Standard Chattered Bank

Public Statement - Standard Chattered Bank

Standard Chattered Bank (“Standard Chattered”)
www.standardchatteredbank.co.uk (the “Website”)

The Commission believes that Standard Chattered, through the use of the Website, is carrying on or holding out that it is carrying on banking and investment business in Jersey when it is not authorised to do so pursuant to the provisions of the Laws stated below. However, it should be noted that there is a genuine group, namely the Standard Chartered Group. Standard Chattered and the Website are not, in any way, connected to the genuine Standard Chartered Group. Companies in the Standard Chartered Group have a presence in Jersey and other jurisdictions. Please refer to the Standard Chartered Group website at www.standardchartered.com for further information.

The Commission has issued this public statement under Article 25(2) of the Financial Services (Jersey) Law 1998, as amended (the “Financial Services Law”) and Article 48(2) of the Banking Business (Jersey) Law 1991, as amended (the “Banking Business Law”).

The Commission wishes it to be known that:

• Standard Chattered has never been registered, or applied for registration, under the Financial Services Law. Therefore, any investment business, as defined in Article 2 of the Financial Services Law carried out since 1 July 1999, is a breach of Article 7 of the Financial Services Law.
• Standard Chattered has never been registered, or applied for registration, under the Banking Business Law. Therefore, any deposit-taking business, as defined in Article 3 of the Banking Business Law and carried out since 1 October 1991, is a breach of Article 8 of the Banking Business Law.
• Standard Chattered and the Website are not connected in any way to the Standard Chartered Group. The Standard Chartered Group has headquarters in the UK and has a presence in various jurisdictions including Jersey. The Standard Chartered Group is authorised in the UK by the Financial Services Authority (the “FSA”) to carry on regulated activities. Please see the FSA website at www.fsa.gov.uk and the Standard Chartered Group website at www.standardchartered.com for further information.
• Companies within the Standard Chartered Group are also authorised by the Commission to conduct banking and investment business within the meaning of the laws stated above. The Commission is in possession of information and documents which show that Standard Chattered, through the use of the Website, purport to have a contact address in Jersey of 15 Castle Street, St. Helier, Jersey, Channel Islands, Great Britain. The address quoted on the Website does exist and is the address of the genuine authorised banking and investment business provided in or from within Jersey by companies within the Standard Chartered Group. Please see the Commission website at www.jerseyfsc.org and the Standard Chartered Group website at www.standardchartered.com for further information.

All regulated businesses in Jersey are listed on the Commission’s website at www.jerseyfsc.org.

Any person who has had dealings with Standard Chattered is requested to contact the Commission.

Gary Godel
Director Enforcement
Jersey Financial Services Commission

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

15 December 2006