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The Securities and Commodities Authority issued 7 warnings to the investor public since the beginning of 2023, urging them not to deal with companies and websites, or third parties and accounts on social media, that are not licensed to engage in any of the activities subject to the regulation and control of the Authority, in addition to impersonating authorities. External status of companies by forging the documents and logo of these companies.
In January of this year, the Securities and Commodities Authority warned against the website (https://www.bellstrade.com), and the authority said in this regard, that it is based on the regulatory and supervisory role of the authority over the financial markets licensed in the country, including It serves the interest of the national economy and ensures the safety of transactions and the protection of investors; The Authority calls on investors not to deal with the aforementioned website.
The authority stated: This warning came because the company that owns the site did not obtain the necessary license to practice these activities, and the authority disclaims any responsibility for any dealings with that site in this regard.
The authority also warned, last January, of ICM Securites, explaining that it is not licensed to engage in any of the activities subject to the regulation and control of the authority.
The authority also warned investors, last February, against dealing with the Arabian Index commercial brokerage company, because it did not obtain the necessary license to practice activities subject to the authority’s supervision.
impersonation
The authority issued another warning in February, about a third party that impersonated the Al Mal Capital deal, by forging some documents using the company’s logo and slogans of some government agencies, calling on investors to verify the extent to which the parties that are dealing with have obtained a license from the authority. Or not, before dealing with it regarding any of the activities subject to the organization, supervision and control of the Authority.
And last March, the authority warned against an account on the social networking site «Twitter» (@swfarids), noting that the aforementioned account should not be dealt with in any activity subject to the regulation and control of the authority without obtaining the necessary regulatory approvals.
The Securities and Commodities Authority also noted in late March 2023 that the company announced through the website (https://www.brokwasata.com/) is not licensed to engage in any of the activities subject to the regulation and control of the Authority, and therefore it warns investors against dealing with The aforementioned company in any activity subject to the regulation and control of the Authority.
The authority issued a new warning on April 4, not to deal with the marketing management company “Green Candles” regarding any activities subject to the authority’s supervision, because the aforementioned company did not obtain the necessary license to practice these activities.
oversight role
The Authority stated: This comes in line with its supervisory role to ensure the safety of transactions and the protection of investors in accordance with the provisions of Federal Law No. (4) of 2000 AD regarding the Emirates Securities and Commodities Authority and Market and the regulations issued pursuant thereto, and pursuant to the decision of the Chairman of the Authority’s Board of Directors No. (9/r. M) for the year 2017 regarding the controls for publishing warnings.
These warnings also come, according to the authority, based on its supervisory and supervisory role on the licensed financial markets in the country in a way that serves the interest of the national economy and ensures the safety of transactions and the protection of investors, and in view of what was observed recently that some investors received messages allegedly issued by the authority (through the means of communication Social), related to asking them to pay fees or financial dues, and the Authority confirms, for its part, that it never issues such messages, and the Authority also calls on investors not to be led by these messages and not to deal with their senders in order to avoid exposure to any fraud or fraud that may befall them.
