Independent Review Bodies
The ADGM Financial Services and Markets Regulations 2015 created two independent bodies to promote proper governance and due process – the Regulatory Committee and the Appeals Panel. The function of these two bodies is to promote proper observance of due process and provide procedural fairness to secure consistent, transparent and proportionate use of the Financial Services Regulatory Authority’s (FSRA’s) powers.
The ADGM Board of Directors established the Regulatory Committee to support the independence, integrity and procedural fairness of the FSRA in exercising its powers.
The Regulatory Committee is established in accordance with ADGM Financial Services and Markets Regulations 2015 to provide an independent review of a wide range of administrative decisions made by the Regulator and to, in some cases, consider and determine executive decisions referred to it by the FSRA.
The Regulatory Committee seeks to secure consistent, transparent and proportionate use of regulatory powers and increase regulatory certainty and the expedient resolution of matters.
The Regulatory Committee comprises four global independent industry leaders with an extensive spectrum of regulatory, financial and business expertise. It is chaired by Ms Jane Diplock AO, ex-Chairman of the International Organization of Securities Commissions and an internationally-recognised financial regulatory expert.
Regulatory Committee Practice and Procedures
The Regulatory Committee Practice and Procedures set out the operation and procedures of the Regulatory Committee. These procedures are to be read in conjunction with Part 19, Chapter 1 of the Financial Services and Markets Regulations 2015.
Please click here to read the “Regulatory Committee Practice and Procedure”.