DFSA imposes Dh0.9m fine on Morgan Gatsby Limited

DFSA imposes Dh0.9m fine on Morgan Gatsby Limited
DFSA imposes Dh0.9m fine on Morgan Gatsby Limited

Thank you for reading the news about DFSA imposes Dh0.9m fine on Morgan Gatsby Limited and now with the details

Aden - Yasmine El Tohamy - MGL has had a history of not complying with the legislation administered by the DFSA.

The Financial Services Authority (DFSA) on Wednesdayday announced that it has fined Morgan Gatsby Limited (MGL), approximately $246,000 (Dh900,000), for multiple serious breaches of DFSA legislation. The DFSA had previously suspended MGL's licence on November 8, 2018 due to concerns regarding MGL's non-compliance with DFSA legislation.

The DFSA's action follows an investigation that found that MGL, a DFSA authorised firm, had committed breaches of DFSA legislation by:

. illegally promoting an unregulated Foreign Fund;

. making unauthorised transactions on behalf of two clients and engaging in misleading and deceptive conduct in regard to those transactions;

. failing to comply with certain restrictions on business and dealing with property imposed by the DFSA in May 2018;

. failing to properly classify a client and conduct the requisite inquiries into a client's source of funds and rationale for entering into transactions;

. failing to comply with DFSA Rules relating to the safe custody of client assets; and,

. failing to ensure that its Board of Directors was provided with accurate information.


MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement. Were it not for the settlement discount, the DFSA would have imposed a fine of approximately $352,000 (Dh1,290,000) on MGL.

Bryan Stirewalt, chief executive of the DFSA, said MGL has had a history of not complying with the legislation administered by the DFSA, even after the DFSA warned MGL of its concerns. "The DFSA has no tolerance for recalcitrant firms that continue to breach the DFSA's legislation, despite repeated warnings," he said.

The detailed reasons for the DFSA's action against MGL are set out in the DFSA's Decision Notice dated 6 January 2020, which can be found in the Regulatory Actions section of the DFSA website: The earlier Decision Notice suspending MGL's licence can also be found in that section.
- [email protected]

These were the details of the news DFSA imposes Dh0.9m fine on Morgan Gatsby Limited for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Khaleej Times and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Aramco chief optimistic about second-half of 2020 as China gasoline and diesel demand accelerates