Mohammed bin Rashid amended the legal provisions regarding the establishment of the Financial Supervisory Authority in Dubai – UAE

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, issued Law No. (24) of 2024, amending some provisions of Law No. (4) of 2018 on the establishment of Financial Supervision. Authority.

In the new law, articles (34), (35) and (36) of the original law have been replaced by new provisions regarding the investigation of violations and the imposition of disciplinary punishment on employees who commit violations, as well as the imposition of disciplinary punishment. complaints committee.

Amended Article (34) of Law No. (24) of 2024 gives the Director General of the Financial Supervisory Authority the power to take various actions against employees to address misconduct, including the suspension of employees, the seizure of relevant documents or the termination of investigations if the investigations are refused. gives. is unfounded or lacks evidence. Minor violations may be resolved through disciplinary action rather than prosecution. If a criminal offense is confirmed, the case must be referred to the Dubai Public Prosecutor’s Office. Travel bans and asset freezes can last up to three months and be extended if necessary. An objection can be made after three months, unless there is a valid reason to object before. If improper funds and profits are recovered, an agreement may be reached that will close the investigation without prosecution but still allow for disciplinary action.

Article (35) of the amended law gives the Director General of the Financial Supervisory Authority the authority to evaluate whether disciplinary penalties imposed on employees are proportionate to the seriousness of the violation. If deemed appropriate, the institution notifies the organization to approve the penalty; Otherwise, the General Manager may request a more severe penalty to be imposed with the decision updated to the Institution within seven days. Non-compliance will result in referral to the Central Infractions Committee.

In addition, the amended Article (35) also establishes the independent Central Infractions Committee, consisting of three members appointed by the Director General of the Authority, to examine cases of non-compliance of institutions with criminal regulations and to address violations by senior officials. The committee may approve, increase or deny penalties based on evidence. Both employees and senior officials may appeal the Committee’s decisions within 15 days by filing a complaint with the Grievance Committee as provided by law.

In accordance with the amended article (36), a permanent ‘Complaint Committee’ will be established within the Financial Supervisory Authority, to be appointed by the General Manager of the Authority. The committee consists of a chairman, the CEO of a public institution and representatives of the Institution and the Higher Legislative Committee.

The Committee reviews complaints and addresses appeals of employees and officials facing disciplinary action by the Central Infractions Committee. The committee chairman determines the procedures and powers of the committee. Decisions made by the Complaints Committee are final and cannot be appealed administratively, but those who file an appeal may take judicial action.

The new Law will enter into force from the date of its publication and will be published in the Official Gazette.

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