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

Reference Number Date of Referral Applicant Respondent Hearing Type Date/Time
FMT21015 13 July 2021 Mr Waqar Hassan Siddique DFSA Merits 24 - 28 October 2022
FMT21018 7 September 2021

Mr Arif Masood Naqvi

DFSA Merits 24 - 28 October 2022
FMT21019 18 November 2021 Mr Zachary Cefaratti DFSA Merits 12 - 14 September 2022
FMT21020 18 November 2021 Dalma Capital Management Limited DFSA Merits 12 - 14 September 2022
FMT22021 20 June 2022 Mr Stuart Coles DFSA N/A N/A

FMT Decisions
 

12 Jan 2022

GILLES ROLLET

03 Jan 2022

WAQAR HASSAN SIDDIQUE AND ARIF NAQVI

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

*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.

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.

 

03 Nov 2021

Mr Gilles Rollet v DFSA, Day 3

02 Nov 2021

Mr Gilles Rollet v DFSA, Day 2

31 Oct 2021

Mr Gilles Rollet v DFSA, Day 1

26 Apr 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 1

27 Apr 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 2

28 Apr 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 3

29 Apr 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 4

30 Apr 2020

Dr Mubashir Ahmed Sheikh v DFSA, Day 5

10 May 2020

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

11 May 2020

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

12 May 2020

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

13 May 2020

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

14 May 2020

Al Masah Capital Limited et al. v DFSA, Day 5

17 May 2020

Al Masah Capital Limited et al. v DFSA, Day 6

18 May 2020

Al Masah Capital Limited et al. v DFSA, Day 7

28 May 2020

Al Masah Capital Limited et al. v DFSA, Day 8


Members of the FMT
His Honour David Mackie CBE QC

His Honour David Mackie CBE QC

President
Ali Al Aidarous

Ali Al Aidarous

Ali Al Hashimi

Ali Al Hashimi

Ali Malek QC

Ali Malek QC

Bankim Thanki QC

Bankim Thanki QC

Jeremy Gauntlett SC

Jeremy Gauntlett SC

Patrick Storey

Patrick Storey


See also

Frequently Asked Questions

Supervised Firm Contact Form

DFSA Complaints Portal

For better web experience, please use the website in portrait mode