DFSA fines company for unauthorised, misleading financial promotions

The Dubai Financial Services Authority (DFSA) published contiguous a Decision Notice against Vedas International Marketing Management (Vedas Marketing) for unauthorised and deceptive Financial Promotions related to the Multibank Group.

In a property merchandise connected Tuesday, the DFSA said that it had imposed a fiscal punishment of US$100,000 (AED367,000) connected Vedas Marketing for conducting unauthorised fiscal promotions astir the Multibank Group to individuals located successful the Dubai International Financial Centre (DIFC).

Also, for engaging successful misleading and deceptive behaviour by representing that definite entities successful the Multibank Group were regulated by the DFSA, erstwhile successful fact, nary of the promoted entities were.

The Multibank Group offers trading platforms, and the DFSA has made nary allegations of wrongdoing against the Multibank Group itself successful the Decision Notice.

On 2nd June 2024, Vedas Marketing challenged the conclusions successful the DFSA's Decision Notice by referring it to the Financial Markets Tribunal (FMT). However, the FMT directed connected 22nd July 2024 that the notation should beryllium struck retired owed to Vedas Marketing's nonaccomplishment to wage the required filing interest for the referral.

Ian Johnston, Chief Executive of the DFSA, said, "Upholding the integrity and estimation of the DIFC is 1 of our highest priorities. The DFSA volition not hesitate to enactment against firms that mislead the nationalist astir their regulatory presumption oregon location, taking indispensable steps to deter specified conduct."

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