31. The Financial Markets Tribunal

Past version: effective from 14/09/2008 - 20/08/2014
To view other versions open the versions tab on the right

(1) The DFSA Board of Directors shall establish a tribunal of the DFSA called the Financial Markets Tribunal.
(2) The DFSA Board of Directors shall appoint:
(a) a person to serve as the president of the Financial Markets Tribunal; and
(b) members of the Financial Markets Tribunal.
(3) None of the following persons shall be appointed as president or as members of the Financial Markets Tribunal:
(a) the Chairman of the DFSA;
(b) the Chief Executive of the DFSA; or
(c) Board Members of the DFSA or members of the Regulatory Appeals Committee; or
(d) any director, officer, employee or agent of the DFSA or of any other agency or body of the DIFC established under Dubai Law.
(4) Persons appointed as panel members of the Financial Markets Tribunal shall have relevant qualifications, expertise and experience in the regulatory aspects of financial services and related activities.
(5) The DFSA Board of Directors may reappoint or dismiss the president of the Financial Markets Tribunal.
(6) The president of the Financial Markets Tribunal has power to do whatever he deems necessary for or in connection with, or reasonably incidental to, the performance of the functions of the Financial Markets Tribunal.
(7) 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.