DIFC’s Financial Markets Tribunal rules on the obligation to file suspicious transaction reports regarding market abuse

Judgment has been handed down by the DIFC’s Financial Markets Tribunal in the first case to consider the proper interpretation of provisions in the DFSA Rulebook that require Recognised Members and Authorised Firms to notify Dubai’s Financial Services Authority (“DFSA) if they have “reasonable grounds to suspect” market abuse. The Tribunal (under its new President, Mr Timothy Herrington), held that the obligation to notify imposes an objective test on firms, not a part subjective and part objective test. The Tribunal did so following a trial in the DIFC in November 2025 which conducted a wide-ranging review of English caselaw on the meaning of “reasonable grounds to suspect“, and the UK’s Upper Tribunal decision of Carrimjee v FCA [2015] UKUT 0079 (TCC). The DFSA’s Decision Notice was upheld in full.

Tom Robinson KC acted for the DFSA in this and earlier hearings regarding privacy orders.

Read the full decision