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  • DIFC Laws Amendment Law DIFC Law No. 2 of 2008

    • Enactment Notice

      In respect of the DIFC Laws Amendment Law
      DIFC Law No. 2 of 2008

      We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai hereby enact
      on this 14th day of September 2008:

      DIFC Laws Amendment Law
      DIFC Law No. 2 of 2008

      in the form now attached.

      This Law shall come into force on the 14th day of September 2008.

      Mohammed bin Rashid Al Maktoum

      Ruler of Dubai

    • Part 1: General

      1.  Title
      This Law may be cited as the “DIFC Laws Amendment Law 2008”.
      2.  Legislative Authority
      This Law is made by the Ruler of Dubai.
      3.  Date of enactment
      This Law is enacted on the date specified in the Enactment Notice in respect of this Law.
      4.  Commencement
      This Law comes into force on the date specified in the Enactment Notice in respect of this Law.

    • Part 2: Amendments

      5.  Regulatory Law 2004
      6.  The Regulatory Law 2004 shall be amended as prescribed in this Law.
      (1) Insert in Article 9(a) on the first line the word “the” before the word “Chairman.”
      (2) Insert in Article 12(2) on the first line the words “, director, DFSA tribunal or committee member”, after the word “officer”.
      (3) Delete in Article 26(2)(b) on the first line the words “a panel of” before the word “members”.
      (4) Delete in Article 26(3) on the first line the word “panel” after the word “the” and insert the words “Regulatory Appeals Committee:” after the word “the”.
      (5) Insert in Article 26(3) a new “(c)” to read as follows: “a Member of the Financial Markets Tribunal; or”.
      (6) In Article 26(3)(c) replace the letter “(c)” with “(d)” and add on the first line before the word “director” the word “other”.
      (7) Replace Article 26(4) to read as follows: “The DFSA Board of Directors may appoint Members of the DFSA Board as members of the Regulatory Appeals Committee.”
      (8) Insert in Article 26 a new number “(5)” to read as follows: “The DFSA Board of Directors may appoint persons, who are not DFSA Board Members, as members of the Regulatory Appeals Committee.”
      (9) In Article 26(5) replace the number “(5)” with the number “(6)” and to read as follows: “Members of the Regulatory Appeals Committee shall have relevant qualifications, expertise and experience in the regulatory aspects of financial services and related activities.”
      (10) In Article 26(6) replace the number “(6)” with the number “(7)”.
      (11) In Article 26 add a new number “(8)” to read as follows: “The chairman of the Regulatory Appeals Committee may establish one or more panels of the Committee for the purpose of hearing appeals commenced under Article 28 of the Law.”
      (12) In Article 26 add a new number “(9)” to read as follows: “On the commencement of an appeal under Article 28, the chairman of the Committee, shall without undue delay, select an appeal panel of at least three Committee members and appoint its chairman.”
      (13) In Article 26 add a new number “(10)” to read as follows: “An appeal panel has the powers of the Committee to hear and decide the appeal.”
      (14) In Article 26 (7) replace the number “(7)” with the number “(11)”.
      (15) In Article 26 add a new number “(12)” to read as follows: “The chairman of the Regulatory Appeals Committee or the chairman of a panel selected to hear and determine an appeal may make any procedural order or order granting interim relief that the Regulatory Appeals Committee has power to make relating to an appeal.”
      (16) In Article 27 add a new number “(6)” to read as follows:
      “(6) Where:
      (a) an appeal is commenced in accordance with Article 28 of the Law before the Regulatory Appeals Committee and a proceeding is commenced before the Financial Markets Tribunal in accordance with Article 32 of the Law or Article 56 of the Markets Law; and
      (b) there is a common question of law or fact in the appeal and the Tribunal proceeding and it is in the interests of the DIFC, justice and efficiency;
      the chairman of the Regulatory Appeals Committee, on his own motion or that of a party to the appeal and with the consent of the parties and president of the Financial Markets Tribunal, may direct that the appeal be:
      (c) referred to the Financial Markets Tribunal for determination on such terms as the chairman may direct;
      (d) heard at the same time or following the Financial Markets Tribunal proceeding; or
      (e) stayed until the determination of the Financial Markets Tribunal proceeding.”
      (17) In Article 27 add a new number “(7)” to read as follows: “Where an appeal has been referred to the Financial Markets Tribunal for determination under this Article, the Financial Markets Tribunal has the same powers the Regulatory Appeals Committee has under Article 29 of the Law to hear and determine the appeal.”
