Failure of FUCHS & ASSOCIÉS FINANCE S.A. – Activation of the Luxembourg Investor Compensation Scheme (SIIL)
On 18 July 2023, the Luxembourg district court has ordered the judicial liquidation of FUCHS & ASSOCIÉS FINANCE S.A. (hereinafter “FAF”). As a result, the Luxemburgish investor compensation scheme SIIL is activated, in accordance with Article 197(1) of the amended Law of 18 December 2015 on the failure of credit institutions and certain investment firms (“law of 2015”). The SIIL reimburses claims resulting from the incapacity of FAF to
- repay money owed to or belonging to eligible1 clients and held on their behalf in connection with investment business2; or
- return to eligible clients any instruments belonging to them and held, administered or managed on their behalf in connection with investment business,
up to 20.000 euros, in accordance with Article 196 of the law of 2015.
Clients who are unable to obtain the restitution of their financial instruments, or who can establish a claim in connection with investment business, resulting from FAF’s accounting records or duly certified by the liquidator, are invited to contact the SIIL by email to firstname.lastname@example.org or by mail to the following address:
Conseil de protection des déposants et des investisseurs
283, route d’Arlon
The SIIL will make available to them the documents relating to the conditions and formalities for obtaining a compensation, if applicable.
Clients have 10 years starting from 18 July 2023 for submitting their claim.
The SIIL will not pay any compensation before the eligibility of the claimant and the amount of the compensation have been determined and verified, in accordance with article 197, paragraphs 4 and 6 of the law of 2015.
In case of questions, please contact email@example.com or call (+352)262511.
1 Article 195(2) of the law of 2015 excludes certain types of clients, in particular financial institutions, insurance undertakings, undertakings for collective investment, pension and retirement funds, professional or institutional investors, supranational institutions, States and central, regional or local administrations, members of the administrative and management bodies of FAF, members personally liable for FAF, natural or legal persons which hold at least 5% of FAF’s capital, natural or legal persons which have similar status in other companies belonging to the group to which FAF belongs, the spouse or relatives up to the third degree of aforementioned persons, the other companies of the group to which FAF belongs, clients who have any responsibility for or have taken advantage of certain facts relating to FAF which gave rise to financial difficulties or contributed to the deterioration of FAF’s financial situation, persons that have been convicted for an offence related to money laundering as defined in article 1(2) of Directive 2005/60/EC or related to the financing of terrorism as defined in article 1(4) of Directive 2005/60/EC, companies other than those likely to be authorised to draw up abridged balance sheets pursuant to the Law of 19 December 2002 on the trade and companies register as well as those of comparable size subject to the law of another Member State.
2 Investment business as defined in Annex II, Section A of the amended law of 5 April 1993 on the financial sector, and investment service referred to in point 1 of Annex II, Section C, of this law, on an instrument referred to in Annex II, Section B of this law.