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NBS warning about Five Winds Asset Management and about QW Lianora Swiss Consulting

16. 01. 2019 | Information for Public

Národná banka Slovenska (NBS) warns the public about the activity of Five Winds Asset Management and QW Lianora Swiss Consulting. Both firms provide investment services within the European Union, including in Slovakia, yet neither firm complies with Slovak statutory requirements, nor has any authorisation to conduct business in Slovakia. It is highly likely that their activity involves pyramid fraud. Further information about pyramid schemes can be found here.

Národná banka Slovenska, as the competent authority for issuing authorisations under laws regulating the financial market in Slovakia, points out that neither of the above-mentioned companies has an authorisation that would allow it to conduct business in Slovakia under the Securities Act (No 566/2001 Coll., as amended) or under the Collective Investment Act (No 203/2011 Coll., as amended). The companies are also not authorised to conduct business in Slovakia under the Financial Intermediation and Financial Advisory Services Act (No 186/2009 Coll., as amended). Furthermore, NBS has no record that either company is a provider of investment services under the European Union’s ‘single passport’ regime.

The investment activities performed by Five Winds Asset Management and QW Lianora Swiss Consulting are not subject to supervision by Národná banka Slovenska, and funds invested in their activities are not protected under Slovak law. NBS further points out to potential investors that the companies’ services may not be marketed in Slovakia through a third party.

Národná banka Slovenska continues to warn consumers interested in investing in the financial market to consider carefully before concluding a contract with a financial services provider and to check the provider against the list of authorised providers listed on the NBS website, at NBS recommends consumers to give thorough consideration to all risks and aspects of any potential investment, including their own financial resources, investment preferences, and ability to bear potential losses.