DFSA shuts down Dubai company for non-compliance.

• Position: Dubai International Financial Centre suspends license of Rasan Capital Ltd. - Brief article

The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), on Wednesday announced that it has suspended the licence of Rasan Capital Limited (RCL) for a period of 12 months, consistent with its aim of protecting direct and indirect users of the financial services industry in the DIFC.

RCL's licence was suspended due to serious concerns about the adequacy of its financial resources, its non-compliance with DFSA rulebook requirements, and its failure to keep the DFSA informed and notified of such integral matters.

RCL notified the DFSA of a capital breach on 30 July 2018. Despite commitments made by RCL to rectify the breach in the intervening period, as of the date of the suspension notice, the firm remains in breach of...