DFSA Obtains DIFC Courts Judgment to Enforce a Fine

The Dubai Financial Services Authority (DFSA) has recently obtained judgment in the DIFC Courts’ Court of First Instance to enforce payment of a fine imposed by the DFSA on an individual.

In May 2017, the DFSA took action against Mr Andrew John Grimes including imposing a fine of USD 52,500 (AED192,675) and restricting him from performing any function in connection with the provision of Financial Services in or from the DIFC.

The action taken against Mr Grimes in summary, was  because the DFSA found that from January 2014 to July 2014, he:

• was knowingly concerned in undertaking Insurance Intermediation activities which contravened DFSA legislation;
• failed to take reasonable care to ensure that the business for which he was responsible complied with applicable DIFC legislation; and
• misled the DFSA.

The DFSA notes that Mr Grimes did not challenge the DFSA’s findings against him and failed to pay the fine by the date it was due. The DFSA therefore commenced proceedings in the DIFC Courts to enforce payment of the fine by Mr Grimes.

A copy of the DIFC Courts’ judgment can be found on the DFSA’s website via http://www.dfsa.ae/Documents/DIFC-Court-Order-2018/CFI-055-2017.pdf

The detailed reasons for the DFSA’s action against Mr Grimes are set out in the DFSA’s Decision Notice dated 3 May 2017 which can be found in the Regulatory Actions section of the DFSA website.