32. Jurisdiction of 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 Financial Markets Tribunal has jurisdiction to hear and determine proceedings which:
(a) are commenced under Article 33 and relate to an alleged breach of any provision of the Law or of the Rules or of any other legislation administered by the DFSA; or
(b) relate to such other matters as may be prescribed in the Rules or provided for under any other law.
(2) Subject to the Law and the Rules, the Financial Markets Tribunal may make rules of procedure governing the commencement, hearing and determination of proceedings, including as to:
(a) the rules as to evidence;
(b) the manner in which the powers under Article 34 may be exercised; and
(c) the manner in which conflicts of interest of members of the Financial Markets Tribunal constituted under Article 34 may be prevented.
(3) Proceedings and decisions of the Financial Markets Tribunal shall be heard and given in public unless:
(a) the Financial Markets Tribunal hearing a matter orders otherwise; or
(b) the rules of procedure of the Financial Markets Tribunal provide otherwise.
(4) Proceedings before the Financial Markets Tribunal shall be determined on a balance of probabilities.
(5) An appeal from a determination of the Financial Markets Tribunal may be made to the Court.
(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.
(7) 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.
(8) 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.