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Aug 21 2014 onwards

30. Regulatory proceedings



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(1) The FMT has jurisdiction to hear and determine any regulatory proceeding where a provision of the Law, the Rules, or any other legislation administered by the DFSA provides that the FMT may hear and determine a regulatory proceeding relating to a matter.
(2) The DFSA or any other person may commence a regulatory proceeding in the FMT only in circumstances where the FMT has jurisdiction pursuant to this Article to hear and determine the matter.
(3) A regulatory proceeding may be brought either:
(a) by the DFSA; or
(b) by another person with:
(i) sufficient interest in the matter to which the regulatory proceeding relates; and
(ii) the consent of the DFSA or, where such consent is denied, the consent of the FMT.
(4) At the conclusion of a regulatory proceeding, the FMT may do one or more of the following:
(a) declare that a person has committed a contravention of a specified provision;
(b) impose a fine on a person in respect of a contravention, of such amount as it considers appropriate;
(c) censure the person by any means, including by way of publishing a notice of censure;
(d) make an order requiring the person to effect restitution or compensate any other person for such period and on such terms as the FMT may direct;
(e) make an order requiring the person to account, in such form and on such terms as the FMT may direct, for such amounts as the FMT determines to be profits arising from wrongdoing or any other form of unjust enrichment as determined by the FMT;
(f) make an order requiring the person to cease and desist from such activity as the FMT may stipulate;
(g) make an order requiring the person to do an act or thing;
(h) make an order prohibiting the person from holding office at any body corporate carrying on business in the DIFC; or
(i) make a finding, declaration or order of a type prescribed under the Law, Rules or any other legislation administered by the DFSA.