The Financial Services Regulatory Authority of the Abu Dhabi Global Market has imposed financial penalties on Eshara Capital Ltd, an investment fund, and its senior executive officer Mr Alexander David Guy for breaching financial and regulatory reporting requirements. The firm lost its licence to do regulated business in the ADGM some time ago.

The FSRA found that Eshara failed, without reasonable excuse, to submit the audit reports and regulatory returns that it required of it in time. The FSRA claims to be distressed at this lost opportunity to see relevant information about the firm's activities and financial resources. It has also stated that any contravention of its rules is serious, which leads the reader to wonder what is happening here. It has claimed, while doing this, that is is "maintaining a platform," but does not say what this means.

The fine for Eshara is a token US$10,000, with another $10,000 being imposed on Mr Guy. The investment fund forfeited its ADGM licence in January.

Eshara submitted its annual Financial Statements Auditor’s Report for the 2017 Financial Year to the Regulator on 4 November 2018, six months and 4 days after it ought to have done. The regulator issued it with a decision notice on 12 March this year.

The regulator considers that Eshara contravened the following rules: General Rulebook (GEN) rule 6.6.1(1) and 6.6.2 because it failed to submit its annual Financial Statement Auditor’s Report for the 2017 financial year by 30 April 2018; and GEN rules 6.6.1(2) and 6.6.2 because it failed to submit its annual Regulatory Returns Auditor’s Report, due by 30 April 2018; and Prudential or PRU Rule 2.3.7(1), because it failed to submit its annual return for the 2017 financial year, as required in Chapter 2 of that part of the rulebook, by 30 April 2018; and PRU rule 2.3.7(2), because it failed to file its quarterly returns for the periods 1Q 2018, 2Q 2018 and 3Q 2018, each due within one month from the end of the relevant quarter.