The Undertaking was accepted following a DFSA investigation into Bumfrey's conduct concerning the financial promotion of the First Persian Equity Fund Limited in the DIFC.
The DFSA took action after receiving complaints that an offer of securities had been made by Bumfrey in the DIFC.
A Person may not make an offer of securities in the DIFC, other than an exempt offer, unless a Prospectus has been filed with the DFSA and published. A Prospectus for the First Persian Equity Fund Limited, has not been filed with the DFSA and the offer of securities in the First Persian Equity Fund Limited is not an exempt offer pursuant to the DIFC Markets Law.
A Person undertaking an activity in the DIFC that constitutes a financial service must first be Authorised or Recognised to carry out such an activity unless otherwise exempt. Rupert Neil Bumfrey did not have the requisite authorities or exemptions.
Bumfrey has agreed to Terms and Conditions which are set out in the DFSA Enforceable Undertaking, dated 28 July 2007, pursuant to Article 89, Regulatory Law No. 1 of 2004. Bumfrey undertakes to refrain from making an offer of securities or carrying out any financial services in or from the DIFC for a period of twelve months from the date of the signing of the Undertaking.
Further, Bumfrey will not be able to carry out any financial services in the DIFC unless appropriately Authorised by the DFSA. The Undertaking is legally enforceable under the Laws of the DIFC.
David Knott, DFSA Chief Executive, stated: "Maintaining the integrity of the DIFC is one of the primary objectives of the DFSA. The DFSA does this by ensuring that Persons who provide financial services in the DIFC are appropriately licenced and have in place measures that protect the interests of investors. Likewise, Persons making offers of securities in the DIFC must make appropriate disclosures to potential investors about the risks associated with investing in financial products. Appropriate disclosures enable investors to make choices about the risk profile and type of products in which they wish to invest.
"This Enforceable Undertaking is a clear reminder that the DFSA will take action against persons who fail to comply with the DIFC Law."
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DFSA accepts enforceable undertaking
- United Arab Emirates: Tuesday, July 31 - 2007 at 11:36
- PRESS RELEASE
The Dubai Financial Services Authority (DFSA) has accepted an Enforceable Undertaking from Rupert Neil Bumfrey in relation to his activities in the Dubai International Financial Centre (DIFC).
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Notes and media contacts
For further information please contact:Ms. Angharad Irving - Jones
Manager, Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
www.dfsa.ae
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
Enforceable Undertakings are undertakings given to and accepted by the DFSA in circumstances where there has been a contravention of the legislation administered by the DFSA. They are one of a number of remedies available to the DFSA and are an alternative to civil or administrative action. The DFSA may accept an undertaking in connection with a matter in relation to which it has a function or power under the laws of the DIFC.
The power to accept an Enforceable Undertaking enhances the ability of the DFSA to enforce compliance with the Law. They are an important component in the array of enforcement remedies to influence behaviour and encourage a culture of compliance for the benefit of all participants in the market regulated by the DFSA.
Posted by Lara Lynn Golden, News EditorTuesday, July 31 - 2007 at 11:36 UAE local time (GMT+4)
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