Fairfield Sentry Limited (In Liquidation) et al v. Kredietbank Sa Luxembourgeoise et al
Bankruptcy

Southern District of New York (Bankruptcy), nysb-1:2010-ap-03868

Exhibit Declaration of Thomas J. Moloney

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10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 1 of 313 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK) In re:)) Chapter 15 Case Fairfield Sentry Limited, et al.,)) Case No. 10-13164 (SMB) Debtors in Foreign Proceedings.) Jointly Administered) Fairfield Sentry Limited (In) Liquidation), et al., acting by) and through the Foreign) Adv. Pro. No. 10-03496 (SMB) Representatives thereof,) Plaintiffs,)) Administratively Consolidated -against-)) Theodoor GGC Amsterdam, et al.,) Defendants.))))) This supplemental memorandum) of law applies to the Adversary) Proceedings listed on Exhibit 1)) ATTORNEY DECLARATION OF THOMAS J. MOLONEY IN SUPPORT OF DEFENDANTS' RENEWED MOTION TO DISMISS I, Thomas J. Moloney, hereby declare under penalty of perjury as follows: 1. I am duly licensed and admitted to practice law in the State of New York, and I am a partner with the law firm of Cleary Gottlieb Steen & Hamilton LLP, counsel for HSBC Institutional Trust Services (Asia) Limited, Robinson and Company, Murdoch and Company, Republic Nominees Limited (f/k/a HSBC Private Banking Nominee 1 (Jersey) Limited), HSBC Securities Services (Luxembourg) S.A., HSBC Private Bank (C.I.) Limited (f/k/a HSBC Private Bank (Guernsey) Limited), Republic Nominees Limited, HSBC Private Bank (Suisse) S.A., HSBC Bank USA, N.A., HSBC Trust Company AG (f/k/a HSBC Guyerzeller Trust Company -1- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 2 of 313 AG), HSBC Latin America Holdings (UK) Limited (successor-in-interest to HSBC Securities (Panama) S.A.), HSBC International Trustee Limited, Somers Nominees (Far East) Limited, and HSBC Bank Bermuda Limited (collectively, the "HSBC Defendants"). I respectfully submit this declaration in support of Defendants' Consolidated Motion in the Actions.1 2. Attached hereto as Exhibit 1 is a list of applicable adversary proceedings. Adv. Pro. No. 10-3619 – HSBC Institutional Trust Services (Asia) Limited. 3. Attached hereto as Exhibit 2 is a true and correct copy of certain Hong Kong Companies Registry Electronic Search Services records, identifying that HSBC Institutional Trust Services (Asia) Limited ("HTHK") was registered as a Hong Kong trust company on November 19, 1974 and continues to hold such registration as of September 9, 2019. The Hong Kong Companies Registry Electronic Search Services records for HTHK may be accessed for a fee at https://www.icris.cr.gov.hk/csci/mpstProducts.do (click "To enter Companies Registry Cyber Search Centre, please click" hyperlink; then click "Unregistered User" hyperlink; then click "(7) the particulars of the company;" check box and click "Accept, Submit and Login" hyperlink; then from the "Product" drop-down menu, click "Other Products" hyperlink; then click "List of companies of specific company type"). 1 All capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Consolidated Memorandum of Law in Support of Defendants' Renewed Motion to Dismiss Pursuant to 11 U.S.C. §§ 561(d), 546(e), and 546(g) and for Insufficient Service of Process Under the Hague Service Convention, dated March 16, 2020. -2- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 3 of 313 Adv. Pro. No. 10-3629 – HSBC Private Banking Nom a/k/a HSBC Private Banking Nominee 1 (Jersey) Ltd. n/k/a Republic Nominees Limited 4. Attached hereto as Exhibit 3 is a true and correct copy of a Jersey Financial Services Commission ("JFSC") Registration Certificate for HSBC Private Banking Nominee 1 (Jersey) Limited ("PBJ") dated June 14, 2001, identifying its authorization to carry on "Trust Company Business." 5. Attached hereto as Exhibit 4 is a true and correct copy of a JFSC Notice in Respect of a Merger Between Two Jersey Companies and One Overseas Body dated December 30, 2016, identifying that PBJ amalgamated with Republic Nominees Limited ("RNL") and other entities and that RNL was the surviving company effective December 30, 2016. 6. Attached hereto as Exhibit 5 is a true and correct copy of certain JFSC Companies Registry records as of March 3, 2020, identifying that the authorization of PBJ was terminated upon its dissolution on December 30, 2016. The Jersey Financial Services Commission's records on PBJ may be accessed at https://www.jerseyfsc.org/registry/documentsearch/NameDetail.aspx?Id=3648. Adv. Pro. No. 10-3630 – HSBC Securities Services (Luxembourg) S.A. 7. Attached hereto as Exhibit 6a is a true and correct copy of a letter from the Grand- Duchy of Luxembourg Ministry of the Treasury (Ministère du Trésor) numbered TR-288/88. Attached hereto as Exhibit 6b is a true and correct copy of an English translation and certification of Exhibit 6a, identifying that Bank of Bermuda (Luxembourg) S.A. was authorized "to exercise in Luxembourg all the operations permitted by the law on November 27, 1984 on banking and savings establishments." 8. Attached hereto as Exhibit 7a is a true and correct copy of a letter from the Grand- Duchy of Luxembourg Ministry of Finance (Ministère des Finances) dated September 15, 2004. -3- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 4 of 313 Attached hereto as Exhibit 7b is a true and correct copy of an English translation and certification of Exhibit 7a, identifying the Minister of the Treasury and the Budget's non- objection to Bank of Bermuda (Luxembourg) S.A.'s name change to HSBC Securities Services (Luxembourg) S.A. ("HSSL"). 9. Attached hereto as Exhibit 8 is a true and correct copy of a letter from the Luxembourg Commission de Surveillance du Secteur Financier dated December 4, 2014, identifying that HSSL received permission to surrender its banking license. Adv. Pro. No. 10-3631 – HSBC Private Bank (Guernsey) Ltd. a/k/a HSBC Republic Bank (Guernsey) Ltd., Republic Nominees Limited, HSBC Private Bank (C.I.) Limited ("HSCI") 10. Attached hereto as Exhibit 9 is a true and correct copy of the Guernsey Financial Services Commission ("GFSC") Annual Report & Financial Statements for the year ended December 31, 2003, identifying (i) HSBC Republic Bank (Guernsey) Limited ("RPG") as an institution holding a banking license as of December 31, 2003 (on page 63), and (ii) identifying RNL as an institution holding a joint fiduciary license as of December 31, 2003 (on page 68). The GFSC Annual Report & Financial Statements for the year ended December 31, 2003 may be accessed at https://www.gfsc.gg/sites/default/files/Annual-Report-2003.pdf. 11. Attached hereto as Exhibit 10 is a true and correct copy of a Certificate of Change of Name of a Company No. 14169 dated December 19, 2003, identifying that RPG changed its name to HSBC Private Bank (Guernsey) Limited ("PBG") effective January 1, 2004. 12. Attached hereto as Exhibit 11 is a true and correct copy of a Certificate of Change of Name of a Company No. 14169 dated May 31, 2008, identifying that PBG changed its name to HSBC Private Bank (C.I.) Limited ("HSCI") effective May 31, 2008. -4- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 5 of 313 13. Attached hereto as Exhibit 12 is a true and correct copy of a certification of the GFSC dated June 3, 2008, identifying that HSCI was licensed to carry on "deposit-taking business" in the Island of Guernsey. 14. Attached hereto as Exhibit 13 is a true and correct copy of a GFSC Regulated Entities registry record as of March 3, 2020, identifying that the joint fiduciary license of RNL was surrendered on June 9, 2017. The GFSC's record regarding RNL may be accessed at https://www.gfsc.gg/commission/regulated-entities/67885?surrendered=true. 15. Attached hereto as Exhibit 14 is a true and correct copy of a letter from the GFSC dated December 23, 2019, identifying that HSCI surrendered its banking license as of December 23, 2019. Adv. Pro. No. 10-3633 – HSBC Private Bank (Suisse) SA 16. Attached hereto as Exhibit 15 is a true and correct copy of an Extract without cancellations from the Geneva Register of Commerce certified on July 5, 2018, identifying that HSBC Private Bank (Suisse) SA ("PBRS") was registered for "operation of a bank" on January 9, 2001. The Geneva Register of Commerce's records regarding PBRS may be accessed in French at https://www.ge.ch/recherche-entreprises-registre-du-commerce-geneve (click "English" in top menu bar; then type "HSBC Private Bank (Suisse) SA" into the "Business name" text box and click "Search;" then click the icon below "Excerpt"). 17. Attached hereto as Exhibit 16 is a true and correct copy of the Swiss Federal Banking Commission's ("SFBC") list of authorized banks and securities dealers dated December 26, 2008, identifying PBRS as a "[b]ank." SFBC's list of authorized banks and securities dealers may be accessed at https://www.finma.ch/FinmaArchiv/ebk/e/institute/index.html (click on the PDF icon adjacent to "List of authorised banks and securities dealers"). -5- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 6 of 313 18. Attached hereto as Exhibit 17 is a true and correct copy of a letter from the Swiss Financial Market Supervisory Authority ("FINMA") dated February 28, 2020, identifying that PBRS was "authorized to act as a bank" between January 1, 2004 and December 31, 2008. 19. Attached hereto as Exhibit 18 is a true and correct copy of FINMA's list of authorized banks and securities dealers dated March 3, 2020, identifying PBRS as a "[b]ank." FINMA's list of authorized banks and securities dealers may be accessed at https://www.finma.ch/en/finma-public/authorised-institutions-individuals-and-products/ (click "List of banks and securities firms authorised by FINMA" next to the PDF icon). Adv. Pro. No. 10-3634 – HSBC Bank USA, National Association 20. Attached hereto as Exhibit 19 is a true and correct copy of certain Federal Deposit Insurance Corporation ("FDIC") BankFind records as of February 26, 2020, identifying that HSBC Bank USA, National Association ("HBUS") is the successor institution to HSBC Bank USA as of July 1, 2004, and that, through its predecessor banks, HSBC Bank USA was established on June 1, 1812, insured by the FDIC beginning January 1, 1934, and a member of the Federal Reserve System. The FDIC's BankFind records regarding HSBC Bank USA may be accessed at https://research2.fdic.gov/bankfind/detail.html?bank=589&name=HSBC%20Bank%20USA&sea rchName=HSBC%20BANK%20USA&searchFdic=&city=&state=&zip=&address=&searchWit hin=&activeFlag=&searchByTradename=false&tabId=2. 21. Attached hereto as Exhibit 20 is a true and correct copy of certain records from the Federal Financial Institutions Examination Council ("FFIEC") National Information Center repository as of March 3, 2020, identifying HSBC Bank & Trust Company (Delaware), National Association was a non-deposit trust company regulated by the Office of the Comptroller of the -6- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 7 of 313 Currency ("OCC") and a member of the Federal Reserve System from May 21, 1998 until its merger into HBUS on July 1, 2004. The FFIEC National Information Center repository records regarding HSBC Bank & Trust Company (Delaware), National Association may be accessed at https://www.ffiec.gov/npw/Institution/Profile/2696528?dt=20000815. 22. Attached hereto as Exhibit 21 is a true and correct copy of certain FDIC BankFind records as of February 26, 2020, identifying that HBUS has been a chartered national bank regulated by the OCC since July 1, 2004. HBUS is also regulated by the Consumer Financial Protection Bureau ("CFPB"). The FDIC BankFind records regarding HBUS may be accessed at https://research.fdic.gov/bankfind/detail.html?bank=57890&name=HSBC%20Bank%20USA%2 C%20National%20Association&searchName=HSBC%20BANK%20USA%2C%20NATIONAL %20ASSOCIATION&searchFdic=&city=&state=&zip=&address=&searchWithin=&activeFlag =&searchByTradename=false&tabId=2. Adv. Pro. No. 11-1594 – HSBC Guyerzeller Zurich a/k/a HSBC Guyerzeller Trust Company AG n/k/a HSBC Trust Company AG 23. Attached hereto as Exhibit 22a is a true and correct copy of an Excerpt with Cancellations from the Geneva Register of Commerce dated April 26, 2019 for HSBC Trust Company SA ("Guyerzeller"). Attached hereto as Exhibit 22b is a true and correct copy of an English translation and certification of Exhibit 22a, identifying that HSBC Trust Company SA, which was associated with the previous "company name" of "HSBC Guyerzeller Trust Company AG" and still associated with the "company name" "HSBC Trust Company AG," was registered for "administration of trusts" and "provision of fiduciary services" on May 24, 2002 and continues to hold such registration as of April 26, 2019. The Geneva Register of Commerce's records on Guyerzeller may be accessed in French at https://www.ge.ch/recherche-entreprises- -7- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 8 of 313 registre-du-commerce-geneve (click "English" in top menu bar; type "HSBC Trust Company SA" into the "Business name" text box and click "Search;" then click the icon below "Excerpt"). Adv. Pro. No. 12-1270 – HSBC Securities (Panama) S.A. f/k/a Banistmo Securities, Inc. 24. Attached hereto as Exhibit 23a is a true and correct copy of Resolución No. 031- 01 of the Republic of Panama Securities and Exchange Commission (República de Panamá Comisión Nacional de Valores). Attached hereto as Exhibit 23b is a true and correct copy of an English translation and certification of Exhibit 23a, identifying that in February 2001, the Republic of Panama Securities and Exchange Commission issued a stockbroker license to Banistmo Securities, Inc. 25. Attached hereto as Exhibit 24a is a true and correct copy of Resolución CNV No. 261-02 of the Republic of Panama Securities and Exchange Commission. Attached hereto as Exhibit 24b is a true and correct copy of an English translation and certification of Exhibit 24a, identifying that on July 4, 2002, the Republic of Panama Securities and Exchange Commission issued a stockbroker license to HSBC Securities (Panama) S.A. 26. Attached hereto as Exhibit 25a is a true and correct copy of Resolución CNV No. 290-08 of the Republic of Panama Securities and Exchange Commission. Attached hereto as Exhibit 25b is a true and correct copy of an English translation and certification of Exhibit 25a, identifying that on September 12, 2008, the Republic of Panama Securities and Exchange Commission suspended the stockbroker license of HSBC Securities (Panama) S.A. pursuant to its acquisition by Banistmo Securities, Inc. 27. Attached hereto as Exhibit 26a is a true and correct copy of Notaria Quinta del Circuito Escritura Pública No. 19-704. Attached hereto as Exhibit 26b is a true and correct copy of an English translation and certification of Exhibit 26a, a Public Deed issued by the Fifth -8- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 9 of 313 Notary of the Panama Circuit, identifying that on September 26, 2008, Banistmo Securities, Inc. acquired HSBC Securities (Panama) S.A. with HSBC Securities (Panama) S.A. as the name of the surviving entity. 28. Attached hereto as Exhibit 27a is a true and correct copy of Notaria Primera del Circuito de Panama Escritura Pública No. 19-506. Attached hereto as Exhibit 27b is a true and correct copy of an English translation and certification of Exhibit 27a, a Public Deed issued by the First Notary of the Panama Circuit, identifying that on October 25, 2013, HSBC Securities (Panama) S.A. changed its name to Securities Banistmo, S.A. 29. Attached hereto as Exhibit 28a is a true and correct copy of Resolución No. SMV- 44-17 of the Republic of Panama Superintendence of Securities Market (República de Panamá Superintendencia del Mercado de Valores). Attached hereto as Exhibit 28b is a true and correct copy of an English translation and certification of Exhibit 28a, identifying that on February 1, 2017 the Republic of Panama Superintendence of Securities Market canceled the stockbroker license of Securities Banistmo, S.A. pursuant to its merger with another entity. Adv. Pro. No. 12-1290 – HSBC International Trustee Limited 30. Attached hereto as Exhibit 29 is a true and correct copy of the British Virgin Islands Financial Services Commission ("BVI FSC") list of companies holding General Trust Licenses as of May 30, 2006, identifying HSBC International Trustee Limited ("HITL") as a General Trust Licencee. The BVI FSC list of companies holding General Trust Licences as of May 30, 2006 may be accessed at https://web.archive.org/web/20060530194117/http:/www.bvifsc.vg/findir_licenceholders.php. 31. Attached hereto as Exhibit 30 is a true and correct copy of an excerpt of the BVI FSC list of Currently Regulated Entities, identifying that HITL holds a Class II Trust Licence as -9- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 10 of 313 of March 3, 2020. The BVI FSC list of Currently Regulated Entities may be accessed at https://www.bvifsc.vg/regulated-entities-banking- fiduciary?combine=&field_entity_status_tid%5B%5D=72 (scroll to the bottom of the page and navigate to page 10). Adv. Pro. No. 12-1556 – HSBC Bank Bermuda Limited f/k/a The Bank of Bermuda Limited 32. Attached hereto as Exhibit 31 is a true and correct copy of the Bermuda Monetary Authority's list of Licensed Banks as of April 17, 2004, identifying that The Bank of Bermuda Limited was licensed for banking. The Bermuda Monetary Authority's list of Licensed Entities as of April 17, 2004 may be accessed at https://web.archive.org/web/20040417175731/http://www.bma.bm/bmawww.nsf/WebPages/List ofBanks?OpenDocument. 33. Attached hereto as Exhibit 32 is a true and correct copy of certain search records within the Bermuda Monetary Authority's Licenced Entities listing as of March 16, 2020, identifying that HSBC Bank Bermuda Limited is currently licensed for banking. The Bermuda Monetary Authority's list of currently Licensed Entities may be accessed at https://www.bma.bm/licensed-entities (in the text box, type "HSBC Bank Bermuda Limited;" then, click the magnifying glass or hit the Enter / Return key). I declare under penalty of perjury that the foregoing is true and correct. Executed on March 16, 2020, at New York, New York. /s/ Thomas J. Moloney THOMAS J. MOLONEY -10- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 11 of 313 EXHIBIT 1 This declaration applies to the following adversary proceedings: Adv. Pro. Case Name Defendant Name No. 1. 10-03619 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Institutional Trust HSBC Institutional Trust Services (Asia) Services (Asia) Limited Limited, et al. 2. 10-03628 Fairfield Sentry Ltd. (In Liquidation), et al. v. Robinson & Co. Robinson & Co., et al. 3. 10-03628 Fairfield Sentry Ltd. (In Liquidation), et al. v. Murdoch & Co. Robinson & Co., et al. 4. 10-03629 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Private Banking Nom HSBC Private Banking Nom, et al. a/k/a HSBC Private Banking Nominee 1 (Jersey) Ltd. n/k/a Republic Nominees Limited 5. 10-03630 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Securities Services HSBC Securities Services (Luxembourg) SA, (Luxembourg) SA et al. 6. 10-03631 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Private Bank HSBC Private Bank (Guernsey) Ltd., et al. (Guernsey) Ltd. a/k/a HSBC Republic Bank (Guernsey) Ltd. n/k/a HSBC Private Bank (C.I.) Limited 7. 10-03631 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Private Bank (C.I.) HSBC Private Bank (Guernsey) Ltd., et al. Limited 8. 10-03631 Fairfield Sentry Ltd. (In Liquidation), et al. v. Republic Nominees Limited HSBC Private Bank (Guernsey) Ltd., et al. 9. 10-03633 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Private Bank Suisse HSBC Private Bank Suisse SA, et al. SA 10. 10-03634 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Bank USA Zurich Capital Markets Company, et al. 11. 10-03635 Fairfield Sentry Ltd. (In Liquidation), et al. v. "HSBC" 1 ABN AMRO Schweiz AG, et al. 1 The party sued here as "HSBC" is a nonexistent entity, and there is no concession to the contrary by submitting this filing. -1- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 12 of 313 Adv. Pro. Case Name Defendant Name No. 12. 10-03636 Fairfield Sentry Ltd. (In Liquidation), et al. v. "HSBC" 2 ABN AMRO Schweiz AG, et al. 13. 11-01594 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Guyerzeller Zurich HSBC Guyerzeller Zurich, et al. a/k/a HSBC Guyerzeller Trust Company AG n/k/a HSBC Trust Company AG 14. 12-01270 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Securities (Panama) HSBC Securities (Panama) SA, et al. SA f/k/a Banistmo Securities, Inc. 15. 12-01290 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC International Trustee HSBC International Trustee Limited, et al. Limited 16. 12-01556 Fairfield Sentry Ltd. (In Liquidation), et al. v. HSBC Bank Bermuda Somers Nominees (Far East) Limited, et al. Limited f/k/a The Bank of Bermuda Limited 17. 12-01556 Fairfield Sentry Ltd. (In Liquidation), et al. v. Somers Nominees (Far East) Somers Nominees (Far East) Limited, et al. Limited 2 The party sued here as "HSBC" is a nonexistent entity, and there is no concession to the contrary by submitting this filing. -2- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 13 of 313 Exhibit 2 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 1 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 1 ABC Trustee Limited 2296466 15-10-2015 15-3-2016 農銀信託有限公司 2 AFH TRUSTEE LIMITED 0088268 24-10-1980 19-8-2019 亞洲金融信託有限公司 3 AIA Company (Trustee) Limited 0192829 10-7-1987 28-9-1987 Declaration of Thomas J. Moloney Pg 14 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 友邦(信託)有限公司 4 ALPADIS TRUST (HK) LIMITED 1309320 25-2-2009 26-8-2015 5 Alpha King Trustee Limited 2231326 29-4-2015 6-8-2018 凱庫信託有限公司 6 ARK Trust (Hong Kong) Limited 2144452 15-9-2014 10-12-2014 方舟信託(香港)有限公司 7 ASIA INTERNATIONAL TRUST (HONGKONG) CO., LIMITED 2421289 30-8-2016 10-10-2017 亞洲國際信託(香港)有限公司 8 Asiabest Trust Company Limited 2665333 13-3-2018 20-8-2018 卓亞信託有限公司 9 Asiaciti Trust Asia Limited 2122418 18-7-2014 5-8-2016 10 Avere Trust Group Limited 1651233 2-8-2011 31-8-2011 富翊信託集團有限公司 11 Avia Trust Limited 2507072 23-3-2017 28-8-2017 輝亞信託有限公司 12 AXA Financial Services Trustees Limited 0527286 10-10-1995 21-12-1995 安盛理財策劃信託有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 2 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 13 AzureTrustees Limited 0955587 14-3-2005 9-11-2006 易道信託有限公司 14 BANK CONSORTIUM TRUST COMPANY LIMITED 0678752 11-6-1999 15-7-1999 銀聯信託有限公司 15 BANK OF CHINA (HONG KONG) TRUSTEES LIMITED 0202599 6-11-1987 4-1-1988 Declaration of Thomas J. Moloney Pg 15 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 中國銀行(香港)信託有限公司 16 BANK OF COMMUNICATIONS TRUSTEE LIMITED 0103925 13-10-1981 17-5-1982 交通銀行信託有限公司 17 BANK OF EAST ASIA (TRUSTEES) LIMITED 0044741 4-11-1975 6-7-1976 東亞銀行(信託)有限公司 18 BENTLEY TRUST LIMITED 0784533 30-1-2002 28-10-2009 百德利信託有限公司 19 BMO Trustee Asia Limited 2320934 17-12-2015 21-3-2016 20 BNP Paribas Trust Services (Hong Kong) Limited 1696696 5-1-2012 9-3-2012 法國巴黎信託服務(香港)有限公司 21 BNY Mellon Trustee Company (Hong Kong) Limited 2435307 5-10-2016 28-12-2016 22 Boardroom Trustee Limited 1669396 4-10-2011 12-12-2011 寶德隆信託有限公司 23 BOC GROUP TRUSTEE COMPANY LIMITED 0631210 1-12-1997 22-1-1998 中銀集團信託人有限公司 24 BOCI Trustee (Hong Kong) Limited 2335558 27-1-2016 26-9-2016 中銀國際信託(香港)有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 3 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 25 BOCI-PRUDENTIAL TRUSTEE LIMITED 0690966 11-10-1999 21-10-1999 中銀國際英國保誠信託有限公司 26 Brown Brothers Harriman Trustee Services (Hong Kong) Limited 2301405 29-10-2015 3-5-2016 27 C C Trustee Co., Limited 2590070 10-10-2017 23-4-2018 Declaration of Thomas J. Moloney Pg 16 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 28 CACEIS Hong Kong Trust Company Limited 1253210 4-7-2008 22-6-2011 東方滙理香港信託有限公司 29 CANNON TRUSTEES LIMITED 0036851 11-1-1974 9-4-1974 30 CCB (Asia) Trustee Company Limited 1876970 18-3-2013 25-4-2013 建行亞洲信託有限公司 31 CHEKIANG FIRST BANK (TRUSTEES) LIMITED 0113885 6-7-1982 27-9-1982 浙江第一銀行(信託)有限公司 32 China International Trust Limited 2599081 30-10-2017 30-5-2019 中國國際信託有限公司 33 CHINA LIFE TRUSTEES LIMITED 0522243 8-8-1995 15-9-1995 中國人壽信託有限公司 34 China Overseas Trust Limited 2786454 10-1-2019 14-6-2019 中國海外信託有限公司 35 CHINA TIAN YUAN TRUSTEE LIMITED 2566452 14-8-2017 26-2-2018 中國天元信託有限公司 36 CITITRUST LIMITED 0014108 11-4-1967 6-3-1989 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 4 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 37 CMB (HK) Trustee Company Limited 2500016 15-3-2017 24-4-2017 招行(香港)信託有限公司 38 CMB WING LUNG (TRUSTEE) LIMITED 0029259 25-8-1972 30-9-1972 招商永隆信託有限公司 39 Commercial Trust Limited 1650439 1-8-2011 2-9-2011 Declaration of Thomas J. Moloney Pg 17 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 商業信託有限公司 40 COMPUTERSHARE HONG KONG TRUSTEES LIMITED 1383986 22-10-2009 21-4-2010 香港中央證券信託有限公司 41 CORE TRUST COMPANY LIMITED -THE- 1804695 25-9-2012 29-11-2012 匯聚信託有限公司 42 Corpag Services (Hong Kong) Trust Limited 2618247 4-12-2017 25-7-2018 43 CrediTrust International Trust Corporation Limited 1749051 23-5-2012 16-8-2012 高譽國際信託有限公司 44 CTI Capital Trust Limited 2590371 11-10-2017 21-6-2019 信惠國際信託有限公司 45 DB TRUSTEES (HONG KONG) LIMITED 0129786 4-11-1983 13-2-1984 德意志信託(香港)有限公司 46 DBS Trustee (Hong Kong) Limited 0182398 5-2-1987 16-2-1987 47 DC Trust Asia Limited 2488752 23-2-2017 22-12-2017 德萃信託亞洲有限公司 48 East Asia Sentinel Trust Company Limited 2205070 17-2-2015 10-7-2015 衛亞信託有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 5 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 49 Equiom Fiduciary Services (Hong Kong) Limited 1439982 8-4-2010 21-8-2017 50 Fidinam Hong Kong Trustee Limited 2320420 16-12-2015 22-11-2016 51 Finance Trustee Limited 1727984 13-4-2012 30-7-2012 金融信託有限公司 Declaration of Thomas J. Moloney Pg 18 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 52 FINANCIAL ONE TRUST COMPANY LIMITED 2324312 28-12-2015 4-11-2016 第一信託有限公司 53 FINORTRUST TRUSTEES LIMITED 1791238 24-8-2012 23-1-2013 54 First Advisory Trust (Hong Kong) Limited 2153419 8-10-2014 24-7-2015 55 First Alliance (Hong Kong) Limited 1841197 19-12-2012 8-8-2014 56 Foreland Trust Limited 2662605 7-3-2018 8-10-2018 新財道信托有限公司 57 Fountain TC Trust Limited 2429941 21-9-2016 27-6-2017 源創信託有限公司 58 FTL Trustees (HK) Limited 0571082 24-10-1996 9-1-1997 富通信託(香港)有限公司 59 FUNG YU TRUST SERVICES (HONG KONG) LIMITED 2591390 13-10-2017 26-2-2018 豐裕信託服務(香港)有限公司 60 Futu Trustee Limited 2571125 28-8-2017 16-10-2018 富途信託有限公司 61 GFC Trustees (Hong Kong) Limited 0060436 19-5-1978 20-7-2006 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 6 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 62 Global Intelligence Trust Company Limited 2531226 28-4-2017 18-8-2017 環球智慧信託有限公司 63 Gold Haven Company Limited 1755142 5-6-2012 4-12-2012 64 Greater China Global Services Limited 2419453 24-8-2016 16-12-2016 Declaration of Thomas J. Moloney Pg 19 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 九州環球服務有限公司 65 Greenpro Trust Limited 2217739 30-3-2015 16-9-2015 綠專信託有限公司 66 Guardian Trust Company (Asia) Limited 1076957 27-9-2006 28-2-2007 67 HANG SENG BANK (TRUSTEE) LIMITED 0009505 3-12-1963 24-12-1963 恒生銀行信託有限公司 68 HEX Trust Limited 2777465 14-12-2018 30-5-2019 69 HONG KONG TRUST CAPITAL MANAGEMENT LIMITED 2261874 10-7-2015 28-12-2015 香港信託資產管理有限公司 70 HONG KONG TRUST COMPANY LIMITED -THE- 1353278 16-7-2009 2-9-2009 香港信託有限公司 71 HSBC INSTITUTIONAL TRUST SERVICES (ASIA) LIMITED 0040306 27-9-1974 19-11-1974 滙豐機構信託服務(亞洲)有限公司 72 HSBC Private Trustee (Hong Kong) Limited 0007427 1-3-1962 16-3-1962 73 HSBC PROVIDENT FUND TRUSTEE (HONG KONG) LIMITED 0102266 28-8-1981 14-5-1999 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 7 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 74 HSBC TRUSTEE (HONG KONG) LIMITED 0001926 12-9-1946 21-9-1946 75 ICBC (Asia) Trustee Company Limited 1031491 17-3-2006 26-4-2006 (工銀亞洲信託有限公司) 76 Imperial Trust Limited 2535607 16-5-2017 15-2-2018 凱譽信託有限公司 Declaration of Thomas J. Moloney Pg 20 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 77 Infiniti Trust (Hong Kong) Limited 0371927 30-7-1992 