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FCA Fines Banque Havilland £10M for Qatar-Targeted ‘Manipulative Trading’ Doc

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Britain’s financial watchdog has slammed Bank Havilland, a private bank based in Luxembourg, for £10m for allegedly creating and publishing a document containing “inappropriate advice” to potential clients. The UK’s Financial Conduct Authority (FCA) also imposed separate fines on three former employees of the bank’s London branch.

According to the FCA, former employees include Edmund Rowland, David Wheeler and Vladimir Bolelli, who are the former chief executive, senior director and employee, respectively, of the bank’s London branch. The regulator imposed fines of £352,000, £54,000 and £14,200 respectively. It also banned them from working in financial services in the UK.

The FCA’s latest action comes next October 2021 Warning Notice The regulator has issued Banque Havilland SA and “certain individuals” previously employed by the private bank in connection with breaches of its Business Principles.

In the notice, the British regulator accused Bank Havilland of masterminding a document that “outlines a number of steps that can be taken to harm Qatar’s economy through the use of manipulative business practices intended to create a false or misleading impression regarding the market or the price of Qatari bonds.”

FCA colleges scheme to devalue the Qatari riyal

in a permit Fiat Chrysler, issued on Friday, indicated that it believes that Banque Havilland’s goal of the document is to devalue the Qatari riyal and break its peg to the US dollar in order to harm the economy of the Middle Eastern country.

The Superintendent of Financial Markets notes that the document was created by Bolelli at Roland’s behest and with significant input from Wheeler. It also indicated that Rowland and Bolili distributed the document, including by presenting a copy to a representative of the Abu Dhabi sovereign wealth fund.

“Bank Havilland” stated that “Bank Havilland intends to present the document to representatives of countries that it deems may have reasons to exert economic pressure on Qatar, including the United Arab Emirates, as a means of marketing its services.”

However, the British watchdog indicated that it had found no evidence that the strategy mentioned in the document had been implemented. The strategy was described as “manipulative trading” which could be a criminal offense if carried out in the UK.

“Bank Havilland’s conduct actively encouraged the commission of financial crime, presenting exploitative trading ideas to someone who it judged had a political motive to be interested in such ideas,” said Therese Chambers, FCA’s executive director of market enforcement and oversight. “She hardly needs a mention, but such behavior is totally unacceptable.”

However, the regulator noted that its decision regarding fines had been referred to the High Court, which is the UK’s supreme court of appeal, by Bank Havilland, Rowland & Bolili.

Meanwhile, the British watchdog continued its crackdown on cryptocurrency ATMs in the country. It has recently taken action against such sites in Exeter, Nottingham and Sheffield and has therefore expanded its previous campaign against such facilities in east London.

Britain’s financial watchdog has slammed Bank Havilland, a private bank based in Luxembourg, for £10m for allegedly creating and publishing a document containing “inappropriate advice” to potential clients. The UK’s Financial Conduct Authority (FCA) also imposed separate fines on three former employees of the bank’s London branch.

According to the FCA, former employees include Edmund Rowland, David Wheeler and Vladimir Bolelli, who are the former chief executive, senior director and employee, respectively, of the bank’s London branch. The regulator imposed fines of £352,000, £54,000 and £14,200 respectively. It also banned them from working in financial services in the UK.

The FCA’s latest action comes next October 2021 Warning Notice The regulator has issued Banque Havilland SA and “certain individuals” previously employed by the private bank in connection with breaches of its Business Principles.

In the notice, the British regulator accused Bank Havilland of masterminding a document that “outlines a number of steps that can be taken to harm Qatar’s economy through the use of manipulative business practices intended to create a false or misleading impression regarding the market or the price of Qatari bonds.”

FCA colleges scheme to devalue the Qatari riyal

in a permit Fiat Chrysler, issued on Friday, indicated that it believes that Banque Havilland’s goal of the document is to devalue the Qatari riyal and break its peg to the US dollar in order to harm the economy of the Middle Eastern country.

The Superintendent of Financial Markets notes that the document was created by Bolelli at Roland’s behest and with significant input from Wheeler. It also indicated that Rowland and Bolili distributed the document, including by presenting a copy to a representative of the Abu Dhabi sovereign wealth fund.

“Bank Havilland” stated that “Bank Havilland intends to present the document to representatives of countries that it deems may have reasons to exert economic pressure on Qatar, including the United Arab Emirates, as a means of marketing its services.”

However, the British watchdog indicated that it had found no evidence that the strategy mentioned in the document had been implemented. The strategy was described as “manipulative trading” which could be a criminal offense if carried out in the UK.

“Bank Havilland’s conduct actively encouraged the commission of financial crime, presenting exploitative trading ideas to someone who it judged had a political motive to be interested in such ideas,” said Therese Chambers, FCA’s executive director of market enforcement and oversight. “She hardly needs a mention, but such behavior is totally unacceptable.”

However, the regulator noted that its decision regarding fines had been referred to the High Court, which is the UK’s supreme court of appeal, by Bank Havilland, Rowland & Bolili.

Meanwhile, the British watchdog continued its crackdown on cryptocurrency ATMs in the country. It has recently taken action against such sites in Exeter, Nottingham and Sheffield and has therefore expanded its previous campaign against such facilities in east London.

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