Abu dhabi: has been awarded approximately US$143,000 towards its external and internal legal costs by the Financial Markets Tribunal (FMT) following a reference by Al Ramz Capital LLC of a DFSA Decision Notice dated 13th June 2024.

According to Emirates News Agency, this marks the first instance in which the DFSA has sought recovery of its internal legal costs in proceedings before the FMT. All internal costs related to Al Ramz's privacy application and 25 percent of the internal costs claimed for the substantive reference were awarded.

This outcome also highlights the extent to which the FMT accepted the DFSA's submissions that Al Ramz had acted unreasonably in certain aspects of the reference. These included not narrowing the issues at an earlier stage, pursuing factual arguments with little prospect of success, and raising a late-stage argument about subjectivity in suspecting market abuse during the reference process rather than during the earlier DFSA Decision Maker process.

Alan Linning, Managing Director, Enforcement, of the DFSA, stated, "The DFSA fully supports the right of firms and individuals to challenge its enforcement decisions and to apply for privacy where appropriate. However, this decision makes clear that where a party pursues arguments unreasonably, or advances arguments it should know have no merit, it may be required to contribute to the DFSA's costs in addition to paying any financial penalty imposed."