The Dubai Financial Services Authority (DFSA), the independent financial services regulator at the Dubai International Financial Center (DIFC), has suspended the license granted to Rasan Capital Limited for one year in line with its goal of protecting direct and indirect users of financial services Dubai International Financial Center.
According to a statement issued yesterday, Rasan Capital was suspended due to serious concerns related to the adequacy of its financial resources, its failure to comply with the requirements set by the Authority's rules, and its failure to deal with the Authority transparently.
Rasan Capital Limited notified the Dubai Financial Services Authority of a breach of its capital requirements on 30 July 2018. Although the company has undertaken to correct the breach within a specified period, it has not yet notified the suspension.
The Authority updated its public register to reflect the action taken to suspend the license of the Company and the decision notice was posted on its website in the Regulatory Actions Section.
The Dubai Financial Services Authority (DFSA) is committed to maintaining the reputation and integrity of the DIFC financial services and will take immediate action to ensure that the interests of direct, indirect and potential users of the DIFC are protected.
The Authority noted that with the suspension of the license granted to Rasan Capital Limited, companies must maintain adequate financial resources at all times and the need to deal with Dubai Financial Services in a clear and cooperative manner.
The Company notified the Authority of a breach of its capital requirements on 30 July 2018.