Dubai: UAE security authority warns against dealing with unlicensed companies

Khaleej Times

2 days ago

The Securities and Commodities Authority (SCA) has warned the investing public against dealing with unlicensed entities in their latest advisory. The SCA has warned Dubai residents of three companies who are not licensed to conduct financial activities.
In an official statement on its website, the SCA named three companies on July 17 — Sigma one capital, Sigma — wealth world financial, Sigma One Cap Marketing Services.
"The SCA advises the investing public to refrain from dealing with these companies, as they are not licensed to conduct financial activities or provide services regulated by the SCA. Investors are strongly encouraged to verify the licensing status of any entity before engaging in any financial transactions. The SCA bears no responsibility for any transactions or dealings conducted with unlicensed companies," it said in the statement.
The advisory was issued on the basis of the regulatory role of the SCA to ensure sound transactions and protect investors in accordance with the provisions of the Federal Law No. (4) Of 2000 concerning the Emirates Securities and Commodities Authority and Market and the regulations issued thereunder, and pursuant to the Chairman of the SCA Board of Directors' Decision No. (9/R.M) of 2017 concerning the Controls for Publishing Warnings.
Last week, the SCA cautioned investors against dealing with certain entities and individuals falsely claiming to be Greenstone Equity Partners Financial Products Promotion LLC — an entity licensed by the SCA — and spoofing links from the company's website and misrepresenting them as legitimate. "The SCA urges all investors to verify the licensing status of any entity before engaging in any regulated activity. It bears no responsibility for any transactions conducted with such parties," it said.