The Abu Dhabi Global Market (ADGM) fined Eshara Capital and its senior executive officer for breaching financial and regulatory reporting requirements.
Wednesday 17, April 2019 BY KUDAKWASHE MUZORIWA
The ADGM’s Financial Services Regulatory Authority (FSRA) has imposed a $20,000 financial penalty on Eshara Capital as well as the firm’s senior executive officer, Alexander David Guy, for failing to comply with its relevant reporting requirements.
The regulator stated that, in relation to the contraventions, the FSRA imposed a financial penalty of $10,000 on Eshara and another $10,000 on Guy for his failing to ensure that Eshara complied with its relevant reporting requirements.
In a statement, the ADGM said that any contravention of the FSRA’s rules and regulations are serious and carry disciplinary consequences.
Additionally, the FSRA said that it discovered that Eshara failed, without reasonable excuse, to ensure that required audit reports and regulatory returns were submitted within the stipulated reporting timeframes.
The financial services regulator added that the authorised persons must ensure that the firm for which they are responsible submits, amongst other things, audit reports and regulatory returns to the FSRA within specific timeframes.