Our Structure
Board of Directors
Executive Team
Financial Markets Tribunal
Board Committees

Our Structure


​​​​​The Regulatory Law 2004 provides that the DFSA shall be comprised of the Chairman of the DFSA, the DFSA Board of Directors, the Regulatory Appeals Committee and other Committees of the Board as may be duly appointed from time to time, the Financial Markets Tribunal and the Chief Executive and members of his staff.

In addition to the Committees required by statute, the Board has established 4 Committees to assist it in discharging its functions. These are the Legislative Committee, Governance and Nominations Committee, Audit and Risk Committee and the Remuneration Committee. These Committees form a solid platform for good governance, efficiency and redress.

Some Committees include Members who are not Members of the Board, while the Chairman of the DFSA Board is an ex-officio Member of all Board Committees, except the Audit and Risk Committee and the Regulatory Appeals Committee.

DFSA Values and Ethics

The DFSA Values reflect the core DIFC operating principles of Integrity, Transparency and Efficiency and are firmly embedded in the DFSA’s Rules and Procedures and in the DFSA Code of Values and Ethics for employees.

The Code sets appropriate international best practice standards, in relation to the use of confidential regulatory information, conflicts of interest and the giving and receiving of gifts and benefits. It is designed to complement the conflict of interest and confidentiality provisions in the Regulatory Law 2004.

The DFSA Board of Directors has adopted a similar Code of Values and Ethics appropriate for members of the Board, Committees and Tribunals and can be viewed here.

Board of directors

The DFSA Board oversees the DFSA Chief Executive and staff and are appointed by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, President of the DIFC, for a three year term. The structure has been designed to ensure a transparent separation of day-to-day regulatory activities from the oversight of the DFSA’s regulatory performance. The Board provides governance that is characterised by vigilance, accountability and fairness. Directors are governed by a Code of Values and Ethics that sets out procedures for reporting and managing any potential, perceived or actual conflicts of interest. A copy of the Code is available here.

The Board typically meets six times per year. The Board’s Committees meet as needed, with most of them meeting two or three times per year. Beginning in 2014, a summary of outcomes for each of the Board meetings is available, to view please click on the month below:

The Board currently consists of 9 Directors and all but the Chief Executive are independent non-Executive Directors. The Members of the Board are leading industry, legal and regulatory experts drawn from major international financial jurisdictions.

Members of the Board




Financial Markets Tribunal

The Financial Markets Tribunal (FMT) was created under the Regulatory Law 2004. It hears and determines References and Regulatory Proceedings.


A Reference is a proceeding in front of the FMT to review a decision of the DFSA. The FMT conducts a full merits review of any DFSA decision referred to it. It can take into account any relevant new evidence that came to light after the DFSA's original decision. The FMT may, among other things, affirm, vary or set aside the DFSA's original decision. The FMT can also remit the matter to the DFSA with directions as to how the DFSA should make its decision.

Regulatory Proceedings

A Regulatory Proceeding is a proceeding in front of the FMT to hear certain types of matters as prescribed under the Laws or Rules. For example, Regulatory Proceedings may arise between persons and include issues arising out of the supervision of an AMI; an offer of securitiezs, a takeover offer, merger or acquisition of shares, or any other matter prescribed in the Law or Rules. The FMT may, among other things, impose a fine, a censure, make different types of orders or prohibit a person from holding an office in the DIFC.


The FMT or the DIFC Court may grant permission to a party to appeal the decision of the FMT to the DIFC Court. However, the appeal may only be on a point of law.

To access the Rules of Procedure of the FMT, please click here.

To access the Form 1 Notice of Appeal, please click here.

FMT Decisions


Members of the FMT


Board Committees

Legislative Committee

The primary function of the Legislative Committee is to assist the Board in discharging its policy-making and legislative functions, including the development of legislation related to the regulation of financial services and related ancillary activities conducted through the DIFC.

Legislative Committee members are:

  • Charles Flint QC (Chairman)
  • Abdul Wahid Al Ulama
  • Robert L Clarke
  • Robert Owen
  • Saeb Eigner
  • Ian Johnston
  • Muna Dandan
  • Michael Blair QC (External Committee Member)
  • Peter Casey (External Committee Member)

Audit Committee

The primary function of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities regarding the financial management of the DFSA, the adequacy of its systems of internal controls, and the quality of its internal risk management process. Neither the Chairman nor Chief Executive can be members of the Audit Committee.

Audit Committee members are:

  • Dr J Andrew Spindler (Chairman)
  • Fadel Al Ali
  • The Hon Apurv Bagri

Risk Committee

The primary function of the Risk Committee is to assist the Board regarding external risks that could affect the DFSA's reputation or ability to meet its regulatory objectives.

Risk Committee members are:

  • Robert Owen (Chairman)
  • Charles Flint QC
  • Dr J Andrew Spindler
  • Saeb Eigner
  • Ian Johnston

Governance and Nominations Committee

The primary function of the Governance and Nominations Committee is to assist the Board in fulfilling its supervisory responsibilities in respect of the operations of the Board and its management, to identify individuals qualified to become Board Members, to develop a succession programme and to develop and recommend to the Board a set of corporate governance principles.

Governance and Nominations Committee members are:

  • The Hon Apurv Bagri (Chairman)
  • Lord Currie of Marylebone
  • Dr J Andrew Spindler
  • Saeb Eigner
  • Ian Johnston

Remuneration Committee

The primary function of the Remuneration Committee is to assist the Board in fulfilling its responsibilities relating to all aspects of Human Resources at the DFSA, including performance and compensation.

Remuneration Committee members are:

  • Lord Currie of Marylebone (Chairman)
  • Fadel Al Ali
  • The Hon Apurv Bagri
  • Robert Clarke
  • Saeb Eigner
  • Ian Johnston

Rules of Procedure and Practice Directions

To access the former RAC Rules of Procedure, please click here.

RAC - Notice of Hearing, 2013:

12 February 2013: (2012) DFSARAC 9 - Cristal Capital Management (Dubai) Limited (in formation) acting by Mr Luis Freire - Hearing on the Merits

RAC - Notice of Withdrawal of Appeal, 2013:

7 February 2013: (2012) DFSARAC 9 - Cristal Capital (Dubai) Limited (in formation) acting by Mr Luis Freire

RAC - Notice of Hearing, 2012:

5 December 2012: (2012) DFSARAC 9 - Cristal Capital Management (Dubai) Limited (in formation) acting by Mr Luis Freire - Hearing on Application for Disclosure

RAC - Notice of Decision, 2012:


The Working Group is a vehicle through which the Board seeks to promote the development of UAE National employees, and through which it oversees the TRL Programme. Membership of the Working Group includes selected Board members and members of senior management who are integrally involved in training and development of the DFSA’s UAE National employees.

Nationals and TRL Working Group members were:

  • J Andrew Spindler(Chairman)
  • Fadel Al Ali
  • Abdulwahid Al Ulama
  • Lord Currie of Marylebone
  • Waleed Al Awadhi (Director, Corporate Affairs)