Financial Markets Tribunal

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

References

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 securities, 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.

Appeals

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.

Resources

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

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

FMT Pending Matters

Reference Number Date of Referral Applicant Respondent Hearing Type Date/Time
FMT 19006 22 August 2019 Dr Mubashir Ahmed Sheikh DFSA None currently pending N/A
FMT 19007 27 October 2019 Al Masah Capital Limited DFSA Substantive 10 May 2020
FMT 19007 27 October 2019 Al Masah Capital Management Limited DFSA Substantive 10 May 2020
FMT 19007 27 October 2019 Shailesh Kumar Dash DFSA Substantive 10 May 2020
FMT 19007 27 October 2019 Nruapaditya Singhdeo DFSA Substantive 10 May 2020
FMT 19007 27 October 2019 Don Lim Jung Chiat DFSA Substantive 10 May 2020

 












 

FMT Hearing Transcripts

To access transcripts of proceedings currently before the FMT, please click the relevant link below.  The transcripts of the proceedings have been produced by a third party service provider.  They have not been reviewed or verified by the DFSA.  Accordingly, the DFSA does not at this stage assert the transcripts are an accurate representation of the proceedings and does not accept any responsibility for their contents.

Dr Mubashir Ahmed Sheikh v DFSA, Day 1, 26 April 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 2, 27 April 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 3, 28 April 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 4, 29 April 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 5, 30 April 2020


Al Masah Capital Limited et al. v DFSA, Day 1, 10 May 2020

Al Masah Capital Limited et al. v DFSA, Day 2, 11 May 2020

Al Masah Capital Limited et al. v DFSA, Day 3, 12 May 2020

Al Masah Capital Limited et al. v DFSA, Day 4, 13 May 2020
 


FMT Decisions

January 2012 - ARQAAM CAPITAL LIMITED AND ERNST & YOUNG

December 2015 – MAS CLEARSIGHT LIMITED

May 2019 – ROYAL SHIELD LIMITED

August 2019 - ANNA WATERHOUSE
*Ms Waterhouse subsequently applied to the DIFC Courts for permission to appeal against the FMT's decision. On 12 December 2019, Ms Waterhouse's application was refused and she was ordered to pay the DFSA's costs in relation to the application for permission to appeal. A copy of the order with reasons of Justice Sir Jeremy Cooke is available on the DIFC Courts' website and can be accessed via this link.

January 2020 - AL MASAH CAPITAL LIMITED ET AL


 

Members of the FMT