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DFSA Fines Ark Capital for Inadequate Market Abuse  

DFSA fines Ark Capital Dubai $504, 000 for misreporting, control-change failures, late filings and deal structuring to avoid approval.

DFSA Fines Ark Capital for Inadequate Market Abuse  
DFSA Fines Ark Capital for Inadequate Market Abuse  

The Dubai Financial Services Authority (DFSA) issued $504, 000 in fines this week on investment management and brokerage firm Ark Capital Management (Dubai), citing misreporting to the regulator.  

DFSA pulled up the firm across three violations: failing to notify the DFSA of a “proposed change in control,” a lack of reporting in a “timely manner,” and the deliberate structuring of transactions to “avoid” the need for DFSA approval.  

Alan Linning, Managing Director, Enforcement at DFSA said that staggering purchases into tranches that fall below percentage thresholds does “not absolve firms of their separate obligation to notify the DFSA of a potential change in controls.”