ADGM’s FSRA issues alert concerning false and misleading claims on websiteADGM FSRA 20/02/2023
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 false and misleading claims made by ‘MIT’, trading as ‘MIT Investment and Trading (HK) Co., Limited’, ‘Myiteng Investment Trading (HK) Co. Ltd’ or ‘Miyiteng Investment & Trading (HK) Co., Ltd’, or its affiliates (referred to collectively as “MIT”) on the website at URL: https://mit-invest.com/ (the “Website”).
It came to the FSRA’s attention that on the Website, MIT:
- purports to provide “investment management services to institutions and broad wealth management services to individuals/families, onshore/offshore companies and trusts…”;
- purports to provide services across the Middle East region;
- purports to trade in the UAE under ‘MIT (UAE) Holdings; and
- falsely claims that it runs a Research & Analysis office in Al Maqam Tower, ADGM Square, Al Maryah Island, Abu Dhabi.
The Website claims that MIT maintains an office in the ADGM. This is false, such an office does not exist.
The FSRA is concerned that the false claims made on the Website have the potential to mislead potential investors and the public to believe that MIT is licensed and authorised to operate in ADGM.
The FSRA advises the public that MIT, including MIT (UAE) Holdings:
- are not, and have never been, granted Financial Services Permission by the FSRA to carry on any Regulated Activity in or from ADGM; and
- are not, and have never been, incorporated in ADGM or licensed to undertake any form of commercial 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 until 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 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 ADGM, you can 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.