the day after the period covered by its last report; or
2. (ii) if there is no such report, on the day of the making of the recognition order recognising the Recognised Non-AIFC Market Institution as such; and
3. (iii) ends on the date specified in the report, or, if no date is specified, on the date of the report.

(c) If a Recognised Non-AIFC Market Institution changes the period covered by its report, it must ensure that the first day of the period covered by a report is the day immediately following the last day of the period covered by the previous report.

(d) Copies of the report should be sent to the AFSA within two months after the end of the period to which it relates.

1.2.2. Notifications to be made to the AFSA

A Recognised Non-AIFC Market Institution must notify the AFSA of the events identified in the first column of the table in Schedule 2 within the period and in the manner specified in the second and third columns of that table.

1.2.3. Language of notice

Any notice to be given or information to be supplied under these notification rules must be supplied in English, and any document to be provided must be accompanied, if not in English, by an accurate English translation.

1.2.4. Waiver of notification rules

A Recognised Non-AIFC Market Institution may apply to the AFSA for a waiver of any of the notification rules in accordance with section 9 of the Framework Regulations.

1.2.5. Supervisory powers of the AFSA

The AFSA may:

• (a) give directions to a Recognised Non-AIFC Market Institution if it has failed, or is likely to fail, to satisfy the Recognition Requirements or if it has failed to comply with any other obligation imposed by or under the Framework Regulations or these Rules; or
• (b) revoke a recognition order if a Recognised Non-AIFC Market Institution is failing, or has failed, to comply with the Recognition Requirements or any other obligation; or
• (c) require a Recognised Non-AIFC Market Institution or a Person connected with the Recognised Non-AIFC Market Institution, to provide or produce specified information or information of a specified description, at a specified place and before the end of a reasonable period, in such form and with such verifications or authentications as it may reasonably require; or
• (d) require any of the following Persons, to provide the AFSA with a report on any matter, or appoint a Skilled Person to provide the AFSA with information or produce documents with respect to any matter:
• (i) the Recognised Non-AIFC Market Institution; or
• (ii) any other member of the Recognised Non-AIFC Market Institution's group; or
• (iii) a partnership of which the Recognised Non-AIFC Market Institution is a member; or
• (iv) a Person who has at any time been a Person falling within (i), (ii) or (iii).