UAE - Mubasher: The Dubai Financial Services Authority (DFSA) has imposed restrictions on FFA Private Bank (Dubai) Limited, prohibiting the bank from receiving, arranging, or executing orders from or on behalf of specific clients.
This decision has been made due to concerns about the adequacy of FFA's systems and controls to identify, assess, and report trading amid higher suspicions of market abuse relating to certain clients, according to a press release on Wednesday.
The imposed restrictions will continue until FFA demonstrates that it has tackled these issues.
The bank is cooperating with the DFSA to resolve them.
The Chief Executive of the DFSA, Bryan Stirewalt, said: "We will not hesitate to restrict the activities of firms where there are concerns over the adequacy of their processes to prevent or detect market abuse. The DFSA is committed to protecting the interests of users of financial markets."
