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CNMV

Advertencia al público de otros reguladores extranjeros.

 


Como miembro de The Committee of European Securities Regulators (CESR) y de la International Organization of Securities Commissions (IOSCO), la CNMV recibe regularmente advertencias emitidas por otros reguladores de valores extranjeros sobre compañías que no están autorizadas a prestar servicios de inversión en los países que remiten dichas advertencias.

Con el fin de mejorar la protección de los inversores y dada la creciente internacionalización de los mercados de valores, la CNMV ha decidido publicar estas advertencias en su página de internet que completan las informaciones contenidas en la página del inversor, en las

advertencias al público de la CNMV

y en la consulta a los registros oficiales.

La CNMV advierte que la información incluida en esta página ha sido facilitada por los organismos supervisores extranjeros, que asumen la responsabilidad por el contenido de la misma.

 

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siguiente
FechaRegulador que remite la advertenciaCompañías sobre las que advierte 
29/11/2006SFSA (SUECIA)

- 1911DIRECT Sparkasse Ekonomisk Förening
- www.sparkasse.se

SFSA ha emitido una advertencia sobre la compañía 1911DIRECT Sparkasse Ekonomisk Förening, su página web es www.sparkasse.se, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
29/11/2006SFSA (SUECIA)

- The Ashton Lewis Group
- www.theashtonlewisgroup.com

SFSA ha emitido una advertencia sobre la compañía The Ashton Lewis Group, su página web es www.theashtonlewisgroup.com, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
29/11/2006SFSA (SUECIA)

- Bluecrest International Capital, Inc.
- www.bluecrestintl.com

Finaninspektiionen advierte sobre las actividades desarrolladas por la compañía Bluecrest International Capital, Inc., su página web es www.bluecrestintl.com, e informa que las mismas pudieran ser una estafa.
Para más información ver archivo adjunto.
29/11/2006SFC (HONG KONG)

- The Tidal Group

SFC ha emitido una advertencia sobre la compañía The Tidal Group, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
29/11/2006FMA (AUSTRIA)

- Private Commercial Office, Inc.

FMA ha emitido una advertencia sobre la compañía Private Commercial Office, Inc., informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
29/11/2006FMA (AUSTRIA)

- First China Corporate Management Group
- www.firstchinacmg.com

FMA ha emitido una advertencia sobre la compañía First China Corporate Management Group, su página web es www.firstchinacmg.com, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
29/11/2006FMA (AUSTRIA)

- D. Keffel-Fallahi

FMA ha emitido una advertencia sobre la compañía D. Keffel-Fallahi, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
22/11/2006SFSA (SUECIA)

- Westminster Market Research & Management
- www.westminstermanagementinc.com

SFSA ha emitido una advertencia sobre la compañía Westminster Market Research & Management, su página web es www.westminstermanagementinc.com, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
22/11/2006SFSA (SUECIA)

- Silicon Valley Financial Incorporated
- www.svfi.net

SFSA ha emitido una advertencia sobre la compañía Silicon Valley Financial Incorporated, su página web es www.svfi.net, informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.
22/11/2006SFSA (SUECIA)

- Charterhouse Trust Credit Union Ek. för.

SFSA ha emitido una advertencia sobre la compañía Charterhouse Trust Credit Union Ek. för., informando de que dicha compañía podría estar prestando servicios de inversión sin la debida autorización.
Para más información ver archivo adjunto.

 

 

 

ISSUED BY THE

Comisión Nacional del Mercado de Valores

 

1.Foreign investment services firms can operate in Spain through a branch or under the freedom of services provision.

 

In the case of foreign firms from non EU member states, prior authorisation must also be sought from the Ministry of Economy. Once this has been granted, the ISF is filed on the CNMV Register.

 

Conversely, no previous authorisation is required for the opening of branches or the provision of services by investment firms registered in another EU member state. The reason is that such firms automatically hold a "European passport" (EU regulations allow ISFs to operate in all member states provided they are authorised to do so in their country of origin). However, the CNMV must receive a note from the supervising body of its country of origin accrediting that the ISF is qualified to do the business it proposes, and stating the investment guarantee scheme of which it is a member, among other relevant details. Providing everything is in order, the firm can then add its name to the CNMV register.

 

The same CNMV roll includes foreign credit entities rendering investment services in Spain (names referred from Banco de España).

 

To ascertain whether a foreign operator (ISF or credit entity) is qualified to offer products and services to Spanish investors, simply look up the Foreign ISF Register, accessible from this website.

 

http://www.cnmv.es/english/index_e.htm

 

 

2.The first point to make is that only authorised firms and individuals have the right to take and invest other people´s money. Banco de España is the authorising agency for banking activities while the Dirección General de Seguros y Fondos de Pensiones performs the same function for insurance, pension plans and pension funds. Finally, securities and mutual fund or related activities are the province of the Comisión Nacional del Mercado de Valores (CNMV).

 

Those wishing to invest in securities should approach one of the investment services firm or ISFs (brokers and broker-dealers, and portfolio management companies) engaging specifically in securities market business. Another alternative is to go through a credit institution (bank, savings bank or credit cooperative) authorised to offer brokerage services. For a full list of licensed entities, go to the CNMV´s Official ISF Register.

 

ISFs´ securities market activity addresses the issuer (placement, underwriting, etc) as well as the final investor. The main services they provide are outlined below:

 

 Collecting, forwarding and executing client purchase and sale orders in bonds, shares and other products.

 

 

 Managing the assets or portfolios of mandating investors.

 

 

 Assisting in company stock or bond issues or public offerings of securities by publicising them to final investors.

 

 

 Custody and administration of savers´ securities and financial products.

 

 

 Lending to brokerage service clients for the purpose of securities market transactions.

 

 

 Advising companies and individual investors.

