Ark Capital Management (Dubai) Limited has been fined $504,000 (Dh1.85 million) by the DFSA for failing to notify the regulator of a potential change in control and for having insufficient market-abuse systems.
According to the Dubai Financial Services Authority, which oversees businesses in the Dubai International Financial Centre, Ark has the means to identify questionable trading patterns but failed to adequately evaluate or examine the warnings. Ten or more trades were either missed or reported after the fact.
The integrity of financial markets depends on the vigilance of its participants,” stated Alan Linning, DFSA’s Managing Director of Enforcement. It is the regulated community’s responsibility to make sure that it doesn’t support market abuse. According to the DFSA, companies must have mechanisms in place to identify possible cases of market abuse and promptly file a Suspicious Transaction and Order Report if they have good reason to believe that there has been market abuse. In a different violation, Ark failed to disclose to the DFSA a contract that would have resulted in a transfer of ownership.
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