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Announcement
Elmar Capital SPV Limited fined USD 10,000 by the ADGM FSRA for Purporting to be an Authorised Person
ADGM FSRA 23/03/2021
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (“ADGM”) has imposed a financial penalty of USD 10,000 on Elmar Capital SPV Limited (“Elmar”) for contraventions of the Financial Services and Markets Regulations 2015 (the “Regulations”).
Elmar, an ADGM company incorporated in December 2019, has at no time been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in ADGM.
However, the FSRA found that Elmar maintained a website on which, over the period from approximately May 2020 to July 2020, published statements to the effect that it was licensed as a “financial company” in ADGM and suggested that Elmar was licensed by the FSRA to carry on Regulated Activities in ADGM, when it was not.
As a result, the FSRA found that Elmar had breached the Regulations by falsely purporting to carry on Regulated Activities in ADGM, falsely describing itself as an FSRA licensed entity and by falsely holding itself out as an FSRA licensed entity.
As a financial services regulator, the FSRA has a duty to secure an appropriate degree of protection for direct and indirect users, and prospective users of ADGM. Elmar’s conduct had the potential to mislead users and prospective users of ADGM.
Emmanuel Givanakis, Deputy Chief Executive Officer of the FSRA, said: “The FSRA licenses and regulates Authorised Persons to provide financial services in ADGM and to ensure that such services are provided in a responsible and appropriate manner. The FSRA will take the necessary and appropriate action against entities that are in breach of our regulations and rules, including those that falsely purport to be licensed to provide financial services in ADGM, and seek to mislead the public in this way, whether intentionally or recklessly.”
A copy of the FSRA’s Final Notice can be found on the ADGM website: