STM Group PLC Recommencement of Trading & Inspectors Appointment (4672W)
November 14 2017 - 6:00AM
UK Regulatory
TIDMSTM
RNS Number : 4672W
STM Group PLC
14 November 2017
Press Release 14 November 2017
STM Group Plc
("STM", the "Company" or the "Group")
Statement Regarding Some Gibraltar regulated entities -
appointment of Inspectors by the Gibraltar Financial Services
Commission
and Recommencement of Trading
STM Group Plc (AIM: STM), the cross border financial services
provider, advises that on 6 November 2017, certain of the Company's
Gibraltar regulated subsidiaries, (the "Subsidiaries") received
notice from the Gibraltar Financial Services Commission ("GFSC") of
the appointment of inspectors (the "Appointments") under Section
8(1) of the Financial Services (Information Gathering and
Co-Operation) Act 2013 (the "Act") (the "Notices").
The Board of STM and the Subsidiaries have taken legal advice as
to whether the GFSC has sufficient grounds to make the Appointments
and have been advised that there are strong grounds to appeal the
Appointments. The Subsidiaries have therefore filed and served an
appeal against the Appointments (the "Appeal") with the Gibraltar
Supreme Court (the "Court"). The Appointments have also been
temporarily stayed by Order of the Court of 8 November 2017,
pending the hearing of a substantive stay application by the Court
which is scheduled to be held on 20 November 2017. The Court has
also made a Privacy Order at the hearing on 8 November 2017.
The Company notes that the Subsidiaries are in ongoing dialogue
with the GFSC in relation to establishing a collaborative route
forward and hopes to reach a resolution through this route.
By way of background to the appointments, pursuant to section
8(1) of the Act, the GFSC may appoint inspectors to investigate the
affairs, or any specific aspects of the affairs, of any person in
Gibraltar who has carried on a regulated activity in or from within
Gibraltar or is a relevant Person (as defined in section 2(1) of
the Act) and to report to the GFSC in that respect. In addition,
pursuant to section 8(2) of the Act, the GFSC shall appoint an
inspector under section 8(1) of the Act, if, inter alia it appears
that a firm is not meeting its regulatory and/or prudential
requirements or it is necessary to protect the interests of
customers, prospective customers or the public, in Gibraltar or
elsewhere.
The GFSC carried out a number of site visits to the premises of
the Subsidiaries in September / October 2016, and gave initial
feedback in April 2017, with final feedback being received in June
2017. In addition, in March 2017, the GFSC conducted a one day site
visit specifically to review the centralised compliance function in
Gibraltar. As a result of these site visits, the GFSC have stated
they have some concerns regarding certain aspects of Compliance,
Governance and Controls and the provision of Professional and
Trustee Services.
The Appointments have no impact on the Company's ability to
trade. However, the Appointments could have a material cost impact
on STM if the Subsidiaries' appeal is unsuccessful.
The GFSC advised the Subsidiaries at the time of issuing the
notices of Appointment that the Appointments are not connected to
the recent allegations against Alan Kentish disclosed in the
Company's announcement of 30 October 2017.
STM Group plc is fully supportive of its Subsidiaries and the
actions they have taken.
Further announcements will be made in due course, as
appropriate.
Recommencement of trading in the Company's shares will take
effect from 12 p.m. today.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Tel: 00 350 200 42686
Officer www.stmgroupplc.com
Therese Neish, Chief Financial
Officer
finnCap Tel: +44 (0)20 7600
1658
Matt Goode / Emily Watts - Corporate www.finncap.com
Finance
Mia Gardner - Corporate Broking
Media enquiries:
Walbrook PR Tel: +44 (0) 20 7933 8780
Tom Cooper / Paul Vann Mob: +44 (0) 797 122 1972
tom.cooper@walbrookpr.com
Notes to editors:
STM is a multi jurisdictional financial services group which is
listed on the AIM Market of the London Stock Exchange. The Group
specialises in the delivery of a wide range of financial service
products to professional intermediaries and the administration of
assets for international clients in relation to retirement, estate
and succession planning and wealth structuring.
Today, STM has operations in the UK, Gibraltar, Malta, Jersey
and Spain. The Group is looking to expand through the development
of additional products and services that its ever more
sophisticated clients demand. STM has developed a specialist
international pensions division which specialises in Qualifying
Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK
Pension Schemes (QNUPS). STM has a Gibraltar Life Insurance
Company, STM Life plc, which provides life insurance bonds -
wrappers in which a variety of investments, including investment
funds, can be held.
Further information on STM Group can be found at
www.stmgroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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