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ADGM FSRA Issues Alert on Misrepresentation of MMIG and its Affiliates

ADGM FSRA 18/08/2019

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) wishes to alert the financial services community and members of the public concerning the misrepresentation of Market Maker International Group (MMIG), its affiliates, and their websites (“MMIG Websites”) including:

It came to the FSRA’s attention that the MMIG Websites purport to offer a platform for trading in stocks, commodities, CFDs and currencies. In addition, these websites claim to allow for potential investors, including those based in the United Arab Emirates, to sign up for trading accounts.

The MMIG Websites contain statements that MMIG maintains an office in ADGM which is incorrect. Such an office does not exist. These false statements mislead investors and the public to believe that MMIG is licensed and authorised to operate in ADGM.

MMIG has failed to respond adequately, or at all, to repeated warnings and requirements by the FSRA to correct these false statements on their several websites.

The FSRA advises the financial services community and members of the public that MMIG is not, and has never been granted financial services permission to undertake regulated activities in ADGM.

Only firms authorised by the FSRA can undertake regulated activities in ADGM. The FSRA advises the market and investors to not deal with any firm unless it is verified that the firm is authentic and has been granted the appropriate Financial Services Permission by the FSRA to undertake regulated activities in ADGM.

To determine if an entity has financial services permission to conduct regulated activities in ADGM, please search the FSRA’s Public Register.

Anyone with concerns about a website or a firm purporting to be incorporated or registered in ADGM should check the ADGM Registration Authority’s Public Register.

 

For further enquiries, please contact:
Joan Lew
joan.lew@adgm.com

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