The Financial Markets Tribunal (FMT) has issued revised Rules of Procedure of the FMT (FMT Rules) which came into force on 2 May 2024.

The FMT Rules have been amended and now cover various aspects, including the form and content of pleadings, document disclosure by the Dubai Financial Services Authority (DFSA), procedures for preventing decision publication and requesting private hearings.

There are also rules for suspending referred decisions pending proceedings, conducting hearings in the absence of a party under certain conditions, and striking out proceedings for non-compliance with FMT Rules, including automatic dismissal for failure to comply with an exception rule by the FMT.

The President of the FMT has prepared an explanatory memorandum explaining the main changes that have been made to the FMT Rules and the purpose of the changes.

FMT Form 1 (Reference Notice) has also been revised to reflect the relevant changes.

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