The Dubai Financial Services Authority (DFSA) today withdrew the licence of to carry on financial services activities in or from the Dubai International Financial Centre (DIFC) after it failed to meet the applicable regulatory capital requirements and was unable to demonstrate a capacity to remedy that breach.
Forsyth consented to the DFSA's withdrawal of its licence.
The DFSA took this action following the issuance of a Notice to Forsyth on 22 August, 2007 requesting it to show cause why the DFSA should not withdraw its licence.
The DFSA also withdrew the licence of Forsyth's subsidiary Forsyth Partners (Middle East) Limited ("Forsyth Middle East") at the request of Forsyth Middle East, which was also licenced by the DFSA to carry on financial services activities in or from the DIFC.
Both firms were Category 4 firms authorised to arrange credit or deal in investments and to advise on financial products or credit.
Category 4 firms are not authorised to accept client money and therefore, withdrawal of the licence does not place DIFC client funds at risk.
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DFSA withdraws licence from Forsyth Companies
- United Arab Emirates: Monday, August 27 - 2007 at 12:13
- PRESS RELEASE
Failed to meet the applicable regulatory capital requirements and was unable to demonstrate a capacity to remedy that breach.
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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
Email: airvingjones@dfsa.ae
www.dfsa.ae
Editor's notes:
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 Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
Posted by Lara Lynn Golden, News EditorMonday, August 27 - 2007 at 12:13 UAE local time (GMT+4)
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This article was updated on Tue Sep 11 2007.
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