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AT Capital Markets Limited fined for serious misconductADGM FSRA 17/12/2019
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market has taken regulatory action against and imposed fines of $320,000 on AT Capital Markets Limited (ATCM) and $40,000 on its Senior Executive Officer (SEO), Mr Ryan Tsui.
The FSRA’s actions follow an investigation into ATCM’s activities. The FSRA found that ATCM had operated in breach of FSRA requirements by conducting Regulated Activities prior to the grant of its Financial Services Permission, and by dealing with Retail Clients when it was prohibited from doing so. In light of this conduct, the FSRA also found failures in ATCM’s internal governance, systems and controls, client classification and anti-money laundering processes.
Further, the FSRA’s investigation found that ATCM had provided false and misleading information to the FSRA concerning the nature and scope of its activities, and that ATCM failed to notify the FSRA of alleged misconduct by certain of its employees.
As the SEO, Mr Tsui was responsible for the day-to-day management of ATCM. The investigation revealed that Mr Tsui was actively involved in ATCM’s unauthorised activities, and that he failed to take reasonable steps to ensure that ATCM complied with regulatory requirements. In addition, Mr Tsui was found to have provided false and misleading information to the FSRA.
ATCM and Mr Tsui each agreed to settle the matter following conclusion of the FSRA’s investigation. Fines have been imposed by way of agreed Final Notices.
In addition, the FSRA has suspended the licence of ATCM. Mr Tsui has agreed to withdraw from his roles as the SEO and as a Licensed Director of ATCM.
A copy of the FSRA’s Final Notices can be found on the ADGM website at URLs:
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