The Dubai Financial Services Authority, DFSA, the independent regulator of financial services conducted in or from the Dubai International Financial Centre, DIFC, announced that it has suspended the licence of Rasan Capital Limited, RCL, for a period of 12 months.
In a statement, the DFSA has said 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 30th July, 2018. Despite commitments made by 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, the statement added.
The DFSA’s public register has been updated to reflect the licence suspension, and a decision notice has been issued on its website.
The financial service authority has said that it is committed to protecting the reputation and integrity of the DIFC's financial services and will take action to ensure the interests of direct, indirect, and prospective users of financial services are protected.