News

Dubai regulator fines Equitativa for reporting breaches

Dubai skylineThe Dubai Financial Services Authority (DFSA) has levied a $210,000 penalty on Dubai-based fund manager Equitativa for misleading statements about an asset included in its real estate investment trust (Reit). According to the regulator’s statement, Equitativa was found to have made two misleading statements in 2018 regarding its investment in a school in Dubai Investment Park. Equitativa, which acts as both the fund manager and reporting entity for the Nasdaq Dubai-listed Emirates Reit, was ruled to have breached Article 56(2) of the Collective Investment Law 2020. In addition to the fine, Equitativa has also accepted an enforceable undertaking to address concerns over its valuations practices. According to the DFSA the fine would have been $300,000 but for Equitativa accepting the terms of the settlement. “Investors have the right to expect that information provided by a fund manager about the performance of the fund is accurate, complete, and not misleading and that financial statements published by a firm fairly reflect the true state of the business,” said Christopher Calabia, CEO of the DFSA. “This expectation is particularly important for a publicly traded fund like Emirates Reit. “The Enforceable Undertaking has been designed to improve Equitativa’s valuation practices and enhance monitoring of those practices going forward,” he added. “We expect these measures to strengthen investor confidence in the future.” ©2021 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.