Pursuant to Article 24 para 6 of the Wertpapieraufsichtsgesetz (WAG; Austrian Securities Supervision Act) the Austrian Financial Market Authority (FMA) is entitled to inform the general public by publication in an official bulletin published nationwide that a particular company is not authorized to provide certain financial services (as stipulated in Section 1 para 1 no. 19 of the Bankwesengesetz (BWG; Austrian Banking Act)).
With the announcement in the official gazette “Amtsblatt zur Wiener Zeitung” on
09 September 2005 the FMA makes use of its right and warns against doing any financial services business with the following companies
Brown Friedmann & Co. Ltd.
Brown & Lampe U.S. Portfolio Management Ltd.
alleged location at
French Riviera, Cote d`Azur
Telefon: ++33/6 7481 8328
Fax: ++33/4 8983 0053
These companies are not authorized by the FMA. Therefore they are not entitled to provide investment advice concerning client funds, to manage client portfolios in accordance with mandates given by investors or to broker business opportunities for the acquisition or sale of certain financial instruments.
This action by the FMA comes as a result of several inquiries and complaints by investors in Austria.