29-9-1992 78 InterGlobal Trust Limited 2026508 15-1-2014 23-9-2014 79 Jefferson Trust Limited 2142523 8-9-2014 30-12-2014 80 KA WAH BANK (TRUSTEE) LIMITED -THE- 0115613 24-8-1982 26-1-1983 嘉華銀行(信託)有限公司 81 Kaiser Trust Company Limited 2785108 7-1-2019 22-7-2019 嘉信信托有限公司 82 KAISUN TRUST & TRUSTEE SERVICES COMPANY LIMITED 2619483 6-12-2017 5-3-2019 凱順信托與代理人服務有限公司 83 KS Trustees Limited 2332996 20-1-2016 27-6-2016 84 KYLIN GLOBAL TRUST LIMITED 2739086 28-8-2018 30-5-2019 凱銀環球信託有限公司 85 LAW DEBENTURE TRUST (ASIA) LIMITED 0742678 29-12-2000 12-2-2001 洛德信託(亞洲)有限公司 86 LEGACY TRUST COMPANY LIMITED 0365315 30-6-1992 15-6-1993 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 8 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 87 Liontrust (HK) Limited 2566305 14-8-2017 1-3-2018 88 LUTEA (HONG KONG) LIMITED 1122762 12-4-2007 14-5-2008 89 Madison Pacific Trust Limited 1619851 22-6-2011 28-7-2011 Declaration of Thomas J. Moloney Pg 21 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 麥迪森信託有限公司 90 MANULIFE PROVIDENT FUNDS TRUST COMPANY LIMITED 0654156 9-9-1998 7-10-1998 宏利公積金信託有限公司 91 Maritime Silk Road Trust Company Limited 2598451 27-10-2017 5-2-2018 海上絲綢之路信託有限公司 92 Marlow Trust Company Hong Kong Limited 2041337 25-2-2014 22-5-2014 93 Master Trust Limited 2784508 4-1-2019 3-6-2019 皇家信託有限公司 94 Metis Global Limited 1953523 15-8-2013 9-4-2014 安智環球服務有限公司 95 Montclair Trustees (Hong Kong) Limited 0057649 28-12-1977 19-2-2016 瑞盛信託香港有限公司 96 NANYANG COMMERCIAL BANK TRUSTEE LIMITED 0049834 22-10-1976 21-1-1977 南洋商業銀行信託有限公司 97 Noah Trust (Asia) Limited 2017210 24-12-2013 16-4-2014 諾亞信託(亞洲)有限公司 98 NOBLE APEX TRUST LIMITED 1835929 7-12-2012 17-6-2013 御峰信託有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 9 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 99 Notting Hill Trust (Hong Kong) Limited 2599863 1-11-2017 26-2-2018 諾山信託(香港)有限公司 100 OCBC Wing Hang (Trustee) Limited 0190257 3-6-1987 23-11-1987 華僑永亨信託有限公司 101 One Heritage Trust Limited 2039506 20-2-2014 18-9-2018 Declaration of Thomas J. Moloney Pg 22 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 太一信託有限公司 102 One Trust Limited 2795641 14-2-2019 22-7-2019 103 Pacific Fiduciary (Asia) Limited 1826062 15-11-2012 19-1-2016 柏域信誠有限公司 104 PineBridge Investments Trustee Limited 2224293 15-4-2015 30-10-2015 柏瑞投資信託有限公司 105 PRINCIPAL TRUST COMPANY (ASIA) LIMITED 0610336 30-5-1997 9-12-1997 信安信託(亞洲)有限公司 106 Principal Trust Company (Hong Kong) Limited 0236072 13-12-1988 30-1-1989 信安信託(香港)有限公司 107 Profound Trust Company Limited 2354097 31-3-2016 8-2-2017 厚博傳承信託有限公司 108 Prudence Trust (Hong Kong) Limited 2284724 10-9-2015 18-4-2016 方圓信託(香港)有限公司 109 RBC Investor Services Trust Hong Kong Limited 0198812 15-9-1987 14-10-1987 加皇信託香港有限公司 110 Regan International Trust Limited 2585878 28-9-2017 31-8-2018 雷根國際信託有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 10 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 111 Rhone Trustees (Hong Kong) Limited 2044731 28-2-2014 31-3-2014 112 Rosemont Trustees (Asia) Limited 2154100 9-10-2014 14-8-2015 113 ROYAL BANK OF CANADA TRUST COMPANY (ASIA) LIMITED 0161699 19-11-1985 17-12-1985 Declaration of Thomas J. Moloney Pg 23 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 加拿大皇家銀行信託(亞洲)有限公司 114 SCOTIATRUST (ASIA) LIMITED 0340003 14-1-1992 9-6-1992 豐業信託(亞太區)有限公司 115 SGSS Hong Kong Trust Company Limited 1258322 21-7-2008 10-9-2008 法興香港信託有限公司 116 SHANGHAI COMMERCIAL BANK TRUSTEE LIMITED 0174213 2-9-1986 21-10-1986 上海商業銀行信託有限公司 117 Silver Fountain Trust HK Limited 2479629 23-1-2017 20-6-2018 銀沅信託(香港)有限公司 118 SIN HUA TRUSTEE LIMITED 0064831 27-10-1978 12-12-1978 (新華信託有限公司) 119 SITCO Trust Limited 2207241 2-3-2015 10-4-2015 上信信託有限公司 120 SMP Trustees (Hong Kong) Limited 1870355 6-3-2013 27-12-2013 121 Sovereign Trustees Limited 2190107 9-1-2015 24-8-2015 122 SPROUT TRUST (ASIA) LIMITED 2730517 3-8-2018 30-5-2019 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 11 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 123 Standard Chartered Trust (Hong Kong) Limited 1772058 11-7-2012 16-8-2012 124 Standard Perpetual Wealth Trust (Asia) Limited 1700910 19-1-2012 16-3-2012 標準盛豐財富信託(亞太)有限公司 125 STATE STREET TRUST (HK) LIMITED 0346953 10-3-1992 27-9-1993 Declaration of Thomas J. Moloney Pg 24 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 126 STI Trust Limited 2043862 28-2-2014 22-4-2014 127 Summer Trust Limited 2656735 14-2-2018 16-11-2018 頤和信託有限公司 128 SUN HUNG KAI SECURITIES (TRUSTEES) LIMITED 0160865 1-11-1985 23-11-1987 新鴻基證劵(信託)有限公司 129 Sun Life Pension Trust Limited 0678409 9-6-1999 20-8-1999 永明退休金信託有限公司 130 SUN LIFE TRUSTEE COMPANY LIMITED 0654158 9-9-1998 12-11-1998 永明信託有限公司 131 Sunshare International Trust Limited 2412603 8-8-2016 22-12-2016 尚信國際信託有限公司 132 SUPER HARVEST TRUST SERVICES LIMITED 2804483 15-3-2019 12-8-2019 豐收信託服務有限公司 133 SW Trustees (Hong Kong) Limited 2177634 5-12-2014 9-11-2015 瑞永信託香港有限公司 134 TAIPING TRUSTEES LIMITED 0821942 15-11-2002 19-12-2002 太平信託有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 12 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 135 Target International Trustee Limited 2002806 26-11-2013 26-2-2014 136 TMF Trust (HK) Limited 0245613 14-3-1989 15-5-1989 達盟信託服務(香港)有限公司 137 Trident Trust Company (HK) Limited 1639079 21-7-2011 17-11-2011 恒泰信託(香港)有限公司 Declaration of Thomas J. Moloney Pg 25 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 138 Unity Trust Limited 2437913 14-10-2016 17-1-2017 信聯信託有限公司 139 Universe Trust Hong Kong Limited 2738646 27-8-2018 7-5-2019 環宇信託香港有限公司 140 Victory Global Trustee Company Limited 2127970 1-8-2014 27-4-2015 勝利環球信託人有限公司 141 VISTRA TRUST (HONG KONG) LIMITED 1337354 12-5-2009 17-6-2009 142 WEALTH ASSETS TRUSTEE LIMITED 2539660 26-5-2017 9-10-2017 惠富資產信託人有限公司 143 Webers Trust Management (Hong Kong) Limited 2586103 29-9-2017 18-12-2017 韋伯氏信託管理(香港)有限公司 144 WeTrust International Limited 2720084 10-7-2018 8-5-2019 緯迪信託國際有限公司 145 Win Forever Trustee Company Limited 2635030 5-1-2018 14-11-2018 長勝信託人有限公司 146 Winterbotham Trust Company (Hong Kong) Limited -The- 1288957 21-11-2008 4-3-2009 温特博森信託(香港)有限公司 報告編號: 公司註冊處電子查冊服務 日期: REPORT ID: RPS270 DATE: 10-9-2019 COMPANIES REGISTRY ELECTRONIC SEARCH SERVICES 根據《受託人條例》(第29章) 第78(1)條登記的信託公司 頁數: PAGE: 13 Trust Companies registered under section 78(1) of the Trustee Ordinance (Cap. 29) 截至As At: 日期 Date (日D-月M-年Y) 9-9-2019 時間 Time (時hr:分min) 23:59 序號 公司名稱 公司註冊編號 成立日期(日-月-年) 登記成為信託公司的日期(日-月-年) Sequence No. Company Name C.R. Number Date of Date of Registration 10-03868-smb Incorporation(D-M-Y) as a Trust Company(D-M-Y) 147 YF Life Trustees Limited 0551458 4-6-1996 25-9-1996 萬通信託有限公司 148 YTT Trustees Limited 2482683 3-2-2017 3-7-2017 葉謝鄧信託有限公司 149 ZA Trust Co., Limited 2254637 23-6-2015 18-2-2016 Declaration of Thomas J. Moloney Pg 26 of 313 Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 中安信托有限公司 150 Zedra Asia Limited 2438010 14-10-2016 27-7-2018 151 Zetland Trust Limited 1969054 18-9-2013 24-2-2014 紀錄總數: Total Number of Records: 151 -完- -END OF REPORT- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 27 of 313 Exhibit 3 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 28 of 313 IERSEY FINANCIAL SERVICES ~ - COMMISSION FINANCIAL SERVICES (JERSEY) LAW 1998 Registration Certificate This is to certify that HSBC Private Banking Nominee 1 Oersey) Limited (~ the registered person") is hereby registered by the Jersey Financial Services Commission under Article 8 of the:Financial Services (Jersey) Law 1998 ("the Law"). The registered person is authorised to carry on the following class(es) of financial service as prescribed for the purposes of paragraph (2) of Article 7 of the Law by Article 2 of the Financial Servi~es (Trust Company Business (Registration artd Fees)) (Jersl~y) Order 2000:- Class M Dated:14 June 2001 --- > Deputy Director General For the Jersey Financial Services Commission \ > 'ii:. I,:' ' ••,~,,,,/; 1.•• r- "•;.~~~. 1 'k_';,-~,'°:,~ '~• \ l,., t. • ~~; '1 •~ ' J.;.:.;; 1 n.,T;, ·;~,..;::·,-r.::.·+·,"::t,:/,: ";•.._ ._: ..,~·- ....., (, ..,.~ J:; H,:.,-· ..i~'(lst'1:_ •:;i .,,•; 1 1'·1J~:,,1i ~':ff'":;\(',:";,t /~.,.1t. i~~.~-i.~}('.;!.j~{;.J;•?~~)'~ 1!.'..,'t;l,;',p,:,..;:;11:\".t.~.tJ't"~J_..,.,_ 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 29 of 313 JERSEY FINANCIAL SERVICES COMMISSION •! ~·: SCHEDULE OF PARTICIPATING MEMBERS Class(es) HSBC International Trustee Limited F,G,H,I,J,K,L,M,N HSBC Private Banking Nominee 1 M Oersey) Limited HSBC Private Banking Nominee 2 M Oersey) Limited HSBC Private Banking Nominee 3 M Oersey) Limited .~.; Lion International Management Limited G,H,I,L,M .~ Lion International Corporate Services G,H,I,L,M Limited -The affiliation comprises HSBC Trustee (C.I.) Limited as the affiliation leader together ~th the above participating members, all within the meaning of Article 1(1) of the Financial Services (Trust Company Business (Registration and Fees)) Gersey)JOrder 2000. Dated: 14June2001,, • ~ / L. ~---~_;i?Jt. f::::::2 ~ "t - ., \i · ~~ Deputy Director General For the Jersey Financial Services Commi~sion,. ai,~-:.. ' ' .~ . -,. . . . -~-·,. t'" -·~ - .~ ~· ·;-··:- •, -· . . · .. --. -···· - ..... ' . . .. . .. ···, .. ..,.. .-: JL, .:·'.,? ___:"''.<-.... . .,. .,. . .............. . 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 30 of 313 Exhibit 4 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 31 of 313 Jersey Financial Services Commission Companies Registry COMPANIES (JERSEY) LAW 1991 NOTICE IN RESPECT OF A MERGER BETWEEN TWO JERSEY COMPANIES and ONE OVERSEAS BODY Registered Number 4121 / 9557 / 15356 I HEREBY CERTIFY THAT HSBC PRIVATE BANKING NOMINEE 1 (JERSEY) LIMITED a company registered under the Companies (Jersey) Law 1991, as amended, (the "Law"), with registration number 4121, HSBC PRIVATE BANKING NOMINEE 2 (JERSEY} LIMITED a company registered under the Law with registration number 9557, REPUBLIC NOMINEES LIMITED an overseas body incorporated in GUERNSEY with registration number 15356, have merged and REPUBLIC NOMINEES LIMITED continues as the survivor merged body under the Companies (Guernsey) Law, 2008 in the jurisdiction of GUERNSEY. The documents were registered on 30th December 2016, HSBC PRIVATE BANKING NOMINEE 1 (JERSEY) LIMITED and HSBC PRIVATE BANKING NOMINEE 2 (JERSEY) LIMITED here upon ceased to be incorporated as separate companies under the law because they have merged with REPUBLIC NOMINEES LIMITED. Dated this 30th day of December 2016 For£on behalf of the Registrar II IIII IDTRYPMERG 111111111111111 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 32 of 313 Exhibit 5 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 33 of 313 JFSC | Home | Contact | Site Map | Help DOCUMENT Details CART Name: HSBC PRIVATE BANKING NOMINEE 1 (JERSEY) LIMITED 0 document(s) Registered Office: NO LONGER APPLICABLE BECAUSE THE ENTITY IS DISSOLVED. currently in cart Registration number: 4121 Law: Companies (Jersey) Laws, 1861 Registration date: 29-Dec-1969 to 1968 Dissolution / Ceased 30-Dec-2016 Business Code: RCD date: Business Type: RC - Registered Private Company Status: DISSOLVED Statistics Share status: Par Value Merged company: Yes Previous Names From To Name 29 Dec 1969 31 May 1984 J.I.B. NOMINEES LIMITED 31 May 1984 22 Sep 1999 MONTAGU NOMINEES (JERSEY) LIMITED Documents Select All Clear All Add to cart Doc Code Date Name Size Price(£) Select 5430688 30 Dec 2016 MERGER 36kb 2.00 5430820 08 Dec 2016 Public External Correspondence 400kb 2.00 5430690 08 Dec 2016 Special Resolution 160kb 2.00 5430689 08 Dec 2016 Special Resolution 162kb 2.00 5430687 30 Nov 2016 Gazette Notice 130kb 2.00 5320351 24 Feb 2016 Annual Return 2016 100kb 2.00 5176606 19 Feb 2015 Annual Return 2015 81kb 2.00 5027791 17 Feb 2014 Annual Return 2014 56kb 2.00 4905047 26 Feb 2013 Annual Return 2013 55kb 2.00 4870627 08 Feb 2013 Notice of Registered Office 28kb 2.00 4766839 29 Feb 2012 Annual Return 2012 46kb 2.00 4568993 24 Feb 2011 Annual Return 2011 55kb 2.00 4475647 26 Feb 2010 Annual Return 2010 56kb 2.00 4364432 04 Mar 2009 Special Resolution 71kb 2.00 4361332 27 Feb 2009 Annual Return 2009 52kb 2.00 4247949 22 Feb 2008 Annual Return 08 52kb 2.00 4145467 27 Feb 2007 Annual Return 07 57kb 2.00 4009373 24 Feb 2006 Annual Return 06 80kb 2.00 2188129 25 Feb 2005 Annual Return 05 51kb 2.00 2048300 03 Feb 2004 Annual Return 04 50kb 2.00 1924050 17 Feb 2003 Annual Return 03 57kb 2.00 1855352 25 Feb 2002 Annual Return 02 50kb 2.00 1768637 23 Feb 2001 Annual Return 01 55kb 2.00 1674537 22 Feb 2000 Annual Return 00 51kb 2.00 1644196 22 Sep 1999 Special Resolution 20kb 2.00 1644176 22 Sep 1999 Change in Name 22kb 2.00 1592666 12 Feb 1999 Annual Return 99 52kb 2.00 1505873 30 Jan 1998 Annual Return 98 48kb 2.00 1500488 12 Feb 1997 Special Resolution 981kb 2.00 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 34 of 313 Doc Code Date Name Size Price(£) Select 417158 12 Feb 1997 Special Resolution 1mb 2.00 417121 12 Feb 1997 Special Resolution 1mb 2.00 514377 27 Jan 1997 Annual Returns pre 1998 49kb 2.00 418923 21 Feb 1996 Annual Returns pre 1998 61kb 2.00 418925 29 Aug 1995 Special Resolution 25kb 2.00 418928 28 Feb 1995 Annual Returns pre 1998 98kb 2.00 418931 16 Feb 1994 Annual Returns pre 1998 100kb 2.00 418933 21 Dec 1993 Notice of Registered Office 23kb 2.00 5937290 05 Apr 1993 Annual Returns pre 1998 169kb 2.00 418935 05 Feb 1993 Annual Returns pre 1998 10kb 2.00 5936145 03 Feb 1992 Annual Returns pre 1998 54kb 2.00 418937 03 Feb 1992 Annual Returns pre 1998 10kb 2.00 418939 26 Feb 1991 Annual Returns pre 1998 77kb 2.00 5939418 13 Mar 1990 Annual Returns pre 1998 67kb 2.00 418945 20 Feb 1990 Annual Returns pre 1998 9kb 2.00 418949 13 Nov 1989 Special Resolution 70kb 2.00 418957 17 Feb 1989 Annual Returns pre 1998 74kb 2.00 418965 17 Jan 1989 Special Resolution 71kb 2.00 418967 02 Feb 1988 Annual Returns pre 1998 80kb 2.00 418972 23 Nov 1987 Notice of Registered Office 31kb 2.00 418974 12 Jan 1987 Annual Returns pre 1998 79kb 2.00 418978 28 Jan 1986 Annual Returns pre 1998 76kb 2.00 418984 31 May 1984 Change in Name 62kb 2.00 418987 14 Dec 1983 Notice of Registered Office 29kb 2.00 418990 17 Nov 1971 Notice of Registered Office 17kb 2.00 418992 08 May 1970 Notice of Registered Office 14kb 2.00 418995 29 Dec 1969 Registration Certificate 1mb 2.00 Select All Clear All Add to cart << Return to Search Results New Search >> 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 35 of 313 Exhibit 6a 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 36 of 313 G t\ND-DUCHE OE LUXEMBOURG Luxe mbourg, le MINISTERE DU TRESOR References: TR-288/88 Annexes: Maitre Jacques ELVINGER B. P. 425 L-1450 LUXEMBOURG Maitre, En me referant a votre demande du ler avril 1988, j'ai l'honneur de vous informer que conformement aux disposi- ti ons de la loi coordonnee du 27 novembre 1984 relative a la surveillance du secteur financier, telle qu'elle a ete modifiee dans la suite, la societe e n formation BANK OF BERMUDA (LUXEMBOURG) S.A. qui aura son siege social a Luxembourg, est autorisee a exercer a Luxembourg toutes l es operations permises par la loi du 27 novembre 1984 aux etablissements bancaires et d'epargne. Veuillez agreer, Maitre, l'assurance de ma conside- ration distinguee. Copie: Institut Monetaire Luxembourgeois dresse postale: l-2941 Lu x m ur Bureaux: 3, rue de la Co gre~a ion ele one· 478- 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 37 of 313 Exhibit 6b 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 38 of 313 GRAND-DUCHY OF LUXEMBOURG __________________ MINISTRY OF THE TREASURY Luxembourg, on [illegible] Reference: TR-288/88 Appendices: Mr. Jacques ELVINGER, Esq. P.O. Box 425 L-14 50 LUXEMBOURG Sir, Referring to your request on April 1, 1988, I am honored to inform you that in accordance with the provisions of the law coordinated on November 27, 1984 relating to the supervision of the financial sector, as subsequently amended, the company in formation BANK OF BERMUDA (LUXEMBOURG) S.A. which will have its headquarters in Luxembourg, is authorized to exercise in Luxembourg all the operations permitted by the law on November 27, 1984 on banking and savings establishments. Please accept, Sir, the assurance of my highest consideration. The Ministry of the Treasury Le Ministre du Trésor, Copy: Institut Monétaire Luxembourgeois Mailing Address: L-2941 Luxembourg Offices: 3, rue de la Congrégation Phone No.: 478-1 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 39 of 313 TRANSLATION CERTIFICATION Date: March 5, 2020 To whom it may concern: This is to certify that the attached translation is an accurate representation of the documents received by this office. The translation was completed from: • French To: • English The documents are designated as: • Letter from the Grand-Duchy of Luxembourg Ministry of the Treasury, dated 1988 Eugene Li, Project Manager in this company, attests to the following: "To the best of my knowledge, the aforementioned documents are a true, full and accurate translation of the specified documents." Signature of Eugene Li Global Solutions. Local Expertise. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 40 of 313 Exhibit 7a 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 41 of 313 GRANO OUCHE OE WXEMBOURG Luxembourg, le 2004 MIN1STERE DES FINANCES References: Annexes: Bank of Bermuda (Luxembourg) S.A. Monsieur Germain BIRGEN Monsieur Michael MAY B.P. 413 L-2014 LUXEMBOURG Messieurs, En me referant a votre demande du 30 aout 2004, j'ai l'honneur de vous informer que la modification de la denomination sociale de la «Bank of Bermuda {Luxembourg) S.A. » en « HSBC Securities Services (Luxembourg) S.A. », en vertu de !'article 3(5) de la loi modifiee du 5 avril 1993 relative au secteur financier, ne souleve pas d'objection de ma part. Veuillez agreer, Messieurs, !'assurance de ma consideration distinguee. Le Ministre du Tresor et du Budget, Luc Frieden Adresse postale: L- 2931 Luxembourg Bureaux: 3, rue de la Congregation Telephone: 478-1 Telex: 2790 ETAFIN LU Te1e1ax: 47 52 41 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 42 of 313 Exhibit 7b 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit GRAND-DUCHY OF LUXEMBOURG Declaration of Thomas J. Moloney Pg 43 of 313 Luxembourg, [stamp:] Sept 15, 2004 MINISTRY OF FINANCE References: Appendices: Bank of Bermuda (Luxembourg) S.A. Mr. Germain BIRGEN Mr. Michael MAY P. O. Box 413 L-2014 LUXEMBOURG Gentlemen, Referring to your request on August 30, 2004, I am honored to inform you that the change of the corporate name from "Bank of Bermuda (Luxembourg) S.A." to "HSBC Securities Services (Luxembourg) S.A.," under article 3(5) of the amended law on 5 April 1993 on the financial sector, does not raise any objection on my part. Please accept, Gentlemen, the assurance of my highest consideration. The Minister of the Treasury and the Budget, Luc Frieden Mailing Address: L-2931 Luxembourg Offices: 3, rue de la Congrégation Phone No.: 478-1 1-M0003 - XI .02 Telex: 2790 ETAFIN LU Fax: 47 52 41 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 44 of 313 TRANSLATION CERTIFICATION Date: March 5, 2020 To whom it may concern: This is to certify that the attached translation is an accurate representation of the documents received by this office. The translation was completed from: • French To: • English The documents are designated as: • Letter from the Grand-Duchy of Luxembourg Ministry of Finance, dated September 15, 2004 Eugene Li, Project Manager in this company, attests to the following: "To the best of my knowledge, the aforementioned documents are a true, full and accurate translation of the specified documents." Signature of Eugene Li Global Solutions. Local Expertise. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 45 of 313 Exhibit 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 46 of 313 COMMISSION de SURVEILLANCE du SECTEUR FINANCIER Luxembourg, 4 December 2014 To the management of HSBC Securities Services (Luxembourg) S.A. BP 413 L-2014 LUXEMBOURG 0/Ref.: B.14/2108-MTR/MD Contact person: MicMle Trierweiler Y/Ref.: CE-DT-ag-2014-2S Direct dialling: (+3S2) 26 2S I - 367 Dispatch: mail Re: Contemplated surrender of the banking license Dear Sirs, We refer to your letter dated 18 November 2014 and your email dated 1 December 2014 regarding the contemplated surrender of HSBC Securities Services (Luxembourg) S.A.'s (hereafter "HSSL") banking license, to the meeting dated 7 November 2014 with M. Fielding, as well as to the letters sent by the CSSF to your legal counsel Arendt & Medernach on 28 July 2014 (ref B.14/1235-MTR/MD) and 20 August 2014 (ref OPC.14/10542-FO/FO). Pursuant to your aforementioned letter, HSSL has no remammg contractual relationships and every undertaking for collective investment still served by HSSL has been successfully transferred to HSBC Bank pie, Luxembourg Branch. As regards the funds linked to Madoff litigations which have not been transferred to HSBC Banlc pie, Luxernbomg Branch, the CSSF notes that HSSL has meanwhile terminated the respective contractual relationships and does no longer provide any regulated activities for the concerned funds. The CSSF understands that for these funds, HSSL will remain involved in the ongoing litigation process after the abandoning of the banking license. By its letter dated 11 August 2014, HSBC Holdings pie confirms that the comfort letter issued on 23 July 2009 will continue to be valid after the abandoning of the banking license of HSSL. Sitge: 110, route d'Arlon T~I.: (352) 26 25 1-1 {Central) Intemet: www.cssf.lu Adresse postale: L-2991 Luxembourg Fax: (352) 26 25 1- 601 e-mail: direction@cssf.lu 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 47 of 313 COMMISSION de SURVEILLANCE du SECTEUR FINANCIER Considering the above, HSSL can amend its articles of association in order to exclude any banking activities from the corporate objects clause. We kindly ask you to provide us as soon as possible with a copy of HSSL's modified articles of association. The CSSF will remove HSSL from the official list of regulated companies published on its website with effect from the date of the notarial deed. Yours sincerely, COMMISSION de SURVEILLANCE du SECTEUR FINANCIER C--.._.- --· .~ Michele TRJERWEILER Conseillcr de direction 1ere classe Si~gc: ! JO, route d' Arion Tel.: (352) 26 25 l·l (Central) Internet: www.cssf.lu Adrcsse postale: L-2991 Luxembourg Fax: {352) 26 25 l· 601 e-mail: dircction@cssf.lu 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 48 of 313 Exhibit 9 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 49 of 313 -------- COMMISSION -------- ANNUAL REPORT FINANCIAL STATEMENTS 2003& 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 50 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 51 of 313 ANNUAL REPORT For the year ended 31 December 2003 This report, including the financial statements as required by section 18 of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended ("the Commission Law"), is made in pursuance of section 6 of the Commission Law to the States Policy Council and submitted by the Chief Minister for consideration by the States of Guernsey. Note: Throughout this report the Guernsey Financial Services Commission is referred to as "the Commission". The Chairman and other members are referred to collectively as "the Commissioners". Guernsey Financial Services Commission La Plaiderie Chambers, La Plaiderie St Peter Port, Guernsey GY1 1WG Telephone +44 (0) 1481 712706 Facsimile +44 (0) 1481 712010 E-mail info@gfsc.gg Internet http://www.gfsc.gg 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 52 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 53 of 313 ANNUAL REPORT 2003 5 CONTENTS Commission Structure 5 Commissioners 6 Senior Executives 7 Chairman's Statement 9 Director General's Statement 10 Banking 15 Fiduciary Services and Enforcement 21 Insurance 25 Investment Business 29 Policy and International Affairs 35 Finance and Operations 41 Independent Auditors' Report and Financial Statements 43 Guernsey Training Agency Limited 53 Appendices 57 1 Functions and Structure of the Commission 58 2 Committees and Working Parties 60 3 The Banking Supervision (Bailiwick of Guernsey) Law, 1994 – Licensees 61 4 The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. 62 (Bailiwick of Guernsey) Law, 2000 – Licensees and Applicants 5 The Insurance Business (Bailiwick of Guernsey) Law, 2002 – Licensees 73 6 The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 – Licensees 77 7 The Protection of Investors (Bailiwick of Guernsey) Law, 1987 – Licensees 78 8 The Protection of Investors (Bailiwick of Guernsey) Law, 1987 – Collective Investment Schemes 82 9 Balance Sheets for the Banking Sectors in the Crown Dependencies 1999 to 2003 85 10 International Regulatory and Supervisory Bodies 86 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 54 of 313 6 ANNUAL REPORT 2003 CONTENTS 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 55 of 313 ANNUAL REPORT 2003 7 COMMISSION STRUCTURE COMMISSIONERS DIRECTOR GENERAL'S DIVISION Fiduciary Fiduciary Policy and Policy and Guernsey Investment Investment Finance and Finance and Guernsey Banking Banking Services and Services and Insurance Insurance International International Training Business Business Operations Operations Training Division Division Enforcement Enforcement Division Division Affairs Affairs Agency Division Division Division Division Agency Division Division Division Division Limited The Guernsey Financial Services Commission is the regulatory body for the finance sector in the Bailiwick of Guernsey. The Commission's primary objective is to regulate and supervise financial services in Guernsey, with integrity and efficiency, and in so doing help to uphold the international reputation of Guernsey as a finance centre. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 56 of 313 8 ANNUAL REPORT 2003 COMMISSIONERS John Hallam FCA Nigel Carey LL.B Chairman of the Commission John Hallam has served as a Commissioner for 16 Nigel Carey has served as a Commissioner for 12 years, becoming Chairman in 2003. He has 30 years. He has 30 years' legal experience, being years' experience in accountancy, latterly as the admitted as a solicitor of the Supreme Court of partner in charge of PricewaterhouseCoopers in England and Wales in 1974 and as an advocate of Guernsey, specialising in the provision of audit and the Royal Court in 1975. He has been a partner in advisory services to financial service sector Carey Olsen (then Carey Langlois) since 1976 and companies. He is currently a non-executive director of was Chairman of the Guernsey Bar from 1997 to a number of financial institutions involved in banking, 1999. He is a non-executive director of a number of insurance and investment management. He has served collective investment fund companies and fund as Vice-President of the Guernsey Society of Chartered management companies, including a number and Certified Accountants, Treasurer of the Guernsey engaged in venture capital activities. International Business Association, a member of the committee of the Guernsey Insurance Company Managers Association and on various other bodies associated with the business life of Guernsey. Mel Carvill FCA, ACII, MSI Leslie Priestley TD, FCIB, FCIM, CCMI, FRSA Mel Carvill has served as a Commissioner for five Vice-Chairman of the years. He is Direttore Centrale, Head of Strategy and Commission Corporate Finance, at Assicurazioni Generali SpA and is a director of financial services companies in Leslie Priestley has served as a Commissioner for five North America, Europe and Asia. He has served as years, becoming Vice-Chairman in 2003. He has President of the Guernsey Society of Chartered and been involved in banking for 40 years, holding senior Certified Accountants, the Insurance Institute of appointments in Barclays and TSB, finally as Chief Guernsey and the Guernsey Association of Pension Executive, TSB England and Wales plc and a director Funds. of the TSB Group. He is currently a director of Prudential Banking plc, Pinnacle Insurance plc, Egg plc and other companies. During his career he was Secretary General, Committee of London Clearing Bankers; a member of the Monopolies & Mergers Commission; a director of the Civil Aviation Authority David Mallett and London Electricity plc; an adviser to Touche Ross BA (Dunelm) FCA & Co., Financial Services Adviser ICL plc; a Visiting Fellow at Bangor University and Chairman of the CAA David Mallett was appointed as a Commissioner in Pension Scheme. 