This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.
Coast Fund PLC
The Tulip Fund
The Commission has recently become aware of the activities of the above entities which it has been reported have made claims which imply that they are covered by the Financial Supervision (Restricted Schemes) Regulations 1990 of the Isle of Man and that they are fully regulated on the Isle of Man.
None of these entities are or ever have been regulated by the Commission on the Isle of Man nor are they covered or ever have been by the Financial Supervision (Restricted Schemes) Regulations 1990. No genuine links between the entities and the Isle of Man have been established by the Commission.
Details of all current licenceholders of the Commission are available.
Under the circumstances the Commission would strongly urge persons considering dealing with any of these entities to exercise the greatest possible caution before proceeding, bearing in mind the contents of this public notice.
Any persons who are already involved in any dealings with the above entities and have concerns should contact the Enforcement Division on +44 1624 689313 or by e-mail to email@example.com
FSC reference JPM/09/2003