The Dubai Financial Services Authority has suspended the licence of Red Spear Capital (DIFC) Ltd for a period of 12 months because it was 'seriously' concerned about the adequacy of its financial resources.
The regulator also complained about Red Spear's non-compliance with the DFSA's rules and failure to keep up an 'open relationship' with it, presumably in line with general principle 10 (GEN 4.2.10). This states that an authorised firm must deal with regulators in an open and co-operative manner and keep them promptly informed of significant events or anything else relating to it of which they might reasonably expect to be notified.
Red Spear Capital is a global, diversified alternative investment management firm with a range of fully-integrated investment platforms which span multi-strategy, fixed-income and global discretionary projects. Its portfolios include a private equity offering to investors interested in global projects in the energy and cyber-security sectors in the Middle East, Africa and Asia.