The Dubai Financial Services Authority (DFSA) has published a Decision Notice against Vedas International Marketing Management (Vedas Marketing) for unauthorised and deceptive Financial Promotions related to the Multibank Group.

The DFSA has stated that it had imposed a financial penalty of US$100,000 (AED367,000) on Vedas Marketing for conducting unauthorised financial promotions about the Multibank Group to individuals located in the DIFC.

Also, for engaging in misleading and deceptive conduct by representing that certain entities in the Multibank Group were regulated by the DFSA, when in fact, none of the promoted entities were.

The Multibank Group offers trading platforms, and the DFSA has made no allegations of wrongdoing against the Multibank Group itself in the Decision Notice.

On 2 June 2024, Vedas Marketing challenged the conclusions in the DFSA’s Decision Notice by referring it to the Financial Markets Tribunal (FMT).

However, the FMT directed on 22 July 2024 that the reference should be struck out due to Vedas Marketing’s failure to pay the required filing fee for the referral.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit https://www.lexis.ae/lexis-middle-east-law/.