DFSA orders FFA Private Bank's Dubai arm to halt trading for certain clients | The National
The Dubai Financial Services Authority (DFSA), the regulator of the emirate's financial hub, imposed restrictions on FFA Private Bank (Dubai) that prohibit it from "receiving, arranging or executing orders" on behalf of specific clients.
The DFSA said it had concerns about the adequacy of the bank's systems to identify and report trading that gives rise to "suspicions of market abuse relating to certain clients". The prohibition will remain in place until FFA is able to demonstrate that it has addressed weaknesses, it said in a statement on Wednesday.
“The DFSA will take strong action to protect the integrity of financial markets,” Bryan Stirewalt, chief executive of the DFSA, said.
“We will not hesitate to restrict the activities of firms where there are concerns over the adequacy of their processes to prevent or detect market abuse".
FFA Private Bank is a wholly-owned subsidiary of Lebanon’s FFA. The lender offers private wealth and asset management services as well as capital markets, corporate and investment banking products, according to its website.
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