Press release

Dissolution and judicial liquidation: FUCHS & ASSOCIÉS FINANCE S.A.

Press release 23/13

The CSSF informs that the Tribunal d’arrondissement de et à Luxembourg (Luxembourg District Court) sitting in commercial matters ordered the dissolution and judicial liquidation of the investment firm incorporated under Luxembourg law, FUCHS & ASSOCIÉS FINANCE S.A. (hereinafter “FAF”), on 18 July 2023, pursuant to point (2) of Article 129(1) of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms (hereinafter “Law of 18 December 2015”). The judgement grants an application of the CSSF in this regard.

By the same judgement, Me Alain Rukavina, avocat à la Cour (attorney-at-law) was appointed as liquidator. Ms Maria Faria Alves, vice-president of the Tribunal d’arrondissement de et à Luxembourg, was appointed as juge-commissaire (official receiver).

In accordance with Article 129(7) of the Law of 18 December 2015, the judgement determines the liquidation method regarding the institution.

The deadline for submitting the declarations of claims is set for 19 January 2024, 5 p.m.

Moreover, following a decision on 7 July 2023, the CSSF has withdrawn FAF’s authorisation with effect from 15 July 2023 (COB). The CSSF noted serious breaches of essential legal and regulatory requirements relating to capital base and prudential ratios of FAF, as well as of legal and regulatory requirements concerning the management body (board of directors and authorised management) of FAF. FAF carried out the activities referred to in Articles 24-1, 24-2, 24-4 and 24-5 of the Law of 5 April 1993 on the financial sector. The breaches by FAF seriously compromised the legal requirement regarding sound and prudent management. The withdrawal of FAF’s authorisation is a prudential measure taken exclusively in the public interest to protect the integrity of the financial markets and investors. The decision to withdraw the authorisation may still be subject to an administrative appeal.