ARQAAM CAPITAL LIMITED AND ERNST & YOUNG
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.
No matters currently pending
|Reference Number||Date of Referral||Applicant||Respondent||Hearing Type||Date/Time|
|FMT21018||7 September 2021||
Mr Arif Masood Naqvi
|FMT21014||28 January 2021||
Mr Gilles Rollet
|DFSA||Final hearing||31 October - 4 November 2021
*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.
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.
His Honour David Mackie CBE QC went to Oxford University and qualified as a solicitor in England in 1971.He was a partner in Allen & Overy from 1975 (and Head of Litigation from 1988) until 2004.He became a part time judge of the criminal courts in 1988 and of the High Court in London in 1998. He was made a QC in 1998. In 2004, Judge Mackie received the CBE for his pro bono work. In 2002, he became a Chair of the Financial Services and Markets Tribunal in the UK.
He was appointed a Senior Circuit Judge in 2004 and worked until 2015 in the High Court as judge in charge of the London Mercantile Court and dealing with commercial, administrative and other civil law cases. He continues to do judicial, arbitration and pro bono work.
Ali Al Aidarous is the founder of Al Aidarous International legal practice (AAILP) and leads the firm’s litigation and arbitration practice. A UAE advocate, admitted to appear before the courts and judicial bodies of the UAE since 1993, Mr Al Aidarous had previously gained in-house experience working with Société Général. Mr Al Aidarous has served as the UAE representative at the International Chamber of Commerce (ICC), in Paris, France, where he was part of the task force for making a final review of all ICC awards.
Mr Al Aidarous is a prominent arbitrator registered with reputable international institutions and acts as arbitrator pursuant to the ICC and DIAC rules and Ad Hoc arbitration. He represents clients in a wide range of commercial matters and he also advises on real estate and construction, both contentious and non-contentious. Mr Al Aidarous graduated from Al Ain University and pursued his postgraduate studies in France. He is fluent in Arabic, English and French.
Mr Ali Al Hashimi is a UAE National and is licensed to appear before all UAE Courts as well as the Dubai International Financial Center Courts. Mr Al Hashimi received his Bachelor of Law degree from the Dubai Police College while concurrently working for the Dubai Police. He obtained his Master of LLM Degree from Boston University in Boston, Massachusetts, USA specialising in International Banking and Securities Law. Mr Al Hashimi possesses a deep understanding of the financial markets and sectors in the Gulf region and also understands how the interplay of global financial markets can affect business transactions in the UAE.
His experience includes over sixteen years of high stake commercial litigation and legal consultation acting on behalf of high profile local and international clients. Mr Al Hashimi is also a member of the DIFCA Legislation Committee (LegCo). He sits as an Arbitrator in different Arbitration proceedings whether Ad Hoc or Institutions. Also is often asked to act as a legal expert in Arbitrations and before the Courts. He is also a member of the Arbitration Tribunal of the UAE Football Association. Mr Al Hashimi is fluent in Arabic, English and Hindi. Mr Al Hashimi’s areas of specialisation include: Banking, Securities, Anti-Money Laundering, Real Estate, Insurance and Corporate Laws, Labor Disputes, and Company Formation throughout the UAE including Dubai, Abu Dhabi, UAE free zones, and Off Shore incorporation in the Jebel Ali Free Zone and Ras Al Khaimah.
Ali Malek QC is a leading barrister in England and Wales specialising in all aspects of Commercial Law including Banking and Financial Services Law. He is a former Head of Chambers at 3 Verulam Buildings. Mr Malek QC is a bencher of the Honourable Society of Gray’s Inn and a Recorder of the Crown Court. He is a former Chairman of the Commercial Bar Association.
He is also a co-author of Jack: Documentary Credits (4th Edition). Mr Malek QC obtained his MA and BCL at Keble College, Oxford University. He was called to the Bar in 1980 and appointed Queen’s Counsel in 1996. He is authorised to sit as a Deputy Judge in the High Court.
