229. Powers of the Appeals Panel to hear and determine a reference
(1) The Appeals Panel may, for the purposes of any reference commenced under sections 226 and 227 —
(a) stay the decision of the Regulator (or in the case of an executive decision the decision of the member constituting the Appeals Panel) to which the reference relates and any related steps proposed to be taken by the Regulator (or in the case of an executive decision any related steps proposed to be taken by the member constituting the Appeals Panel) until the Appeals Panel has heard and determined the reference;
(b) consider any evidence relevant to the reference made;
(c) receive and consider any material by way of oral evidence, written statements or Documents, even if such material may not be admissible in evidence in civil or criminal proceedings in a court of law;
(d) by notice in writing require a person to attend before it at any sitting and to give evidence and produce any item, record or Document in his possession relating to the subject matter of the proceedings;
(e) administer oaths;
(f) examine or cause to be examined on oath or otherwise a person attending before it and require the person to answer truthfully any question which the Appeals Panel considers appropriate for the purposes of the proceedings;
(g) order a witness to provide evidence in a truthful manner for the purposes of the proceedings by sworn statement;
(h) order a person not to publish or otherwise disclose any material disclosed by any person to the Appeals Panel;
(i) stay the proceedings on such grounds and on such terms and conditions as it considers appropriate having regard to the interests of justice; and
(j) exercise such other powers or make such other orders as the Appeals Panel considers necessary for or ancillary to the conduct of the proceedings or the performance of its functions.
(2) At the conclusion of any proceedings commenced under sections 226 and 227, the Appeals Panel may do one or more of the following —
(a) exercise any of the powers of the Regulator under these Regulations or Rules made by the Regulator;
(b) make an order requiring a party to the reference to cease and desist from any contravention of these Regulations or Rules;
(c) make an order requiring the party to the reference to do an act or thing;
(d) make an order prohibiting the party to the reference from holding office at any Body Corporate carrying on business in the Abu Dhabi Global Market; or
(e) make an order requiring a party to the reference to pay a specified amount, being all or part of the costs of the reference, including those of any party to the reference. Costs ordered to be paid under this subsection shall be enforceable as a civil debt.
(3) Upon making its decision, the Appeals Panel must without undue delay inform each party to the proceeding in writing of —
(a) such decision and the reasons for such decision, including its findings on material questions of fact and identifying the evidence or other material on which those findings were based;
(b) the date on which the decision is to take effect; and
(c) where applicable, the date by which payment of any fine, restitution or compensation must be made.
|Amended on (30 December, 2021).|