Entire Section

  • Chapter 4 — Chapter 4 — The Financial Markets Tribunal

    • 26. Constitution of the Financial Markets Tribunal

      (1) The DFSA shall maintain a tribunal of the DFSA called the Financial Markets Tribunal (referred to as the “FMT”).
      (2) The DFSA Board of Directors:
      (a) shall appoint persons for fixed terms to serve as the president and other members of the FMT; and
      (b) may reappoint the president or any of the members for further fixed terms.
      (3) None of the following persons shall be the president or a member of the FMT:
      (a) the Chairman of the DFSA;
      (b) the Chief Executive of the DFSA; or
      (c) any other Board Member, director, officer, employee or agent of the DFSA or of any other agency or body of the DIFC established under Dubai Law.
      (4) The president and members of the FMT shall have relevant qualifications, expertise and experience in the regulatory aspects of financial services and related activities.
      (5) The DFSA Board of Directors may dismiss the president or any of the members of the FMT for just cause. For the purpose of this Article, just cause means inability, incapacity or misbehaviour.

    • 27. Powers and Functions of the FMT

      (1) The powers and functions of the FMT are to hear and determine references and other proceedings as specified in Chapter 5 of Part 2.
      (2) The FMT may do whatever it deems necessary for or in connection with, or reasonably incidental to, performing its functions and exercising its powers conferred for the purposes of Article 27(1), including the giving of directions as to practice and procedure to be followed in the FMT in the hearing and determination of references or other proceedings.
      (3) The president of the FMT may establish one or more panels of the FMT to exercise the powers and perform the functions of the FMT.
      (4) The president of the FMT or the chairman of a panel appointed to hear and determine a reference or other proceeding may make any procedural order or order granting interim relief that the FMT has the power to make.
      (5) For the purpose of a reference or other proceeding, the president of the FMT or the chairman of a panel appointed to hear and determine the proceeding:
      (a) may appoint one or more persons, who shall be independent and an expert in their field, to assist the FMT in deciding any of the issues arising in the proceeding, including assistance in the examination of the parties' witnesses; and
      (b) shall provide the parties with an opportunity to make submissions on the expert's assistance and shall record in its decision the issues on which, and the extent to which, such assistance was relied upon by the FMT.
      (6) Subject to the Law and Rules, the FMT may make rules of procedure governing the commencement, hearing and determination of references and other proceedings, including as to:
      (a) rules of evidence;
      (b) the manner in which powers may be exercised;
      (c) the manner in which conflicts of interest of members of the FMT may be prevented;
      (d) the manner in which an FMT appointed expert may provide assistance to the FMT;
      (e) notification to the Chief Executive of the commencement of a reference or other proceeding; and
      (f) the manner in which the Chief Executive may appear and be heard in the reference or other proceeding.