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16 Nov 2021, 03:19 pm

Clarification regarding the regulatory status of Coworth and Novus

The Dubai Financial Services Authority (DFSA) wishes to clarify the regulatory status of a number of related companies in the DIFC.

Coworth Investments Ltd (Coworth Investments)

On its website (https://coworthinvestments.com/), Coworth Investments until recently, listed its contact details in the DIFC at ‘Unit 905, Liberty House, Dubai International Financial Centre (DIFC) UAE.’

The DFSA informs you that Coworth Investments is not licensed or authorised to undertake any business activities in or from the DIFC because it does not hold a commercial licence from the DIFC Registrar of Companies.

It is also not licensed or authorised by the DFSA to provide any financial services in or from DIFC.

Coworth Fintech Ltd (Coworth Fintech) and Novus Fintech Ltd (Novus Fintech)

The DFSA informs you that Coworth Fintech and Novus Fintech have commercial licenses to operate in the DIFC, but that they are not licensed or authorised by the DFSA to provide any financial services in or from the DIFC.

Please note that if a firm is incorporated or licensed in the DIFC but is not authorised by the DFSA, then it is not entitled to carry on a financial services business in or from the DIFC.

You should check the regulatory status of any company you are dealing with in the DIFC before entering into any financial services activity with that company. You can do this by checking the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's PUBLIC REGISTER

If you have any queries about the type of activities that DIFC-incorporated companies can carry out in or from the DIFC, you should direct your enquiry to the DIFC Authority on +971 4 362 2222. If your enquiry is about the status of a regulated entity and about the type of activities that DFSA licensed firms can carry out in or from the DIFC, then you should direct your enquiry to +971 4 362 1500. If you have a complaint about a firm in relation to financial services activities being conducted in or from the DIFC then you may direct your complaint to DFSA Complaints by accessing the complaints portal on the DFSA website which can be found here.

 

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