Financial Markets Tribunal upholds Dubai Financial Services Authority USD 25,000 fine on Al Ramz Capital for failing to immediately report suspicious Nasdaq Dubai trades

The Dubai Financial Services Authority announced that the Financial Markets Tribunal has dismissed Al Ramz Capital LLC’s challenge to a DFSA Decision Notice and upheld a USD 25,000 (AED 91,813) fine for failing to immediately report suspicious transactions executed on Nasdaq Dubai on behalf of a client in April 2022. As a Recognised Member of Nasdaq Dubai, Al Ramz was required under DFSA rules to notify the regulator immediately where there are reasonable grounds to suspect potential Market Abuse. Al Ramz argued it had not breached the rule because it did not actually suspect Market Abuse, but the Tribunal held the reporting obligation is triggered on an objective basis and confirmed that, on the information known at the time, there were reasonable grounds to suspect the trades may have constituted Market Abuse. The DFSA also reiterated that Suspicious Transaction and Order Reports should set out the reasons for suspicion and include key details such as the date and time, the client and other parties involved, and whether the investment was on-exchange or over-the-counter. Al Ramz has 28 days from the date of the Tribunal’s decision to appeal, and both the DFSA Decision Notice and the Tribunal decision have been published on the DFSA website.