Dubai, United Arab Emirates, December 2025: The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has imposed a restriction on Mr Kulvir Virk, the former chief executive of the UK fund manager SVS Securities PLC (SVS), preventing him from performing any function in connection with Financial Services in or from the DIFC.
In June 2024, the UK Financial Conduct Authority (FCA) fined Mr Virk and prohibited him from performing any function in relation to regulated activities. The FCA found that Mr Virk had failed to act with integrity and failed to exercise due skill, care and diligence in connection with his role at SVS and considered Mr Virk not to be a fit and proper person, posing a risk to consumers and the integrity of the financial system.
In November 2024, it was brought to the DFSA’s attention that Mr Virk had been involved in the management of a DFSA Authorised Firm. Accordingly, to maintain the integrity and reputation of the DIFC and ensure the confidence of participants in the market, the DFSA decided to restrict Mr Virk from performing any function in connection with Financial Services in or from the DIFC.
Alan Linning, Head of Enforcement of the DFSA, commented: “The DFSA’s role as the regulator of financial services in the DIFC includes ensuring that there are high standards of integrity and fair dealing. We will continue to take action to ensure that those carrying out regulated functions in our market are appropriate and that these high standards are maintained.”
Looking ahead, the DFSA remains committed to developing, administering, and enforcing world-class regulation of financial services within the DIFC. As part of its strategy and ongoing mission, the DFSA will continue to implement stringent enforcement measures and provide clear regulatory guidance to ensure that all entities operating within the DIFC adhere to the highest standards of regulation and ethical conduct.
The restriction came into effect immediately. A copy of the DFSA’s Decision Notice for Mr Virk can be found in the Enforcement Decision Notices section of the DFSA website.
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA’s regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA’s website for more information.
Alan Linning joined the DFSA on 16 July 2025, as Managing Director, Enforcement. Mr Linning brings over three decades of extensive legal, regulatory, and enforcement experience to the DFSA, having worked across a broad spectrum of complex financial regulation, enforcement action, and compliance matters within global financial markets. Prior to joining the DFSA, Mr Linning held various senior positions within top-tier regulatory bodies and law firms, where he held high-profile investigations and contributed to shaping policy and strategy in financial enforcement. He was most recently a Partner in Litigation and Dispute Resolution at Mayer Brown in Hong Kong. Previously he spent eight years as Partner, Head of Disputes and Regulatory at Sidley Austin. Prior to this, he was Executive Director of Enforcement at Hong Kong’s Securities and Futures Commission. Mr Linning holds a Law degree from the University of Edinburgh.
Portrait of Alan Linning, Managing Director, Enforcement, Dubai Financial Services Authority:
