WARNING TO THE PUBLIC 1/2004 under the protection of the art. 64.7) of the
Spanish Securities Market Act
In fulfilment of article 64.7) of the Securities Market Act, CNMV warns the public
that:
CARLTON BIRTAL FINANCIAL ADVISORY, S.L. a company addressed in
Barcelona (Spain), C/ Trafalgar, 6, 2º Floor, Apartment 26, which Joint
Administrators are Mr L. JOHN LEWIS and Mr REED L. BENSON:
1. It is not an entity registered with the CNMV.
2. It is not authorised to appeal or to get saving of the public.
3. According to the information available to the CNMV, the company has been
offering investment services without the required authorisation.
4. The Executive Committee of the CNMV, by delegated authority from the
Council of the CNMV by Resolution of 24th February 2004, according to the
provisions of the Article 36 of the CNMV’ s Internal Regime Code
concerning the sanctioning procedure, on 13rd May 2004 adopted the
decision of instituting an administrative sanctioning file against CARLTON
BIRTAL FINANCIAL ADVISORY, S.L., and its Joint Administrators Mr L.
JOHN LEWIS and Mr REED L. BENSON, for the alleged commission of a
very serious infringement classified in article 99 q) of the Securities Market
Act, for the breach of the provision established in article 64.6, in relation with
letter a) of article 63.1 of the above mentioned legal text, for carrying out
habitually the activities of receipt and transmission of investors' orders
without having obtained the mandatory authorisation and without being
registered in the corresponding administrative Register.
5. Pursuant to article 64.7 of the Securities Market Act, the Council of the
CNMV, in its meeting of May 20th, 2004, agreed to inform the company of
the supposed infringements to let the company allege as much as it deems
fit within the procedure of prior hearing before the issuing of the request for
the termination of the activities of the company.
On June 8th, 2004 the CNMV received CARLTON BIRTAL FINANCIAL
ADVISORY, S.L.’ s allegations.
Pursuant to article 64.7 of the Securities Market Act, and considering that
the CARLTON BIRTAL FINANCIAL ADVISORY, S.L.’ s allegations did not
prevent the alleged infringements, the Council of the CNMV, in its meeting
of June 17th, 2004, agreed:
- To request CARLTON BIRTAL FINANCIAL ADVISORY, S.L. to terminate
its activities of providing investment services through the activity of
receiving and transmitting orders related to financial instruments on behalf
of third parties without having obtained the mandatory authorisation and
without being registered in the corresponding administrative Register, in
contravention of the reserved activity established in article 64.6 of the
Securities Market Act.
6. Pursuant to paragraph 2 of article 64.7 of the Securities Market Act, the
CNMV warns the public against the activities carried out by CARLTON
BIRTAL FINANCIAL ADVISORY, S.L. and informs the public about the
preventive measures adopted to compel the company to terminate its
business.
June 21st, 2004
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