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The Dubai Financial Services Authority (DFSA) has suspended the licence of Rasan Capital Limited (RCL), which provides financial consultancy and advisory services.DFSA is an independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC).
RCL's licence was suspended for 12 months 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, DFSA said in a statement issued today.
RCL notified the DFSA of a capital breach on July 30, 2018. Despite commitments made by the RCL to rectify the breach in the intervening period, as of the date of the suspension notice, the firm remains in breach of the capital requirement, read the DFSA statement.
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 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.
(Reporting by Seban Scaria; editing by Mily Chakrabarty)
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