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Dubai, UAE: The Dubai Financial Services Authority (DFSA) published today a Decision Notice against Vedas International Marketing Management (Vedas Marketing) for unauthorised and deceptive Financial Promotions related to the Multibank Group.
The DFSA has imposed a financial penalty of USD 100,000 (AED 367,000) on Vedas Marketing for:
conducting unauthorised Financial Promotions about the Multibank Group to individuals located in the Dubai International Financial Centre (DIFC); and
engaging in misleading and deceptive conduct by representing that certain entities in the Multibank Group were regulated by the DFSA, when in fact, none of the promoted entities were.
The Multibank Group offers trading platforms, and the DFSA has made no allegations of wrongdoing against the Multibank Group itself in the Decision Notice.
On 2 June 2024, Vedas Marketing challenged the conclusions in the DFSA’s Decision Notice by referring it to the Financial Markets Tribunal (FMT). However, the FMT directed on 22 July 2024 that the reference should be struck out due to Vedas Marketing’s failure to pay the required filing fee for the referral.
Ian Johnston, Chief Executive of the DFSA, said: “Upholding the integrity and reputation of the DIFC is one of our highest priorities. The DFSA will not hesitate to act against firms that mislead the public about their regulatory status or location, taking necessary steps to deter such conduct."
For further details:
The DFSA's Decision Notice is accessible in the Regulatory Actions section of the DFSA website.
The FMT’s decision is available in the FMT section of the DFSA’s website.
For further information, please contact:
Corporate Communications
Dubai Financial Services Authority (DFSA)
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae
About:
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering and Combating the Financing of Terrorism legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA’s website for more information.
Ian Johnston was appointed Chief Executive of the DFSA in 2022, a position he previously held from 2012 to 2018. Originally a lawyer, Mr Johnston held a number of senior positions within the financial sector, including as CEO of one of Australia’s major trustee companies. In 1999, Mr Johnston moved into regulation joining the Australian Securities and Investments Commission as Executive Director, Financial Services Regulation, and spent several terms as an Acting Commissioner. He served as a Special Advisor with the Hong Kong Securities and Futures Commission from 2005. Currently, Mr Johnston serves as Vice Chair of the International Organisation of Securities Commissions’ (IOSCO) Africa and Middle East Regional Committee and as an IOSCO Board member.