The Dubai Financial Services Authority (DFSA) held a discussion to bring to fore inter-jurisdictional issues affecting counter-parties and the users of courts in Dubai and Dubai International Financial Centre (DIFC).

The workshop, which was the first of its kind in the UAE, had the active participation of financial firms, regulators, legal practitioners and the Courts.

Members of the DFSA’s financial markets tribunal (FMT) also participated to highlight the FMT’s operation and jurisdiction.  

DIFC Court chief justice, 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 joined a 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.

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

DFSA’s head of enforcement, Stephen Glynn, said the workshop was 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.   

'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,” Glynn noted.-TradeArabia News Service