ADGM FSRA Issues Alert Concerning Misleading Claims Made by Clover Climate Fund, An Unlicensed FirmADGM FSRA 24/05/2023
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 misleading claims made by the Clover Climate Fund and its founder on certain social media accounts maintained by the Clover Climate Fund and associated parties, including on the social media platforms LinkedIn and YouTube.
It has come to the attention of the FSRA that the Clover Climate Fund and its founder have, in recent days, falsely claimed and inferred that the Clover Climate Fund is an open-ended private exempt fund established in the ADGM as a Protected Cell Company; and regulated in the ADGM.
These claims are false.
The FSRA advises the public that the Clover Climate Fund:
- Is not, and has never been, granted a Financial Services Permission by the FSRA to carry on any Regulated Activity in or from the ADGM;
- Is not, and never has been, established as a collective investment fund in the ADGM; and
- Is not, and has never been, otherwise incorporated nor licensed to undertake any form of commercial activities in the ADGM.
Only firms authorized 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.
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.