Abu dhabi: The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of the Dubai International Financial Centre (DIFC) has today announced that the Financial Markets Tribunal has dismissed a reference by Al Ramz Capital LLC (Al Ramz) of a DFSA Decision Notice dated 13th June 2024. On 3rd February 2026, the Financial Markets Tribunal upheld the DFSA's decision to impose a US$25,000 (AED91,813) fine on Al Ramz for its failure to immediately report suspicious transactions that it had executed on Nasdaq Dubai on behalf of a Client in April 2022.
According to Emirates News Agency, Alan Linning, Managing Director of Enforcement at the DFSA, emphasized the importance of prompt notification to the DFSA when a client's order or transaction may constitute Market Abuse under the Markets Law, including market manipulation. Linning stated that firms must submit a Suspicious Transaction and Order Report (STOR) detailing their reasons for suspecting Market Abuse, and include comprehensive information such as the date, time, client identity, involved parties, and investment nature, whether on-exchange or over-the-counter (OTC).
The DFSA asserts that these reports are crucial in detecting and preventing Market Abuse, thereby maintaining market integrity and safeguarding investors and potential DFSA market participants. Linning reiterated the DFSA's commitment to holding Authorised Firms and Recognised Members to high standards, warning of decisive action against any failure to meet these standards.
The case against Al Ramz involved its status as a Recognised Member of Nasdaq Dubai, where it had reasonable grounds to suspect that certain transactions might constitute Market Abuse. Despite this, Al Ramz failed to immediately report to the DFSA as required by the relevant rule.
Al Ramz contended before the Financial Markets Tribunal that it did not breach the Rule, arguing there was no actual suspicion of Market Abuse. However, the Tribunal disagreed, stating that the obligation to notify the DFSA arises when there are reasonable grounds for suspicion, assessed objectively, regardless of Al Ramz's subjective belief.
The Tribunal confirmed the DFSA's stance that, based on the information available to Al Ramz at the time, there were objectively reasonable grounds to suspect Market Abuse. Consequently, the Tribunal upheld the DFSA's decision to impose the US$25,000 fine on Al Ramz.