2003. He has over 30 years' experience in banking and banking supervision. He joined the Bank of 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 57 of 313 ANNUAL REPORT 2003 9 SENIOR EXECUTIVES England's Banking Supervision Division in 1975 and was closely involved in the rescue and orderly run- down of a number of failed banks, the development of regulatory practice and a number of national and international accounting and auditing standards. From Peter Neville 1988 to 2000 he was successively Group Head of MA (Oxon), FCA Director General Audit and Group Head of Finance at Standard Chartered Bank. He has been a member of the Peter Neville read law at Oxford University and is a Council of the Institute of Chartered Accountants in Fellow of the Institute of Chartered Accountants in England and Wales and is co-author of "Banking: a England and Wales. Following a period working in the Regulatory Accounting and Auditing Guide". In 2003 field of insolvency, he spent 12 years as a banker and he completed 14 years as a member of the Financial merchant banker in the United Kingdom and the Far Reporting Review Panel. East. He joined the Investment Management Regulatory Organisation in 1987, holding a number of senior positions over a period of seven years. In 1994 he established the investment services regulatory regime for Malta and provided advice on financial services regulation to the government. In 1997 he joined the Regulatory Division of Lloyd's of London as general manager responsible for authorisation, individual registration and conduct of business permissions. He took up the position of Director General of the Commission in April 2001. Alan Fleming ACII Director of Insurance Alan Fleming started his career with British Engine Insurance Company, then moved to ICI where he gained 29 years' experience of insurance and reinsurance. In 1993 he was seconded to the Association of Insurance and Risk Managers ("AIRMIC") as Executive Director and also served on the Court of Governors of the Institute of Risk Management. He was appointed Head of Risk Management for Guinness plc in 1995 and subsequently in 1997 became Director of Global Risk Management for Diageo. He joined Railtrack in 1999 as Head of Insurance and Risk Management and also in 2000 – 2001 served as Chairman of AIRMIC. He was appointed as Strategic Account Manager at Aon in November 2001 and joined the Commission in November 2003. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 58 of 313 10 ANNUAL REPORT 2003 SENIOR EXECUTIVES CONTINUED Talmai Morgan MA Cantab., Barrister, TEP Philip Marr MSc (Econ), CFE Director of Fiduciary Services Director of Banking and Enforcement Philip Marr graduated in Economics at the University of Talmai Morgan read Economics and Law at Hull in 1968 and joined the Bank of England after a Cambridge University before qualifying as a barrister postgraduate degree. He was Economic Adviser to the in 1976. He held a number of commercial and government of Bermuda from 1974 to 1977 and advisory appointments in London before moving to entered Banking Supervision on his return to the Bank. Guernsey in 1988. He worked for Barings for six He was appointed Adviser to the Bahrain Monetary years, before moving to the Bank of Bermuda in 1994 Agency from 1982 to 1984. He was manager of as Managing Director of Bermuda Trust (Guernsey) several groups of banks in Supervision at the Bank of Limited. In January 1999 he joined the Commission as England. After a secondment to Hambros Bank in Guernsey's first Director of Fiduciary Services and 1988 – 1989 he was Manager, On-Site Review Teams. Enforcement. He was appointed Senior Manager, Enforcement in 1995 and joined the Commission in June 1997. Neville Roberts FCA Head of Finance and Operations Peter Moffatt MA (Oxon) Director of Investment Business Neville Roberts is a Fellow of the Institute of Chartered Accountants. He served articles with Thomson McLintock where, following qualification, he worked Peter Moffatt joined the Overseas Department of the in the field of receivership. In 1976 he moved to Ford Bank of England in 1968. International work involved Motor Co. before transferring to Schroder Life and liaison with European Community institutions and the Unit Trusts as Group Financial Accountant. He came to Bank for International Settlements. He was a Guernsey as Director of Finance and Operations for supervisor during the 1970s and later became the Schroder international group of companies. For 12 Secretary of the City Capital Markets Committee. years prior to joining the Commission, he was Head Leaving the Bank in 1987, he became a compliance of Finance and Operations for NRG Distribution. In officer in investment banking with PaineWebber and August 2003 he was appointed as the Commission's JP Morgan and then in investment management with first Head of Finance and Operations. John Govett and Framlington. He has served on legal and regulatory committees of the Association of Investment Trust Companies, the Association of Unit Trusts and Investment Funds and the Financial Services Authority. He joined the Commission in June 2000. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 59 of 313 ANNUAL REPORT 2003 11 CHAIRMAN'S STATEMENT I am delighted that the report of the International into the sale of investments in split capital investment Monetary Fund ("IMF"), following its in-depth evaluation trusts in Guernsey. In this context, I am mindful that of the Bailiwick's financial regulation and criminal Guernsey is now a significant finance centre and the justice framework, was extremely positive. It described regulatory issues faced by the Commission often have Guernsey as having a high standard of compliance with international or cross-border dimensions. Some of the standards set by the Basel Committee on Banking these, together with the need to appoint forensic Supervision, the International Association of Insurance accountants and take enforcement and legal action, Supervisors ("IAIS"), the International Organization of have focused the attention of Commissioners and staff Securities Commissions ("IOSCO") and the Financial alike on the risks to the Commission and the value of Action Task Force ("FATF"). Guernsey fully satisfied the Guernsey's reputation. Our planning processes have Offshore Group of Banking Supervisors ("OGBS") increasingly concentrated on establishing processes to Statement of Best Practice for Trust and Company mitigate those risks. Service Providers. All of these standards have been The year saw the retirement of Steve Butterworth adopted by Guernsey as the foundations on which to as Director of Insurance. Steve made an enormous build our reputation as a finance centre. contribution to the Commission and to the local and In summary, the report also commended:- international insurance sectors, since becoming responsible for insurance supervision in Guernsey in • the Bailiwick's comprehensive regulatory framework 1986. He was instrumental in introducing both the and supervisory structure; captive insurance and protected cell company regimes. • the action that continues to be taken by the Guernsey is now the world's fourth largest captive authorities to preserve the Bailiwick's good domicile. Steve was also one of the founders of the international reputation; Offshore Group of Insurance Supervisors ("OGIS") and • the level of international cooperation displayed by of the IAIS. Talmai Morgan, the Commission's first the Bailiwick; Director of Fiduciary Services and Enforcement, will • the Commission as being well established and well also be leaving in the summer of 2004 to join the respected, with experienced staff; Guernsey Promotional Agency as its Chief Executive. Talmai joined the Commission in 1999 and was pivotal • the Commission's good range of regulatory and in the establishment of the pioneering regime for the enforcement powers; regulation of company and trust administrators and • the fact that Guernsey was one of the first company directors. This regime has significantly jurisdictions to apply a comprehensive regulatory enhanced Guernsey's reputation. Both Steve and Talmai regime for trust and company service providers; and leave with our best wishes for the future. • the developed framework for anti-money laundering I am delighted that Alan Fleming has joined us and combating the financing of terrorism and the as Director of Insurance. Alan brings a wealth of strong rapport between the Commission and private sector experience to the Commission, with licensed institutions on these issues. over 30 years' experience in insurance, reinsurance Naturally, the report contains recommendations and risk management. This will serve the Commission about further enhancing our legislation and policies. well, not least because it will ensure that we continue The action plan developed by the Guernsey authorities to appreciate fully the industry's perspective on for dealing with those recommendations forms part of regulatory issues. volume I of the report. We shall soon issue a policy on The Commission will remain busy. The improved the standards of corporate governance we expect of all global outlook has led to a revitalisation of business financial institutions. We shall also be strengthening our activity. Mergers and acquisitions, together with programme of reviews to ascertain compliance with corporate restructuring, will continue to change the local those standards. In addition, the Commission will be financial landscape. The international regulatory promoting an amendment to the Protection of Investors organisations will maintain their momentum on the Law to provide for the appointment of inspectors and development of new standards. These will all have an the recovery of the costs of those inspectors. Similar effect on the Commission's work but I am confident that, powers are already contained in the other regulatory as always, we shall meet these challenges. laws administered by the Commission. The Commission continued its regulatory John Hallam activities during the year. This included an investigation Chairman 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 60 of 313 12 ANNUAL REPORT 2003 DIRECTOR GENERAL'S STATEMENT The Commission continues to be strongly committed from the banks that they will deal with their customers to its primary task of regulating and supervising fairly and with common sense. financial services in Guernsey and upholding the The Commission recognises the importance and reputation of Guernsey as an international finance economic sense of public education on financial centre. In doing this we are conscious of the interests matters. We are therefore discussing with the States of our stakeholders. Education Department how, within the bounds of our mandate, our staff can take part in programmes of Political and public accountability financial education at schools. 2004 will see important developments in the streamlining of the political structures in Guernsey. Protecting clients Over the past year, the Commission has increased One of the most effective ways to protect clients from and formalised its liaison with the States Advisory and firms which do not meet the required standards is to Finance Committee ("the Committee") and States refuse them licences in the first place. The Members. This has included introducing a programme Commission's authorisation processes are geared of meetings with States Members on issues of current towards keeping out firms that do not make the grade. interest. We also meet on an annual basis with senior We take a similarly robust view of situations where representatives of the Chief Pleas of Sark. firms which are already licensed have fallen below the This emphasis on accountability to the standards expected of them. 2003 saw a democratically elected representatives will continue considerable amount of investigative and enforcement under the new political regime, information on which activity. Some of this was reported in the press, but is contained in Appendix 1. much was not because it was confidential. Two cases of both local and national interest Protecting the public which are in the public arena continued to absorb a One of the Commission's main aims is the protection considerable amount of Commission time. The review of the public. Parts of our regime are specifically of split capital investment trusts focuses on the designed with this purpose in mind. For example, our management and corporate governance of the trusts, product rules and codes require licensees to ensure and on the suitability of advice and recommendations that customers and prospective customers are treated made to investors by Guernsey intermediaries. We are fairly, advised properly, and provided with working with the authorities in Jersey and the UK and information that is fair and not misleading. We are obtaining advice about the possibility of legal regularly post on our website information warning the action against the firms involved. In March 2004 the public about illegal activities that may affect them. report compiled by Lord Penrose on Equitable Life was Another example of the Commission's efforts to published. Although the Commission was not involved inform and advise the public is the recent publication, in the prudential regulation of Equitable, we are in conjunction with the States of Guernsey, the considering the information contained in the report in Financial Intelligence Service ("FIS") and the the context of the Guernsey branch policyholders. We Association of Guernsey Banks, of a pamphlet are also considering whether the further enquiries and entitled Fighting Crime and Terrorism. This explains to reviews initiated by the UK government as a result of the public why banks have to undertake due the Penrose Report have any implications locally. We diligence on customers, and contains a commitment will keep our website updated with information that 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 61 of 313 ANNUAL REPORT 2003 13 may be helpful to Guernsey branch policyholders. and business community the message that Guernsey An important safeguard for clients of financial stands alongside the City of London in terms of services firms in Guernsey would be the establishment integrity, innovation and standards of service, and that of an ombudsman who could assist with the settlement we look forward to continuing our successful close of disputes. The Commission's current powers do not working relationship. enable us to do this. Following discussions with the This support is very welcome. I have often industry and the Committee it has been agreed that a stressed that what is important is that a finance centre consultation paper will be taken forward during 2004 should be well regulated and cooperative and not proposing the establishment of an ombudsman whether or not it is "offshore". The Lord Mayor's visit function within the Commission. The staffing and made it clear that this view is shared by the UK support functions of the ombudsman would be government and the City. provided by the Commission, but it would be legally Not surprisingly, given international trends in the and operationally independent. industry, 2003 saw further consolidation in the field of An unfortunate consequence of the increasing banking. However, although the number of licensees level of investigative and enforcement action is the fact contracted, it was encouraging that the amount of that the Commission – and through it the industry – is business transacted here was little changed. In the having to bear increasing costs. During 2004 we will, three other financial services sectors supervised by the therefore, be considering what approach to Commission there was growth – in some areas very recommend to government for the introduction of strong growth – as the following Divisional reports powers to ensure that, wherever appropriate, firms explain. There is no doubt that the skilful handling of that have caused these additional costs should be held negotiations by the Guernsey government on the EU responsible and should bear them. Directive on Taxation of Savings Income has helped industry sentiment. Industry relations The Commission has continued to work closely The Commission's policy of regulating effectively to with industry to set appropriate regulatory standards international standards, taking tough enforcement and to implement them in the most effective way. Our action where there has been a breach of the meetings with the Guernsey International Business requirements, and applying the laws and regulations Association ("GIBA") are more frequent and have as fairly and as adaptably as possible, will continue. been placed on a more formal footing. Each Division Evidence indicates that this approach is working. liaises regularly with its industry sector. During January 2004 Robert Finch, the Lord Mayor of The volume of new requirements which need to the City of London, visited Guernsey. He brought two be issued has reduced, to everyone's satisfaction. A messages from the UK government and the City. He number of useful initiatives were, however, brought to stated that "Guernsey has come out of recent reports fruition during 2003. For example, the Commission very well and [is] one of the best regulated [finance issued a statement on introduced business and a Code centres] in the world… It has succeeded because it has of Practice for Banks. We also held consultations with a well-regulated system. [We are] very pleased to industry on our approach to hedge funds. This resulted work with well regulated centres such as Guernsey". in a statement on the matter being issued in February He also emphasised that the City is supportive of 2004. Efforts to improve the regulatory regime Guernsey and promised to take to the UK government continue. This includes working with the fund industry 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 62 of 313 14 ANNUAL REPORT 2003 DIRECTOR GENERAL'S STATEMENT CONTINUED to agree the implementation of rule waivers to key to Guernsey's future competitive position. facilitate certain hedge fund practices. In addition, the Two very important pieces of work are being review of corporate governance standards being undertaken during 2004. First, administration undertaken by the regulatory Divisions is aimed at provisions are to be introduced into the current harmonising the standards across all industry sectors. company law. This is to be achieved before the end of the year. Second, a complete review of company law Industry development is being carried out. The aim of the review is to The Commission's call for an effective forum in which introduce a new and updated company law as soon matters concerning the development of the finance as possible. The Commission is working on these industry in Guernsey could be discussed was met initiatives with the industry, government and the during 2003 by the establishment of the Finance Attorney General's Office. Industry Policy Advisory Group ("FIPAG"). This brings together the government, industry and the The international arena Commission, with the support of the Attorney General. In order to enhance Guernsey's reputation, influence Despite its youth, FIPAG shows every sign of being a international standards and monitor developments in strong and effective body. the international regulatory arena, I spent a The Guernsey Promotional Agency, soundly considerable part of 2003 participating in established by John Bridle, is now moving into a new international events. This included attending meetings phase of activity. Its new Chief Executive, Talmai of the Executive Committee of the IAIS, signing Morgan, who is moving from his current position at Memoranda of Understanding ("MoUs") with the the Commission, is an excellent choice and whilst we regulators in the UK and France, meeting overseas are very sorry to see him go we look forward to regulators and law enforcement officials, and working closely with him as he continues the speaking at various conferences. Agency's development. We contribute as much as possible to the The Guernsey Training Agency Limited international regulatory community by participating continues to play an essential part in upgrading skill on standards-setting committees, preparing papers levels in the finance industry. Under its current on new standards, commenting on proposed leadership it has considerably extended its range of standards and hosting meetings. For example, the courses, raised the number of students using its Commission celebrated its fifteenth birthday by facilities, and increased the surplus generated from its hosting a seminar on international cooperation and courses. The Commission is very pleased to continue the exchange of information. Over 100 international to support the Agency by providing staff and a large regulators, law enforcement officials, prosecutors part of its funding on behalf of the industry. Together and others with an interest in combating economic with GIBA and the Agency we are working on the crime attended the seminar. setting of standards – voluntary in most cases – for The year also saw further liaison with the IMF to qualifications and training in the industry. Concrete finalise the report on its assessment in 2002 of examples of this work are the introduction of the Guernsey's regulatory and criminal justice framework. Guernsey Insurance Certificate and the Certificate in The IMF found that Guernsey has a high level of Captive Management – a world first. Such training compliance with international standards. This was a was identified in the recent Finance Sector Study as very satisfactory outcome following the hard work put 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 63 of 313 ANNUAL REPORT 2003 15 in by all those involved, including the staff of the a modest deficit during 2003. Although we were Attorney General's Office, the law enforcement equally cautious when setting the 2004 budget and authorities and the Commission. Copies of the report the related fees, the Commission cannot continue to can be obtained from our website at www.gfsc.gg. sustain operating losses. It is our stated and prudent intention to build up reserves equal to half a year's Commission governance expenditure, and we are well short of this position. During 2003 the Commission's Audit and Risk The Investment Business and Insurance Divisions are Committee was reconstituted and formal programmes currently carrying out, with industry, extensive reviews of internal audit of non-regulatory matters and of their fee structures. In determining the fee levels for compliance monitoring of regulatory matters were 2005 and beyond we also need to take account of the introduced. The committee appointed consultants costs of the investigation and enforcement action that to assist in its work on internal controls and corporate we are increasingly being called upon to carry out governance. It is particularly important that the and the as yet undetermined costs of establishing an Commission meets local and international ombudsman function. expectations in these areas and I am pleased to report Peter Neville that the required standards have been met. More Director General information on the work of the Audit and Risk Committee can be found in Appendix 1. Commission staff On the personnel front, I would like to thank all Commission staff. Their dedicated and professional work continues to stand us in good stead. In respect of the senior management team, I was very sorry to see Steve Butterworth retire during 2003. He had contributed much to the Commission, Guernsey and the international insurance community over a considerable number of years. We wish him well in his retirement. I am pleased to welcome Steve's successor, Alan Fleming, and also Neville Roberts, our new Head of Finance and Operations, who are both proving to be very effective additions to the senior management team. Fees Mindful of the general state of the international economy and the pressures on licensed firms, the Commission has looked very critically at its expenditure and has limited its fee increases as far as possible. This resulted in the Commission operating at 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 64 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 65 of 313 ANNUAL REPORT 2003 17 BANKING Sector trends Table 1. Licences and deposits at the year end Profits in the banking sector declined by some 7% in Banks Deposits Annual % change End licensed £mns in deposits 2003. The environment for private banking was 1990 72 15,476 19.1 difficult in the first half of the year and only recovered 1991 72 16,250 5.0 1992 76 27,442 68.9 later in the year, reflecting higher stock market levels 1993 75 37,482 36.6 and greater securities activity. The continuing low- 1994 73 42,191 12.6 interest-rate environment meant that income earned on 1995 73 46,855 11.1 1996 72 43,324 -7.5 banks' capital remained muted. With profits 1997 78 49,357 13.9 depressed overall, banks continued to focus on 1998 78 52,922 7.2 1999 79 57,059 7.8 reducing their cost bases. One-off restructuring costs 2000 77 68,474 20.0 and selective redundancy payments remained a 2001 72 77,211 12.8 feature of profit and loss accounts during the year but 2002 67 71,943 -6.8 2003 61 69,703 -3.1 following that process many banks are positioned to be leaner and more efficient in 2004 and beyond. Figure 1. Analysis of deposits with Guernsey banks by currency at end 2003 Percentage Overall, deposits were down £2.2 billion, or some 3.1%, in sterling terms over the year from £71.9 United States dollar 38.04% United Kingdom sterling 34.03% billion at 31 December 2002 to £69.7 billion at the Euro 22.90% end of 2003 (table 1). Exchange rate factors, with the Swiss franc 2.81% strengthening of sterling against the US dollar, Australian dollar 0.75% Canadian dollar 0.73% accounted for over half of the difference. There was Japanese yen 0.22% also some movement out of deposits in to alternatives Hong Kong dollar 0.08% to cash, as the prevailing low level of interest rates, Other 0.44% particularly in Swiss francs and US dollars, meant that Figure 2. Assets at the year end deposit rates were relatively unattractive. Over the £mns year Swiss fiduciary deposits continued to decline to 55000 ■ Market loans ■ Certificates of deposit end the period at some £25.7 billion. Over the same 50000 ■ Company shares/securities ■ Loans and advances period other deposits edged up to £44.0 billion. 45000 ■ Government securities ■ Other assets 40000 Figure 1 analyses bank deposits by currency at the 35000 end of 2003. 30000 25000 Bank lending at the end of the year held up at 20000 £6.2 billion and remained a reliable source of 15000 revenue for banks. Credit activity accounted for some 10000 5000 8.5% of total assets in Guernsey. Although important 0 in revenue terms, lending is overshadowed on the 1999 2000 2001 2002 2003 asset side of the aggregated balance sheet by placements with banks and holdings of low-risk previous year, although the proportion of deposits government securities (table 2). Figure 2 provides from Switzerland was 4% down at 40% (figure 4). The information on banks' assets at the year end, while disposition of assets was substantially the same as in figure 3 shows a breakdown of selected loans 2002, being predominantly placements with group and advances. entities or low-risk assets in the United Kingdom and The source of deposits held by the Bailiwick's other European Union Member States (figure 5). banks at the end of 2003 was similar to that in the The total tier 1 capital of the banking sector 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 66 of 313 18 ANNUAL REPORT 2003 BANKING CONTINUED Figure 3. Selected loans and advances at the year end decreased to £1.6 billion in 2003, compared to £1.7 £mns billion in 2002 (figure 6). The weighted average risk 2000 ■ Cash-backed ■ Industrial and commercial companies asset ratio remained healthy at 19.78% (figure 7). 