Dubai’s financial centre regulator on Wednesday ordered a subsidiary of global asset management group Forsyth Partners to stop all activity that might “prejudice the clients or creditors of the firm”.
The Dubai Financial Service Authority (DFSA) said the notice follows concerns arising out of its supervisory activities, but would not give any further details.
Forsyth Partners Global Distributors has until Sunday to show that it meets DFSA regulatory requirements, or the DFSA said it intends to withdraw the firm’s license to operate in Dubai International Financial Centre (DIFC).
"The firm has been given until August 26 to show cause why the firm's licence to provide financial services in the Dubai International Financial Centre should not be withdrawn,” the regulator said in a statement.
“If the firm cannot demonstrate by that date that it meets the DFSA's regulatory requirements, including the adequacy of its capital, it is the DFSA's intention to withdraw the firm's licence.”
Forsyth Partners said it had no comment to make at this time.
CLICK HERE TO POST A COMMENT
| 48 stories | 9 stories
The London-New York fight to be the world's pre-eminent financial centre is now a race to the bottom.
Kuwait rode the emerging market wave for most of this year but now the mood is changing. Soren Billing reports.
London is turning its back on the $450bn industry that helped make the city a world financial leader.
As global markets go into freefall, where will sovereign funds be looking next? Makram Azar explains.
Global Investment's Maha Al Ghunaim on the Gulf's ability to come through the global financial crisis intact.
Arabian Business talks to Unicorn's CFO to discover why Islamic finance is now in higher demand than ever.
SURVEYS & REPORTS
Print this page
Email this to a friend
Discuss this article (0 Comments)
Mobile
