Rasan Capital, a Dubai-based financial services and advisory firm has had its licence suspended by the Dubai Financial Services Authority (DFSA) due to its failure to keep the regulator informed of its financial situation.
The DFSA said that the 12 month suspension was the result of serious concerns about Rasan’s financial adequacy, non-compliance with the DFSA rulebook requirements and its “failure to keep the regulator informed of such integral matters”.
According to a statement posted by the regulator, Rasan had informed it of a capital breach back in July 2018 and committed to rectify the situation. However, this failed to occur and the firm remains in breach of its capital commitment, stated the DFSA.
The regulator’s statement went on to remind firms of their duty to maintain financial adequacy at all times and to deal with the regulator in “an open and cooperative manner”.
“The DFSA 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 in the Dubai International Financial Centre are protected.”
Rasan Capital was established in 2017 and provides a range of advisory services including fund raising, asset optimisation and risk management.
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