      (18) In Article 27 add a new number “(8)” to read as follows: “No person may appeal or review a decision of the Financial Markets Tribunal on an appeal that has been referred to the Tribunal under this Article other than by way of judicial review proceedings before the Court on a point of law.”
      (19) In Article 29 on the third line delete the words “sub-committee” after the word “a” and replace it with the word “panel”.
      (20) In Article 31(2)(b) delete the words “a panel of” before the word “members”.
      (21) In Article 31(3) delete on the second line the word “panel” and replace it with the words “Financial Markets Tribunal:”.
      (22) In Article 31(3) add a new “(c)” to read as follows: “Board Members of the DFSA or members of the Regulatory Appeals Committee; or”
      (23) In Article 31(3)(c) replace the letter “(c)” with the letter “(d)” and delete the words “subject to Article 31(4),” on the first line before the word “any”.
      (24) Delete Article 31 (4).
      (25) In Article 31 (5) replace the number “(5)” with the number “(4)”.
      (26) In Article 31 (6) replace the number “(6)” with the number “(5)”.
      (27) In Article 31 (7) replace the number “(7)” with the number “(6”).
      (28) In Article 31 add a new number “(7)” to read as follows: “The president of the Financial Markets Tribunal or the chairman of a panel selected to hear and determine proceedings brought before the Tribunal may make any procedural order or order granting interim relief that the Financial Markets Tribunal has the power to make relating to proceedings brought before it.”
      (29) In Article 32 add a new number “(6)” to read as follows:
      “(6) Where:
      (a) a proceeding is commenced before the Financial Markets Tribunal in accordance with this Article or Article 56 of the Markets Law and an appeal is commenced before the Regulatory Appeals Committee in accordance with Article 28 of the Law; and
      (b) there is a common question of law or fact in the appeal and the Tribunal proceeding and it is in the interests of the DIFC, justice and efficiency;
      the president of the Financial Markets Tribunal, on his own motion or that of a party to the proceeding and with the consent of the parties and chairman of the Regulatory Appeals Committee, may direct that the proceeding be:
      (c) referred to the Regulatory Appeals Committee for determination on such terms as the president may direct;
      (d) heard at the same time or following the appeal before the Regulatory Appeals Committee; or
      (e) stayed until the appeal before the Regulatory Appeals Committee has been determined.”
      (30) In Article 32 add a new number “(7)” to read as follows: “Where a proceeding has been referred to the Regulatory Appeals Committee for determination under this Article, the Regulatory Appeals Committee has the same powers the Financial Markets Tribunal has under Article 34 of the Law and under Articles 53, 54 and 57 of the Markets Law to hear and determine the proceeding.”
      (31) In Article 32 add a new number “(8)” to read as follows: “An appeal from a decision of the Regulatory Appeals Committee on a proceeding that has been referred to the Regulatory Appeals Committee under this Article may be made to the Court as an appeal under Article 32(5) of the Law.”
      7.  Markets Law 2004
      8.  The Markets Law 2004 shall be amended as prescribed in this Law.
      (1) Replace Article 56(2) to read as follows: “The Financial Markets Tribunal has jurisdiction to hear and determine proceedings relating to:”
      (2) In Article 56(3) on the first line delete the word “commercial” after the word “a” and replace it with the word “regulatory”.
      (3) In Article 56 add a new number “(4)” to read as follows: “A regulatory proceeding under this Part does not include an appeal of a DFSA decision.”
      (4) In Article 56 add a new number “(5)” to read as follows: “A regulatory proceeding under this Part may be brought by the DFSA or by another person with the consent of the DFSA.”
      (5) In Article 56 (4) replace the number “(4)” with the number “(6)” and delete on the first line the words “In exercise of its jurisdiction under the Law” before the word “an” and replace it with the words “Subject to Article 56(7)”.
      (6) In Article 56 add a new number “(7)” to read as follows: “An appeal lies to the Court on a point of law from a determination by the Financial Markets Tribunal of an appeal to the Tribunal prescribed by Rules made by the DFSA for the purposes of this Article.”
      (7) Delete Article 56(5).
      (8) Replace Article 57(3)(e) to read as follows: “an order requiring the respondent to do any act or thing; or”.
      (9) Delete Article 57(3)(f).
      (10) In Article 57(3)(g) replace the letter “(g)” with the letter “(f)”.