1750 ■ Owner-occupied residences ■ Persons The decision by a number of Guernsey banks to 1500 1250 close their Guernsey operations during the year led to 1000 transfers of funds out of the Bailiwick. The Guernsey 750 branches of ING Banque Bruxelles Lambert (Suisse) 500 Limited and BSI AG, together with BNP Paribas 250 0 (Guernsey) Limited, transferred funds to other 1999 2000 2001 2002 2003 jurisdictions as part of corporate streamlining actions. Two closures, Coutts (Guernsey) Limited and Saudi Figure 4. Source of bank deposits at end 2003 International Bank (Guernsey) Limited, were part of Country group-wide schemes to reduce the number of centres Switzerland 40% Guernsey 20% in which those banks were active. These latter closures United Kingdom 12% had little impact on the level of deposits in Guernsey. Other European Union 10% Rationalisation continued apace throughout the Jersey 6% Caribbean 4% sector in 2003. On the face of it, the Lloyds TSB United States 1% group's restructuring of its operations in the Crown Other 7% Dependencies was the most extensive. This led to the Figure 5. Disposition of bank assets at end 2003 surrender of the licences of the retail bank, Lloyds TSB Country Bank (Guernsey) Limited, and the private bank, Lloyds United Kingdom 39% TSB Offshore Private Banking (Guernsey) Limited, and Other European Union 33% to the transfer of the businesses of those banks into a Jersey 6% Switzerland 5% Jersey bank, Lloyds TSB Offshore Treasury Limited United States 5% (which subsequently changed its name to Lloyds TSB Guernsey 5% Offshore Limited). The Guernsey branch of that entity Caribbean 2% Other 5% now carries out the group's activities in the Bailiwick. This restructuring was driven by a major corporate Table 2. Assets and liabilities of licensed banks at the year end 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 total total total total total total total total total total £mns £mns £mns £mns £mns £mns £mns £mns £mns £mns Liabilities Assets Tier 1 capital* 1357 1715 1841 1686 1585 Loans, advances and market loans with: Tier 2 capital** 83 27 27 23 21 Banks etc. 42138 48599 51602 42521 37654 British Isles public sector 1 2 12 10 5 Deposits by: Companies, persons, other 5066 5242 5333 6437 6189 Banks etc. 11468 13065 12424 13040 13811 British Isles public sector 50 50 59 51 44 Certificate of deposit 5287 4638 5412 5833 5497 Companies, persons, other 44598 54626 64728 58852 55848 Government securities 3882 8209 10466 11257 13129 Company shares/securities 3657 3687 5401 6521 7062 Other liabilities 4064 3080 2069 1108 1541 Other assets 1589 2186 2922 2181 3314 Total liabilities 61620 72563 81148 74760 72850 Total assets 61620 72563 81148 74760 72850 * Paid-up share capital and disclosed reserves ** Undisclosed reserves, revaluation reserves, general provisions, debt/equity instruments and subordinated debts 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 67 of 313 ANNUAL REPORT 2003 19 governance initiative designed to reduce the number Figure 6. Total tier 1 capital at the year end of separate legal entities operating in the Islands. £mns Further rationalisations took place at Schroders (C.I.) 2000 1750 Limited and Bank Sarasin (C.I.) Limited, which had the 1500 effect of refining the number of functions which they 1250 perform in Guernsey. 1000 The Bank of Bermuda (Guernsey) Limited was the 750 500 subject of an agreed acquisition by the HSBC group. 250 The acquiring bank was attracted in part by the fund 0 administration and private banking capabilities of the 1999 2000 2001 2002 2003 Bank of Bermuda. The Commission understands that Figure 7. Distribution of locally incorporated banks by risk asset the Guernsey subsidiary will hold discussions with the ratio at end 2003 local management of HSBC Private Bank to determine Number of banks 35 what synergies can be obtained from the merger of 30 their local activities. 25 Separately, some smaller banks reported during 20 the year that they were being prepared for sale, 15 10 following decisions by their parents that they were not 5 big enough to make an impact in their chosen 0 markets. Ansbacher (Channel Islands) Limited and Risk asset ratio 10 – 13.99% 14 – 17.99% 18 and over Leopold Joseph & Sons Limited announced that they Figure 8. Country of origin of Guernsey licensed banks – were seeking new owners for their operations across subsidiaries at end 2003 several jurisdictions. The latter has recently agreed to Number of banks an offer from the Bank of N.T. Butterfield Group. United Kingdom 14 Switzerland 7 Banca Monte dei Paschi is trimming back its Bermuda 2 international network of subsidiaries and branches Germany 2 Ireland 2 and is seeking a buyer for its Guernsey business, Netherlands 2 Banca Monte dei Paschi (Channel Islands) Limited. Canada 1 Overall, the number of licences declined from 66 Cyprus 1 France 1 at the start of 2003 to 61 at the end of the year Hong Kong 1 (figures 8 and 9). However, the restructuring of the Italy 1 Lloyds TSB group took effect over the year end, South Africa 1 Spain 1 reducing the number of licences to 59 at the Turkey 1 beginning of 2004. The prospect for the next year is United States 1 to see a smaller number of banks, transacting Figure 9. Country of origin of Guernsey licensed banks – substantially the same amount of business as currently. branches at end 2003 Number of banks Supervision and policy United Kingdom 11 Switzerland 5 The Banking Supervision (Bailiwick of Guernsey) Law, Germany 3 1994 was amended in several respects in 2003. Consortium 1 Revisions included the introduction of powers for the France 1 Greece 1 Commission to make prohibition orders against South Africa 1 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 68 of 313 20 ANNUAL REPORT 2003 BANKING CONTINUED individuals from being employed in the banking undertaken to determine to what extent banks in sector; provisions to permit the formal issue under the Guernsey were engaged in proprietary trading. law of Codes of Practice; and requirements for banks There is little own-account trading in banks in the to carry out annual reviews of various aspects of their Bailiwick and there was no material increase in such business. Following these amendments, the Code of business compared with previous years. Practice for Banks was formally issued under the law With reference to know your customer/anti- in November 2003 after consultation with the money laundering standards, the Division began its Committee, the Policy and Finance Committee of the second cycle of visits to banks and is continuing to States of Alderney and the General Purposes and feed back best practice advice to banks, using Finance Committee of the Chief Pleas of Sark. This experience learnt from the first cycle. One of the Code had been issued informally in September 2002. Division's observations from the first cycle of visits is A further consequence of the changes to the law that the introduced business regime was not effective. was the issue of a consultation document entitled In this regard, the Commission issued a Statement on "Guidelines for Corporate Governance and Risk Introduced Business in December 2003 (see page Management". This document reflects the law's 36). Twenty-six anti-money laundering on-site visits requirements for a bank's annual review to include a were carried out in 2003 (the same number as in review of the responsibilities and conduct of the 2002). In addition, the Banking Division conducted bank's board of directors with respect to corporate know your customer/anti-money laundering on-site governance principles and whether there has been reviews to a bureau de change and a non-bank effective control by the bank's board over every specialist lending firm in the Bailiwick. aspect of risk management. In order for a bank to As well as these anti-money laundering reviews, conduct the review effectively, guidance is needed the Division continued with its programme of on-site from the Commission on what corporate governance credit reviews, which began in 2002. During the and risk management standards are expected of year, 10 credit reviews were carried out compared them. The Commission has received responses to this with five in 2002. These reviews were targeted consultation paper and is working towards the issue towards those banks with significant loan books or of guidance to the finance sector, which will be whose loan books were a material proportion of consistent across all Divisions of the Commission. their overall assets. The main finding from the Another policy initiative in 2003 was the reviews is that banks do not always explicitly record circulation to the local banking community of the the risks associated with loan proposals to credit Basel Committee on Banking Supervision's paper committees although in many cases the risks were entitled "Principles for the Management of Credit recognised implicitly. Risk". A statement from the Director of Banking The programme of prudential supervisory visits to accompanied the paper, advising that the banks continued in 2003. During the year 65 formal Commission endorses the principles contained in the prudential meetings were held with bank managements paper and that banks are expected to take account of (68 in 2002). This included a prudential meeting with them. The extent to which banks have followed the a branch of a Guernsey bank operating in Jersey and Principles is reviewed when the Division carries out a prudential meeting held with Guernsey and head on-site credit reviews to banks. In addition, the office representatives at the bank's head office outside Division enhanced its existing guidance on the the Bailiwick. In addition, there were 154 ad hoc requirements for reporting large exposures. meetings held with banks to discuss various matters The Division's annual trading book survey was such as strategy, changes in personnel, corporate 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 69 of 313 ANNUAL REPORT 2003 21 restructuring, bank and Commission policy, in November and the UK Financial Services restructurings, mergers and acquisitions. Authority ("FSA") in December. Bilateral meetings also took place with the Jersey Financial Services International developments Commission and the Isle of Man Financial In November 2003 the IMF issued its report on its Supervision Commission. In June 2003 the Director assessment of the supervision and regulation of the spoke on the subject of know your customer at a financial sector for Guernsey. The Commission was seminar, hosted by the Commission and held in assessed by the IMF against the Basel Committee's Guernsey, on international cooperation and the Core Principles for Effective Banking Supervision. The exchange of information. report stated that the Commission has a high level of Finally, staff of the Division undertook training on compliance with the Core Principles. This assessment Basel II hosted by the FSA and the British Bankers' compares favourably with Guernsey's peers and with Association in the UK and by the Financial Stability large established countries. Institute in Basel, Switzerland. Basel II training will The Director and Deputy Director attended the continue into 2004 to prepare staff for the introduction annual meeting of the OGBS in July 2003. This was of the new Capital Accord. hosted by the Bank of Mauritius and, as always, proved to be a vital forum for sharing ideas and views with other banking supervisors, together with representatives from the Basel Committee, the IMF and FATF. The conference was preceded by a course for banking supervisors on the Basel II Capital Accord proposals presented by the Financial Stability Institute. The Director of Banking continued to attend meetings of the Working Group on Cross Border Banking. One of those meetings was hosted by the Commission in Guernsey. The Group includes members selected from the G10 countries and the OGBS, along with representatives from the Basel Committee. Part of the work of the Group in 2003 was to issue a letter in December to bank supervisors clarifying some perceived potential inconsistencies between the anti-money laundering standards laid out in the Basel Committee's paper "Customer Due Diligence for Banks" and FATF's revised Forty Recommendations. In particular, there had been some uncertainty over the treatment of introduced business. The letter issued to supervisors in December clarified this, enabling the Commission to issue its statement on introduced business to Guernsey banks and other financial institutions. The Division carried out bilateral meetings in 2003 with the Swiss Federal Banking Commission 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 70 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 71 of 313 ANNUAL REPORT 2003 23 FIDUCIARY SERVICES AND ENFORCEMENT The fiduciary sector Securities and Futures Authority and the Personal The Bailiwick's fiduciary sector continued to perform Investment Authority. Membership of the Tribunal also strongly in 2003 and the Fiduciary Services and includes two lay members, selected from a panel of Enforcement Division received 12 applications for individuals suitably experienced in finance business, new fiduciary businesses (seven applications for full in each case. It operates independently of the fiduciary licences and five applications for personal Commission and hears cases in public with evidence fiduciary licences). being taken from the Commission and the applicant or There was further consolidation in the sector, licensee challenging the Commission's decision. particularly in groups represented in more than one of During the year the Tribunal heard two cases the Crown Dependencies. At the year end, there were relating to applications for fiduciary licences. In April 151 full and 51 personal fiduciary licences in issue. it reviewed the application of Mr T G M de Garis for a personal fiduciary licence, where the Commission Regulation and supervision executive had not been prepared to exercise its During the year the Division continued to make delegated powers to grant a licence. In June and July decisions in relation to licence applications made by the Tribunal heard the case of Castle Company businesses in existence when the regulatory legislation Management LLC Ltd, where the Commission came into force on 1 April 2001. The Division executive had decided not to grant a full fiduciary finalised this process in August 2003, referring some licence to the applicant. applications to the Enlarged Assessment Committee. In each case, the Tribunal's opinion endorsed the The Enlarged Assessment Committee stage of the decision of the Commission executive and a licence decision-making process, representing the stage at was refused by the Commission. In the second case, which the Commission executive makes a decision in the decision was subject to an appeal by the licence cases where the Division is not satisfied with an applicant to the Seneschal's Court in Sark. This was application, was completed in October 2003 (except heard in January 2004 and judgement was given in for cases in which the applicant had asked the the Commission's favour. There is a further right of Commission to delay making a decision pending appeal against this decision to the Royal Court resolution of outstanding issues). of Guernsey. In tandem with this work, the Division undertook the continuing supervision of the licensed fiduciary Liaison with the sector and businesses. This involved making detailed on-site visits internationally to 52 licensees during the year, as well as attending The Director, Deputy Director and Assistant Director numerous meetings and discussions over conduct of have met with the Guernsey Association of Trustees on business and prudential issues. a regular basis. The Director also made presentations to the Guernsey Society of Chartered and Certified Guernsey Financial Services Tribunal Accountants, the Guernsey International Legal The Guernsey Financial Services Tribunal was Association ("GILA") and the Institute of Directors established by the Commission to hear challenges to ("IOD"), as well as speaking at a number of the decisions of its executive. The Tribunal is chaired commercial seminars in Guernsey. by Michael Blair QC, who was formerly General On an international level, the Director gave a Counsel to the Board of the FSA and Chairman of the presentation on trusts to an Egmont Group (the Investment Management Regulatory Organisation, the international association of financial intelligence units) 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 72 of 313 24 ANNUAL REPORT 2003 FIDUCIARY SERVICES AND ENFORCEMENT CONTINUED two-day workshop organised in Guernsey in February incorporated. This information is disclosed to the 2003 and spoke at the seminar on international Commission in confidence and is the subject of due cooperation and the exchange of information diligence by it. During the year 1,099 companies organised by the Commission in June 2003. He also were formed and 16,071 were on the register at addressed the Transcontinental Trusts Conference in the year end. London in June and the International Trusts Conference in London in December. The Deputy Director took part Intelligence in the International Regulators Seminar organised by The Division's regular contact with the Attorney the FSA in December. General's Office, Guernsey Police, Customs and These events allow the Commission to inform other Excise and the FIS continues to be an important part regulators and opinion-formers about the nature and of the mutual effort to deter and investigate the threat standard of regulation in the Bailiwick, as well as of financial crime and abuse of the local financial giving an opportunity to keep abreast of developments system. Formal meetings take place through The in other jurisdictions. Bailiwick Financial Crime Committee, the Financial Crime Group and the Terrorist Finance Team. The Coordination with other jurisdictions Division is represented on all three bodies. The Director and Deputy Director maintained close The Commission is also represented at the contact with their counterparts in the Isle of Man and Financial Fraud Information Network in London. This Jersey and, during the year, these meetings were gives an opportunity to learn about trends in fraud expanded to include a representative of the Gibraltar and assess any likely local impact. Specific cases are Financial Services Commission. Such meetings took also discussed and intelligence exchanged amongst place in March and December, with frequent bilateral the members where gateways permit. contact between meetings. Their close liaison and From the point of view of local issues, one of the cooperation contribute significantly to the avoidance subjects the Division has continued to deal with of regulatory arbitrage between the jurisdictions and throughout the year has been websites for bogus to the effective supervision of groups operating in banks on the internet falsely claiming to be licensed more than one jurisdiction. in Guernsey. The sites follow a similar pattern to those previously identified in 2002; it is believed that IMF report the bogus banks are being run by criminal gangs Guernsey's regulation and supervision of the trust and based in West Africa. Whenever such sites have corporate services industry were commended by the been identified, public warnings have been issued IMF in its report published in November 2003. The by the Commission to advise potential depositors of IMF confirmed that Guernsey's standards of regulation the danger. The flurry of such bogus banks and supervision of trust and corporate service purporting to be licensed in Guernsey has tailed off. providers are fully consistent with the Statement of Best The Division has also identified various Practice for Trust and Company Service Providers permutations of a scam which is achieved by issued by the OGBS in August 2002. intercepting mail between banks and their clients in southern Africa. The clients are sent bogus forms, Companies purporting to be from tax authorities or the bank's Guernsey remains one of the very few jurisdictions in security department. The forms ask for the client's the world requiring full disclosure of ultimate passwords, PIN numbers and other confidential beneficial ownership before a company can be information and direct that the form should be sent to 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 73 of 313 ANNUAL REPORT 2003 25 a fax number, belonging to a criminal. Once in receipt of the confidential details, the criminal is in a position to attack the bank account. Warnings have been issued to banks and posted on the Commission's website in order to expose this type of fraud and attempt to prevent clients from falling for the scam. The nature of some of the cases handled has meant that there has been close liaison between the Division and the Police and the FIS. The crossover of interests and skills has been of great assistance in two cases where there was a suspicion of a breach of the Regulation of Fiduciaries Law. In these cases, notices and search warrants were issued under the law in order to gather information and evidence of the suspected breaches. The powers available under the above law have also been used to expose a local connection to an international fraudster. This helped disrupt the overtures that were being made in an attempt to defraud a client of the local company. Valuable information was gathered and, through the gateways available to the Commission, shared with overseas regulators and law enforcement agencies with an interest in the same parties. International sanctions relating to Al-Qa'ida, Iraq and Zimbabwe have been amended during the year. The Division continues to have responsibility for notifying the finance sector and providing guidance whenever queries arise on such sanctions. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 74 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 75 of 313 ANNUAL REPORT 2003 27 INSURANCE Captives and protected cell companies Table 3. New licenses issued by the year end In the world's general insurance markets, 2003 saw a Type 1999 2000 2001 2002 2003 continuation of the rate-hardening seen during 2002. Captive 12 19 18 30 20 With the effects of events such as the Enron and PCCs 7 8 16 7 12 WorldCom collapses, and the large terrorism losses of Cells 59 43 41 43 60 2001 still being felt by all sizes and types of insurers Totals 78 70 75 80 92 and reinsurers, many traditional insurances became even harder to place during the year. the end of the year. Historically, a time when insurance capacity is A record number of 60 cells were approved in scarce and premiums are generally increasing is a the year. These cells were used for a number of time of growth for the captive insurance sector. This purposes, including fronting vehicles for international proved to be the case in 2003. Thirty-two captives, non-admitted policies, access to terrorism cover including 12 protected cell companies ("PCCs"), offered by Pool Re, the UK government-backed were licensed during the year (table 3). The balance provider of terrorism cover, and the funding of between new captives and new PCCs is skewed by increased deductibles on policies written by the those existing captives choosing to convert into PCCs. traditional market. There were five such conversions in 2003 – they are A number of cell surrenders were processed represented in the Division's statistics as both during 2003; in addition cells of life assurance surrenders of captive licences and additional PCC companies that only held a single policy were licences. The popularity of the PCC concept proved to removed from the statistics. be as strong as ever, with companies from locations As table 3 shows, 2003 witnessed a record as diverse as South Africa, Switzerland and number of licences issued during the year and a 15% Guernsey itself opting to set up captive insurance increase on those issued during 2002. This continued vehicles in a PCC form. the ongoing trend of increasing volumes of new During 2003, 31 licences were surrendered. This business being introduced to the Island year-on-year. can be partly attributed to merger and acquisition The Commission supported the introduction of the activity at captive parent level but also, as the Certificate in Captive Insurance Management by Guernsey captive market is fairly mature, some Glasgow Caledonian University, the Guernsey Training captives had fulfilled their purpose by 2003 and were Agency Limited and the Guernsey Insurance Companies no longer required. The continuation of the and Managers Association. The qualification is a world- housekeeping exercise, started in 2002, to clarify the Figure 10. Captive and PCC ownership by type of business at end 2003 position of those licensees that had not written Aerospace & Defence business for some time, also contributed to the number Automobiles & Parts Other Business Types of surrenders. Banks Beverages Many of the captives licensed during 2003 were Financial Services Chemicals established to write professional insurance cover for Construction & Building Materials parent companies, which were being forced by the Legal Distributors retail markets to take increased deductibles on risks Electricity Transport Electronic & Electrical Equipment that had previously been considered to be virtually Engineering & Machinery loss-free. Another trend saw foreign insurers Support Services increasing their interest in using captives as a method Personal Care & Household Products Oil & Gas Food Producers & Processors Forestry & Paper for increasing capital efficiency, while retaining risks Leisure, Entertainment & Hotels General Retailers Investment Companies in a well-regulated environment respected by their Health home supervisors. Figure 10 shows the captive and Accountancy Firms Insurance PCC ownership by parent company business type at 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 76 of 313 28 ANNUAL REPORT 2003 INSURANCE CONTINUED first, and provides a certificate of competence to those Insurance intermediaries professionals working in the captive area. As at the end of 2003 there were 53 licensed insurance intermediaries, representing a net reduction International life insurance of 10 over the period. There were eight new licences Twenty-three international life assurance companies issued and 18 were surrendered. These surrenders were licensed by the Commission at the end of 2003. were mainly due to consolidation within the sector. In These companies included four branch operations and addition, some intermediaries were unable to comply five PCCs. One branch and one company surrendered with the Commission's Code of Practice, introduced in their licences during 2003. These surrenders were a November 2002, which requires that a physical consequence of the branch transferring the insured presence be maintained in the Bailiwick. risks to the parent company and the maturity of the Minimum qualifications were introduced, by the fixed-term policies written by the life company. Commission, at the beginning of 2003 for those The market for these assurers is mainly advisers offering advice on long-term insurance expatriates, generally residing in countries outside products. Included within the required qualifications is Europe, and citizens of countries where residents are the Guernsey Insurance Certificate. The syllabus is able to use their foreign exchange allowance to invest available on the Commission's website at outside their home jurisdiction. Their ownership www.gfsc.gg includes companies in France, Italy, Luxembourg, the Nordic countries, South Africa and the UK. Supervision and policy During 2003, the Commission was also involved 2003 saw a bedding-in of the new insurance laws, the in approving administration outsourcing arrangements Insurance Business (Bailiwick of Guernsey) Law, 2002 for two international life companies: one within and the Insurance Managers and Insurance Guernsey and the other to the United Kingdom. Intermediaries (Bailiwick of Guernsey) Law, 2002 