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14 Jun 2024, 10:11 am | Clarification

Clarification of the regulatory status of Polynome Group

The Dubai Financial Services Authority (DFSA) wishes to clarify the regulatory status of Polynome Group.

Polynome Group is not and has never been incorporated in the Dubai International Financial Centre (DIFC) and is not authorised by the DFSA to provide Financial Services or make Financial Promotions in or from the DIFC.

The DFSA has become aware of misleading claims in various media outlets that Polynome Group has ’in-principle approval’ from the DIFC and DFSA to launch an ‘AI fund’ and provided ’conditional endorsement’ of the structure and investment strategy of the proposed fund.

The DFSA has not granted Polynome Group or any company within that group ’in-principle approval’.

Moreover, the DFSA wishes to make it clear that granting approval in principle does not give a firm any regulated status and does not indicate that the firm concerned will receive a DFSA Licence at any specific point in time or at all. Only fully Authorised Firms that have been granted a DFSA Licence may provide Financial Services, including launching a fund, in or from the DIFC.

Furthermore, the DFSA does not give endorsements (conditional or otherwise) to any fund structures or investment strategies in any circumstances.

The DFSA issues clarifications like this one to avoid possible confusion. Previous clarifications can be found here.

DFSA Authorised Firms are subject to financial services laws and rules administered by the DFSA. These laws and rules are designed to protect users and potential users of the financial services industry in the DIFC, including consumers, when they engage with an Authorised Firm to obtain a financial product or financial service.

Only DFSA Authorised Firms are permitted to provide financial services in or from the DIFC, subject to the laws and rules mentioned above. If you are unsure of the regulatory status of a firm, please check the DFSA’s PUBLIC REGISTER before entering into any financial services activity with that firm.

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC, DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel: +971 4 362 2222 and to the DFSA via the DFSA function on: COMPLAINTS.

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