Overseas based Investment clubs must be registered - FSC
Published:Wednesday | January 9, 2008 | 3:21 PM
Deputy Director of the Financial Services Commission (FSC), George Roper, said the regulatory body could take action against investment clubs, which are licenced overseas, and also operate in Jamaica.
Last year, the FSC issued cease and desist orders against OLINT, which is registered in the Turks and Caicos Islands.
FSC instructed the company to stop doing business until it was licenced to do so.
OLINT appealed to the Supreme Court to have the order withdrawn, but the FSC won the appeal.
According to Mr. Roper, it is within the FSC’s jurisdiction to take action against the investment club.
He said many unregulated investment schemes are now seeking regulation. However, information will be given to investors if the clubs meet regulation requirements.
More than 60 investment dealers are currently licensed to operate in Jamaica