Dubai-based Al Ramz Capital LLC said it regretted the regulatory fine handed to it by the Dubai Financial Services Authority, DFSA.
The DFSA announced that it fined Al Ramz and a major employee a total of $295,000 for not complying with the regulators’ investigations into the company.
Al Ramz said in a statement made available to PageOne.ng that it noted the DFSAs decision to fine Al Ramz for failing to fully comply with a DFSA notice to provide information and cooperate during the course of an investigation in 2014 into activities that took place in 2013.
The company said it regretted falling short of its DFSA regulatory obligations in 2014, and that the DFSA subsequently instituted disciplinary proceedings against Al Ramz. The DFSA’s decision against Al Ramz was agreed by way of a settlement between Al Ramz and the DFSA. The DFSA agreed to discount the fine imposed on Al Ramz on account of Al Ramz agreeing to an early settlement of the matter.
Al Ramz said it has assured stakeholders that it takes its regulatory and compliance obligations seriously and that the outcome of the DFSA investigation has been subject to diligent consideration. Since the 2014 investigation, Al Ramz has instituted enhancements to its systems and changes to its executive leadership.
Al Ramz said it fully committed to applying industry best practices, and to its ethical and transparent approach to doing business, which are the cornerstone of its success. Al Ramz is passionate about supporting organizations in their growth and delivering a best in class service to its clients.
Al Ramz Capital LLC is a wholly owned subsidiary of Al Ramz Corporation Investment and Development PJSC is a Dubai Financial Market listed company.
Al Ramz offers a variety of financial products and services including asset management, corporate finance, market making, liquidity providing, brokerage, IPO management and research.