(1) The FMT has jurisdiction to hear and determine any reference where a provision of legislation administered by the DFSA or a provision in or made under a DIFC Law provides that a matter may be referred to the FMT for review.
(2) A person may commence a reference to the FMT only in circumstances where the FMT has jurisdiction to hear and determine the reference under this Article.
(3) A reference must be commenced:
(a) within 30 days of the relevant decision of the DFSA; or
(b) within such further period not exceeding 30 days as may be approved by the FMT where it is satisfied that such approval is appropriate in the circumstances.
(4) At the conclusion of a reference, the FMT may do one or more of the following:
(a) affirm the original decision of the DFSA which is the subject of the reference;
(b) vary that original decision;
(c) set aside all or part of that original decision and make a decision in substitution;
(d) decide what, if any, is the appropriate action for the DFSA to take and remit the matter to the Chief Executive;
(e) make such order in respect of any matter or any of the parties which it considers appropriate or necessary in the interests of the DFSA's regulatory objectives or otherwise in the interests of the DIFC; or
(f) issue directions for giving effect to its decision, save that such directions may not require the DFSA to take any step which it would not otherwise have the power to take.
(5) If a person refers a decision to the FMT, the DFSA must publish such information about the decision as it considers appropriate unless:
(a) in the DFSA’s opinion, publication of such information would be prejudicial to the interests of the DIFC; or
(b) the FMT has made an order under Article 31(5) preventing such publication.
(6) Information about a decision referred to in paragraph (5):
(a) must be published as soon as practicable after the referral of the decision to the FMT;
(b) may be published in such manner as the DFSA considers appropriate; and
(c) must include a statement that the person has exercised his right to refer the matter to the FMT and the decision is subject to review.
(7) Nothing in paragraph (5) limits the DFSA’s power under Article 116 to publish information or statements about a decision or matter in other circumstances.
(8) The FMT may make an order referred to in paragraph (5)(b) prohibiting publication of information only if it is satisfied that:
(a) such publication would be likely to cause serious harm to the person to whom the decision relates or to some other person; and
(b) it is proportionate to make such an order, having regard to the principle that the DFSA should exercise its powers as transparently as possible and that proceedings of the FMT should generally be in public.