Bankim Thanki QC commenced practice at the English Bar in 1989 and took Silk in 2003. He is a member of Fountain Court Chambers and is currently its deputy Head of Chambers as well as a Bencher of the Middle Temple. His practice as Queen’s Counsel spans a wide range of commercial litigation, arbitration, regulatory investigations and inquiries (public and private) and other high quality civil work. Bankim represented Barclays Bank in the case which saw the first judgment handed down in the new Financial List in London and he is currently acting for Ukraine in defending the USD3 billion Eurobond claim brought on behalf of the Russian Federation in the same List.
Mr Thanki represented BP in the first case brought to trial under the English Commercial Court’s Shorter Trials Scheme. Other notable cases in Silk have included acting for GMR in its dispute with the Maldives government over the international airport at Malé, for Deloitte LLP in relation to the Phoenix Four/MG Rover investigation, for Vincent Tchenguiz in his civil damages claim against the SFO, for the Central Bank of Trinidad & Tobago in the public enquiry into the collapse of Colonial Life Insurance, for Lloyds Bank in the OFT test case on Bank Charges, for RBS in the principal test case on the enforceability of credit card agreements, for the son of the King of Bahrain in his dispute with the pop star Michael Jackson, for the Bank of England in the Three Rivers litigation, for Qantas in The Deep Vein Thrombosis and Air Travel Group Litigation and for the Bar Council in R (Prudential) v HMRC and Smith v Kvaerner.
Mr Thanki has also been instructed to advise the central banks of a number of countries including the Deutsche Bundesbank, the Bank of England, the Bank of Namibia and the Central Bank of Trinidad & Tobago. He regularly acts for clients offshore and has provided expert evidence on English law to numerous foreign courts or tribunals. He has conducted LCIA, UNCITRAL, ICC and ad hoc arbitrations as an arbitrator. Amongst other works, he is the editor of The Law of Privilege published by Oxford University Press.
Jeremy Gauntlett SC QC, Beit Scholar at the University of Stellenbosch, graduating BA cum laude and LL B cum laude. Rhodes Scholar at New College, Oxford, graduating BCL. Awarded Harvard Graduate Fellowship. Member of the Cape and Johannesburg Bars, and now also practising from Brick Court Chambers, London. Senior Counsel in South Africa, and Queen’s Counsel. Member of the Financial Markets Tribunal of Dubai and the Shanghai Court of International Arbitration.
Bencher of the Middle Temple. A past President of the Cape Bar, chairman of the General Council of the Bar of South Africa, vice-chairman of the International Council of Advocates and Barristers. Practises in commercial and public law, also in arbitration, regulatory (financial, mining and telecommunications) and competition law. Served as IATA and ICC arbitrator; member of the Commercial Appeals Panel for the Arbitration Federation of South Africa. Served (part-time) as a Judge of Appeal of the Kingdom of Lesotho 1996-2010. Mr Gauntlett SC QC has appeared as leading counsel in the High and Supreme Courts of Botswana, Lesotho, Namibia, Swaziland and Zimbabwe. Also in the Southern African Development Community (SADC) Tribunal in international law disputes, and the African Commission to the African Court of Justice.
Patrick Storey was formerly a Senior Partner, Financial Services Group, at Grant Thornton UK LLP. He was a founding member of the firm's Financial Services Group and its Regulatory Team. After 30 years with the firm he retired from partnership in June 2016, but continues to be part-time Chair of the Financial Services Group. His broad investigations experience and practical knowledge of the financial services industry is the result of almost 30 years' focus on assignments for financial services regulators and regulated businesses, both in the UK and Overseas. He continues to specialise in governance, culture and the practical implications of financial regulations.
He has regularly provided expert witness testimony in High Court and Tribunal proceedings. Mr Storey is a Fellow of the Institute of Chartered Accountants in England & Wales. He holds a Financial Planning Certificate and is a member of the Chartered Institute for Securities & Investment. He served for almost 20 years on the Quality Assurance Committee (and formerly the Investment Business Authorisation Committee) of the Chartered Accountants Regulatory Board in Ireland, and he now serves on the Quality Assurance Review Committee. He is a regular speaker or Chairman at industry conferences, seminars and interest groups.
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