Further update on Keydata Investment Services Limited
20 November 2009
On 18 November 2009 the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the "CSSF") applied to the Luxembourg court for Eric Collard of KPMG ADVISORY s.a.r.l to be appointed as administrateur provisoire (provisional administrator) of Lifemark S.A. ("Lifemark").
The scope of KPMG's appointment is set out in the CSSF's statement. This appointment was not made on the basis of insolvency, so it is not the same as appointing an administrator under English law.
Lifemark issued a series of bonds which were used to underpin a number of retail investment products provided and administered by the UK company, Keydata Investment Services Limited (“Keydata”), to UK consumers. Keydata was placed into administration by the FSA on 8 June 2009 due to substantial tax liabilities arising from irregularities with its products. The investors in these Keydata products are the ultimate beneficial owners of the majority of the bonds issued by Lifemark.
The CSSF and the FSA are working together in close cooperation in this matter.
For more information in respect of this statement, see the announcement made by the CSSF and the FSA's statement of 30 June 2009.