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 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 Form 1 Notice of Appeal, please click here.

FMT Pending Matters

FMT Decisions



Members of the FMT