DFSA Hosts Legal Think Tank

by Lorys Charalambous, for LawAndTax-New.com, Cyprus

01 May 2008

The Dubai Financial Services Authority (DFSA) at the weekend hosted some of Dubai’s leading legal practitioners and judges in a discussion of inter-jurisdictional issues affecting counter-parties and the users of Courts in Dubai and the Dubai International Financial Centre (DIFC).

Members of the DFSA’s Financial Markets Tribunal (FMT) also participated, to highlight the FMT’s operation and jurisdiction.

Joining the panel of distinguished practitioners who examined the jurisdiction of the DIFC and Dubai Courts, the FMT, and the enforceability and execution of Court orders in multiple jurisdictions, were: DIFC Court Chief Justice, Sir Anthony Evans; Dubai Court Judge, Mohammad Al Suboosi; the Director of Strategy and Organisational Performance for Dubai Court, Dr Yousuf Ali Humaid Al Suwaidi; and DFSA’s FMT President Stewart Boyd QC.

The workshop, which took place on 27th April, was the first of its kind in the UAE, and comprised financial firms, regulators, legal practitioners and the Courts.

Discussions revolved around the importance of enhancing understanding of the application of laws, and the challenges of administering justice in Dubai and the DIFC.

Commenting on the workshop, DFSA’s Head of Enforcement, Stephen Glynn, stated that:

“Today’s workshop is a unique opportunity for market counter-parties to interact with the legal profession, judiciary and regulatory community to discuss issues affecting commercial activities in Dubai and the DIFC."

"One of the outcomes of the workshop was to provide greater legal certainty to counter-parties who enter into contracts and seek to enforce Court orders in Dubai and the DIFC."

He concluded: "If legal practitioners, regulators and the Courts are of a similar mind in respect of issues affecting the administration of justice, then this can only result in legal and regulatory efficiencies and cost savings to the users of legal and judicial services.”

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