Avalon Partners, Inc (2004-05-11)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning the public that Avalon Partners, Inc, a New York-based investment firm, is not authorised to conduct financial services business in Jersey. The Commission had been informed that Avalon was cold-calling Jersey residents to offer investment-brokering services despite never being registered under the Financial Services (Jersey) Law 1998.

• Unauthorised activity: Avalon has never registered or applied for registration 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.
• Public warning: The statement is issued under Article 22 of the Financial Services (Jersey) Law 1998 to warn investors and others against dealing with Avalon.
• Verification resource: The Commission notes that all regulated businesses are listed on its website, and invites anyone who has dealt with Avalon to contact the Commission.

The statement was originally issued on 11 May 2004 and re-issued on 18 August 2004. It imposes no ongoing regulatory obligations on licensed entities but serves as an enforcement warning regarding an unauthorised provider.