Forsyth refuses to rule out missing DFSA deadline

Global asset management group Forsyth Partners has refused to rule out missing today’s deadline for providing information to Dubai’s financial regulator about one of its subsidiaries, the company’s chief executive said this morning.

“Our position has not changed,” Paul Forsyth told Arabian Business. “The press release that the DFSA sent out last week still stands and I have no further comment.”

The Dubai Financial Service Authority (DFSA) on August 22 ordered Forsyth Partners Global Distributors to stop all activity that might “prejudice the clients or creditors of the firm,” and said it had until today to show that it meets DFSA regulatory requirements.

If Forsyth fails to meet the time limit its subsidiary faces being thrown out of the Dubai International Financial Centre (DIFC).

“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," the DFSA said last week.

Arabian Business contacted the DFSA, however, a spokesperson said that all the concerned parties were in meetings and that it would be making a statement later in the day.

The DFSA said last week that the notice to Forsyth followed concerns arising out of its supervisory activities, but would not give any further details.

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