Dubai financial regulator DFSA suspends firm for non-compliance

A financial firm operating in the Dubai International Financial Centre (DIFC) has had its licence suspended for 12 months due to non-compliance, it was announced on Wednesday.

The Dubai Financial Services Authority (DFSA), which regulates financial services conducted in or from DIFC, announced that it has suspended the licence of Rasan Capital Limited (RCL) for one year.

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”, a statement said.

RCL notified the DFSA of a capital breach on July 30, 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 statement added.

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,” it said.

The authority said it is also 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.