DFSA | THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES

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 Reference Notice, please click here.

FMT Pending Matters

No matters currently pending. 

Reference Number Date of Referral Applicant Respondent Hearing Type Date/Time

FMT Decisions
 

28 Mar 2023

DALMA CAPITAL MANAGEMENT LIMITED & ZACHARY CEFARATTI (Ruling on Costs)

31 Jan 2023

DALMA CAPITAL MANAGEMENT LIMITED & ZACHARY CEFARATTI

31 Jan 2023

DALMA CAPITAL MANAGEMENT LIMITED & ZACHARY CEFARATTI SANCTIONS SUSPENSION ORDER

26 Jan 2023

ARIF NAQVI (Ruling on Costs)

23 Dec 2022

KPMG LLP and MILIND NAVALKAR (Ruling on costs)

12 Dec 2022

WAQAR HASSAN SIDDIQUE AND ARIF NAQVI

12 Jan 2022

GILLES ROLLET

03 Jan 2022

WAQAR HASSAN SIDDIQUE AND ARIF NAQVI

14 Dec 2021

**KPMG LLP AND MILIND NAVALKAR

24 Jun 2021

GILLES ROLLET

18 Jan 2021

ASHISH BHANDARI

29 Nov 2020

DR MUBASHIR AHMED SHEIKH

Oct 2020

AL MASAH CAPITAL LIMITED ET AL

Jan 2020

AL MASAH CAPITAL LIMITED ET AL

Aug 2019

*ANNA WATERHOUSE

May 2019

ROYAL SHIELD LIMITED

Dec 2015

MAS CLEARSIGHT LIMITED

Jan 2012

ARQAAM CAPITAL LIMITED AND ERNST & YOUNG

*Upheld by DIFC Courts on 12 December 2019.
** Upheld by DIFC Courts on 29 September 2022.

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.

 


Members of the FMT
Tim Herrington

Tim Herrington

President
Ali Al Aidarous

Ali Al Aidarous

Ali Al Hashimi

Ali Al Hashimi

Ali Malek KC

Ali Malek KC

Patrick Storey

Patrick Storey

Ian Abrams

Ian Abrams


See also

Frequently Asked Questions

Supervised Firm Contact Form

DFSA Complaints Portal

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