Austria’s FMA Warns Against BIC Asset Management

As we approach the end of the working week, Austrian financial regulator, the (FMA) has yet again added a new contender to its warning list this Thursday.
In particular, the Austrian regulator has flagged BIC Asset Management for operating in the country without the proper authorisation.

Specifically, the warning says: “…the Austrian Financial Market Authority (FMA) may inform the general public that a particular named natural or legal entity is not authorised to carry out certain investment services transactions (Article 3 para. 2 nos. 1 to 4 WAG 2018) or banking transactions (Article 1 para. 1 BWG), provided that the said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned.”
The financial authority has provided the following details as belonging to the entity:
Name: BIC Asset Management
Address: International Plaza, 10 Anson Road, 079903, Singapore
as well as
32F Tower 1, Millenium City, Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong
FMA: BIC Asset Management can’t carry out investment services
“[The entity] is not authorised to carry out investment services or banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct investment advice on a commercial basis in relation to financial instruments (Article 3 para. 2 no. 1 WAG 2018) nor to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 BWG),” the FMA said.
According to the company’s website, BIC Asset Management claims to be a provider of wealth management resources, dealing with a range of assets, such as , equities and hedge funds.
“Our capabilities include coordinated estate and wealth planning, financial and income tax planning, consolidated reporting, and personal accounting solutions. Utilizing our family office services allows our clients to focus on what’s truly important to them. At BIC Asset Management, it is our goal to provide clients with a comprehensive wealth management platform at the highest levels of professionalism, integrity, and efficiency,” the website states.

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