SCHEDULE 5 – The Regulatory Tribunal
The Regulatory Tribunal shall consist of a chairman and a sufficient number of members.
2. The chairman and the members of
The Regulatory Tribunal shall be of good character and not less than thirty years of age at the time of their appointment and shall have legal knowledge and experience.
3. The chairman and the members of
The Regulatory Tribunal shall not be a member of The Board, The board of directors of The Regulatory Authority, The board of a QFC institution, or an employee of any of these bodies and if the chairman or any member of The Regulatory Tribunal become such a member or so employed shall automatically thereupon cease to be a chairman or a member of The Regulatory Tribunal.
4. The chairman and the members shall be appointed for a five-year renewable term. A decision of The Council of Ministers, upon the proposal of
The Minister, shall determine the terms and conditions of their appointment.
5. The chairman and members of
The Regulatory Tribunal shall enjoy the due independence and impartiality in performing their duties and neither The State, The Council of Ministers, The Chairman, The QFC Authority, The Regulatory Authority nor any other person or body may intervene in the course of their decisions.
6. The chairman and any member of
The Regulatory Tribunal may be removed by a decision of The Council of Ministers if:
a. He becomes incapable through ill-health of effectively performing the duties of his office.
b. He is declared bankrupt.
c. He is convicted of a criminal offence or The Council of Ministers is satisfied that he has been guilty of a serious misconduct which, in either case, The Council of Ministers considers to be of a nature which warrants his removal from office.
7. The chairman and The members of the
Regulatory Tribunal shall not have economic or financial interest of any kind with parties to a dispute.
8. Appeals against decisions made by any of The
QFC authorities or institutions may be filled before The Regulatory Tribunal within (60) days from the date the decision is published in the respective gazette if available, or when the concerned party is legally notified as per a registered written notice.
9. If a petition is submitted to the concerned body that issued the relevant decisions, the time limit mentioned in clause (8) shall be suspended. The
QFC relevant entity that issued the decision must respond to the petitioner within (60) days of lodging the petition. If a 60-day period passes without response, the petition shall be deemed as though rejected. The period for the legal claim shall start on the date the explicit or implicit rejection of the challenge is recognized.
10. The appeal before
The Regulatory Tribunal does not withhold the enforceability of the challenged decision, unless The Regulatory Tribunal, upon a motion based on a justifiable reason from the concerned party, decides to withhold the enforceability of the said decision until the subject matter of the dispute is decided.
11. Without prejudice to the rights of the litigants in relation to defense, The adversarial principle and equal protection,
the Regulatory Tribunal shall issue a judgment within (90) days from the date the defendant receives official notice of the claim, unless the nature of the claim requires one or several extensions.
The Regulatory Tribunal shall apply the provisions of The QFC Law, the amendments thereof and the regulations issued by virtue of that law to the appeals against decisions of The QFC Authority, The Regulatory Authority or any QFC institutions.
13. Once The chairman and the members are appointed,
The Regulatory Tribunal shall lay down its operational rulebook and proceedings in accordance with the provisions of this Law, the fundamental litigation principles and international best practices. Such rulebook and proceedings shall not be in effect until it is approved by the Council of Ministers.
14. The provisions of The Civil and Commercial Procedures Law as issued by law no (13) of the year 1990 and the amendments thereof, shall apply to the claims submitted before
The Regulatory Tribunal, where the QFC Law, The rulebook and proceedings put in force by The Regulatory Tribunal by virtue of the previous clause, are silent on the concerned matter.
15. The Decision of
The Regulatory Tribunal is enforceable unless the Appellate Circuit of The Civil and Commercial Court decides otherwise, on a motion from the appellant party, for reasons the Appellate Circuit considers reasonable.
16. The chairman of
the Regulatory Tribunal shall appoint one of the judges of the tribunal as an enforcement judge, to issue execution orders within the boundaries of The QFC.
17. The chairman of
The Regulatory Tribunal shall manage its administrative and financial affairs and shall issue the necessary decisions to that effect.
|Amended by Law No. (2) of 2009 (as from 24th May 2009).|