A Decision Notice against Vedas International Marketing Management (Vedas Marketing) for unapproved and misleading financial promotions pertaining to the Multibank Group was released today by the Dubai Financial Services Authority (DFSA).
The DFSA announced in a press release on Tuesday that Vedas Marketing had been fined US$100,000 (Dhs367,000) for promoting the Multibank Group to people in the Dubai International Financial Centre (DIFC) without authorisation.
Additionally, for acting dishonestly and deceptively by claiming that some Multibank Group companies were subject to DFSA regulation while, in reality, none of the touted companies were. The Multibank Group provides trading platforms, and in the Decision Notice, the DFSA made no accusations of misconduct against the Multibank Group.
Vedas Marketing appealed the DFSA’s Decision Notice’s findings to the Financial Markets Tribunal (FMT) on June 2, 2024. On July 22, 2024, however, the FMT ordered that the reference be stricken out since Vedas Marketing had neglected to pay the necessary filing fee.
“Maintaining the integrity and reputation of the DIFC is one of our top priorities,” stated Ian Johnston, DFSA Chief Executive. The DFSA will take the required actions to discourage companies from misleading the public about their location or regulatory status.
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