1)

A grievance committee shall be established by the CBUAE to consider grievances filed against decisions, measures and administrative sanctions issued pursuant to the provisions of this Decree-Law. The Board shall issue the necessary decisions on the formation of the committee, rules of procedure, remunerations of its members, experts to be engaged and all matters related thereto.

2)

Save as regulatory and supervisory policies, resolutions, regulations, directives and instructions. The committee referred to in Clause (1) above shall decide on grievances against the CBUAE’s decisions, pursuant to the provisions of this Decree-Law and the resolutions issued in pursuance thereof.

3)

A grievance against the CBUAE’s decision shall be made within (20) twenty business days from the date of notification of the decision in accordance with the mechanism determined by the Board. The committee shall not accept grievances submitted after this time limit.

4)

Decisions falling within the competence of the Committee, pursuant to the provisions of this Article, may not be challenged before courts before a grievance against them is filed and decided.

5)

No grievance may be filed before the committee set out in Clause (1) above against decisions issued by the CBUAE, pursuant to the provisions of Clause (2) of Article (41) hereunder.