The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), has announced that it has suspended the licence of Rasan Capital Limited (RCL).
The suspension for a period of 12 months is consistent with its aim of protecting direct and indirect users of the financial services industry in the DIFC, the DFSA said in a statement.
It added that 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 July 30 2018. Despite commitments made by RCL to rectify the breach in the intervening period, the firm remains in breach of the capital requirement, the statement said.
The DFSA’s public register has been updated to reflect the license suspension, and a decision notice has been issued on its website.
The DFSA said it regularly reminds 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.
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