The Dubai Financial Services Authority, DFSA said it has suspended the license of Rasan Capital Limited (RCL) for a period of 12 months.
The DFSA said the decision is aimed at ‘protecting direct and indirect users of the financial services industry in the DIFC.’
Known as RCL, the regulator said the company 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 30 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 DFSA’s public register has been updated to reflect the license suspension, and a decision notice has been issued on its website.”
“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 DIFC are protected. The DFSA is regularly reminding firms of their requirement to maintain adequate financial resources at all times, and of the importance of dealing with the DFSA in an open and cooperative manner,” the DFSA said in the statement.
RCL could not be reached for comments.