The Dubai Financial Services Authority (DFSA) has imposed a fine of Dh1.85 million on Ark Capital for failing to effectively manage market abuse controls. Ark Capital opted for an early settlement, which resulted in a discounted fine; without this, the penalty would have been Dh2.64 million (around $720,000).
The DFSA’s investigation revealed significant lapses in Ark Capital’s control mechanisms designed to prevent market abuse. This enforcement action underscores the regulator’s commitment to enforcing transparency and integrity within Dubai’s financial markets.
Key points of the enforcement action:
- The fine was imposed due to failures in market abuse controls.
- An early settlement led to a reduced penalty amount.
- The case highlights the regulator’s strict approach to maintaining fair market practices.
- It serves as a warning to all financial institutions to ensure robust compliance frameworks are in place.
This incident acts as a reminder of the critical importance of compliance in protecting investors and maintaining confidence in financial markets. For ongoing updates, follow the latest news from Questiqa World News.
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