26. The Regulatory Appeals Committee

Past version: effective up to 13/09/2008
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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) a panel of members of the Regulatory Appeals Committee.
(3) None of the following persons shall be appointed as members of the panel:
(a) the Chairman of the DFSA;
(b) the Chief Executive of the DFSA; or
(c) subject to Article 26(4), any director, officer, employee or agent of the DFSA or of any other agency or body of the DIFC established under Dubai Law.
(4) Board Members of the DFSA and members of the Financial Markets Tribunal may be appointed as members of the Regulatory Appeals Committee.
(5) Persons appointed to be members of the panel shall have relevant qualifications, expertise and experience in the regulatory aspects of financial services and related activities.
(6) The DFSA Board of Directors may reappoint or dismiss the chairman of the Regulatory Appeals Committee.
(7) 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.