The Dubai Financial Services Authority (DFSA) has suspended the licence of Red Spear Capital (DIFC) for a period of 12 months.
This is part of the regulator’s aim of “protecting direct and indirect users of the financial services industry in the Dubai International Financial Centre (DIFC)”.
Red Spear is an alternative investment management firm with a range of investment platforms which span multi-strategy, fixed income and private equity.
‘Non-compliance’
According to the DFSA, Red Spear’s licence was “suspended due to serious concerns about the adequacy of its financial resources”, its “non-compliance” with the regulator’s rulebook requirements and not maintaining an open relationship with the watchdog.
The DFSA said it “is committed to protecting the reputation and integrity of the DIFC’s financial services and will take action to ensure the interests of direct, indirect, and prospective users of financial services in the DIFC are protected”.
“The DFSA regularly reminds firms of their requirement to maintain adequate financial resources at all times, and of the importance of dealing with the DFSA in an open and cooperative manner.”
International Adviser has contacted the firm for a comment, but it was not provided prior to publication.
