Abu Dhabi Global Market Establishes Appeals PanelADGM FSRA 27/04/2016
27 April 2016, Abu Dhabi, UAE: The Abu Dhabi Global Market (ADGM) Board of Directors is pleased to announce the establishment of the Appeals Panel in accordance with ADGM Financial Services & Markets Regulations 2015.
The Appeals Panel is set up to review and determine decisions made in the first instance by the Regulatory Committee to ensure proper observance of due process and procedural fairness of the Financial Services Regulatory Authority (FSRA) in exercising its duties and powers in a consistent, transparent and balanced manner.
The Appeals Panel has full independence and authority for determining regulatory appeals and is independent of the ADGM Board of Directors, the FSRA, the Regulatory Committee and the ADGM Courts to preserve its objectivity and impartiality.
His Excellency Ahmed Ali Al Sayegh, Chairman of ADGM, said, “We are pleased to establish and welcome the Appeals Panel and its eminent members. This is an important step in reinforcing ADGM’s commitment in strengthening its regulatory framework. An independent merits review by the Appeals Panel will provide a robust mechanism to safeguard due process of administrative decisions by the Regulatory Committee.” He added, “As an International Financial Centre, ADGM will continuously align itself to international expectations and practice to ensure its framework is on par with international financial regulatory standards. We are committed to maintaining a fair, robust and transparent financial environment for our businesses to expand and grow in the UAE and globally.”
The Appeals Panel comprises of four global legal professionals with outstanding expertise and experience in commercial litigation, international arbitration, banking and finance, commercial dispute resolution and others. They are Mr Michael Brindle QC, Ms Patricia Roberston QC, Ms Rachel Eng and Mr Mark Hapgood QC.
The Panel is led by Mr Michael Brindle QC as the President who said, “I believe the Appeals Panel will add to the strength of the ADGM regulatory system, and I am proud to serve on the Panel”.
The establishment of the Appeals Panel closely followed after the recent appointment of the Regulatory Committee on 26 January 2016. The Regulatory Committee reinforces ADGM’s responsibility in advocating and upholding the highest level of international regulatory standards and governance practice at ADGM.