NBS warning regarding unlawful activities of Happy Trend Ltd. o.z. Slovensko
Národná banka Slovenska (NBS) informs the public about a company operating on the Slovak financial market registered as Happy Trend Ltd. – organizačná zložka Slovensko at the address Párovská 16, 949 01 Nitra, (hereinafter also ‘Happy Trend Ltd. o.z. Slovensko’). The company collects funds from people and promises returns on these funds. Through its intermediaries, the company Happy Trend Ltd. o.z. Slovensko concludes with depositors so-called ‘investment contracts’ without a specific purpose, promising returns on the deposited funds. The activities of Happy Trend Ltd. o.z. Slovensko have the formal characteristics of accepting cash deposits which are to yield profit.
Under Article 3(1) of Act No 483/2001 Coll. on banks (and amending certain laws), as amended, “No person without a banking authorisation may accept deposits, unless a separate regulation provides otherwise. No person without a banking authorisation may pay interest on, or other compensation for, deposits, which constitutes a tax expense under a separate regulation.” Happy Trend Ltd. o.z. Slovensko does not have any such authorisation, nor any other authorisation that would authorise it to conduct such activities. Since Happy Trend Ltd. o.z. Slovensko concludes contracts on accepting funds for profit without authorisation from NBS, it violates Article 3(1) of the Banking Act.
Národná banka Slovenska warns the public that the conduct of this activity by Happy Trend Ltd. o.z. Slovensko is unwarranted and that the company’s activities are being investigated by law enforcement bodies on the grounds of complaints lodged by persons injured by the company. Happy Trend Ltd. o.z. Slovensko has failed to meet its obligations arising from its contracts and accepted deposits.
National Bank of Slovakia
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2142, +421-2-5865 2142, +421-2-5787 2169, +421-2-5865 2169
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