which were introduced in November 2002. The new Domestic insurance business laws have settled in well and the insurance industry There was little movement within the domestic market proved to be well prepared for their introduction. during 2003, with one new domestic insurer licence The Commission continues to regulate insurers being issued and one being surrendered, maintaining using a risk-based approach. As well as meeting the total number licensed, at the end of 2003, at 31. minimum solvency requirements, each insurer must There was no change in the number of local mutuals, ascertain that the available funds are sufficient to meet which remained at three. the estimated total annual aggregate net risk retention, All insurers with a physical presence in the together with expenses, calculated on a worst-case Bailiwick are required to be licensed by the scenario. Any risk gap must be adequately covered. In Commission. An insurer is deemed to have a physical doing this, account is taken of the nature of the class presence if it acts through a resident agent, i.e. an of business involved, the spread of risk available to the authorised insurance representative or local office. insurer, claims experience and risk profile of the Those insurers writing Bailiwick risks without a insured. Reinsurance and retrocession protection must physical presence in the Bailiwick, either writing be of sufficient quality to minimise any probability business through an insurance intermediary or of non-recovery. following an approach by a Guernsey resident, are The Insurance Division has regular contact and categorised as recognised insurers and are not maintains good relationships with supervisors in required to be licensed. The Commission relies on the other jurisdictions. home supervisors for supervision of these insurers. During 2003 the Insurance Division explained its methods of supervision at a number of events. These 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 77 of 313 ANNUAL REPORT 2003 29 included the AIRMIC conference in Manchester, the the IAIS and, together with the Director of Insurance, Risk and Insurance Management Society ("RIMS") is an active member of a number of subcommittees, conference in Chicago and the Federation of thus ensuring that the Commission is involved with European Risk Management Associations ("FERMA") setting policy for insurance supervision and protecting Forum in Rome. Representatives of the Division also the interests of the international insurance sector. The attended the Global Life Insurance Forum in Bermuda Director General is an Executive Committee member and the Actuarial Society of South Africa Convention of OGIS, representing the organisation in in Johannesburg. international matters. During the year the Insurance The Insurance Division continued its programme Division was active in OGIS meetings and drafted four of on-site visits throughout the year. These visits allow technical papers. The Director of Insurance attends the Division to gain a detailed understanding of each meetings of the IAIS, thus ensuring that the licensee's business procedures, the day-to-day Commission is up-to-date with current thinking on running of the licensee and the associated risks and international regulatory issues. exposures, whilst enhancing the working relationship In connection with these supervisory associations between Commission staff and licensee staff. It also it is appropriate to mention the retirement at the end gives the licensee the opportunity to understand of October of Steve Butterworth as Director of more fully the Commission's requirements and Insurance. Steve headed insurance regulation in provides clarification of the reasons behind the Guernsey for 17 years, first in the Commercial requirements. The on-site visit revolves around Relations Department of the Committee, and then with interviews with members of the licensee's staff, the Commission from its commencement in 1988. verification of anti-money laundering procedures and Steve contributed greatly to the development and the inspection of documents and records. During reputation of Guernsey as an insurance centre, not 2003 the premises of 15 insurance intermediaries, least by his involvement as a founder member of the eight international life companies, including two in above-mentioned associations. South Africa, and six insurance managers were The Director of Insurance and the Deputy Director visited as part of the programme. regularly meet with industry associations and other A similar level of visits is scheduled for 2004. representative bodies to ensure that the Commission Where a licensee has already received a visit as part is aware of insurance market conditions. The Director of the programme for its sector, its inspection in 2004 of Insurance and members of the Insurance Division will be "themed", that is, it will concentrate on specific made presentations on several occasions on issues, processes or functions in order that the insurance regulatory topics at conferences and Commission might gain a deeper insight into seminars, both in Guernsey and overseas. This particular aspects of the licensee's operation. included the presentation, by the Director, of a paper on insurer fraud at the seminar on international International developments cooperation and the exchange of information, hosted The IMF's November 2003 report, following its by the Commission in June 2003. The Division's evaluation of Guernsey's financial regulatory and Actuary and Assistant Actuary met the South African criminal justice framework, stated that the Commission Financial Services Board in Pretoria to discuss the had a high level of compliance with the Insurance regulation of Guernsey branches of South African life Core Principles of the IAIS. assurance companies. Since the formation of the OGIS in 1993 and the establishment of the IAIS in 1994, the Commission has played a leading role in both organisations. The Director General sits on the Executive Committee of 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 78 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 79 of 313 ANNUAL REPORT 2003 31 INVESTMENT BUSINESS Market sentiment Table 4. New collective investment fund business at the year end In last year's report, it was noted that markets 2002 2003 remained subdued at the end of 2002 but that the Open-ended funds – authorised 17 26 apparent stability at lower levels appeared to have Open-ended funds – new classes approved 75 108 Closed-ended funds – approved 36 33 stimulated a flow of new fund business applications. Dull market conditions persisted throughout the first Table 5. Open-ended funds at the year end half of 2003, but sentiment improved as fears of deep 2002 2003 % change recession and outright depression began to recede. Number of funds 210 208 –1 Number of investment pools 619 792 +27.9 Low levels of interest rates, combined with improving Value of assets (£bns) 15.86 22.19 +39.9 sentiment, supported equity markets and during the Net new investment over year (£mns) 1,794 5,731 +219.4 second half of the year there was a noticeable firming Number of registered shareholders (000's) 129.6 117.5 –9.3 Stock exchange listed 59 57 –3.4 of equity values. Guernsey authorised open-ended funds are funds in which shares/units are offered for sale That improvement in asset values supported the throughout their life and which investors are entitled to redeem on demand subject to any applicable notice period. A list of authorised schemes appears in Appendix 8. increased flow of new business applications which first became apparent in the final quarter of 2002. In Figure 11. Open-ended funds: geographical distribution of investments at end 2003 Country order to meet industry expectations on the level of service in processing these higher business flows Global 60% Europe 14% additional staff resources were transferred to the North America 10% applications team and the team's operations were United Kingdom 5% restructured into two groups. One group deals with Asia 3% Eastern Europe 2% promoters/sponsors new to the Bailiwick and the other Japan 2% deals with firms already well known to the India 1% Latin America 1% Commission. For those latter firms, a "fast track" Other 2% process was developed allowing a significant reduction in turnaround times. In the latter part of Figure 12. Open-ended funds: analysis by type of investment pool at end 2003 2003, where documentation was submitted to the Number of schemes Commission in good order, response times of 72 Equity 251 hours or less were regularly being achieved. Fund of funds 131 Debt 106 The extent of the pressure on the applications team Feeder funds 95 may be seen in the flow of new funds authorised Money market 73 during the year. In the open-ended sector, 26 new Derivatives 51 Guaranteed 11 open-ended funds were authorised during 2003, Other 74 compared with 17 during 2002 and a total of 108 new spokes of umbrella funds and/or cells of PCCs during the year, from £15.9 billion to £22.2 billion were established compared with 75 in 2002 (table 4). (table 5). In the late 1990s closed-ended funds had The value of protected cell and umbrella structures in overtaken open-ended funds in value terms. However, allowing simple extensions to fund ranges, without the revival of interest in open-ended structures noted repeating all the complexities of setting up a new towards the end of 2002 was strongly evidenced in corporate vehicle, was evidenced by these very strong 2003, when, by 30 September, the value of open- growth figures. This is a trend which the Division ended structures exceeded those of closed-ended expects to continue in the foreseeable future. The total structures. Figures 11 to 13 show the geographical value of open-ended funds increased by nearly 40% spread and types of investments in open-ended funds, 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 80 of 313 32 ANNUAL REPORT 2003 INVESTMENT BUSINESS CONTINUED Figure 13. Nationality of sponsors/joint sponsors of The closed-ended sector also experienced Guernsey open-ended funds at end 2003 growth. The value of closed-ended funds increased Number from £17.1 billion at the end of 2002 to £19.6 United Kingdom 75 Switzerland 47 billion at the end of 2003, an increase of 14%. A Guernsey 31 total of 33 new funds were authorised compared with United States 13 36 in 2002 (table 4). The Commission had signalled South Africa 8 Canada 6 its intention, not least in last year's annual report, to France 6 introduce consent fees and annual fees for closed-end Australia 5 funds, since the consent process was very much a Kuwait 5 Jordan 2 parallel to that of the authorisation process for open- Luxembourg 2 ended vehicles, and consumed similar if not identical Abu Dhabi 1 resources. The fees regulations came into force on Bahamas 1 Belgium 1 1 August 2003. As a result, a number of closed-end Bermuda 1 vehicles which had received consent but had either British Virgin Islands 1 Denmark 1 never commenced business owing to failure to meet Egypt 1 initial launch targets, or else had not raised sufficient Germany 1 funds to be economically viable, decided to close Hong Kong 1 India 1 down. This was reflected in a fall in the number of Israel 1 closed-end funds consents in force at the end of the Japan 1 year; this fell from a peak of 324 at 31 March 2003 Norway 1 Saudi Arabia 1 to 280 by 31 December (table 6). The removal of South Korea 1 these dormant vehicles from the statistics appears to Spain 1 have had little effect on the value of funds, which Turkey 1 showed the respectable growth noted above. Figures Table 6. Closed-ended funds at the year end 14 and 15 show the geographical distribution of 2002 2003 % change investments and nationality of sponsors of closed- Number of funds 319 280 –12.2 Value of assets (£bns) 17.11 19.58 +14.4 ended funds at the end of 2003. Figures 16 and 17 Number of registered shareholders (000's) 39,307 47,396 +20.6 indicate the trend over time in the number of open Stock exchange listed 75 66 –12 Guernsey approved closed-ended funds normally have a fixed capital issued once and and closed-ended funds managed in Guernsey and for all and investors have no absolute entitlement to redeem their shares/units. the assets under management. Figure 14. Closed-ended funds: geographical distribution of The number of open-ended non-Guernsey schemes investments at end 2003 permitted to be serviced from the Bailiwick increased Percentage very strongly over the year from 143 at the end of Europe 28% December 2002 to 174 at the end of December United Kingdom 27% Global 16% 2003. The value of funds under management North America 10% administration or custody in the Bailiwick increased Asia 7% from £8.4 billion at the beginning of the year to Eastern Europe 3% Latin America 1% £14.6 billion at the end of the year, an increase of Other 8% some 74% (table 7). The net number of institutions licensed under the Protection of Investors Law together with the nationality of sponsors of such remained at 428 at the end of the year (figure 18). funds at the end of 2003. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 81 of 313 ANNUAL REPORT 2003 33 Supervision and policy Figure 15. Nationality of sponsors/joint sponsors of Guernsey closed-ended funds at end 2003 During the course of 2003, the Division completed its Number review of the IMF assessment visit, which found a high United Kingdom 157 level of compliance with IOSCO Principles. The United States 32 existing legal framework provided a solid foundation Guernsey 22 Switzerland 16 for the IMF's conclusions. During the course of 2003, Kuwait 10 amendments to the Commission Law specifically Germany 9 permitting the obtaining of information on behalf of France 8 Sweden 6 foreign regulators, strengthening the Protection of Italy 5 Investors Law by making market abuse a criminal Netherlands 5 Finland 4 offence and enhancing the Commission's powers to Greece 4 scrutinise directors and controllers of licensed Australia 3 investment businesses, further ensured that Austria 3 Denmark 3 the regulatory regime was consistent with Japan 3 international expectations. Singapore 3 During 2004, the Division intends to follow up a Spain 3 Luxembourg 2 number of issues raised in the IMF inspection. It will South Africa 2 work towards the integration of the existing Belgium 1 Designated Persons and Licensees (Financial Bermuda 1 Egypt 1 Resources, Notifications, Conduct of Business and Hungary 1 Compliance) Rules and strengthen solvency Oman 1 Portugal 1 requirements. In consultation with the investment Taiwan 1 industry, the Commission will also consider whether it Turkey 1 should recommend amendment of the Protection of Note: Some funds may have more than one sponsor Investors Law to provide a better framework for Figure 16. Total funds authorised and approved at the limiting unregulated and unsolicited approaches to year end Bailiwick residents; to strengthen the Commission's Number of funds powers of intervention where it appears that a 600 financial services business could fail and that investors 575 550 might suffer as a consequence; and to utilise the 525 existing exemption powers in the Protection of 500 Investors Law to exclude purely inter-professional 475 communication from the restrictive provisions of 450 425 the Law. 400 As mentioned earlier, the applications process has 1999 2000 2001 2002 2003 been reorganised and streamlined. As in 2002, training sessions were organised for the main public consultation on disclosure guidelines for closed- professional firms involved in fund applications in end investment funds by establishing the guidelines order to improve their understanding of the as formal policy. The purpose of establishing the Commission's expectations and process. policy was to enhance the understanding of The Commission also completed the process of promoters/sponsors of the Commission's expectations; 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 82 of 313 34 ANNUAL REPORT 2003 INVESTMENT BUSINESS CONTINUED Figure 17. Total funds under management at the year end aspects of hedge fund business: the role of custodians Net asset value of funds (£bns) and prime brokers; asset segregation; net asset value 40 and price estimation; and implications for client 38 money rules. A wide range of responses were 36 received to that consultation, including submissions 34 32 from major international investment banks. In mid- 30 February 2004 the Commission issued a policy 28 statement indicating that it would be prepared to make 26 standard rule waivers available to facilitate certain 24 22 aspects of current hedge fund practice, and is now 1999 2000 2001 2002 2003 working with the industry on the detailed implementation of that policy. Table 7. Non-Guernsey schemes at the year end During 2003 a total of 27 monitoring and 2002 2003 % change inspection visits were made, compared with 26 during Number of funds 143 174 +21.7 Value of assets (£mns) 8,382 14,612 +74.3 2002 and 21 during 2001. Of these, seven were to Stock exchange listed 20 36 +80.0 designated managers and three were to designated These open-ended schemes incorporated/established in other jurisdictions are not Guernsey authorised/approved. However, Guernsey institutions licensed under the custodians (including one conducted jointly with the Protection of Investors (Bailiwick of Guernsey) Law, 1987 provide management/ FSA). Twelve of the visits were to investment advisers administration or custody services to such schemes with specific approval from the Commission. and independent financial advisers, two were to administrators of closed-ended investment funds and Figure 18. Number of institutions licensed under the Protection of Investors Law at the year end two were to administrators of non-Guernsey Number of institutions investment schemes. These also included one follow-up 450 visit following the imposition of formal conditions on 440 the licensee. In addition to the inspection visit jointly 430 conducted with the FSA, one visit was conducted 420 410 jointly with the Fiduciary Services and Enforcement 400 Division and one with the Banking Division. 380 As in earlier years, the central objective of 370 inspection visits was to satisfy the Commission that 360 350 licensees have an effective control environment 1999 2000 2001 2002 2003 demonstrably providing effective management of the risks inherent in the business. The use of restrictive in themselves the guidelines are not prescriptive, and conditions on investment business licences, where the the Commission does not expect promoters/sponsors Commission finds that a firm's arrangements are to undertake disclosure obligations which would be unsatisfactory, remains central to the process of irrelevant for the investment vehicle in question. ensuring that firms respond appropriately to the The significant growth in hedge fund business, Commission's views. One such condition, which had and in particular funds of hedge funds, highlighted a been put in place at the end of 2002, remained in number of technical issues where established rules and place during 2003. Three further firms were subject to policy were not aligned with hedge fund market restrictive conditions during 2003, and one of those practice. The Division therefore launched a conditions was later removed following satisfactory consultation process in mid-November on certain progress in addressing the Commission's concerns. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 83 of 313 ANNUAL REPORT 2003 35 Finally, it was discovered in one case that the non- multilateral MoU, and a bilateral MoU with the Guernsey director of a licensed asset management Commission des Opérations de Bourse in Paris was business had been concluding investment signed in June 2003. A formal MoU was also management contracts with clients without the concluded with the FSA during the year. That MoU is knowledge of the board of directors as a whole, and to be further extended following the agreement without any of the relevant transactions appearing in reached with HM Treasury on Guernsey Class A the company's books and records. Although the funds, which culminated in those funds being formally company was able to work with its auditors to restate designated by statutory instrument of the UK its accounts from 1999 onwards to ensure that this Parliament on 21 May 2003. previously unrecognised activity was properly The Director of Investment Business represented reflected, the Commission continued to have concerns the Commission at meetings of IOSCO's European over delay by the company's board of directors and Regional Committee and also at IOSCO's delayed its administrator in notifying the Commission of these annual meeting finally held in October. The Director issues. Once it was satisfied, therefore, that proper also participated in a working party set up by the arrangements to accommodate the company's clients IOSCO European Regional Group whose paper on had been made, the Commission terminated the corporate governance issues was published in company's licence. January 2004. The Division's review of split capital investment The Director of Investment Business spoke at the trusts continued during 2003, as did similar enquiries Commission's seminar on international cooperation in the UK and Jersey. Due to the extensive nature of the and the exchange of information in June 2003, on the review it was necessary to establish a dedicated team subject of the problems of information exchange and within the Division to consider the various resulting how to solve them. issues. In addition a firm of UK accountants was In September, representatives of the Division appointed under the Protection of Investors Law to attended the annual meeting of the Enlarged Contact provide forensic analysis and support. Group of Collective Investment Scheme Supervisors. The Commission's enquiry focuses on the The Director of Investment Business once again management and corporate governance of the trusts represented Guernsey at the annual Globalisation of themselves and the suitability of advice and Mutual Funds Conference organised by the recommendations made to investors by Guernsey International Bar Association and the Investment intermediaries. Company Institute of America. The Director also This is a complex investigation, which it is hoped represented the Commission at an international to complete during 2004. There is considerable regulatory gathering hosted by the International Bank overlap between this enquiry and those being for Reconstruction and Development in Washington conducted in the UK and Jersey. The Commission is DC in December and at a regulatory conference on seeking legal advice from the Attorney General's hedge funds organised by the Alternative Investment Office in respect of possible action against firms. Management Association. Other senior staff attended a range of international seminars for both fund International developments managers and regulators. In particular, they attended Continuing development of relationships with the regular seminars organised by the Securities and regulators in other jurisdictions remains an important Exchange Commission in Washington DC and by the focus of the Division's work. Significant progress has Toronto Centre in Canada. been made on securing accession to the IOSCO 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 84 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 85 of 313 ANNUAL REPORT 2003 37 POLICY AND INTERNATIONAL AFFAIRS General of the Commission and attended by over 100 The Policy and International Affairs Division has day- delegates from Belgium, Canada, France, Gibraltar, to-day responsibility for the Commission's anti-money Guernsey, Ireland, the Isle of Man, Jersey, Malaysia, laundering and counter terrorist financing framework. the Netherlands, Sweden, Switzerland, the United It monitors international developments and has respon- Kingdom and the United States. sibility for the Guidance Notes on the Prevention of The seminar was wide-ranging and provided a Money Laundering and Countering the Financing of variety of perspectives on the international effort to Terrorism. In addition, the Division deals with major counter abuse of the financial system. The Commission policy issues of the Commission such as changes to was fortunate in attracting 12 pre-eminent experts legislation and international affairs. Together with the from Ireland, the Isle of Man, Jersey, the United Director General, it is the main link with the Attorney Kingdom and the United States to speak at the General's Office, the Policy Council and external seminar. The speeches were wide-ranging and bodies such as the IMF. covered money laundering, financial regulation, knowing your customer, transnational securities Prevention of economic crime and activity, the regulation of trust and company service terrorist financing providers, insurer fraud, the freezing of assets, terrorist financing and how to solve problems of information IMF assessment exchange. The Deputy Director spoke at the seminar The IMF's November 2003 report on its evaluation of on the role of the regulator in countering money Guernsey's financial regulation and law enforcement laundering and terrorist financing. standards found that Guernsey had a high level of compliance with FATF's Forty Recommendations and Other international matters the Eight Special Recommendations on Terrorist In May the Deputy Director spoke at an IMF Financing. The issuing by the Commission of a Roundtable in Washington DC on the IMF's statement on introduced business dealt with the most programme of assessments of jurisdictions' financial significant recommendation raised by the IMF in regulation and criminal justice regimes. In addition, in connection with the Guidance Notes. August the Deputy Director was seconded to the IMF and participated as an anti-money laundering and Seminar on international cooperation counter terrorist financing assessor in an IMF and the exchange of information evaluation of another jurisdiction. The Commission marked its fifteenth anniversary in 2003 by sponsoring a seminar on international Crown Dependencies Anti-Money cooperation and the exchange of information. The Laundering Group meetings seminar was aimed at regulators, financial Two meetings were held in London during 2003, intelligence officers, law enforcement officials, attended by representatives from the regulatory prosecutors and representatives of other authorities agencies, Police, Customs and Excise, financial with an interest in financial services regulation and the intelligence units and the Attorneys General from the prevention, detection, investigation and prosecution of three Crown Dependencies. The Commission was economic crime. represented by the Director General, the Director of The seminar was chaired by the Director General Fiduciary Services and Enforcement and the Deputy 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 86 of 313 38 ANNUAL REPORT 2003 POLICY AND INTERNATIONAL AFFAIRS CONTINUED Director (Policy and International Affairs). These reflected enhancements to the Regulations and meetings coordinate the Crown Dependencies' anti- Guidance Notes recommended by the IMF. money laundering/anti-terrorism policies, discuss The principal proposed changes to the issues of common interest and provide a forum for the Regulations included provisions on wire transfer exchange of ideas and views. procedures, the training of staff, the monitoring of complex and unusually large transactions and the The Bailiwick Financial Crime electronic holding of records received in paper form. Committee The proposed changes to the Guidance Notes This committee met once in 2003. It is a forum for included new sections on the risk profiling of closer coordination at a strategic level between the customers, wire transfers and hold mail services. Attorney General's Office, the Commission, Police, Mindful of the undesirability of requiring financial Customs and Excise and the FIS, in the prevention, institutions to amend their systems in both 2003 and detection, investigation and prosecution of economic 