Black Diamond Equity Group (2009-12-14)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 25(d) of the Financial Services (Jersey) Law 1998, warning the public that Black Diamond Equity Group is not authorised to conduct financial service business in Jersey. The Commission states that the entity has never registered or applied for registration under the Financial Services Law, and that any financial service business it has carried out since 1 July 1999 breaches Article 7 of that Law.

• Unauthorised status: Black Diamond Equity Group has never been registered or applied for registration under the Financial Services (Jersey) Law 1998.
• Breach alleged: Any financial service business conducted by the entity since 1 July 1999 is said to breach Article 7 of the Financial Services Law.
• Fraud warning: The Commission notes that documentation held suggests the entity displays warning signs of being set up for a fraudulent purpose.
• Call to action: Anyone who has had dealings with Black Diamond Equity Group is asked to contact the Commission.

The notice is informational and cautionary rather than regulatory in effect on licensed firms; it does not impose new compliance obligations on regulated entities but serves as a public warning against dealing with this unauthorised provider.