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The Appeals Panel
The ADGM Board of Directors established the Appeals Panel in accordance with ADGM Financial Services and Markets Regulations 2015 (FSMR) to provide an independent review of a wide range of administrative decisions made by the FSRA. It also has a first instance decision-making function to consider and determine executive decisions referred to it by the FSRA.
The Appeals Panel seeks to secure consistent, transparent and proportionate use of regulatory powers and increase regulatory certainty and the expedient resolution of matters. It is comprised of five legal and regulatory professionals with expertise and experience in commercial litigation, international arbitration, banking and finance, commercial dispute resolution and other areas. The Panel is led by Mr Michael Brindle KC as the President, with Ms Jane Diplock AO as Deputy President.
To preserve its objectivity and impartiality, the Appeals Panel has full independence and authority for determining regulatory appeals and is independent of the ADGM Board of Directors, the FSRA and the ADGM Courts.
The FSRA may refer an executive decision to the Appeals Panel for determination. In this instance, the Appeals Panel will select a sub-panel of one member to exercise the functions of a first instance decision maker on behalf of the FSRA.
A decision made by the sub-panel may be referred to the wider Appeals Panel for a full merits review. In this case, the sub-panel member will be excluded from the wider Appeals Panel if the decision is referred for a full merits review.
A reference is a proceeding before the Appeals Panel to review a decision of the FSRA. The Appeals Panel conducts a full merits review of any FSRA decision referred to it. It considers any relevant evidence relied on by the FSRA in its original decision and any new relevant evidence that may appear after the FSRA's decision. The Appeals Panel may affirm, vary, or set aside the FSRA's decision. The Appeals Panel can also remit the matter to the FSRA with directions as to how the FSRA should make its decision.
To commence a reference, a person must complete a Reference Notice (Appeals Panel Form 1) and submit it to the Secretariat of the Appeals Panel in accordance with the Appeals Panel Practice and Procedures.
Decisions of the Appeals Panel may be challenged by judicial review. An application for judicial review of a decision of the Appeals Panel may be made to the ADGM Court of First Instance on the grounds that the decision is wrong in law or is in excess of the Appeal Panel's jurisdiction.