Two Dubai companies fined Dh100,000 each for missing financial disclosure deadline

Two licensed financial firms operating in Dubai have been fined by the Securities and Commodities Authority (SCA) for failing to comply with regulatory reporting obligations.

Mondial (Dubai) LLC and Absolute Return Investment Advisors (Aria) Limited (Dubai branch) have each been issued a financial penalty of Dh100,000.

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The companies failed to submit their externally audited quarterly interim financial statements for the financial period ending June 30, 2024, within the statutory deadline.

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This failure constitutes a violation of Article 7(1), Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021, which outlines the Rulebook for Financial Activities and Status Adjustment Mechanisms. The SCA’s enforcement action underscores its ongoing commitment to upholding transparency and accountability in the UAE’s financial services sector.

1. Mondial (Dubai) LLC

   Violation: Late submission of audited Q2 2024 interim financials

   Penalty: Dh100,000

2. Absolute Return Investment Advisors (Aria) Limited (Dubai Branch)

   Violation: Late submission of audited Q2 2024 interim financials

   Penalty: Dh00,000

The SCA plays a crucial role in regulating and managing the financial markets in the UAE. The body ensures that financial markets are transparent and fair and operate according to established laws and regulations. It monitors trading activities on securities markets and commodities exchanges to prevent fraud, manipulation, and other unethical practices.

The authority often cracks down on companies violating the rules as it enforces compliance with financial reporting and disclosure requirements. It ensures that companies listed on the stock exchanges in the UAE submit accurate financial statements on time, penalising those that fail to meet these standards.