Helvetia Wealth ?

babytooth said:
with regard to "car"...under "passporting" through the MiFID directive, a maximum harmonisation EU directive, all financial service providers have to confirm to the host country rules, this would be Germany in thier case (have a german based office) where this is not a prequisite.

Paying a coupon of 8% means just that, an annual coupon of 8%, 8 euros for every 100 invested. Nothing to say that "car" must be published, as outlined by MiFID. It is a part of our new "Consumer Protection Code" but this doesn't operate cross border.
Click to expand...

Yes - the MiFID has caused A LOT OF PROBLEMS for investors with the
(UNREGULATED ) notorious 'passport' system introduced by EU Commissioner, Charlie McCreevy. It has been ill conceived and provides
little or no protection for the consumer/investor. 'Stock Brokers' or

'boilerrooms' can very easily receive a licence from the German Regulator BaFin It is believed some of the 'outfits' moved from UK to Germary because the FSA were too strict ! ! . I see a mention of FSW Europe
GmbH (formerly IS Intersecurities GmbH) - a Frankfurt outfit mentioned
who dissappeared within 3 years from start up because of litany of
complaints being made. In submissions to IFSRA & FSA on behalf of 17
investors we were referred to the 'host' reuglator in spite of the fact that
both IFSRA & FSA had permitted (in name) 'Stockbroker' to say on their
stationery they were authorised and regulated by IFSRA and FSA - but
hands appear to be tied for these two regulators who washed their
handsof the problem and referred the complaint to BaFin. Dealing with thelatter is an experience. Helvetia may be a Swiss registered company but see they also have an office in Germany and Ireland . So who is the
licencer for Germany and Ireland . It's no wonder these 'outfits' would
hightail it to Germany to avail of the terms there and use the MiFID which
has FAILED miserably tp protect the Consumer/investor. Some investors
were unknowingly sold regulation S shares - one had shares in a secure
investment in Ireland (€60000) which he transferred to include a number
of stock with a promise of 100% to 300% within 3 years . It has been
charged that the 'boiler room' took an undisclosed 60% commission
and the issuer got 29% - most of the funds were channelled via various
sources to end up being LAUNDERED in Hong Kong. One of the culprits
was jailed in November last for handling $90m and the Regulators do'nt
know where the money went ! No wonder Helvetia would operate from
Germany and Peter St., Dublin, Ireland !

MiFID - Markets in Financial Instruments Directive
"The EU Markets in Financial Instruments Directive (MiFID), is the most significant piece of European legislation for the capital market of recent years. It governs and harmonises the conditions for securities trading throughout Europe. MiFID is also intended to improve investor protection in Europe, through new conduct of business and transparency requirements, and to promote competition between trading platforms." (www.bafin.de)

Further information about MiFID and the corresponding documents issued by Helvetia Wealth can be found on this site soon.

Very few financial institutions have escaped the fall out from the scandals
in the USA and until the SEC, FSA and IFSRA become effective the place for your money is 'under the mattress' !
 
You must log in or register to reply here.
Back
Top