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Dubai regulator levies some of its heaviest fines yet

A view of Burj Al Arab in Dubai
Ed Broking has been fined 5,176, while Ark Capital Management got a penalty of 4,000. Photo: Paul Sounders/Getty Images.

DFSA fines two firms for inadequate system controls, reporting failure and deceptive conduct.

Dubai’s financial regulator has fined a wealth management fund more than half a million dollars for not having adequate market abuse systems and controls in place, and for failing to report proposed changes in control.

A second separate firm, a brokerage, has also been fined a similar amount for engaging