DIFC Image Credit: Gulf News Archives

Dubai: The Dubai Financial Services Authority (DFSA) – the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC) – announced that it has temporarily suspended the licence of Rasan Capital Limited.

On Wednesday, DFSA said the licence will be suspended for a period of 12 months, and explained that the decision was issued with the aim of protecting direct and indirect users of the financial services industry in DIFC.

In a statement, DFSA said that RCL’s licence 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,” read the statement.

The DFSA’s public register has been updated to reflect the license suspension, and a decision notice has been issued on its website.

The financial authority further reminded 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.