34. Powers to Hear and Determine Proceedings

Past version: effective up to 20/08/2014
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(1) For the purposes of any proceedings before it, the Financial Markets Tribunal shall consist of at least three members of the Financial Markets Tribunal, one of whom may be its president.
(2) On the commencement of proceedings under Article 33, the president of the Financial Markets Tribunal shall without undue delay, select the hearing panel and appoint its chairman.
(3) The Financial Markets Tribunal may, for the purposes of any proceedings commenced under Article 33, on its own motion or that of any party to the proceedings:
(a) receive and consider any material by way of oral evidence, written statements or documents, even if such material may not be admissible in evidence in civil or criminal proceedings in a court of law;
(b) by notice in writing require a person to attend before it at any sitting and to give evidence and produce any item, record or document in his possession relating to the subject matter of the proceedings;
(c) administer oaths;
(d) examine or cause to be examined on oath or otherwise a person attending before it and require the person to answer truthfully any question which the Financial Markets Tribunal considers appropriate for the purposes of the proceedings;
(e) order a witness to provide evidence in a truthful manner for the purposes of the proceedings by sworn statement;
(f) order a person not to publish or otherwise disclose any material disclosed by any person to the Financial Markets Tribunal;
(g) stay the proceedings on such grounds and on such terms and conditions as it considers appropriate having regard to the interests of justice; and
(h) exercise such other powers or make such other orders as the Financial Markets Tribunal considers necessary for or ancillary to the conduct of the proceedings or the performance of its function.
(4) At the conclusion of any proceedings commenced under Article 33 in which an alleged breach is proven to the satisfaction of the Financial Markets Tribunal, it may by written notice to the Respondent declare that the Respondent has committed a contravention of a specified provision and do one or more of the following:
(a) impose a fine on the Respondent;
(b) censure the Respondent, including by means of publishing a written notice of censure;
(c) make an order requiring the Respondent to effect restitution or compensate any person for such period and on such terms as the Financial Markets Tribunal may direct;
(d) make an order requiring the Respondent to account for, in such form and on such terms as the Financial Markets Tribunal may direct, such amounts as the Financial Markets Tribunal determines to be profits arising from wrongdoing or any other form of unjust enrichment as determined by the Financial Markets Tribunal;
(e) make an order requiring the Respondent to cease and desist from such activity as the Financial Markets Tribunal may stipulate;
(f) make an order requiring the Respondent to do an act or thing;
(g) make an order prohibiting the Respondent from holding office at any body corporate carrying on business in the DIFC; or
(h) make an order requiring a party to the proceedings to pay a specified amount, being all or part of the costs of the proceedings, including those of any party to the proceedings. Such costs may be recovered from the recipient of the order in a court of competent jurisdiction as a debt due to the party which incurred the costs.
(5) Where the Financial Markets Tribunal imposes a fine or censure or makes a declaration or an order in relation to a person under Article 34(4), the DFSA may, without limiting other powers it may have, exercise and perform its functions and powers under Chapters 4, 7 or 8 of Part 3 of the Law in relation to the person's Licence, Authorised Individual status or registration.
(6) A certificate that purports to be signed by the president or proper officer of the Financial Markets Tribunal and states that the Financial Markets Tribunal on a specified day made a finding that a specified person has committed a contravention of a specified provision of the Law or of the Rules or of any other legislation administered by the DFSA or made a specified finding of fact, is in any proceedings before the Court, where relevant:
(a) conclusive evidence that the person was found by the Financial Markets Tribunal on that day to have contravened the relevant provision;
(b) prima facie evidence that the person contravened that provision; and
(c) prima facie evidence of the relevant fact.