News

The Registration Authority (RA) and the Financial Services Regulatory Authority (FSRA) of ADGM jointly issue this alert to the financial services community and members of the public about a group of companies under the name of ‘Meer Group’, at URL:https://www.meer.capital (the “Website”).

It has come to the attention of the RA and the FSRA of ADGM that Meer Group has through marketing material and WhatsApp messages distributed to the public:

• Falsely represented that it is regulated by ADGM for the purposes of investment and registration of shareholdings of companies outside ADGM’s jurisdiction;
• Solicited investments and promoted unrealistic monthly investment returns of 2-3% monthly which equates to a purported annual return of 24-42%; and
• Falsely claimed that ADGM is preventing them from distributing profits to investors.

The RA would like to make clear that, while there is a registered entity related to the Meer Group, Meer Holding Limited, with the ADGM registration number 32835, this entity is licenced solely to be a passive holding company, and is not licensed to undertake any form of operational business activities within ADGM.

The FSRA would like to make clear that the Meer Group and Meer Holding Limited are not regulated by the FSRA and are not licensed to carry on any form of financial services in or from ADGM.

Only firms authorised by the FSRA can undertake financial services activities in or from ADGM. The FSRA advises the market and investors to exercise caution and not to deal with any firm until it has verified that the firm is authentic and has been granted the appropriate Financial Services Permission by the FSRA to undertake financial services activities in or from ADGM.

Public Guidance:

• Verify if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from ADGM, by searching the FSRA’s Public Register.
• Verify the status of any entity claiming to be incorporated or registered in ADGM, by checking the ADGM Registration Authority’s Public Register.
• Verify the authenticity of any ADGM licence certificate, or certificate of incorporation, received using ADGM’s free document verification tool at: www.registration.adgm.com.