Additionnal communication received from the liquidators

Dear clients,

reference is made to our previous e-mail about CROWN FOREX SA’s bankruptcy opened by the FINMA on May 19, 2009 at 8:00am (Swiss Time).

As of the opening of the bankruptcy, the FINMA has also ordered the suspension of all activities of CROWN FOREX SA, including the trading.

It however appears that the trading system and the trading platform are still operated abroad in violation of the FINMA’s decision.

That being so, we inform you that from the bankruptcy opening, May 19, 2009 at 8:00am, no transaction shall bind the bankruptcy estate of CROWN FOREX SA.

Finally, from May 29, 2009, the web site www.crownforex.info will be updated with all relevant information that can be publicly disclosed on the situation of CROWN FOREX SA.

We also draw your attention on the fact that the FINMA, as supervisory Authority, will post on its web site www.finma.ch and in the Swiss Official Gazette of Commerce www.shab.ch important legal information pertaining to the rights and obligations of the creditors and debtors of the estate of CROWN FOREX SA, in bankruptcy.

Sincerely,

Laurent WINKELMANN Philippe von BREDOW

NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch







Chers clients,

référence est faite à notre précédent e-mail au sujet de la faillite de CROWN FOREX SA ouverte par la FINMA en date du 19 mai 2009 à 8 heures (heure suisse).

Dès l’ouverture de la faillite, la FINMA a également ordonné la suspension des activités de CROWN FOREX SA, y compris le trading.

Il apparaît toutefois que le système et la plateforme de trading sont toujours opérés à l’étranger en violation de la décision de la FINMA.

Cela étant, nous vous informons que depuis l’ouverture de la faillite, le 19 mai 2009 à 8 heures (heure suisse), aucune transaction ne lie juridiquement la masse en faillite de CROWN FOREX SA.

Finalement, dès le 29 mai 2009 le site web www.crownforex.info sera mis à jour avec toutes les informations pertinentes qui pourront être divulguées publiquement au sujet de la situation de CROWN FOREX SA.

Nous attirons également votre attention sur le fait que la FINMA, en tant qu’Autorité de surveillance, publiera sur son site web www.finma.ch et dans la Feuille officielle suisse du commerce www.shab.ch d’importantes informations légales au sujet des droits et obligations des créanciers et débiteurs de la masse en faillite de CROWN FOREX SA.

Cordialement,


Laurent WINKELMANN Philippe von BREDOW

NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch

Re: Crown Forex Bankruptcy Confirmation

By Martin de Sa'Pinto

ZURICH, May 29 (Reuters) - A Swiss court has declared foreign exchange brokerage Crown Forex bankrupt, the Swiss financial regulator said on Friday, warning that others could follow, given new requirements for forex providers.
Financial regulator FINMA posted a statement on its website saying Crown Forex was declared bankrupt on Friday. FINMA spokesman Alain Bichsel said Crown's assets would be liquidated after the company's appeal against an earlier ruling was rejected.
FINMA took control of Crown Forex on Dec. 9 after the regulator identified potential liquidity issues at the company.
New Swiss rules have made operating more onerous for foreign exchange providers since April 1, when they were required to obtain a license from the regulator and to hold some 100 million Swiss francs ($92.6 million) in liquidity.
Bichsel said companies were given a year's notice to comply with license requirements. Prior to April, forex shops did not require a license provided they were registered with a self-regulatory body.
"We had a lot of complaints from a lot of forex traders all around the world, these providers were not under supervision. The licence requirement gives more stability and legitimacy to the whole system," said Bichsel.
"Crown had time to prepare to get the licence, but the problems there were too big."
A spokesman at self-regulatory body ARIF, the association of financial intermediaries in Switzerland's French-speaking region, said companies need a lot of capital to be registered and some forex providers simply do not have enough.
Crown Forex, based in Bassecourt, was previously a member of ARIF. When Reuters approached Crown Forex for comment, nobody was available from the company.
The liquidators Notter Megevand & Partners declined to comment on the liquidation.
Prior to the new rules there were several dozen such platforms operating from Switzerland. Only around five of have been registered to date, although Bichsel said he thought there would be about 20 "once we have checked all current requests."
"Clients can feel more secure because the new rules mean these companies have more solidity," he said. "But it's possible there will be more liquidations of this kind."
(Editing by Rupert Winchester)

($1=1.080 Swiss Franc) Keywords: SWISS CROWN/LIQUIDATION (zurich.newsroom@reuters.com; +41 (0)58 306 7336)

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