JIS News

The Financial Services Commission (FSC), in keeping with its mandate under the Financial Services Commission Act to regulate the Securities industry, is investigating the operations of the offices of Lewfam Investments and Trading Limited, and the offices of OLINT Corp Limited.
This follows information received by the Commission suggesting that certain persons have been carrying out activities which are in breach of the Securities Act. According to the Commission, investigative work which was undertaken, revealed intelligence supporting the reports that persons may have breached the Securities Act.
Consequently, on March 3 and March 6 the Commission, assisted by members of the Financial Investigations Division, executed search warrants at the premises of the companies, to inspect and make copies of all books, accounts, records and other documents, cheques and securities and cash found on the premises.
This in addition to seizing and detaining books, accounts, records and other documents found on the premises.
Under Section 7 of the Securities Act, it is unlawful for persons to carry on the business of securities dealing without a licence issued by the Commission. In addition, the law prohibits persons from carrying on the business of providing investment advice without holding an investment advisor’s licence.
The Commission, in the interim, is advising the public to refrain from doing investment business with persons who are not licensed or registered under the Securities Act.

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