22 Jul 2024
Vedas International Marketing Management (Struck Out)
Open
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.
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.
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 Explanatory Memorandum 2024 for the Rules of Procedure of the FMT, please click here.
To access the Form 1 Reference Notice, please click here.
No matters currently pending.
| Reference Number | Date of Referral | Applicant | Respondent | Hearing Type | Date/Time |
|---|
*Upheld by DIFC Courts on 12 December 2019.
** Upheld by DIFC Courts on 29 September 2022.
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.
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