Pro-bono success in QFC Regulatory Appeal

January 31, 2022

The firm recently represented a client, under the QICDRC pro-bono scheme, in an appeal to the QFC Regulatory Tribunal. The appeal was in respect of findings made against, and sanctions imposed upon, the client pursuant to a Decision Notice. Partner Thomas Williams led the advocacy, appearing with Senior Associates Ahmed Durrani and Umang Singh. In giving the Tribunal’s judgment, President Sir William Blair accepted submissions made on our client’s behalf that he did not knowingly mislead the Regulatory Authority. That finding was set aside, and the fine imposed by way of sanction reduced by 50%. The judgment contains a useful analysis of the relevant regulatory framework, and the approach to be followed by the Tribunal in appeals such as this. Most significantly, it is the first case where the Regulatory Authority did not have its findings and sanctions upheld on appeal.

The case builds on the firm’s commitment to pro-bono work before the QFC Court and Tribunal.

The judgment may be found here:

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