1. Recognised Non-AIFC Market Institutions (RNAMI)
A Person which operates an investment exchange or clearing house from a place of business in a jurisdiction other than the AIFC may apply to AFSA for an order declaring it to be a Recognised Non-AIFC Investment Exchange or Recognised Non-AIFC Clearing House as appropriate.
To find out more about Recognition Rules, please follow this link.
RNAMIs Supervisory Measures
- Monitoring of received reports and information
- Revocation of RNAMI status (voluntarily or involuntarily)
- Monitoring of trades in order to identify potential illegal insider trading and market manipulation
- RNAMIs trading members are directly supervised by AMIs and subject to their Business Rules
Required Notifications of RNAMIs if, or in the event of:
- An event occurs that may impact AFSA's assessment of meeting its Recognition Requirements
- Changes in its: (a) memorandum and articles of association or any similar or analogous documents; or (b) its chairperson or president, or chief executive (or equivalent)
- Disciplinary or similar action taken against a RNAMI by a supervisory authority
- Publication of annual reports and accounts
- Proposals to change its address in the AIFC for the service of notices or other documents required or authorised to be served on it or the address of its head office
- A Recognised Non-AIFC Market Institution has been notified that any licence, permission or authorisation which it requires to conduct any regulated activity in its home territory has been or is about to be revoked or modified in any way which would materially restrict the Recognised Non-AIFC Market Institution in performing any regulated activity in its home territory or in the AIFC
- A Recognised Non-AIFC Market Institution admits for the first time a Member whose head or registered office is in the AIFC
- A Recognised Non-AIFC Market Institution decides to put a Member into default
- A Recognised Non-AIFC Market Institution issues a consultation on proposed changes to its rules or procedures
- Changes to Recognised Non-AIFC Market Institution's rules or new procedures becoming effective
- A Recognised Non-AIFC Market Institution issues guidance on or a circular relating to its rules or procedures
- A Recognised Non-AIFC Market Institution becomes aware of anything which reasonably tends to show a breach, or likely breach, by itself or a third party of a provision of legislation administered by the AIFC
For detailed information and timing please visit this link.
2. Recognised Non-AIFC Member (RNAM)
A Person located in a jurisdiction other than the AIFC may apply to AFSA for an order declaring it to be a Recognised Non-AIFC Member (“RNAM”).
More information is via this link.
Required Notifications of RNAMs:
- Provide reasonable advance notice of a change in the name of the RNAM, or change in its trading name, or a change in the address of the RNAMs home office
- The granting, modification, variation, withdrawal or refusal of any application for, or revocation of, any licensing, recognition or authorisation of the Recognised Non-AIFC Member in the jurisdiction in which the Recognised Non-AIFC Member has its head office or principal place of business
- The Recognised Non-AIFC Member must provide any information to any financial services regulator to which the Recognised Non-AIFC Member is subject, and which is relevant to its status as a Recognised Non-AIFC Member, save where the activities of the financial services regulator are part of a routine or regular inspection or audit of the affairs of the Recognised Non-AIFC Member
- Anything which causes or may cause the Recognised Non-AIFC Member to fail to satisfy the Recognition Requirements
- The Recognised Non-AIFC Member becomes aware that a financial services regulator has started an investigation into the affairs of the Recognised Non-AIFC Member or has appointed inspectors to investigate or manage the affairs of the Recognised Non-AIFC Member
- The imposition of disciplinary measures or disciplinary sanctions on the Recognised Non-AIFC Member by any financial services regulator
- A Recognised Non-AIFC Member receives: an order from a client, or arranges or executes a transaction with or for a client; and has reasonable grounds to suspect that the order or transaction may constitute Market Abuse or Financial Crime
- The Recognised Non-AIFC Member becomes aware of anything which reasonably tends to show a breach, or likely breach, by itself or third party of a provision of legislation administered by the AIFC
For detailed information and timing please visit this link.
