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A Fixed Penalty Regime (FPN) is coming. Put very simply, it works as follows:
- Breach occurs
- DFSA issues an FPN.
- Pay the penalty (maximum US$ 50,000) and remedy the breach.
- If you do 3, DFSA doesn’t sanction you. No public censure and no fine.
- If you don’t do 3, DFSA can launch enforcement proceedings (i.e. not good news)
Read more here.
This episode is also available as a blog post: https://riffle.beehiiv.com/p/lets-talk-penalties