DFSA Action in the Financial Markets Tribunal to be Made Public

Dubai: The DIFC Courts, on an appeal from the Financial Markets Tribunal (FMT), delivered its decision in the matter of Arqaam Capital Limited (Arqaam) versus the Dubai Financial Services Authority (DFSA).

The decision allows publication of the FMT’s interim decision of 11 January 2012 and allows the proceedings commenced by the DFSA against Arqaam and Ernst and Young (E’&’Y) in August 2011 to be heard in public.

The DIFC Courts’ decision results from an appeal by Arqaam against a decision of the FMT in January 2012, to, amongst other things, make the proceedings public.

The hearing of the substantive matters before the FMT is set down for 17 to 20 September 2012.

The FMT’s interim decision and directions orders are published on the FMT page on the link below: http://www.dfsa.ae/Pages/FinancialMarketsTribunal.aspx The DFSA will not make any further comments about the proceedings until after the conclusion of the hearing.

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