The Dubai Financial Services Authority (DFSA), the independent regulator for Dubai International Financial Centre (DIFC), has announced the suspension of the licence of Morgan Gatsby Limited (MGL) for 12 months due to serious concerns related to the adequacy of its human and financial resources.
The authority said in a statement that the sanction is "consistent with its aim to protect direct and indirect users of the financial services industry in the DIFC".
MGL's licence was suspended due to "serious concerns related to the adequacy of its human and financial resources, its non-compliance with DFSA rulebook requirements, and its failure to deal with the DFSA in an open and cooperative manner".
We will not hesitate to suspend a firm that repeatedly fails to comply with our regulatory requirements and also fails to deal with us in an open and cooperative manner"
According to its website, Morgan Gatsby is a diversified financial services group based in Dubai which covers investment banking, wealth management and corporate advisory services.
"The DFSA will take immediate action to ensure the interests of its clients and the DIFC are protected. We will not hesitate to suspend a firm that repeatedly fails to comply with our regulatory requirements and also fails to deal with us in an open and cooperative manner. The DFSA is committed to protecting the investors' interests as well as the reputation and integrity of the DIFC's financial services," Bryan Stirewalt, head of the DFSA, said.
The DFSA formally brought these concerns to MGL's attention in April 2018, and MGL failed to address the concerns to the DFSA's satisfaction. The DFSA's public register has been updated to reflect the license suspension, and a decision notice has been issued on its website.
