21 June 2017
Press release

Application for suspension of payments: Obsieger Capital Management S.A.

Press release 17/22

In accordance with Article 122 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms and following the withdrawal of the authorisation of Obsieger Capital Management S.A. by the Minister of Finance on 15 June 2017, a request for the suspension of payments of Obsieger Capital Management S.A. has been filed by the CSSF with the Tribunal d’Arrondissement de et à Luxembourg (Luxembourg District Court) dealing with commercial matters, on 20 June 2017.

The decision of the Minister of Finance to withdraw the authorisation of Obsieger Capital Management S.A. may be referred to the Tribunal Administratif (Administrative Tribunal) by an attorney-at-law (avocat à la Cour) registered either with the Bar of Luxembourg or with the Bar of Diekirch. The case must be filed within one month from the date of notification of the decision to withdraw the authorisation, or else shall be time-barred.

Obsieger Capital Management S.A. is an investment firm within the meaning of Article 1(9a) of the Law of 5 April 1993 on the financial sector and carries out activities as investment adviser, broker in financial instruments, commission agent and private portfolio manager pursuant to Articles 24, 24-1, 24-2 and 24-3 of this law.

The notification of the CSSF’s application to Obsieger Capital Management S.A. by way of a bailiff’s writ dated 20 June 2017 will automatically operate to bring about, in favour of Obsieger Capital Management S.A. and pending a final decision on the request, a suspension of all payments by Obsieger Capital Management S.A. and the prohibition, on pain of nullification, of all acts other than precautionary and protective measures unless authorised by the CSSF or by any contrary legal provision.