2004, the majority of the changes will be made in the crime and the countering of terrorist financing. The second half of 2004, when the Regulations and Commission is represented by the Director General, Guidance Notes will be amended in order to comply the Director of Fiduciary Services and Enforcement, with FATF's revised Forty Recommendations. However, the Deputy Director (Policy and International Affairs), the Commission considers it appropriate to make the the Assistant Director (Enforcement) and a Senior revisions concerning the electronic holding of records Analyst from the Policy and International Affairs in the near future. Division. The Deputy Director (Policy and International In January 2004 the Commission issued a revision Affairs) acts as secretary to the committee. to Appendix C of the Guidance Notes, adding Austria The Financial Crime Group reports to the Bailiwick and South Africa to the list of jurisdictions whose Financial Crime Committee and comprises executives authorised financial services businesses may be of the Attorney General's Office, the Commission, treated as if they were local. At the same time the Police, Customs and Excise and the FIS. Its objectives opportunity was taken to clarify that the standards on are to discuss particular cases of interest and provide such jurisdictions specified in the Guidance Notes are practical assistance to interested parties. The group minimum standards. met once in 2003. The group established the Terrorist Following the issue by FATF of its revised Forty Finance Team in 2001 to coordinate action and Recommendations, the Division began work to revise responsibilities relating to terrorism matters. The team the Regulations and Guidance Notes. In this met five times in 2003. connection, representatives of the Division and the two other regulatory Commissions in the Crown Proceeds of Crime Regulations and the Dependencies commenced a series of meetings in Guidance Notes order to discuss compliance with the new Proposed amendments to the Criminal Justice Recommendations and to coordinate the main features (Proceeds of Crime) (Bailiwick of Guernsey) of the Commissions' anti-money laundering Regulations, 2002 and the Guidance Notes on the frameworks. The Isle of Man Insurance and Pensions Prevention of Money Laundering and Countering the Authority have also been regularly consulted and Financing of Terrorism were issued for consultation updated on progress made. during July 2003. The majority of the proposals 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 87 of 313 ANNUAL REPORT 2003 39 Introduced business statement and International Affairs), travelled to Paris to sign Following the issue of FATF's new Forty an MoU with the Commission des Opérations de Recommendations, the Commission recognised that Bourse. In July 2003 the Director General signed an the finance sector required clarity on the implications MoU with the FSA in the United Kingdom and in of the various international standards applying to January 2004 he signed an MoU with the Malta introduced business. Following consultation with the Financial Services Authority. The Division and the Joint Money Laundering Steering Group and the issue Investment Business Division have been working of a letter by the Basel Committee/OGBS Cross together to take forward the Commission's Border Working Group in December (see page 19) to application to sign the IOSCO Multilateral MoU. banking supervisory bodies, the Commission issued a The Division is also currently negotiating bilateral statement on introduced business, embodying the MoUs with a number of overseas regulatory bodies. standards in FATF's Recommendations. International meetings Fighting crime and terrorism leaflet In addition to signing MoUs in Paris and London, the An important initiative was the issue of a leaflet on Director General met with regulators and law fighting crime and terrorism. This leaflet was enforcement officials in a number of other sponsored by the Association of Guernsey Banks, jurisdictions. The purpose of these meetings was to together with the States of Guernsey, the Commission enhance international understanding of Guernsey's and the FIS. The leaflet is distributed by financial standards and to share views on topical issues. Two institutions. The aim of the leaflet is to provide general meetings were held with the Committee of European information to the customers of banks and other Securities Regulators. Together with the Attorney financial institutions on why they are asked to provide General and the States Supervisor, the Director proof of identity to those institutions and contains a General visited the United States and met with commitment by banks that they will deal with their representatives of the US Department of Justice, the customers in a fair manner and with common sense. Financial Crimes Enforcement Network ("FinCEN"), the World Bank, the IMF, the US Securities and International developments Exchange Commission, the Law Library of Congress and the New York County District Attorney's Office. Memoranda of understanding The Director General also participated in a number of Although the Commission does not require MoUs to meetings of the IAIS and OGIS. As usual, the Director be in place in order to cooperate fully with foreign General spoke at the Cambridge International regulators, increasingly such agreements are seen Symposium on Economic Crime, on stability as a by the regulator as necessary evidence of policy and enforcement objective. commitment by a regulatory body to cooperate and exchange information. The Commission has, IMF survey therefore, adopted a more active approach to The Division provides statistics from Guernsey signing MoUs with foreign regulatory bodies. The financial institutions to the IMF for its Coordinated Division is the main contact with such bodies during Portfolio Investment Survey ("CPIS") on an annual the drafting process. In June 2003 the Director basis. The Deputy Director is the CPIS statistician for General, together with the Deputy Director (Policy the Bailiwick and is responsible for the compilation 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 88 of 313 40 ANNUAL REPORT 2003 POLICY AND INTERNATIONAL AFFAIRS CONTINUED of these statistics. In May 2003 he and a Senior discussing how the Island's limited resources can be Analyst from the Division attended a workshop for used more effectively. small economies with international finance centres, Institutions representing more than 80% of the hosted by the IMF in Bermuda, where the data for employees in the finance sector submitted responses to 2001 were reviewed and issues arising from the the firm of consultants administering the survey carried collection of CPIS statistics were discussed. A follow- out to inform that discussion. up workshop will be held in Guernsey in May 2004. The conclusions were published at a presentation Each year, the Division asks institutions to provide made by the President of the Committee, the Director cross-border investment statistics in respect of General, the Vice-Chairman of GIBA and a Guernsey banks, open-ended and closed-ended representative of the survey administrator in May collective investment funds, insurers, insurance 2003. The survey has provided a great deal of useful intermediaries/brokers and special purpose vehicles. information. In particular, the results have made an In 2002 information on cross-border investments important contribution to the Committee's was obtained from 151 institutions, representing 935 consideration of tax policy and the Committee's, the entities. Table 8 provides a summary of the results. Commission's and the Guernsey Training Agency The total value of assets reported for Guernsey Limited's policies on the coordination of training financial institutions as at 31 December 2002 was standards and courses for staff in the finance sector. US$85.1 billion, which was an increase of The survey has also informed refinements to the US$17.6 billion over the assets reported in the Commission's investment regulatory policies and 2001 survey. In addition to an increase in the procedures. Progress on taking forward the results of quantity of reportable securities held, the the survey is routinely discussed at the monthly weakening of the US dollar during 2002 had a meetings of FIPAG. significant impact on the results. Ombudsman scheme Other developments In early 2002 the Committee issued a consultation document proposing the establishment of a financial Guernsey Finance Sector Study services ombudsman scheme. The document In the autumn of 2001 the Director General called envisaged that the scheme would cover all business upon the finance sector to join the Commission in regulated by the Commission, together with a range of Table 8. IMF Coordinated Portfolio Investment Survey 2002 Cross-border securities* owned by institutions in the Bailiwick of Guernsey at end 2002 Sector Equities Short-term debt Long-term debt Total US$mns US$mns US$mns US$mns Banks 670 12,186 25,525 38,381 Domestic insurers 2 – 40 42 Life insurers 1,164 169 1,122 2,455 Insurance managers and captives 1,157 4,270 2,818 8,245 Insurance intermediaries 68 – – 68 Open and closed-ended collective investment funds 26,293 2,238 6,735 35,266 Special purpose vehicles – – 14 14 States of Guernsey 6 426 231 663 Total 29,360 19,289 36,485 85,134 *The IMF Coordinated Portfolio Investment Survey includes information on cross-border holdings of equities, short-term debt and long-term debt. It does not include other assets, such as cash, derivatives, Islamic investments or property. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 89 of 313 ANNUAL REPORT 2003 41 other financial activities, including lending and pensions business and, potentially, consumer credit. The Committee established a Financial Services Ombudsman Development Committee to assist it in the introduction of a scheme. The most significant practical issues arising from the consultation and discussion with the committee were funding for the scheme and a bias towards complainants when binding decisions were taken by the Ombudsman. In light of these issues, it is envisaged that the Policy Council will publish a further consultation paper in the spring of 2004, which will propose that the scheme will be administered by a separate department of, and will be funded by, the Commission. The Policy Council and the Commission consider that a scheme operated by an existing body will provide cost efficiencies. The other significant changes to the original proposals are likely to be that decisions should be binding on both the complainant and the institution and that the scheme should, in more difficult cases, be able to recover its costs from the institution. Company law The Director of Fiduciary Services and Enforcement is Chairman of the Company Law Reform Committee (see Appendix 2), while the Deputy Director (Policy and International Affairs) is Secretary to the committee. Changes to company law regained momentum in 2003. Following discussion with the Attorney General's Office, it has been agreed to promote an amendment law including detailed administration provisions, provisions for the electronic settlement of shares and an increase in the maximum disquali- fication period for directors from five to 15 years. A consultation document containing these provisions was issued by the Commission in March 2004. In addition, a timetable has been drawn up for the consolidation and updating of company law generally. A Green Paper will be issued as soon as possible, inviting comments from all interested parties. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 90 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 91 of 313 ANNUAL REPORT 2003 43 FINANCE AND OPERATIONS General Regulations, 2003 The Operations and Human Resources Division was The Protected Cell Companies (Fees for Insurers) renamed during 2003, following the appointment of Regulations, 2003 Neville Roberts to the new role of Head of Finance The Regulation of Fiduciaries (Fees) Regulations, and Operations. The Division is responsible for key 2003 support services to the Commission and is divided The Migration of Companies (Fees) (Amendment) into four sections: finance, information and Regulations, 1999 communication systems, human resources, and The Amalgamation of Companies (Fees) premises and general administration. Regulations, 2000 Finance Copies of the fees regulations and a summary of the The financial statements are shown on pages fees payable are available on the Commission's 45 to 51. website at www.gfsc.gg Fee income increased from 2002 as a result of fee level changes in 2003 and the increase in business Information systems activity across some of the business sectors. Several major information system projects have been This increase was more than covered by the scheduled for investigation or implementation in expected rise in personnel costs and the continuing 2004. These include the enhancement of the need for legal and professional expenditure including Commission's central regulatory database and the that related to the split capital investment trusts. automatic production of fee invoices to all licensees. As a consequence of these higher costs, the The website is currently being redesigned to make Commission incurred a deficit of £200,288 for the it more effective in providing information about the year ended December 2003. The Commission work of the Commission and will be relaunched remains committed to its long-term prudent policy to before the end of 2004. The Commission will continue increase its reserves to a sum equivalent to six months' to make ever-greater use of the website for the expenditure. This will enable absorption of provision of documents which have previously only unexpected or exceptional costs. However, the been available in hard copy. Commission is aware of the importance to the finance sector of managing its costs in a competitive Human resources environment and took account of this when setting the At the end of March 2004, the Commission fee levels for 2004. employed 90 staff, as well as three long-term The Commission continues its close relationship contract employees. In addition, the Guernsey with the Guernsey Training Agency Limited. It Training Agency Limited had 12 staff seconded to it contributed 50% of the Agency's budgeted net by the Commission. The Agency employs its Chief operating expenditure in 2003 and has committed to Executive directly. do so again in 2004. 2003 saw a number of staff changes. These included the retirement of Steve Butterworth, Director Fee legislation of Insurance, and the recruitment of his replacement, Revised fee regulations came into effect on 1 January Alan Fleming. Other additions were the recruitment of 2004. The following regulations apply to fees payable a Head of Finance and Operations and an Assistant by the finance sector in Guernsey: Director in the Investment Business Division. These additions were complemented by three staff The Financial Services Commission (Fees) 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 92 of 313 44 ANNUAL REPORT 2003 FINANCE AND OPERATIONS CONTINUED promotions to Assistant Director in the Fiduciary Services and Enforcement, Insurance and Investment Business Divisions. One of the Insurance Division's Senior Analysts has also been seconded for a year to the IAIS in Basel, Switzerland. The Commission is keen to support its employees with their continuing professional education and it is noteworthy that 47 staff have attained relevant professional qualifications, with a further 17 currently undertaking professional studies. In recent years the Commission has devoted increasing effort to developing and training its staff, and meeting best practice in this area. Commissioners In January 2004, the States re-elected John Hallam as a Commissioner for a three-year period from 2 February 2004 and as Chairman of the Commission for one year with effect from the same date. Advocate Nigel Carey gave notice that he wished to resign as a Commissioner with effect from 1 August 2004. As a result of this, Advocate Peter Harwood was elected by the States for a term of office from 1 August 2004 until 1 February 2006. Premises The premises at La Plaiderie Chambers reached full capacity at the end of 2002. The Commission has therefore acquired a limited amount of additional space in Le Marchant House, close to La Plaiderie Chambers. The Finance and Operations Division relocated to the new premises in March 2003. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 93 of 313 ANNUAL REPORT 2003 45 INDEPENDENT AUDITORS' REPORT TO THE COMMISSIONERS OF THE GUERNSEY FINANCIAL SERVICES COMMISSION We have audited the financial statements, which Respective responsibilities of the comprise the income and expenditure account, the Commissioners and auditors balance sheet, the cash flow statement and the The Commissioners are responsible for preparing the related notes. Annual Report. This includes responsibility for preparing the financial statements in accordance with Statement of Commissioners' applicable Guernsey law and United Kingdom responsibilities accounting standards. The Commissioners are required by The Financial Our responsibility is to audit the financial Services Commission (Bailiwick of Guernsey) Law, statements in accordance with relevant legal and 1987 as amended to prepare financial statements for regulatory requirements and United Kingdom Auditing each accounting period which give a true and fair Standards issued by the Auditing Practices Board. This view of the state of affairs of the Commission and of report, including the opinion, has been prepared for, the income and expenditure of the Commission for the and only for, the Commissioners as a body and for no period. In preparing these financial statements, the other purpose. We do not, in giving this opinion, Commissioners are required to: accept or assume responsibility for any other purpose or to any other person to whom this report is shown or • Select suitable accounting policies and then apply into whose hands it may come save where expressly them consistently; agreed by our prior consent in writing. • Make judgements and estimates that are We report to you our opinion as to whether the reasonable and prudent; financial statements give a true and fair view and • State whether applicable accounting standards have been properly prepared in accordance with The have been followed subject to any material Financial Services Commission (Bailiwick of departures disclosed and explained in the Guernsey) Law, 1987 as amended. We also report to financial statements; and you if the Commissioners have not kept proper accounting records, or if we have not received all the • Prepare the financial statements on the going information and explanations we require for our audit. concern basis unless it is inappropriate to presume We read the other information as described in the that the Commission will continue to operate. contents section of this Annual Report and consider the The Commissioners are responsible for keeping implications for our report if we become aware of any proper accounting records which disclose with apparent misstatements or material inconsistencies reasonable accuracy at any time the financial position with the financial statements. Our responsibilities do of the Commission and to enable them to ensure that not extend to any other information. the financial statements have been prepared in accordance with The Financial Services Commission Basis of audit opinion (Bailiwick of Guernsey) Law, 1987 as amended and We conducted our audit in accordance with Auditing United Kingdom accounting standards. They are also Standards issued by the Auditing Practices Board. An responsible for safeguarding the assets of the audit includes examination, on a test basis, of Commission and hence for taking reasonable steps for evidence relevant to the amounts and disclosures in the prevention and detection of fraud, error and non- the financial statements. It also includes an assessment compliance with law or regulations. of the significant estimates and judgements made by the Commissioners in the preparation of the financial statements, and of whether the accounting policies are 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 94 of 313 46 ANNUAL REPORT 2003 INDEPENDENT AUDITORS' REPORT TO THE COMMISSIONERS OF THE GUERNSEY FINANCIAL SERVICES COMMISSION CONTINUED appropriate to the Commission's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the financial statements give a true and fair view of the state of the Commission's affairs at 31 December 2003 and of its income and expenditure and cash flows for the year then ended in accordance with United Kingdom accounting standards and have been properly prepared in accordance with The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended. PricewaterhouseCoopers Chartered Accountants Guernsey, Channel Islands 10 May 2004 The maintenance and integrity of the Commission's website is the responsibility of the Commissioners; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 95 of 313 ANNUAL REPORT 2003 47 INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2003 Note 2003 2002 £ £ Income 2 Fees receivable 6,191,175 5,385,766 Income derived from the States of Guernsey: Interest on deposits with States Treasury 103,137 114,640 Administration of Control of Borrowing legislation 100,000 100,000 Development grant 200,000 200,000 Other income, including bank interest 15,534 4,645 6,609,846 5,805,051 Expenses Salaries, pension contributions, staff recruitment and training 4,402,697 3,366,559 Legal and professional fees 476,243 526,249 Premises and equipment, including depreciation 4,9 727,987 660,027 Insurance 15,567 13,326 Commissioners' fees 73,584 20,000 Auditors' remuneration 4,650 4,500 Development expenses 505,985 396,348 Other operating expenses 238,421 182,399 Commission's contribution to expenses of Guernsey Training Agency Limited 8 365,000 295,397 6,810,134 5,464,805 (Deficit)/surplus of income over expenditure 2 (200,288) 340,246 Balance brought forward 1,720,702 1,380,456 Balance carried forward £ 1,520,414 £ 1,720,702 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES There were no recognised gains or losses other than the deficit of income over expenditure for the financial year. There is no difference between the deficit for the financial year as stated above and its historical cost equivalent. The notes on pages 48 to 51 form an integral part of these financial statements. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 96 of 313 48 ANNUAL REPORT 2003 BALANCE SHEET as at 31 December 2003 Note 2003 2002 £ £ Fixed assets Tangible assets 4 412,350 323,177 Current assets Debtors 5 194,551 60,215 Balances with States Treasury 1,965,123 2,011,986 Cash at bank and in hand 190,994 359,096 2,350,668 2,431,297 Creditors - amounts falling due within one year 6 (1,242,604) (1,033,772) Net current assets 1,108,064 1,397,525 Total assets less current liabilities £ 1,520,414 £ 1,720,702 Represented by:- Income and expenditure account £ 1,520,414 £ 1,720,702 The financial statements on pages 45 to 51 were approved by the Commissioners and signed on their behalf on 4 May 2004 by: J E Hallam L W Priestley P J Neville Chairman Vice-Chairman Director General The notes on pages 48 to 51 form an integral part of these financial statements. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 97 of 313 ANNUAL REPORT 2003 49 CASH FLOW STATEMENT for the year ended 31 December 2003 Note 2003 2002 £ £ Reconciliation of (deficit)/surplus of income over expenditure to net cash (outflow)/inflow from operating activities (Deficit)/surplus of income over expenditure (200,288) 340,246 Depreciation on tangible fixed assets 4 197,166 167,357 Loss on disposal of fixed assets – 26,607 Interest receivable (118,671) (119,285) (Decrease)/increase in operating debtors (134,336) 83,025 Increase/(decrease) in operating creditors 208,832 363,777 Net cash (outflow)/inflow from operating activities £(47,297) £ 861,727 Cash flow statement Net cash (outflow)/inflow from operating activities (47,297) 861,727 Returns on investments and servicing of finance 12 118,671 119,285 Capital expenditure and financial investment 12 (286,339) 3,413 (Decrease)/increase in cash in the year £(214,965) £ 984,425 Reconciliation of net cash flow to movements in net cash (Decrease)/increase in cash in the year (214,965) 984,425 Net cash at 1 January 2003 13 2,371,082 1,386,657 Net cash at 31 December 2003 13 £2,156,117 £ 2,371,082 The notes on pages 48 to 51 form an integral part of these financial statements. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 98 of 313 50 ANNUAL REPORT 2003 NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2003 1. Accounting policies (a) Convention These financial statements have been prepared in accordance with the historical cost convention and under applicable accounting standards in the United Kingdom. The principal accounting policies which the Commissioners have adopted within that convention are set out below. (b) Fees receivable Fees receivable are recorded when they fall due to the Commission and are recognised in the income and expenditure account on an accruals basis. (c) Interest Bank and States Treasury deposit interest is accounted for on an accruals basis. (d) Tangible fixed assets and depreciation Depreciation on tangible fixed assets is calculated to write down their cost to their estimated residual values over the period of their estimated useful economic lives at the following annual rates:- Leasehold improvements over the shorter of the term of the lease and the estimated useful economic life of the assets Office equipment and fittings 25% straight-line Computer equipment 33 1/3% straight-line (e) Foreign currency translation Assets and liabilities denominated in currencies other than sterling have been translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions during the year have been translated at the rates of exchange ruling at the date of the transaction. (f) Leases Rental payments made in relation to office accommodation are treated as operating leases and are charged to the income and expenditure account on a straight-line basis over the lease term. (g) Pension costs Pension costs for employees in the defined benefit scheme are recognised on a systematic basis so that the costs of providing retirement benefits to employees are evenly matched, so far as possible, to the service lives of the employees. 2. Income and deficit of income over expenditure Income and deficit of income over expenditure derive wholly from continuing activities. 3. Taxation The Commission is exempt from the provisions of the Income Tax (Guernsey) Law 1975 (as amended). 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 99 of 313 ANNUAL REPORT 2003 51 4. Tangible assets Office Leasehold Equipment Computer Improvements and Fittings Equipment Total £ £ £ £ Cost At 1 January 2003 48,567 551,880 362,729 963,176 Additions – 121,125 165,214 286,339 At 31 December 2003 48,567 673,005 527,943 1,249,515 Depreciation At 1 January 2003 14,466 389,985 235,548 639,999 Charge for the year 6,279 75,404 115,483 197,166 At 31 December 2003 20,745 465,389 351,031 837,165 Net book value at 31 December 2002 £ 34,101 £ 161,895 £ 127,181 £ 323,177 Net book value at 31 December 2003 £ 27,822 £ 207,616 £ 176,912 £ 412,350 5. Debtors 2003 2002 £ £ Fees receivable 27,006 14,246 Prepayments 123,745 35,957 Other debtors 14,995 10,012 Amount due from Guernsey Training Agency Limited 28,805 – £ 194,551 £ 60,215 6. Creditors – amounts falling due within one year 2003 2002 £ £ General expense creditors 472,189 417,210 Accruals 95,814 63,955 Fees received in advance 674,601 539,833 Amount due to Guernsey Training Agency Limited – 12,774 £ 1,242,604 £ 1,033,772 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 100 of 313 52 ANNUAL REPORT 2003 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 7. Superannuation Employees of the Commission are eligible to be members of the States of Guernsey Public Servants' Pension Scheme. This is a defined benefit pension scheme funded by contributions from both the member and the employer. The employer contributions are determined on the basis of independent actuarial advice and are calculated to spread the expected cost of benefits payable to members over the period of those members' expected service lives. 