Pursuant to Article 4 para. 7 of the Bankwesengesetz (BWG; Banking Act), the Financial Market Authority (FMA) is entitled in individual cases to disclose to the general public by publication in the official gazette “Amtsblatt zur Wiener Zeitung”, or in any other official bulletin with nationwide circulation, the name of a company not entitled to carry out (Article 1 para. 1 no. 1 BWG (deposit business) and Article 1 para. 1 no. 3 BWG (credit business)) or to broker (Article 1 para. 1 no. 18 BWG) certain banking transactions.
By publication in the official gazette “Amtsblatt zur Wiener Zeitung” of 26 June 2008, the FMA is exercising this right and warns against the conclusion of banking transactions requiring a licence with the following provider:
New York Commerce & Industry Inc.
with its alleged head office at
391 N.W. 179th Avenue
Aloha, Oregon 97006
USA
This provider is in possession neither of a licence issued by the FMA nor a trade licence that would entitle them to carry out and broker certain banking transactions. Therefore, the provider is neither allowed to accept customers’ funds for management purposes or as deposit (deposit business) nor to conclude loan agreements and grant loans (credit business). In addition, the provider is not entitled to broker deposit transactions, except when carried out by contractual insurance companies, nor to broker credit transactions, with the exception of mortgage and personal loans brokered while practising the trades of real estate broker and of broker of personal loans, mortgage loans and investment advice