AFSA can exercise its Supervisory measures and may conduct enforcement and disciplinary actions towards the AIFC participants. The AFSA will seek to exercise its Supervisory measures in a manner that is transparent, proportionate, responsive to the issue, and consistent with its policies. It will seek to ensure fair treatment when exercising its powers.
Written Directive & Warning Letter
The AFSA may issue a warning letter to Authorised Firm, following the preliminary breach or possible breach of the requirements of AIFC Regulations and Rules, which includes list of recommendations and requirements to be implemented within specified timeframe.
No-action letter
A firm can receive no-action letter due to the breaching certain requirements such as Capital requirements, Liquid Assets requirements etc.
Late Fees & Fines
A firm can get late fees for providing incorrect returns or within failure to comply with the AFSA written requirement.
Condition
The AFSA may impose or vary such conditions, restrictions and requirements on a Licence as the AFSA considers appropriate.
Suspension & Withdrawal
The AFSA can Suspend or Withdraw a License of the Firm in case of non-compliance with AIFC Rules, License pre-conditions, breach of the requirements etc.
Waivers & Modification
The AFSA may, where it considers appropriate, withdraw its no objection position, or modify or vary any condition it has imposed or any remedial action it has required under the AFSA Rules.
Supervisory Measures introduced by Prudential Supervision division in 2022
Summary
In 2022 PRU undertook the following supervisory measures in relation to Authorised Firms by issuing:
