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25. Appeals against Decisions or Procedures of Global Market's Authorities

Past version: effective from 17/12/2015 - 16/12/2015
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General

(1) Any order, judgment, decision or procedure made by any Global Market's Authority may be appealed against or questioned by any interested party, or by any party to the proceedings, on the grounds that it is wrong in law or is in excess of jurisdiction by applying to the Civil Division of the Court of First Instance.
(2) For the purposes of this section, only the following are "Global Market's Authorities" —
(a) the Global Market Registration Bureau;
(b) the Financial Services Regulatory Authority; and
(c) the Appeals Panel.
(3) Subject to the provisions of these Regulations and to court procedure rules, the Civil Division of the Court of First Instance shall, in accordance with section 16(2), have jurisdiction to hear and determine any application, or any appeal (whether by way of case stated or otherwise), which it has power to hear and determine under or by virtue of these Regulations or any other ADGM enactment.

References or appeals from a decision of the Registration Authority

(4) Subsections (5) to (12) apply in the case of a reference or appeal to the Court of First Instance (whether made under these Regulations, the Commercial Licensing Regulations 2015, the Companies Regulations 2015, or any other ADGM enactment) in respect of a decision of the Registration Authority.
(5) In subsections (4) to (12) —
(a) "relevant decision" means a decision mentioned in subsection (4); and
(b) "Registration Authority" means the Global Market Registration Bureau.
(6) Court procedure rules may make provision for the suspension of a relevant decision which has taken effect, pending determination of the reference or appeal.
(7) The Court of First Instance may review the relevant decision of the Registration Authority and may consider —
(a) any evidence relating to the subject-matter of the reference or appeal, whether or not it was available to the Registration Authority at the material time; and
(b) correct any mistake in law or misdirection of the Registration Authority relating to the subject-matter of the reference or appeal and to the relevant decision.
(8) In the case of a reference under section 52(11) of the Commercial Licensing Regulations 2015 (third party rights), the Court of First Instance —
(a) must determine what (if any) is the appropriate action for the Registration Authority to take in relation to the matter; and
(b) on determining the reference, must remit the matter to the Registration Authority with such directions (if any) as the Court considers appropriate for giving effect to its determination.
(9) In the case of —
(a) a reference under section 248(3) of the Companies Regulations 2015 (decision notice), the Court of First Instance must —
(i) determine whether, having regard to all of the circumstances, it is appropriate for the Registration Authority to make a disqualification order; or
(ii) dismiss the reference; and
(iii) in either case, on determining the reference, remit the matter to the Registration Authority with such directions (if any) as the Court considers appropriate for giving effect to its determination;
(b) an appeal under section 254(1) of the Companies Regulations 2015 (appeals), the Court of First Instance must —
(i) determine whether, having regard to all of the circumstances, it is appropriate for the Registration Authority to issue a decision notice; or
(ii) dismiss the appeal; and
(iii) in either case, on determining the appeal, either —
a. remit the matter to the Registration Authority with such directions as the Court considers appropriate for giving effect to its determination; or
b. make any order or determination that the Registration Authority might have made.
(10) In any other case, the Court of First Instance must determine the reference or appeal by either —
(a) dismissing it; or
(b) remitting the matter to the Registration Authority with a direction to reconsider and reach a decision in accordance with the findings of the Court.
(11) The findings mentioned in subsection (10)(b) are limited to findings as to —
(a) issues of fact or law;
(b) the matters to be, or not to be, taken into account in making the decision; and
(c) the procedural or other steps to be taken in connection with the making of the decision.
(12) The Registration Authority must act in accordance with the determination of, and any direction given by, the Court of First Instance.

