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PRE 2004

Trustshore Bank & Trust Corporation and Integris Group of Mutual Funds - 6 March 2003

Public Statement - Trustshore Bank & Trust Corporation and Integris Group of Mutual Funds

This statement is re-issued in order to warn investors and others against dealing with unauthorised financial services providers.

Trustshore Bank & Trust Corporation ("Trustshore")
Integris Group of Mutual Funds ("Integris")

The public statement was originally issued on 4 October 2002 and is now re-issued with new paragraphs 5 and 6 following a representation from entities with similar names that are licensed in other jurisdictions. The purpose of this statement is to advise the public that Trustshore and Integris have not received authorisation to conduct investment, deposit-taking or collective investment fund business within the meaning of the laws stated below.

The Commission become aware of a website, www.trustshore.com, that states that Trustshore has established an office in Jersey and implies that Trustshore is subject to regulation. Amongst the products offered are Integris funds.

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"), Article 45B of the Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law"), and Article 14A of the Collective Investment Funds (Jersey) Law 1988, as amended ("the Collective Investment Funds Law").

The Commission wishes it to be known that:

1. Neither Trustshore nor Integris have ever held, or applied for, licences under the Financial Services Law. Therefore any financial services business, as defined in Article 2 of the Law and carried out since 1 July 1999, is a breach of Article 6 of the Financial Services Law.

2. Neither Trustshore nor Integris have ever held, or applied for, licences under the Banking Business Law. Therefore any deposit-taking business, as defined in Article 3 of the Law and carried out since 1 October 1991, is a breach of Article 7 of the Banking Business Law.

3. Neither Trustshore nor Integris have ever held, or applied for, licences under the Collective Investment Funds Law. Therefore any collective investment fund business, as defined in Articles 2 and 3 of the Law, carried out since 1 June 1989 is a breach of Article 4 of the Collective Investment Funds Law.

4. The Commission has established that no genuine links exist between Trustshore or Integris and the Jersey address quoted on the website.

5. Trustshore is not connected in any way to Bayshore Bank and Trust (Barbados) Corporation that is licensed as an offshore bank by the Central Bank of Barbados.

6. Intergris is not connected in any way with Intergris Bank & Trust Limited that is licensed as an offshore bank by the Central Bank of Barbados or Intergris Funds Limited that is licensed as a mutual fund by the Cayman Islands Monetary Authority.

7. 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 any of the above entities contact the Commission.

Gary Godel
Director Enforcement
Jersey Financial Services Commission

Nelson House,
David Place,
St. Helier,
Jersey,
JE4 8TP.

6 March 2003

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