26. The Regulatory Appeals Committee

Past version: effective from 14/09/2008 - 20/08/2014
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(1) The DFSA Board of Directors shall form a committee called the Regulatory Appeals Committee.
(2) The DFSA Board of Directors shall appoint:
(a) from among its members, other than the Chairman of the DFSA or the Chief Executive of the DFSA, a Board Member to serve as chairman of the Regulatory Appeals Committee; and
(b) members of the Regulatory Appeals Committee.
(3) None of the following persons shall be appointed as members of the Regulatory Appeals Committee:
(a) the Chairman of the DFSA;
(b) the Chief Executive of the DFSA; or
(c) a Member of the Financial Markets Tribunal; or
(d) subject to Article 26(4), any other director, officer, employee or agent of the DFSA or of any other agency or body of the DIFC established under Dubai Law.
(4) The DFSA Board of Directors may appoint Members of the DFSA Board as members of the Regulatory Appeals Committee.
(5) The DFSA Board of Directors may appoint persons, who are not DFSA Board Members, as members of the Regulatory Appeals Committee.
(6) Members of the Regulatory Appeals Committee shall have relevant qualifications, expertise and experience in the regulatory aspects of financial services and related activities.
(7) The DFSA Board of Directors may reappoint or dismiss the chairman of the Regulatory Appeals Committee.
(8) 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.
(9) 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.
(10) An appeal panel has the powers of the Committee to hear and decide the appeal.
(11) The Regulatory Appeals Committee has power to do whatever it deems necessary for or in connection with, or reasonably incidental to, the performance of its functions.
(12) 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.