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UAE: Investment firm fined for failure to submit annual records within deadline

The company's managers, who were supposed to ensure the requirements are met, were also penalised

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File photo used for illustrative purposes

By Wam

Published: Thu 30 Mar 2023, 4:49 PM

Abu Dhabi authorities have imposed hefty fines on an investment company, as well as its current managers, for not submitting annual reports within the specified time period.

The Abu Dhabi Global Market (ADGM) registration authority found that the company and its three directors did not submit reports for the financial year that ended on December 31, 2021, despite an extension of the deadline.

Hamad Sayyah Al Mazrouei, CEO of the ADGM Registration Authority, said managers of companies registered in the market must ensure that they meet all the regulatory requirements. By imposing these fines, he added, the entity wanted to stress that it is taking non-compliance seriously.

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The authority vows to take all necessary action to enhance compliance with reporting requirements, among other rules.

Submission of accounts and reports to the registration authority is a major legal obligation for ADGM-registered companies, under the regulations and international standards relating to the provision of accounts, such as the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The registration authority expects companies to submit the accounts and annual reports within the time period specified in order to protect the interests of ADGM and those of its direct and indirect dealers.

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Wam

Published: Thu 30 Mar 2023, 4:49 PM

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