ADGM FSRA issues alert concerning fraudulent websites

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) wishes to alert the financial services community and members of the public about certain false and misleading claims made by:

• Almena Financial Brokers on its website (URL: www.almenafinancialbrokers.com) (the “Almena Website”); and
• Abu Dhabi Financial Brokers on its website (URL: www.abudhabifinancialbrokers.com) (the “ADFB Website”).

It came to the FSRA’s attention that Almena Financial Brokers and Abu Dhabi Financial Brokers falsely claim, on the Almena Website and ADFB Website respectively, that they are regulated by the FSRA.

The FSRA is concerned that the false statements made on both the Almena website and the ADFB Website have the potential to mislead potential investors and the public to believe that these two entities are licensed or authorised to carry on Regulated Activities in or from the ADGM, when they are not.

The FSRA advises the public that Almena Financial Brokers and Abu Dhabi Financial Brokers are not, and have never been:

• granted Financial Services Permission by the FSRA to carry on any Regulated Activity in or from the ADGM; and
• incorporated in the ADGM or licensed to undertake any form of commercial activities in the ADGM.

Only firms authorised by the FSRA can undertake Regulated Activities in the ADGM.

To determine if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from the ADGM, you can search the FSRA’s Public Register, which is available on the ADGM website here.

The FSRA advises the financial services community and members of the public to exercise caution when contacted by any entity that purports to be licensed to undertake Regulated Activities in the ADGM, unless and until the entity’s regulated status can be confirmed by checking the FSRA’s Public Register.