DFSA shuts down Dubai company for non-compliance

Dubai - The licence was suspended for 12 months.

By Staff Report

Published: Wed 19 Jun 2019, 12:00 AM

Last updated: Wed 19 Jun 2019, 9:22 PM

The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), on Wednesday announced that it has suspended the licence of Rasan Capital Limited (RCL) for a period of 12 months, consistent with its aim of protecting direct and indirect users of the financial services industry in the DIFC.
RCL's licence was suspended due to serious concerns about the adequacy of its financial resources, its non-compliance with DFSA rulebook requirements, and its failure to keep the DFSA informed and notified of such integral matters.
RCL notified the DFSA of a capital breach on 30 July 2018. Despite commitments made by RCL to rectify the breach in the intervening period, as of the date of the suspension notice, the firm remains in breach of the capital requirement. The DFSA's public register has been updated to reflect the licence suspension, and a decision notice has been issued on its website.

The DFSA is committed to protecting the reputation and integrity of the DIFC's financial services and will take action to ensure the interests of direct, indirect, and prospective users of financial services in the DIFC are protected.

The DFSA is regularly reminding firms of their requirement to maintain adequate financial resources at all times, and of the importance of dealing with the DFSA in an open and cooperative manner.

- business@khaleejtimes.com