Atlantic Trust Bank ("ATB") (2003-04-23)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning that Atlantic Trust Bank (ATB), which operates a website suggesting it has a Jersey office and is regulated, has never been authorised to conduct financial service or deposit-taking business in Jersey. It confirms ATB has no connection to the legitimate, locally authorised Atlantic Trust Group of companies.

• No registration: ATB has never registered or applied to register under the Financial Services (Jersey) Law 1998, so any financial service business it has conducted since 1 July 1999 breaches Article 6 of that Law.
• No banking registration: ATB has never registered or applied to register under the Banking Business (Jersey) Law 1991, so any deposit-taking business it has conducted since 1 October 1991 breaches Article 7 of that Law.
• No connection to Atlantic Trust Group: ATB is unrelated to Atlantic Trust International (Jersey) Limited or other Atlantic Trust Group entities, which are legitimately authorised or unregulated affiliates.
• Public guidance: The public is directed to the Commission's website to check the list of regulated businesses and is asked to contact the Commission if they have dealt with ATB.

The statement is issued under Article 22 of the Financial Services (Jersey) Law 1998 and Article 45B of the Banking Business (Jersey) Law 1991, and is purely a warning notice aimed at protecting investors from an unauthorised entity rather than a rule change affecting licensed firms.

Key obligations

• Any person who has had dealings with ATB is requested to contact the Commission (a request, not a binding legal obligation)