 

Note that not all investment firms can carry out every one of these activities. The first limitation is the corporate form of the ISF (broker-dealers and credit entities have the largest operational range, and portfolio managers the smallest). Also, each ISF must tailor the scope of its brokerage activities to its technical capabilities and human resources.

 

Investors can ascertain whether a given company is qualified to offer them the services they need by consulting the CNMV`s Official ISF Register.

 

3.Your relationship with your financial intermediary is a vitally important one. And there are several points on which you should reassure yourself before committing to a supplier. Some can be checked out here on the CNMV website, as described in Website information:

 

 Check that the firm you deliver your money to is authorised to provide investment services.

 

 

 Know exactly which activities the firm is offering and which it is allowed to perform.

 

 

 Inform yourself beforehand about the cost of these investment services. Ask about the fees they apply which should be equal to or less than those filed with the CNMV.

 

 

 Before you sign anything, talk to your contact person about any doubts you have on the company itself and the investment opportunities presented. The Questions you should ask section gives some examples of things you must know before taking a decision.

 

 

 Formalise your relations with the firm though a contractual document, making sure to keep a signed copy of the same. Demand the use of standard contracts when this is mandatory, and check that their contents match with those filed with the CNMV (and available for public consultation).

 

 

 Make sure you are sent all relevant documents and statements accrediting your securities and cash position, and keep them in good order. Remember they stand as evidence of your investments.

 

 

 Check that your provider will be sending you regular written statements on your investment position, your securities and the cash held on deposit.

 

 

 Do not accept statements that are in any way vague. The statements you are sent should tell you exactly what securities or financial products you hold, and give a detailed breakdown of the fees, expenses and withholding taxes applied as well as a clear indication of the profits or losses made.

 

 

 Make sure your provider adheres to the principles of good conduct enshrined in securities market regulations and its own internal rules. If you have any doubts in this regard, discuss them firstly with the firm itself. 

 

4. The investment services business, like any other business, has a small number of unscrupulous operators. Their aim is to trick or swindle the investor public, and small savers are their favourite target.

 

Set out below are a few of the clues that can help you detect this illegal conduct. More detailed information can also be found in the Guide to Fly-By-Night Operations. For a free copy of this booklet, call the Investor Assistance Office of the CNMV on 902 14 92 00.

 

What are fly-by-night operators? The colloquial expression "fly-by-night operators" refers to people or companies offering investment services without being authorised to do so. The formal equivalent would be "unauthorised" or "unregistered operator". Remember only companies authorised by the CNMV or by Banco de España can offer investment services. This authorisation is only granted to firms meeting certain requirements.

 

If firms are not authorised, there is no way of knowing whether they have sufficient capital, organisational and technical resources, whether they meet the required standards of professional repute, and so on. They are therefore not in a position to offer investors any kind of guarantee. Furthermore, the fact they are not registered with either the CNMV or Banco de España means they escape the controls to which authorised operators are submitted. The investor, as a result, is left totally unprotected.

 

How do they operate? The favourite tactic of fly-by-night operators is to lure in clients with the promise of high returns; usually significantly higher than can be raised on the market through legitimate providers. They also use pressure-selling techniques to try and force investors into rush decisions.

 

The operations they propose are usually lacking in consistency. They tend to be exotic, sophisticated products whose qualities they have a hard time explaining, but which can end up losing subscribers all their savings. They neither can nor even intend to achieve the optimal results they boast of, and when they have run out excuses for the losses incurred, they change their business address or disappear.

 

How can I spot them? The first thing that should arouse your suspicion is the offer of returns far beyond what the market is offering.

 

You can sometimes tell a fly-by-night operator by the way they engage with prospective clients. Keep a look out for the following patterns of behaviour:

 

 Their sales representatives are usually skilled at giving an air of legitimacy to investment offers. They seem to know what they are saying and tend to use technical expressions without clearly explaining what they are about.

 

 

 When talking about the proposed investment, they attach little importance to the risk factors, which they may describe as temporary or minor only in comparison with the profits to be made.

 

 

 They urge you to make a decision immediately, telling you this is your only chance to take up a unique opportunity.

 

 

 They may treat the prospective client with a familiarity that is out of place in a strictly commercial relationship, and resort to pressure-selling techniques if they don´t get their way.

 

Fly-by-night operators can also be detected by the way they do business. They usually want clients to deposit their money in a current account in the name of some foreign company, normally one wholly unknown to the investor (and to the authorities of the country in question). The products they offer tend to be extremely sophisticated and traded on unfamiliar foreign markets. Finally, they avoid giving clients straight information about the performance of their investments.

 

You should be constantly alert for any of these signs of fraudulent behaviour, and always check with the CNMV or Banco de España to see if the company you are dealing with is licensed to provide investment services

 

What if I have already handed over cash? If you have, for whatever reason, entrusted your savings to a person or firm you suspect might be a fly-by-night operator, you should quickly take the following steps:

 

 Request complete and detailed information on your investments.

 If you see some cause for alarm (you cannot get hold of the person who sold you the package, you receive no information or it is confused and incomplete), the best course is to ask for your money back without delay.

 If they do not return the money or you receive excuses or advice not to undo your position, stand firm and, if necessary, threaten them with going to the authorities.

 Lastly, whether or not you get your money back, report the matter to the CNMV and place formal charges with the police or the courts.

 

Be aware, finally, that most people in this situation never get their money back, despite the efforts of the authorities. Not only that, by working with a fly-by-night operator they have lost any right to compensation through the Investment Guarantee Fund.

 

 

(the above extracts from the CNMV web site were taken on 20th October 2006)

 

 

 

 

 

 

 

  

 

© COSTA DEL SOL ACTION GROUP
Against Unlicenced Financial Advisers & Product Providers that support them.