CB&S Public Statement (2005-01-20)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission naming Crystal Bonds and Securities and Continental Trust Bank (together referred to as CB&S, operating via www.cbsec.net) as unauthorised entities. The Commission states that CB&S has never been registered under Jersey's financial services or banking laws and warns investors and the public against dealing with them.

• Unregistered investment business: CB&S has never registered or applied for registration under the Financial Services (Jersey) Law 1998; any financial service business it has carried out since 1 July 1999 breaches Article 6 of that Law.
• Unregistered deposit taking: CB&S has never registered or applied for registration under the Banking Business (Jersey) Law 1991; any deposit taking business it has carried out since 1 October 1991 breaches Article 7 of that Law.
• Public warning: The Commission asks anyone who has had dealings with CB&S to contact it.

This statement is purely informational and enforcement-related; it does not impose ongoing compliance obligations on regulated entities but instead warns the public and industry about an unauthorised operator.

Applies to

unauthorised financial services providers, investors and members of the public