2003 2002 Charge for the year £ 251,177 £ 170,982 As a result of the pension scheme being a multi-employer scheme, the Commissioners of the Guernsey Financial Services Commission are unable to identify the share of the assets and liabilities of the scheme that relate to the Commission. As such, in accordance with the requirements of Financial Reporting Standard No. 17 – Retirement Benefits, the pension scheme has been accounted for as if it were a defined contribution scheme. Full details relating to the funding of the superannuation scheme are provided in the Superannuation Fund section of the accounts for the States of Guernsey. A summary of the main features is given below: The assets of the scheme are held separately from other States assets. The fund is under the control of the States Advisory and Finance Committee, which has arranged for it to be invested by professional advisors in a wide range of stock exchange securities. The assets and liabilities of the scheme are separated between those relating to public servants (including employees of the Commission), those relating to teachers and those relating to States Members. The most recent actuarial valuation of the scheme was carried out as at 31 December 2001. This showed that the Public Servants' Pension Scheme was 116% funded for past service accrued benefits. The pension costs relating to the scheme are assessed in accordance with the advice of qualified actuaries using the attained-age method of valuation. The assumptions which have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions. It was assumed that the investment return would be 6.65% per annum, that inflation would increase at a rate of 3.1% per annum, that the general rate of salaries would increase at the rate of 4.5% per annum and that pensions and deferred pensions would increase at the rate of 3.1% per annum. These are assumptions which are derived from market yields on fixed-interest and index-linked gilts at the valuation date. In conjunction with that valuation the Advisory and Finance Committee instructed that an Actuarial Account should be established within the Public Servants' Pension Scheme for the Commission's members. The purpose of the Actuarial Account is to ensure there is no cross-subsidy between the contributions paid by the Commission on behalf of its members and the other employers within the Pension Scheme and vice versa. Accordingly an Actuarial Account is to be established for the Commission with effect from 1 January 2004. The employer contributions are to be increased, on actuarial advice, to 10.4% of salaries from 1 January 2004. The employee contribution remains unchanged at 6%. The Actuarial Account is used solely for the purpose of determining the contributions payable to the Fund by the Commission. The claims of the Commission's pensioners and employees would continue to be made against the whole Fund and in the final resort against the States of Guernsey. The States of Guernsey, with the assistance of an independent firm of actuaries, is currently identifying the assets and liabilities of this separate Actuarial Account. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 101 of 313 ANNUAL REPORT 2003 53 8. Guernsey Training Agency Limited Guernsey Training Agency Limited arranges training for the finance industry and for other industry sectors. The company's staff, excluding its Chief Executive, are employed by the Commission and permanently seconded to the company. The Commission provided a grant of £365,000 in 2003 to the company in order to meet 50% of its budgeted net operating expenditure, the same amount being provided by the States of Guernsey via the Board of Industry. 9. Financial commitments The Commission leases office accommodation at La Plaiderie Chambers and Le Marchant House. The lease for La Plaiderie Chambers expires on 25 March 2020 and the underlease for Le Marchant House on 10 December 2011. The rentals payable in 2004 under the terms of the leases amount to £285,697 (2003: £285,697). 10. Contingent liability As a consequence of fulfilling its regulatory responsibilities the Commission enters into legal actions from time to time, the costs of which may be significant. No provision has been made in the accounts for any future costs in respect of current legal actions because the nature, complexity and duration of such actions remain uncertain. 11. Controlling party In the opinion of the Commissioners there is no controlling party of the Commission, as defined by Financial Reporting Standard No. 8 – Related Party Disclosures, as no party has the ability to direct the financial and operating policies of the Commission with a view to gaining economic benefits from their direction. 12. Notes to the cash flow statement 2003 2002 £ £ Returns on investments and servicing of finance Interest received 118,671 119,285 Capital expenditure and financial investment Payments to acquire tangible fixed assets (286,339) (167,029) Repayment of loan from the Guernsey Training Agency Limited – 170,442 Net cash (outflow)/inflow from capital expenditure and financial investment £(286,339) £3,413 13. Analysis of net cash At 1 January 2003 Cash Flow At 31 December 2003 Balance with States Treasury 2,011,986 (46,863) 1,965,123 Cash at bank and in hand 359,096 (168,102) 190,994 £ 2,371,082 £ (214,965) £ 2,156,117 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 102 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 103 of 313 ANNUAL REPORT 2003 55 GUERNSEY TRAINING AGENCY LIMITED Structure The Guernsey Training Agency Limited is owned by a charitable trust with the protectors of the trust being the Commission and the Policy Council. The trustees as at 31 December 2003 were as follows:- Stephen Jones Appointed by the Guernsey International Business Association Peter Morgan Appointed by the States Board of Industry Peter Neville Appointed by the Commission Deputy John Roper Appointed by the States Education Council The Board of Directors of the Agency as at 31 December 2003 was as follows:- Advocate Chris Bound Collas Day Keith Corbin (Chairman) Nerine Trust Company Limited Keith Dorrian Management International (Guernsey) Limited Dudley Jehan NP Holdings Limited David Leafe Bank of Butterfield International (Guernsey) Limited Nigel Lewis States Board of Industry Martyn Mann Polar Instruments Limited Ian Morris Bacon & Woodrow Mary Perkins Specsavers Optical Group Limited Deputy Kevin Prevel States Board of Industry Trevor Wakefield States Education Council Peter Marchant resigned from the Board during 2003, after seven years of service to the Agency. The directors and staff are most grateful to Peter for his important contribution to the development and work of the Agency. General The Agency is currently funded on an equal basis The Training Agency formally changed its name to by the States of Guernsey and the Commission. Guernsey Training Agency Limited during 2003. At the end of 2003 the Agency had 887 The long-term objective of the Agency is to registered students, who made 2,341 study visits to engender a training and development culture within the centre. Over 320 training events took place, all organisations throughout the Bailiwick, and attracting over 4,400 delegates. Additionally, 194 procure and facilitate high-quality training and examinations took place, during which 793 development programmes in all business sectors. This Table 9. Comparative training event/delegate numbers culture is expected to generate a highly qualified, Key statistics 1999 2000 2001 2002 2003 knowledge-based workforce, enabling all Registered number of students 485 614 715 818 887 organisations to compete within a global marketplace Recorded number of study sessions 3113 2423 2731 1971 2341 and to broaden the Bailiwick's skills base whilst Number of training events 227 270 254 295 322 adding value to all Bailiwick businesses. During 2003 Number of delegates attending 2674 2221 2549 2811 4463 the Agency once again proved to be successful in Number of examination days 39 50 53 69 92 facilitating high-quality training and development Number of examinations 69 144 140 158 194 initiatives for the Bailiwick workforce. Number of examination candidates 579 602 599 686 793 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 104 of 313 56 ANNUAL REPORT 2003 GUERNSEY TRAINING AGENCY LIMITED CONTINUED candidates were examined on a range of award- The fourth cohort of the two-year MSc Corporate bearing programmes (table 9). Governance/Grad ICSA entered its final year with In addition to the Finance Sector and Commercial 14 delegates. It is planned that a fifth programme will Sector Advisory Groups, a further two advisory be offered in 2004. groups were established during 2003, one The prestigious IOD Company Direction concentrating on information technology and the Programme commenced in October with 14 other examining the training and development needs delegates; this is the fourth time the programme has of the retail sector. These four advisory groups act as been offered in Guernsey. channels of communication between the commercial A close working relationship exists between the and financial sectors and met regularly during 2003. Guernsey Fund Managers Association ("GFMA"), In order to ensure that the strategic relationship the Securities Institute and the Agency in facilitating between the College of Further Education and the programmes for the investment sector. A full range Agency is developed and sustained, a Senior of programmes has taken place to support Management Forum has been established. The participants studying for the Investment Advice members of the Forum are the Principal and Vice- Certificate and the Financial Planning Certificate. Principal of the College of Further Education and the Two modules of the Securities Institute Diploma were Chief Executive and Deputy Chief Executive of the offered during 2003. Agency. The Forum meets monthly and a statement of Central Law Training once again delivered the intent has been written to define the working Foundation and Diploma Programmes in Offshore relationship between the two organisations. Trust Management on behalf of the Society of Trust The Agency moved into new administrative and Estate Practitioners ("STEP"). Seventeen students premises at the end of 2003. The acquisition of completed the Foundation Programme, with a further Richmond House resolves the Agency's long-standing 26 students completing the Diploma Programme. Fifty- need for a more spacious administrative centre. The six students completed the Company and Practice release of space at the Nelson Place study centre will Law Module of the Diploma Programme. facilitate the provision of additional teaching and The International Compliance Association was study space. established during 2002, offering diplomas in anti- money laundering and compliance. Twenty-three Award-bearing programmes students undertook the Diploma in Compliance, five Two new postgraduate programmes were launched in the Diploma in Anti-Money Laundering Reporting and September 2003 – the MSc in e-Commerce Prevention and a further 26 successfully completed (University of Plymouth) and the Master of Business the new Certificate in Anti-Money Laundering Administration (University of Southampton). This is the Awareness Programme. first time a fully taught MBA has been offered Forty students embarked on Chartered Institute of on-island. The e-Commerce programme is techno- Marketing Programmes and it is particularly pleasing logically and academically demanding and required to note that a second cohort for the Postgraduate the establishment of a sophisticated computer Diploma was achieved. laboratory capable of supporting complex software. Eight delegates successfully completed the A third cohort of the two-year Postgraduate Certificate in Training Practice programme, leading to Diploma in Personnel Management through the Associate Membership of the Chartered Institute of University of Portsmouth commenced in September Personnel and Development. with 11 delegates. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 105 of 313 ANNUAL REPORT 2003 57 Short courses and conferences The information technology and e-commerce A series of half-day workshops entitled Anti-Money lunchtime seminar series held a number of workshops Laundering Awareness for Administrative Staff were including Operational Excellence in IT Management, held in April and November. These were offered on a IT Law for the 21 Century and Managing Internet sector basis and tutored by MHA Consulting and the Security. These workshops attracted over 100 FIS and attracted 144 delegates. In conjunction with delegates. the GFMA, five workshops were organised on subjects During 2003 the Agency has consolidated its relevant to the collective investment fund sector, relationship with the British Computer Society ("BCS") including hedge funds, emerging markets and private and is represented on the committee of the newly equity funds. These workshops attracted 160 delegates. formed Guernsey sub-branch. The Agency will jointly A one-day course, Introduction to the Financial Services badge BCS seminars in the future. Sector, was held in October for new recruits to the The newly formed IT Advisory Group will provide industry. Through the Agency, the FIS offered two the direction for future events. afternoon workshops providing an update on their work to over 130 delegates. Over 40 lunchtime seminars Other initiatives and short courses for managers were held during The Agency formally launched its own website in July 2003, with over 300 delegates. 2003. Not only does this give an up-to-date picture of current activities, but it also showcases potential new Investors in People initiatives. It is also planned to show the continuing The Agency continues to manage the Investors in professional development activities of professional People project on behalf of the Commerce and bodies in Guernsey. The website address is Employment Department which, following changes to www.guernseytrainingagency.com the structure of government in early May 2004, The Chief Executive and Deputy Chief Executive succeeded the Board of Industry. Some 14% of the arranged a series of visits to senior staff within the working population work for an organisation that is finance and commerce sectors to hear first-hand the either recognised or working towards recognition. training needs of organisations and to discuss the It is pleasing to note that five new organisations results of the Guernsey Finance Sector Study. The (including the Agency) achieved recognition in 2003. meetings have proven most valuable. Following an initiative suggested by the e-Business and information technology Commission, a Back Office Training Module was A major new initiative during 2003 for the Agency was designed by the Agency, the GFMA Education the development of strategic and tactical plans for Subcommittee and the Financial Training Company for e-business and information technology training. the Guernsey market. The course provides an In addition to the launch of the MSc in e-Commerce introduction for new entrants to the collective investment in September, a number of students in addition to the fund management sector and also for new employees degree cohort attended the degree's modules on a in the finance sector generally. After six months' short-course basis. practice by individuals, the course recommences and The first Information Systems Examinations Board provides more in-depth knowledge. Some 35 delegates ("ISEB") certificated course – IT Service Management attended the first two sittings of this programme and it – was held in September. Following its success, an is anticipated that it will become a fixed part of the ISEB Service Management Foundation Course was Guernsey finance sector's training framework. run in October. The Guernsey Insurance Certificate, a new 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 106 of 313 58 ANNUAL REPORT 2003 GUERNSEY TRAINING AGENCY LIMITED CONTINUED qualification reflecting the regulatory requirements of the Commission, was designed, tutored and examined during 2003. Fifty-six candidates sat the first two examinations. The Agency secured formal award- bearing status of the qualification from the Chartered Insurance Institute. The Insurance Education Forum met for the first time in February. This joint initiative between the Commission, the Insurance Institute of Guernsey and the Agency is designed to act as a catalyst in providing strategic direction for the development of insurance education and training within the Bailiwick. The forum has met three times and significant progress has been realised in addressing the education and training needs of the sector. In 2003 the Securities Institute embarked on a formal approval process for those training providers who prepare candidates for the Institute's qualifications. The assessment criteria are designed for academic institutions. However, following discussions with the directorate of the Institute, it was keen to undertake a formal evaluation of the Agency. Following a rigorous assessment the Institute created a special category for the Agency and awarded it formal accreditation. During 2003 the Agency secured formal accreditation for the Captive Insurance Certificate with the Chartered Insurance Institute. The training programme, offered through Glasgow Caledonian University, attracted 18 students during 2003. The Agency would like to pay tribute to John Parkinson, who died in December, for his enormous contribution to the development of this award-bearing programme. It is pleasing to note that other jurisdictions such as Gibraltar and North America are now looking to use this programme within their own industries. It is planned that a Graduate Diploma in Law will commence in September 2004. Discussions with the Guernsey Bar Council, GILA and the Attorney General's Office demonstrate strong support for the Agency to engage with the profession in the delivery of continuing professional development courses. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 107 of 313 ANNUAL REPORT 2003 59 APPENDICES 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 108 of 313 60 ANNUAL REPORT 2003 APPENDIX 1 FUNCTIONS AND STRUCTURE OF THE COMMISSION The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 persons nominated by the Policy Council and appearing to it to be as amended ("the Commission Law") established the Commission with persons having knowledge, qualifications or experience appropriate to both general and statutory functions. The general functions include the the development and supervision of finance business in the Bailiwick. taking of "such steps as the Commission considers necessary or The Chairman is appointed from amongst the Commissioners and is expedient for the development and effective supervision of finance elected by the States following nomination by the Policy Council. The business in the Bailiwick". The statutory functions include those under the Vice-Chairman is appointed by the Commissioners. following laws:- There were 14 meetings of the Commissioners in 2003. The attendance the Banking Supervision (Bailiwick of Guernsey) Law, 1994 as of the individual Commissioners at these meeting was as follows:- John amended; Hallam – 13, Leslie Priestley – 13, Nigel Carey – 14, Mel Carvill – 12, David Mallett (appointed February 2003) – 13. the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended; The Commission Law also makes provision for the appointment of such the Regulation of Fiduciaries, Administration Businesses and officers and servants as are necessary for carrying out the Commission's Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 as functions and for the most senior officer to have the title Director amended; General. the Insurance Business (Bailiwick of Guernsey) Law, 2002; The Commissioners have delegated certain of their statutory functions to the Insurance Managers and Insurance Intermediaries (Bailiwick of the executive staff of the Commission. These statutory functions are Guernsey) Law, 2002; exercised by the executives both jointly and severally. All statutory functions of the Commission may be delegated to the executives except:- section 3 of the Road Traffic (Compulsory Third Party Insurance) (Guernsey) Laws, 1936 to 1989; • the power of the Commissioners to delegate functions; section 1 of the Surf-Riding Long Boards (Compulsory Third-Party • the Commissioners' duty to make an annual report on the Insurance) Law, 1969; and Commission's activities during the previous year to the Policy section 1 of the Vessels and Speed Boats (Compulsory Third-Party Council; Insurance, Mooring Charges and Removal of Boats) (Guernsey) • any statutory functions which:- Law, 1972. (i) require the Commissioners to consider representations Following a review of the machinery of government, in May 2003 the concerning a decision which they propose to take; or States approved proposals for the establishment of a new and more streamlined government structure. These proposals took effect from the (ii) empower the Commission to cancel, revoke, suspend or beginning of May 2004. They included the creation of a new position withdraw a licence, consent, registration, permission or of Chief Minister, heading a Policy Council, and a reduction in the authorisation (except where the cancellation, revocation, number of committees/departments responsible for the day-to-day suspension or withdrawal is done with the consent of the functions of government. The Policy Council is responsible for person who is, or who is acting on behalf of, the holder of the international financial matters and for establishing the policy framework licence, consent, registration, permission or authorisation); or for financial regulation, including the government's relationship with, (iii) empower the Commission to petition for the winding-up of a and reporting lines for, the Commission. As part of these changes the body corporate. Commission Law was amended to state that the Commission shall issue its audited financial statements and the two reports referred to later in The Commission must, as soon as possible in each year, make a report this appendix to the Policy Council. References to the Advisory and to the Policy Council on its activities during the preceding year. The Chief Finance Committee in the laws administered by the Commission have Minister shall, as soon as possible, submit that report for consideration been amended in favour of the Policy Council. The Policy Council is also by the States. responsible for the administration of the Control of Borrowing Ordinances. Individual officials of the Commission act for the Policy The Commission Law also provides that the Commission shall:- Council in matters requiring consent under the Ordinances. (a) keep proper accounts and proper records in relation to those The new Commerce and Employment Department, rather than the Policy accounts; and Council, is responsible for overseeing company, trust and limited partnership law. Commission officials act for the Department in matters (b) prepare in respect of each year a statement of accounts giving a requiring action by the Commission under certain sections of the true and fair view of the state of affairs of the Commission; Companies (Guernsey) Law, 1994. and that the accounts of the Commission shall be:- The Commission Law provides that the Commission shall consist of five members (Commissioners) elected by the States of Guernsey from (a) audited by auditors appointed by the States; and 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 109 of 313 61 (b) laid before the States. FIPAG's principal responsibilities include:- The Commission includes a copy of its audited financial statements in the • considering and advising on policy emanating from government; annual report to the Policy Council referred to above. • developing and recommending high-level government policy in respect of the financial services industry; By virtue of a change to the Commission Law in 2002, the Commission must review in each year, by the appointment of appropriately qualified • initiating specific proposals for consideration by government; and independent professional persons or otherwise:- • considering and advising on proposed regulatory changes emerging from the Commission; (a) the adequacy and application of the Commission's systems of internal control; • considering the impact of all non-financial legislation on the financial services industry; (b) the selection and application of the Commission's accounting policies and accounting procedures; • assisting with consultations on initiatives impacting on the finance sector, including those emanating from international (c) the effective, efficient and economical management of the organisations; and Commission's assets and resources; and • enabling Guernsey to keep up-to-date with developments in other (d) the Commission's compliance with such generally accepted jurisdictions. principles of good corporate governance as it is reasonable to regard as being applicable to the Commission. The Commissioners are required to satisfy themselves in connection with the conclusions of each review and provide the Policy Council with a separate annual report on the matters covered by it. The report for 2003 has been provided to the Policy Council. In light of these additional responsibilities, the Commission's Audit Committee was renamed the Audit and Risk Committee and its role extended to cover oversight of the management of risk. The committee comprises Leslie Priestley (who is the committee's Chairman), Mel Carvill and David Mallett. Meetings are usually attended by the Director General, the Head of Finance and Operations and the Deputy Director (Policy and International Affairs) (who is the committee's secretary). The committee met four times in 2003. A rolling programme of assessment against international regulatory standards has also been put in place. Under this programme the Commission's Deputy Directors annually review the self-assessments and day-to-day activities of one of the regulatory Divisions against the standards of the appropriate international body. The Deputy Director of the Division responsible for complying with the international standards does not participate in the assessment. Two firms of specialist external consultants were appointed during the year to assist with the reviews of the Commission's non-regulatory internal audit and corporate governance standards and to ensure that the Commission is up-to-date with current expectations in these areas. The Commission is satisfied that it meets these expectations. The internal audit function will continue to be undertaken by a third party during 2004. A Financial Industry Policy Advisory Group ("FIPAG") has been formed as part of the machinery of government changes. This Group is chaired by the Chief Executive of the States of Guernsey and includes the Director General of the Commission, the Attorney General, the Chief Officer of the Commerce and Employment Department and representatives of the Guernsey International Business Association. