General UAE Legal Questions Lawcabinet resolution no. (89) of 2021 regarding the formation and the rules of procedure of the grievances and appeals committee (gac) established pursuant to the provisions of federal decree by law no. (14) of 2018 regarding the central bank and the organi

Article (1) Committee Formation 1. The Grievances and Appeals Committee established pursuant to Federal Decree by Law No. (14) of 2018 Regarding the Central Bank and the Organization of Financial Institutions and Activities, as amended, shall be formed under the Chairmanship of a Federal Court judge, who shall be nominated by the Supreme Council of the Federal Judiciary, and the membership shall include: a. A judge of the Abu Dhabi Judicial Department as a member nominated by the Abu Dhabi Judicial Department; b. A judge of the Dubai Courts as a member, who shall be nominated by the Dubai Courts; c. Two experts in financial and banking field, who shall be nominated by the Board of Directors…

Article (2) Term of Membership 1. The term of membership of the Committee shall be (4) four years, renewable for one or more similar terms by the same method of formation. The Committee may be reconstituted before or after the expiry of its term by a resolution of the Cabinet. 2. In the event that the position of any member becomes vacant for any reason before the expiry of the membership term, a successor shall be appointed for the remainder of the membership term in the same manner in which the previous member was selected. 3. The Committee shall continue to perform its duties after the expiry of its term until a resolution is issued to reform it or to renew membership thereof.

Article (3) Committee’s Place of Work The Committee shall hold its sessions at the headquarters of the Central Bank, and it may hold its sessions at any other place specified by the Committee Chairman.

Article (4) Committee Office An office shall be established at the Central Bank by a Governor’s decision to organize the Committee’s work, and a Secretary reporting to the Committee Chairman shall be appointed thereto. The Central Bank shall bear the office operational costs and shall provide administrative, technical, and financial support to the Committee to carry out its duties and

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Cabinet Resolution of 2021 Regarding the Formation and the Rules of Procedure of the Grievances and Appeals Committee (GAC) Established Pursuant to the Provisions of Federal Decree by Law of 2018 Regarding the Central Bank and the Organization of Financial Institutions 3 responsibilities. Further…

Article (5) The Committee Working Mechanism 1. The Committee shall hold its sessions at least twice a year to review its work. The Committee shall also hold its sessions upon submission of grievances and appeals, or whenever the need arises at the request of the Committee Chairman. 2. The Committee Chairman shall decide on all matters relating to the arrangements for the Committee sessions, including setting the dates of the sessions and the agendas. 3. Upon consideration of grievances and appeals, the Committee may request an in-person hearing session to consider the matter and/or the Committee may only request the submission and exchange of written submissions or memoranda between the part…

Article (6) The Quorum and Voting on Committee Decisions 1. The Committee’s sessions shall not be valid unless attended by (3) three members, including the Chairman or the Vice Chairman. 2. Each Committee Member shall have one vote, and the Committee decisions shall be

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Cabinet Resolution of 2021 Regarding the Formation and the Rules of Procedure of the Grievances and Appeals Committee (GAC) Established Pursuant to the Provisions of Federal Decree by Law of 2018 Regarding the Central Bank and the Organization of Financial Institutions 4 issued by a majority vote of the members present. In the event of a tie, the Chairman of the session shall have a casting vote. 3. The Committe…

Article (7) Procedures and Rules for the Adjudication of Grievances and Appeals 1. The Committee shall follow the process it deems appropriate to decide on any matter referred thereto in a fair and expeditious manner, thereby fulfilling the objectives for which it was established. 2. The Committee may request the Central Bank, the Appellant, or the Grievant to submit any additional information, clarifications, documents, and evidence relating to the dispute. 3. The grievance shall be submitted to the Committee office within (15) fifteen working days from the date on which the Concerned Person is notified of the decision issued by the Central Bank. 4. The grievance or appeal shall be submitte…

Article (8) Committee Decisions The Committee shall notify the grievant or appellant and the Central Bank of its decision within five (5) working days from the date of issuance of its decision on the grievance or appeal.

Article (9) Fees For receipt of grievances or appeals from Licensed Financial Institutions and Authorized Individuals, the Committee shall charge the following fees: 1. (AED 10,000) ten thousand dirhams for grievances related to the licensing and authorization of authorized individuals; and 2. (AED 20,000) twenty thousand dirhams for grievances related to licensed financial institutions.

Article (10) Committee Remunerations The Committee Chairman shall be granted annual remuneration of (AED120,000) one hundred twenty thousand dirhams, Committee Members shall be granted an annual remuneration of (AED100,000) one hundred thousand dirhams, and a substitute member shall be granted (AED10,000) ten thousand dirhams for each session in which they participate.

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Cabinet Resolution of 2021 Regarding the Formation and the Rules of Procedure of the Grievances and Appeals Committee (GAC) Established Pursuant to the Provisions of Federal Decree by Law of 2018 Regarding the Central Bank and the Organization of Financial Institutions 6

Article (11) Publication and Entry into Force This Resolution shall be published in the Official Gazette and shall enter into force from the day following the date of its publication. Mohamed bin Rashid Al Maktoum Prime Minister Issued by Us: Dated: 21 Safar 1443 A.H. Corresponding to: 28 September 2021 A.D.

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