Financial Markets Tribunal

The Financial Markets Tribunal (FMT) was established under the Regulatory Law 2004. It is responsible for hearing and determining References and Regulatory Proceedings within the jurisdiction of the ASMEC.

References

A Reference is a proceeding in front of the FMT to review a decision of ASMEC. The FMT conducts a full merits review of any ASMEC decision referred to it. It may consider new evidence that emerged after the original decision. The FMT has the authority to affirm, vary, or set aside the original ASMEC decision. Additionally, the FMT can remit the matter back to ASMEC with directions on how to make its decision.

Regulatory Proceedings

A Regulatory Proceeding is a hearing in front of the FMT for specific matters prescribed under the Laws or Rules. These may include cases related to supervision of an Authorised Market Institution (AMI), securities, takeovers, mergers, acquisitions, or any other regulated matter. The FMT may impose fines, censures, issue orders, or prohibit individuals from holding office within the DIFC.

Appeals

The FMT or the DIFC Court may grant permission for a party to appeal the FMT’s decision to the DIFC Court. However, such appeals may only be made on a point of law.

Resources

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.