The FSA has issued a short statement providing an update on Keydata Investment Services Limited.
On 1 February 2010, the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the CSSF) suspended the securities issued by Lifemark S.A. (Lifemark) from trading on the Luxembourg Stock Exchange.
The CSSF is considering a proposal from Lifemark to restructure its debt and change the terms and conditions of the existing Lifemark bonds to zero coupon bonds so they would no longer carry an entitlement to receive interest.
Lifemark’s bonds 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 co-operation in this matter. Further updates will be published on the FSA website.
View Further update on Keydata Investment Services Limited, 2 February 2010