Chase Private Bank & Trust Corporation and Globe Trust Bank - 10 February 2003
Public Statement - Chase Private Bank & Trust Corporation
This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.
Chase Private Bank Corporation
The purpose of this statement is to advise the public that the Chase Corporations and Globe have not received authorisation to conduct financial service or deposit-taking business within the meaning of the laws stated below.
The Commission has recently become aware of the websites, www.chase-banking.com and www.globetrustbank.com, which state they have offices in the Channel Islands and imply that they are subject to regulation.
The Jersey Financial Services Commission ("the Commission") has issued this public statement under Article 22 of the Financial Services (Jersey) Law 1998, as amended ("the Financial Services Law") and Article 45B of the Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law").
The Commission wishes it to be known that:
1. Both the Chase Corporations and Globe have never been registered, or applied for registration, under the Financial Services Law. Therefore any financial service business, as defined in Article 2 of the Financial Services Law and carried out since 1 July 1999, is a breach of Article 6 of the Financial Services Law.
4. The Chase Corporations are not connected in any way to J.P. Morgan Chase & Co or any of its group companies that legitimately use the Chase name.
5. All regulated businesses are listed on the Commission's web site at www.jerseyfsc.org
The Commission requests that any person who has had dealings with the above entities contact the Commission.
10th February 2003