The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has alerted the financial services community and the public about misleading claims made by the Clover Climate Fund and its founder.
According to the regulator, misleading claims were made on certain social media accounts maintained by the Clover Climate Fund and associated parties, including on the social platforms LinkedIn and YouTube.
"It has come to the attention of the FSRA that the Clover Climate Fund and its founder have, in recent days, falsely claimed and inferred that the Clover Climate Fund is an open-ended private exempt fund established in the ADGM as a Protected Cell Company; and regulated in the ADGM. These claims are false," the financial regulator said in a statement.
The FSRA advises the public that the Clover Climate Fund:
- Is not, and has never been, granted a Financial Services Permission by the FSRA to carry on any Regulated Activity in or from the ADGM.
- It is not, and never has been, established as a collective investment fund in the ADGM.
- It is not, and has never been, otherwise incorporated nor licensed to undertake any form of commercial activities in the ADGM.
- Only firms authorised by the FSRA can undertake Regulated Activities in the ADGM.
(Writing by Seban Scaria firstname.lastname@example.org; editing by Daniel Luiz)