The CSSF informs that on 21 August 2013 the Luxembourg administrative court of appeal confirmed the judgment of the Luxembourg administrative first instance court concerning the CSSF decision of 29 August 2011 to refuse to grant a licence to ARM Asset Backed Securities S.A. (“ARM”) as a regulated securitisation undertaking under the Luxembourg law of 22 March 2004 on securitisation (the “Law”). The judgment of the administrative court of appeal is final and cannot be appealed. It follows that the decision of the CSSF to refuse a licence to ARM has become final. Accordingly and in line with the Law, the CSSF has asked the Public Prosecutor to request the Luxembourg district court dealing with commercial matters to order the dissolution and the liquidation of ARM.
Federal Reserve Board issues enforcement action with Texico Bancshares Corporation and Texico State Bank
BAM Bundesweites Anlagenmanagement UG (haftungsbeschränkt), Hamburg/Berlin: information from BaFin with regard to the winding up of unauthorised deposit business
After reviewing the situation, BaFin has made the following arrangements to ensure that the purported “blocked accounts” (Sperrkonten) are wound up in an orderly manner. I.