References from the Appeals Panel

(13) Subsections (14) to (29) apply in the case of a reference to the Court of First Instance (whether made under these Regulations, the Financial Services and Markets Regulations 2015, or any other ADGM enactment) in respect of a decision of the Appeals Panel.
(14) In subsections (13) to (25) —
(a) "relevant decision" means a decision mentioned in subsection (13);
(b) "the decision-maker" means —
(i) the Regulator; and/or
(ii) the Appeals Panel,
as the case may be;
(c) "Regulator" means the Financial Services Regulatory Authority; and
(d) "Regulatory Committee" and "Appeals Panel" have the meaning prescribed under Chapters 1 and 2 of Part 19 of the Financial Services and Markets Regulations 2015 (Regulatory Committee, Appeals Panel and Disciplinary Measures).
(15) Court procedure rules may provide for the suspension of a relevant decision which has taken effect, pending determination of the reference.
(16) The Court of First Instance may review the relevant decision of the Appeals Panel and may consider —
(a) any evidence relating to the subject-matter of the reference, whether or not it was available to the decision-maker at the material time; and
(b) and correct any mistake in law or misdirection of the decision-maker relating to the subject-matter of the reference and to the relevant decision.
(17) In the case of a disciplinary reference or a reference under section 254(11) of the Financial Services and Markets Regulations 2015 (Third Party rights), the Court of First Instance —
(a) must determine what (if any) is the appropriate action for the Regulator to take in relation to the matter; and
(b) on determining the reference, must remit the matter to the Regulator with such directions (if any) as the Court considers appropriate for giving effect to its determination.
(18) In any other case, the Court of First Instance must determine the reference by either —
(a) dismissing it; or
(b) remitting the matter to the Regulator with a direction to reconsider and reach a decision in accordance with the findings of the Court.
(19) The findings mentioned in subsection (18)(b) are limited to findings as to —
(a) issues of fact or law;
(b) the matters to be, or not to be, taken into account when making the decision; and
(c) the procedural or other steps to be taken in connection with the making of the decision.
(20) The Regulator must act in accordance with the determination of, and any direction given by, the Court of First Instance.
(21) A reference is a "disciplinary reference" for the purposes of subsections (13) to (20) and this subsection (21) if it is in respect of any of the following decisions —
(a) a decision to publish a statement under section 231 of the Financial Services and Markets Regulations 2015 (public censure);
(b) a decision to impose a fine under section 232 of the Financial Services and Markets Regulations 2015 (financial penalties);
(c) a decision to suspend a permission or impose a restriction under section 233 of the Financial Services and Markets Regulations 2015 (suspension and restriction of Financial Services Permission).
(22) In determining in accordance with subsection (17) a reference made (whether under these Regulations, the Financial Services and Markets Regulations 2015 or any other ADGM enactment) as a result of a decision notice given by the Regulator, the Court may not direct the Regulator to take action which it would not, as a result of section 249(2) of the Financial Services and Markets Regulations 2015 (decision notices), have had power to take when giving the notice.
(23) The action specified in a decision notice must not be taken —
(a) during the period within which the matter to which the notice relates may be referred to the Court of First Instance (whether under these Regulations, the Financial Services and Markets Regulations 2015 or any other ADGM enactment); and
(b) if the matter is so referred, until the reference, and any appeal against the Court's determination, has been finally disposed of.
(24) The Court may, on determining a reference (whether made under these Regulations, the Financial Services and Markets Regulations 2015 or any other ADGM enactment) in respect of a decision of the Regulator, make recommendations as to its regulating provisions or its procedures.
(25) No reference may be made to the Court of First Instance under subsection (13) before the Appeals Panel has made a relevant decision; and the Court shall not have jurisdiction under subsection (13) to entertain or determine any reference of a decision, direction or order of the Regulator or the Regulatory Committee until it becomes the subject of a relevant decision by the Appeals Panel.
(26) Subsections (27) to (29) apply in the case of proceedings before the Court of First Instance in respect of a decision of the Appeals Panel.
(27) A person contravenes these Regulations if that person, without reasonable excuse —
(a) refuses or fails —
(i) to attend following the issue of a writ of attendance by the Court of First Instance; or
(ii) to give evidence; or
(b) alters, suppresses, conceals or destroys, or refuses to produce a document which he may be required to produce (whether or not pursuant to a writ of production) for the purposes of proceedings before the Court.
(28) A person who commits a contravention of subsection (27)(a) shall be liable to a fine not exceeding level 3 on the standard fines scale.
(29) A person who commits a contravention of subsection (27)(b) shall be liable to a fine not exceeding level 8 on the standard fines scale.