Dubai Financial Services Authority v Waterhouse
07 Jan 2020
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Andrew George QC and Tom Cleaver successfully represented the Dubai Financial Services Authority (“DFSA”) in its first substantive hearing before the Dubai International Financial Centre’s (“DIFC’s”) Financial Markets Tribunal (“Tribunal”).
Following a hearing conducted over several days in both London and Dubai, the Tribunal, chaired by David Mackie CBE, found that Deutsche Bank’s former Head of Compliance for the Middle East and North Africa region, Anna Waterhouse, had acted without integrity in providing false or misleading information to the DFSA over a substantial period relating to the regulated activities being conducted by Deutsche Bank within the DIFC.
The Tribunal concluded that Ms Waterhouse was not fit and proper to perform functions in connection with financial services in or from the DIFC and imposed a fine. The Tribunal’s Decision considered issues relating to the meaning of “integrity” and “recklessness” and the constitutional independence of the DIFC Tribunal structure. A subsequent appeal to the DIFC Court was dismissed by Sir Jeremy Cooke in December 2019.
