Font Size

- Aa +

Wed 22 Aug 2007 04:38 PM

Font Size

- Aa +

DFSA may revoke Forsyth subsidiary's licence

Dubai's watchdog gives firm until Sunday to show it complies with DFSA regulations.

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cause why the firm's licence to provide financial services in the Dubai International Financial Centre should not be withdrawn,” the regulator said in a statement.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.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.