Abu Dhabi Global Market

Year 2004Regulated by Government

ADGM’s Financial Services Regulatory Authority was established to advocate a progressive financial services environment and uphold the integrity of the whole international financial centre by managing any potential risks exposure and undesirable impact.FSRA's policies and the adherence to ADGM's rules and regulations, which are modelled on and consistent with internationally recognised standards, ensure that financial entities operate with certainty, market participants thrive in an equal level-playing environment, and the best interests of investors are safeguarded.Offering the highest level of regulatory transparency and engagement, the FSRA practices an open and progressive approach in its regulatory operations, through public consultations, engagements on introduction and amendments of rules and policies.

Disclose broker

Sanction Fine

Elmar Capital

Disclosure summary

Disclosure matching Website matching
Disclosure time 2021-03-23
Penalty amount $ 5,000.00 USD
Reason for punishment The Registration Authority (RA) of Abu Dhabi Global Market has taken regulatory action against Elmar Capital SPV Limited (ECSL), fining it USD 5,000 for purporting to conduct controlled activities beyond the scope of its ADGM commercial licence.

Disclosure details

Elmar Capital SPV Limited Fined USD 5000 for Purporting to Exceed the Scope of Licence

The Registration Authority (RA) of Abu Dhabi Global Market has taken regulatory action against Elmar Capital SPV Limited (ECSL), fining it USD 5,000 for purporting to conduct controlled activities beyond the scope of its ADGM commercial licence. ECSL was incorporated and licensed by the RA in December of 2019 to conduct the non-financial activities of a special purpose vehicle. However, in 2020, a website, www.elmarcapital.ae, controlled by ECSL claimed that “Elmar Capital is a financial company Licensed by the Abu Dhabi Global Market authority under license number 3366” and that it was “a leading company in finance, managing and investing money, brokerage services between financial companies and international and local banks”. These and further statements on the website suggested that ECSL was licensed in ADGM to conduct financial services, when in fact, it is not. By improperly offering financial services in or from ADGM via its website, ECSL was purporting to carry on a controlled activity outside of the scope of its ADGM commercial licence issued by the Registration Authority. In mitigation, ECSL promptly took down and then amended and republished its website after being contacted by RA staff about its misrepresentation. Based on the above, the Registration Authority made a decision to fine the firm USD 5,000, which has been imposed by way of a Final Notice. A copy of the Registration Authority’s Final Notice can be found on the ADGM website: Registration Authority imposes fine for licensed persons purporting to exceed the scope of licence

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Danger

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