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34. Savings and Transitional

(1) For the purposes of this Article:
(a) "previous Law" means the Regulatory Law 2004 as it was in force immediately prior to the commencement of the DIFC Laws Amendment Law No. 1 of 2014; and
(b) "current Law" means the provisions of this Law that came into force under the DIFC Laws Amendment Law No. 1 of 2014, as amended from time to time.
(2) The Financial Markets Tribunal that was established under the previous Law continues as if it had been established under the current Law including, without limitation, any appointment made under the previous Law which if subsisting at the date of commencement of the current Law shall continue as if made under the current Law.
(3) The Regulatory Appeals Committee that was established under the previous Law continues only for the purposes of Article 34(5).
(4) Except as provided in Article 34(5) and (6):
(a) anything done or omitted to be done under or for the purposes of the previous Law, including a contravention, is deemed to be done or omitted to be done under or for the purposes of the current Law; and
(b) nothing in the current Law affects:
(i) any right, privilege, remedy, obligation or liability accrued to or incurred by a person under the previous Law; or
(ii) any investigation or legal or administrative proceeding commenced or to be commenced in respect of such a right, privilege, remedy, obligation or liability.
(5) Any proceeding instituted in the Financial Markets Tribunal or the Regulatory Appeals Committee under the previous Law shall continue under the previous Law, and for that purpose, the provisions in Chapters 4 and 5 of Part 2 of the previous Law shall continue in force and effect until such time as the proceedings, and any related appeals and proceedings, are complete.
(6) Where there is a contravention under Article 30(1) or 35(1) of the previous Law, proceedings may be instituted in the Financial Markets Tribunal pursuant to Article 30(2) or 35(2) of the previous Law, and, for that purpose, the provisions in Chapters 4 and 5 of Part 2 of the previous Law shall continue in force and effect until such time as those proceedings, and any related appeals and proceedings, are complete.