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 110 of 313 62 ANNUAL REPORT 2003 APPENDIX 2 COMMITTEES AND WORKING PARTIES The following advisory groups, committees and working parties have Ian Robinson International Life Offices assisted the Commission and the Guernsey Training Agency Limited with Kevin Rye Guernsey Insurance Company Managers their work. Only current outside members are listed. Association Chris Schofield Association of Guernsey Insurance Brokers Closed-ended Fund Working Party Peter Symes Association of Guernsey Banks After the completion of its work, the working party was wound up in 2003 Sue Thornhill MHA Consulting Paul Bannier Credit Suisse Fund Administration Limited Adv. Nigel Carey Carey Olsen Adv. Peter Harwood Ozannes Training Agency Finance Sector Advisory Group Connie Helyar International Private Equity Services Limited John Clacy Guernsey Association of Chartered and Chris Hill Guernsey International Fund Managers Certified Accountants Limited Jill Despres International Bankers' Association John Le Prevost Anson Fund Managers Limited Keith Dorrian Guernsey Fund Managers Association Anne Ewing Institute of Chartered Secretaries and Administrators Company Law Reform Committee Ken Gibbs Chartered Institute of Bankers/Institute of Adv. Ian Kirk Guernsey Branch of the Institute of Directors Financial Services John Loveless SG Hambros Trust Company (Guernsey) Shaun Lacey Society of Trust and Estate Practitioners and Limited the Securities Institute Adv. William Simpson Guernsey Bar Ian Robinson Representative of the insurance sector Adv. Diana Thompson Channel Islands Stock Exchange Trevor Wakefield College of Further Education Mark Thompson Guernsey Society of Chartered and Certified Accountants Trust Law Review Committee Adv. David Allison Rothschild Trust Guernsey Limited Guernsey Insurance Forum Adv. Ian Kirk Collas Day Vince Bray Association of British Insurers Professor Paul Matthews University of London Sean Clancy Loss Adjusters in Guernsey Mark Colton Channel Islands Actuarial Society The Director General of the Commission and the Chief Executive of the Paul Cutter Guernsey Association of Pension Funds and Guernsey Training Agency Limited and their colleagues take this Association of Guernsey Insurers opportunity of acknowledging the contribution made by the members of Mike Johns Insurance Institute of Guernsey (Education these groups and of thanking them for their support and assistance. Secretary) Alex Lindsay Association of Guernsey Insurance Brokers Kevin Rye Guernsey Insurance Company Managers Association Chris Schofield Association of Guernsey Insurance Brokers Tamlyn Stone Life Insurance Association Paul Sykes Insurance Institute of Guernsey John Wills Guernsey Association of Mutual Insurance Societies Joint Money Laundering Steering Group Keith Corbin Guernsey Association of Trustees Mark de Garis Financial Intelligence Service Robin Fuller Guernsey Fund Managers Association Adv. Simon Howitt Guernsey Bar Steve Le Page Guernsey Society of Chartered and Certified Accountants Shane Le Prevost Association of Guernsey Resident Stock Brokers Robert Moore Guernsey International Business Association and Association of Guernsey Banks Julian Parker Guernsey Association of Compliance Officers 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 111 of 313 ANNUAL REPORT 2003 63 APPENDIX 3 THE BANKING SUPERVISION (BAILIWICK OF GUERNSEY) LAW, 1994 – LICENSEES Please refer to the Commission's website at www.gfsc.gg or contact the Portman Channel Islands Limited Banking Division for the up-to-date list of licensees. RBSI Custody Bank Limited, Guernsey Branch Rothschild Bank Switzerland (C.I.) Limited Institutions holding a banking licence at Royal Bank of Canada (Channel Islands) Limited 31 December 2003 The Royal Bank of Scotland International Ltd, Guernsey Branch Sabanci Bank (Guernsey) Limited Adam & Company International Limited Schroders (C.I.) Limited Ahli United Bank (UK) PLC – Guernsey Branch SG Hambros Bank & Trust (Guernsey) Limited Alliance & Leicester Commercial Bank plc Skipton Guernsey Limited Alliance & Leicester plc Yorkshire Guernsey Limited Ansbacher (Channel Islands) Limited, Guernsey Branch Baden-Württembergische Bank AG Banca Monte dei Paschi (Channel Islands) Limited Banco Santander Central Hispano (Guernsey) Limited Bank Julius Baer & Co. Ltd, Guernsey Branch Bank of Bermuda (Guernsey) Limited Bank of Butterfield International (Guernsey) Limited Bank of Cyprus (Channel Islands) Limited Bank Sarasin (C.I.) Limited Banque Cantonale Vaudoise, Guernsey Branch Barclays Bank PLC Barclays Private Clients International Limited, Guernsey Branch Barings (Guernsey) Limited BNP Paribas (Suisse) SA Bristol & West International Limited BSI (Channel Islands) Limited C & G Channel Islands Limited Cheshire Guernsey Limited Clariden Bank (Guernsey) Limited Close Bank Guernsey Limited The Co-operative Bank p.l.c. Credit Suisse First Boston, Guernsey Branch Credit Suisse Guernsey Branch Credit Suisse (Guernsey) Limited D.A.H. Hambros Bank (Channel Islands) Limited Deutsche Bank International Limited EFG Eurobank Ergasias International (C.I.) Limited EFG Private Bank (Channel Islands) Limited EFG Private Bank SA (Guernsey Branch) First Active Bank Channel Islands Limited HSBC Bank International Limited HSBC Bank plc HSBC Republic Bank (Guernsey) Limited HSBC Republic Private Bank (Suisse) SA HSH Nordbank (Guernsey) Limited Investec Bank (Channel Islands) Limited Kleinwort Benson (Channel Islands) Limited, Guernsey Branch Kleinwort Benson (Guernsey) Limited Leopold Joseph & Sons (Guernsey) Limited Lloyds TSB Bank (Guernsey) Limited Lloyds TSB Offshore Private Banking (Guernsey) Limited Lloyds TSB Offshore Treasury Limited, Guernsey Branch MeesPierson (C.I.) Limited Mellon Bank (Channel Islands) Limited National Bank of Greece SA, Guernsey Branch N M Rothschild & Sons (C.I.) Limited Northern Rock (Guernsey) Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 112 of 313 64 ANNUAL REPORT 2003 APPENDIX 4 THE REGULATION OF FIDUCIARIES, ADMINISTRATION BUSINESSES AND COMPANY DIRECTORS, ETC. (BAILIWICK OF GUERNSEY) LAW, 2000 – LICENSEES AND APPLICANTS Please refer to the Commission's website at www.gfsc.gg or contact the Anson Fund Managers Limited Fiduciary Services and Enforcement Division for the up-to-date list Anson Custody Limited of licensees. AON Services (Guernsey) Limited Institutions holding a full fiduciary licence at 31 December 2003 Appleton Trust Company (C.I.) Limited Where licences were granted on a joint application, the name of the lead Appleton Nominees (C.I.) Limited licensee is shown first in bold type. Artemis Trustees Limited Abacus Financial Services Limited Artemis Corporate Services Limited Abacus (C.I.) Limited Artemis Nominees Limited Abacus Corporate Services Limited Artemis Secretaries Limited Abacus (Guernsey) Limited Abacus (Nominees) Limited AUB Trustees (Guernsey) Limited Abacus Secretaries (Guernsey) Limited Abacus Trustees (Guernsey) Limited Bachmann Trust Company Limited Abacus Trustees (Jersey) Limited ADL One Limited Whiteley Trustees Limited ADL Two Limited Allied Nominees Limited Achates Services Limited Allied Trust Directors One Limited Achates Trust Limited Allied Trust Directors Two Limited Cardinal Limited Bachmann Alpha Limited Bachmann Beta Limited Adam & Company International Trustees Limited Bachmann (Channel Islands) Limited Adam & Company International Nominees Limited Bachmann Corporate Services Limited Bachmann Delta Limited Albany Trustee Company Limited Bachmann Epsilon Limited Albany Trustee Company (UK) Limited Bachmann Gamma Limited Argonaut (Guernsey) Limited Bachmann Nominees Limited Argonaut (Jersey) Limited Bachmann Omega Limited Continental Nominees Limited Bachmann Pi Limited Investment Services (Guernsey) Limited Bachmann Securities Limited Island Nominees Limited Bachmann Trust Company (UK) Limited Jersey Advisory Bureau Limited Cantalibra Limited Commercial Trading Limited Alex Picot & Company Limited Fidsec Limited Guernsey Ship Management Limited Amex International Trust (Guernsey) Limited Marine Nominees Limited AITG Corporate Secretaries Limited MDL Limited Birdsong Limited NVWBC Trustees Limited Nominees One Limited PDL Limited Nominees Two Limited Plantation Trust Limited Songbird Limited Balchan Management Limited Ansbacher Trust Company (Guernsey) Limited Anchor Trust Company (Guernsey) Limited Anka Limited Balchan Directors Limited Ansbacher Portfolio Nominees (Guernsey) Limited Balchan Nominees Limited Fiduciary Services Limited Balchan Secretaries Limited JG Nominees (Guernsey) Limited JG Secretaries Limited Bank Hofmann Trustees Limited JG Trustees Limited Clariden Trust (Guernsey) Limited Perseus Limited Plaiderie Corporate Directors One Limited Bank of Montreal Trust Company (C.I.) Limited Plaiderie Corporate Directors Two Limited Plaiderie Corporate Secretaries Limited Barclays Bank PLC Polaris Limited Barclays Nominees (Guernsey) Limited Sarnia Yachts Limited Topaz Investments Limited Barclays Private Clients International Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 113 of 313 65 Baring Trustees (Guernsey) Limited BMPS Trustees (C.I.) Limited BMPS Corporate Services (C.I.) Limited Bartholomew Trust Company Limited BMPS Nominees (C.I.) Limited Bartholomew Nominees Limited City Nominees Limited Saints Trustees Limited BCL Trust Company (Guernsey) Limited BNP Paribas International Trustee (Guernsey) Limited BDO Guernsey International Management Limited BDO Guernsey Trustees Limited Bordeaux Services Limited Bermuda Trust (Guernsey) Limited Bourse Trust Company Limited First Somers (Guernsey) Limited Aberthaw Trading Limited Second Somers (Guernsey) Limited Cowbridge Holdings Limited Minehead Holdings Limited Betty & Dickson Trustees Limited Towpath Holdings Limited BGL Reads Group Limited BSI Trust Corporation (Channel Islands) Limited Bajan Limited BSI Administrators (Channel Islands) Limited BGL Reads International Management Limited BGL Reads Private Clients Limited Butterfield Trust (Guernsey) Limited BGL Reads Trust Company Limited Bank of Butterfield International (Guernsey) Limited BGL Trustees Limited BNTB Nominees (Guernsey) Limited Channel Corporate Services Limited Butterfield Management Services (Guernsey) Limited Chart Trust Company Limited Halsfield Limited C.M.S Limited Havre Corporate Services Limited Codale Secretaries Limited Havre Management Services Limited Commerce House Trustees Limited Rose Nominees Limited Cosign Limited Rosebank Management Limited Cosign Nominees Limited Cosign Services Limited BWCI Trust Company Limited Intertrust (Guernsey) Limited BWCI Pension Trustees Limited JSH Services Limited Merley Holdings Limited CA Fiduciary Services Limited Penhall Limited CA Nominees Limited Perbury Limited Prisim Services Limited Cannon Asset Management Limited Pritchards Nominees Limited Cannon Corporate Directors Limited Pritchards Secretarial Services Limited Cannon Corporate Services Limited Pritchards Trustees Limited Cannon International Limited Probus Reads Trust Company Limited Cannon Investments Limited Relton Holdings Limited Cannon Nominees Limited Spread Nominees Limited Cannon Secretaries Limited Spread Services Limited Euro Finance Limited Spread Trustee Company Limited Carey Olsen Trust Company (Guernsey) Limited BKR Lince Salisbury Limited Carey Olsen Administration Support Services Limited Avenue Partners Limited Carey Olsen Commercial Services Limited Avenue Trust Company Limited Carey Olsen Pension Administration Services Limited Lince Muller Carey Olsen Pension and Benefit Trustees Limited Lince Salisbury C.L. Directors Limited Rose Garden Limited C.L. Nominees Limited C.L. Secretaries Limited Blenheim Fiduciary Group Limited M.C. Trustees Limited Blenheim Management Services Limited Scholer Nominees Limited Blenheim Trust Company Limited Kensington Nominees Limited Chamberlain Heritage Services Limited Lambeth Nominees Limited Chamberlain Trustees Limited Westminster Nominees Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 114 of 313 66 ANNUAL REPORT 2003 APPENDIX 4 CONTINUED Chandler Backer Fiduciaries Limited Credit Suisse Trust Limited CB Directors Limited Brock Nominees Limited CB Nominees Limited Carentan Investments Limited CB Secretaries Limited Court Administration Limited CB Trustees Limited Credit Suisse Trust Limited – Isle of Man CBT Management Limited Fundamentum Limited Keynedon Trustees Limited Channel Group Management Limited Kiloran Trust Company Limited Accounting Services Limited Leeward Nominees Limited Channel Investment Management Limited Primary Management Limited Channel Nominees Limited Prism Management Limited Swiss Nominee Services Limited Charter Trust Company Limited Tenby Nominees Limited Azure Limited Touraine Trust Company Limited Charter Management Limited Viribus Nominees Limited Interco Services Limited Waterfront Securities Limited CIIC – Sogecore Insurance Managers Limited Crossways Trustees Limited Tactilium Limited REC Services Limited Standfast Limited Close Trustees Guernsey Limited Admiral Directors Limited Deutsche Bank International Trust Co. Limited Director Services (Guernsey) Limited DBMG Trust Company Limited Landmark Directors Limited Deutsche Bank (Cayman) Limited Trafalgar Nominees Limited Deutsche Bank International Trust Co. (Cayman) Limited Victory Nominees Limited Deutsche Bank International Trust Co. (Jersey) Limited Viscount Trustees Guernsey Limited Deutsche Bank Investments (Guernsey) Limited Deutsche Bank Nominees (Guernsey) Limited Cogent Limited Deutsche Bank Trustee Services (Guernsey) Limited Damont Limited Deutsche International Trust Corporation (C.I.) Limited Forein Limited Deutsche International Trustee Services (C.I.) Limited Jolicot Limited Deutsche Transnational Trustee Corporation Inc Ironshore Management Limited Confiance Limited Regula Limited CCD Alpha Limited Trevona Limited CCD Beta Limited CN Alpha Limited de Vernon Group SA CN Beta Limited de Vernon Holdings Limited Consec Limited de Vernon Limited de Vernon Secretaries SA Corporate Planning Trustees (Guernsey) Limited de Vernon Trustees Inc JC Brannam Inc Corporate Services (Alderney) Limited LJ Willis Inc Alderney Trustees Limited Anchor Nominees (Alderney) Limited Dixcart Trust Corporation Limited Busby Nominees (Alderney) Limited Dixcart Financial Services Limited Channel Nominees (Alderney) Limited Dixcart Management Limited Duncan Nominees (Alderney) Limited Dixcart.Net Limited Frank Nominees (Alderney) Limited Mayfield Trustees Limited Giffoine Limited Savannah Management Limited Huret Limited Yates Management Limited Ingot Limited EFG Private Bank (Channel Islands) Limited Coutts (Guernsey) Limited Castle Court Protectors Limited Citron Limited Dallington Holdings Limited Corpshare Limited PB Nominees (Guernsey) Limited Coutts Guernsey Nominees Limited Strategic Asset Management Limited Rouge Limited Vert Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 115 of 313 67 Equity Trust (Guernsey) Limited Goethe Management Limited Aldgate Trust Company Limited Agential Merchants Limited Amarado Limited Arden Secretaries Limited Barsac Company Limited Ardennes Holdings Limited Birchtown Limited Barton Secretaries Limited Bishopsgate Nominees Limited Broadstone Enterprises Limited Caravel Management Limited Certidor Limited GCI Management Limited Chad Management Limited Kimali Services Limited Consultancy Services Overseas Limited Leadenhall Nominees Limited Fairport Holdings Limited Leadenhall Services Limited G.M. Trustees Limited Leadenhall Trust Company Limited Goethe Holdings Limited Moultrie Investments Limited Grafton Services Limited Oldwick Holdings Limited Parkridge Holdings Limited Powerforce Inc Rushworth Holdings Limited Riverdale Europe S.A. Statefare Securities Limited Threadneedle Services Limited Stateline Securities Limited Tower Secretaries Limited Technical Services (Overseas) Limited Tredoric Limited F Haskins & Co. Whitecourt Holdings Limited Codirse Limited Whitestone Holdings Limited College Chambers Administrative Services Limited Wingrave Limited College Chambers (No. 1) Limited College Chambers (No. 2) Limited Guernsey International Trustees Limited College Chambers Nominees (No. 1) Limited Crusader International Inc. College Chambers Nominees (No. 2) Limited GCS Limited College Chambers Trustees Limited Protectors Limited Royal Fiduciary Group Limited Fairbairn Trust Company Limited SMS Limited BoE Trust Company Limited Taurus Nominees Limited FRT Directors Limited FRT Secretarial Limited Guernsey Trust Company Limited NCS Nominees Guernsey Limited GTC Alpha Limited NIB International Trust Company Limited GTC Beta Limited Spectrum Nominees Limited GTC One Limited GTC Secretaries Limited Federal Trust Company Limited GTC Two Limited Federal Trust Corporation Limited Haines Watts (CI) Limited FIFO Trust Limited HW Trust Company Limited FIFO Limited OTC Limited Hamilton Trustees Limited OTC Services Limited Glenross Limited Hamilton Management Services Limited Fornells Limited Hamilton Nominees Limited Lizard Limited Hamilton Secretarial Services Limited Scar Limited Kappa Limited Fort Management Services Limited Hansard Management Services Limited Elton Limited B.L.A. Limited Eros Nominees Limited Hansard Trust Company Limited Fort Investments Limited Island Directors Limited Fort Limited Island Secretaries Limited Fort Trustees Limited Regent Nominees Limited Sloane Nominees Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 116 of 313 68 ANNUAL REPORT 2003 APPENDIX 4 CONTINUED Harbour Trustees Limited International Private Equity Services Limited Corporate Directorate Services Limited IPES Trustees Limited Corporate Secretary Services Limited Harbour Consultancy Services Limited Investec Bank (Channel Islands) Nominees Limited Harbour Court Director Limited Harbour Court Protector Limited Investec Trust Guernsey Limited Harbour Group Director Limited Bayeux Trustees Limited Harbour International Services Limited Bengal Nominees Limited Harbour Nominees Limited Executive Nominees Limited KS Nominees Limited Finistere Directors Limited KS Trustees Limited Finistere Limited Finistere Nominees Limited Haven Trustees Limited Finistere Secretaries Limited Century Limited GFT Directors Limited Century Management Limited Quality Court Trustees (Channel Islands) Limited Century Nominees Limited Quiboy Limited Theodores Trustees (Guernsey) Limited Heath Lambert Insurance Management (Guernsey) Limited Iron Arm Limited Iron Arm Nominees Limited Heritage Fiduciaries Limited Iron Arm Secretaries Limited Adelphi Limited Anglo Secretaries Limited Ironwood Trustees Limited Anglo Services Limited Anglo Trust Limited Julius Baer Trust Company (Channel Islands) Limited Barnham Limited BJB Nominees (Guernsey) Limited Cavendish Securities Limited JB Secretaries (Guernsey) Limited Delta Confirmers Limited T.C. Directors (Channel Islands) Limited Elan Holdings and Investments Limited Ursa Alpha Limited Forest Securities Limited Ursa Beta Limited Heritage Property Holdings Limited Heritage Trust Limited Jupiter Administration Limited Wigmore Enterprises Limited Coole Park Limited Dinosaur Limited Hero Nominees Limited Jupiter Nominees Limited Jupiter Trustees Limited HSBC Republic Trust Company (Guernsey) Limited Quarrymount Limited Eton Corporate Services Limited Eton Management Limited The Kensington Corporation Limited HSBC International Trustee Limited Dartmouth Limited HSBC Investments (Bahamas) Limited Devonport Limited HSBC Republic Bank (Guernsey) Limited Dominion Limited Midland Bank Trustee (Guernsey) Limited Dorchester Limited Republic Nominees Limited Sarum Limited Shaftesbury Limited ILS (Isle of Man) Limited The ILS Group Limited Kingston Management (Guernsey) Limited Hawkshead Investments Limited Indosuez Trust Services Limited Kendal Limited Cherry and Neale Limited Kingston Trustees Limited Cloverdale Holdings Limited Oxford Investments Limited Duet Services Limited Wessex Holdings Limited Levant Services Limited Palermo Holdings Limited Wynndel Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 117 of 313 69 Kleinwort Benson (Channel Islands) Trustees Limited Ovaco Limited Borrowdale Nominees Limited Ovalap Nominees Limited Corporate Directors (No 1) Limited Second Ovalap Limited Corporate Directors (No 2) Limited Sixth Ovalap Limited Corporate Services (Guernsey) Limited Third Ovalap Limited Fenchurch Nominees (Singapore) PTE Limited Fitrust Fiduciaire et Trustee SA Leopold Joseph Trust Company (Guernsey) Limited Guernsey Nominees Limited Albert Limited Hilary Nominees Limited Gresham Limited K.B. (C.I.) Nominees Limited Leopold Joseph & Sons (Guernsey) Nominees Limited Kleinwort Benson (Geneva) Trustee SA Leopold Joseph Secretaries (Guernsey) Limited Kleinwort Benson (Guernsey) Limited Moulinet Trustees Limited Kleinwort Benson (Guernsey) Trustees Limited Kleinwort Benson International Trustees Limited Lloyds TSB Offshore Private Banking (Guernsey) Limited Kleinwort Benson (Jersey) Trustees Limited Hill Samuel (Guernsey) Management Limited Knowlfa Limited Hill Samuel (Guernsey) Services Limited Langdale Nominees Limited Hill Samuel Offshore Trust Company Limited Orbis Business Services Limited LBI Finanz Anstalt Orbis Group Limited Orbis Management Limited Louvre Fiduciary Group Limited Orbis Pension Trustees Limited Grenadier International Limited Orbis Trustees Guernsey Limited Louvre Nominees One Limited Orbis Trustees Guernsey (1997) Limited Louvre Nominees Two Limited Orbis Trustees Jersey Limited Louvre Secretaries Limited Orbis Trustees Limited Louvre Trustees Limited Property Nominees (Channel Islands) Limited m3 Trustees Limited KPMG Secretaries Limited Galdana Limited Lyth Nominees Limited Winster Nominees Limited Man Fund Management (Guernsey) Limited L & S Services Limited Partnership Marlborough Trust Company Limited Enzian Limited Marlborough Nominees Limited Honor Trustees Limited Marlborough Secretaries Limited Jardy Directors Limited Lisle Secretaries Limited Marsh Management Services Guernsey Limited Lisle Trustees Limited Manor Directors Limited Marshall Secretarial Services Limited Old Manor Trustees Limited Phoenix Nominees Limited Mayfair Trustees Limited Sarsura Directors Limited Wild Plateau Limited MeesPierson (C.I.) Limited Argenta Limited Law Trust Limited Athos Group Limited Court Trust Company Limited Legis Corporate Services Limited Creighton Services Limited Doric Limited Holme Head Limited Fifth Ovalap Limited Lexus Service Corporation Limited First Ovalap Limited Lexus Services Limited Fourth Ovalap Limited Lotus Trust Company Limited Ionic Limited MeesPierson Management (Guernsey) Limited Lapco Limited MeesPierson Nominees (Guernsey) Limited Legis BVI Limited Porthos Group Limited Legis (MRL) Limited Stocksfield Limited Legis Nominees Limited Legis Trust Limited Nomos Trustees Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 118 of 313 70 ANNUAL REPORT 2003 APPENDIX 4 CONTINUED Mentor Trust Limited Oakdene Limited MCO (BVI) Limited Ravensport Limited Mentor Nominees Limited Ridgeville Investment Company Limited Mentor Secretaries Limited S.C.S Trust Company Limited Mentor Trustees Limited Southbox Limited Spook Limited Summerland Trading Limited Tanelorn Investments Limited Mercator Trust Company Limited Vestry Services Limited Anson Limited Woodleigh Limited Arbuthnot Trust (Guernsey) Limited AT Nominees Limited NMT Trustees Limited Cabot Limited NMT Investments Limited Chrisalis Trustees (Guernsey) Limited Dewsbury International Limited Norcosse Bell International Trustees Limited Exchange Services Limited First Alliance Trust (Guernsey) Limited Nordben Pension Trustees Limited Isis Fiduciary Corporation Mercator Finance and Guarantors Limited Oak Trust (Guernsey) Limited Mercator Management Services Limited Oak Nominees Limited Mercator Nominees Limited Oak Secretaries Limited Mercator Secretaries Limited Mercator Trustees Limited Ogier Trustee (Guernsey) Limited MRG Services Limited Golem Limited Ormond Limited Melog Limited Pearson Fraser Consulting Limited Vincentia Limited Pearson Fraser Limited Saints Bay Trust Company Limited Optimum Risk Research (International) Limited Winslow Secretaries Limited Opus Fiduciary Services Limited Merlin Group Securities Limited Opus Management Limited Cranberry Investments Inc. Opus Nominees Limited Merlin Group (Clients) Limited Opus Trustees Limited Merlin Group Nominees Limited Merlin (Protectors) Limited PA Trust Limited Merlin Services Limited Procard Services Inc. Parkway Administration (Guernsey) Limited Pronet Personnel Limited Perfitts Limited Moore Stephens First Island Nominees (Guernsey) Limited Perkins Trustees Limited First Island Properties (Guernsey) Limited Albany Secretarial Services Limited First Island Secretaries (Guernsey) Limited First Island Trustees (Guernsey) Limited PG Trustees Limited Moore Stephens Trust Company (Guernsey) Limited PG Nominees Limited Nerine Trust Company Limited Pont Street Trustees (Guernsey) Limited Amelaine Limited Bellhall Investments Limited Praxis Fiduciaries Limited Brookland Enterprise Limited PKF Trustees Limited C&D Consulting Limited Praxis Directors One Limited Elmlee Investments Limited Praxis Directors Two Limited Genro Impex (UK) Limited Praxis Fiscal Consultants Limited Kloisters Inc. Praxis Nominees Limited Larem Management Limited Praxis Portfolio Trustees Limited Larem Trustees Limited Praxis Secretaries Limited Leigh Management Limited Praxis Trustees Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 119 of 313 71 Quill Trust Company Limited Safehaven International Limited BLP Trust Limited Bach and Associates Limited Hirzel Management Limited Keats Limited Safehaven Marine Holdings Limited Rabobank Trust Company Guernsey Limited Safehaven Trustees Limited Boar Nominees Limited Wordsworth Limited Rabobank Secretaries Guernsey Limited Saffery Champness Management International Limited Rawlinson & Hunter Limited Champness Limited Granary Trust Limited Clore/Duffield Foundations Nominees Limited International Company Management Limited Consolidated Funds Investments Nominees Limited Kings House Management Limited Hexagon Trust Company (C.I.) Limited Kings House Trustees Limited J. Rothschild Nominees (Guernsey) Limited Portman Welbeck Limited Octavian Nominees Limited R & H Trust Co. (Guernsey) Limited Palmus Trust Company Limited Proteus Nominees Limited RBC Trustees (Guernsey) Limited RHK Nominees Limited Guernroy Limited Rysaffe International Services Limited RBC Corporate Services (Guernsey) Limited Rysaffe Limited RBC Directorship Services (Guernsey) Limited Rysaffe Nominees (C.I.) Limited RBC Trustees International Limited Rysaffe Trustee Company (C.I.) Limited Royal Bank of Canada (Asia) Limited Saffery Champness Trust Corporation Royal Bank of Canada (Channel Islands) Limited Saffery Champness Trustees Limited Royal Bank of Canada Offshore Fund Managers Limited Saffery Limited Royal Bank of Canada Trust Company (Asia) Limited Saffery Trustee Company (C.I.) Limited Royal Bank of Canada Trust Company (Cayman) Limited Royal Bank of Canada Trust Corporation Limited Saltire Trustees (Overseas) Limited Royal Bank of Canada Trustees (Jersey) Limited Saltire (Nominees) Limited Roycan Protector Limited Turcan Connell Roycan Trust Company SA Turcan Connell Trustees (Guernsey) Limited RBSI Trustee Services (Guernsey) Limited Sarnia Management Corporation Limited Rock Nominees Limited Bordage Directors Limited Roygen Nominees Limited Extratime Management Limited Royvest Nominees Limited Fistral Directors Limited Fistral Limited Rhine Trustees Limited Fistral Trustees Limited Sarnia Directors Limited Rosetrust Limited Rosetrust Nominees Limited SBTC Limited Rothschild Trust Guernsey Limited Schroder Executor & Trustee Company (C.I.) Limited Casquets Limited Schroder Corporate Services (C.I.) Limited Ensifer Trust Company (CI) Limited First Board Limited Seamark Trust Company (CI) Limited First Court Limited Collatine Limited Guernsey Global Trust Limited Euro-Seamark Limited Rothschild Corporate Fiduciary Services Limited Listard Limited Rothschild Switzerland (CI) Trustees Limited Nestorian Limited Rothschild Trust (Bermuda) Limited Staffport Limited Rothschild Trust Canada Inc Tagus Investments Limited Rothschild Trust Corporation Limited Rothschild Trust Financial Services Limited S G Hambros Trust Company (Guernsey) Limited Rothschild Trust New Zealand Limited CDS International Limited Rothschild Trustee Services (Ireland) Limited HTG Limited Second Board Limited TNS Services Limited Second Court Limited Third Board Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 120 of 313 72 ANNUAL REPORT 2003 APPENDIX 4 CONTINUED Sphere Management Limited Trinity Trust Company Limited Sphere Holdings Limited Atlantic Services Limited Sphere Trustees Limited Ocean Services Limited Orient Services Limited St Anne's Holdings Limited Pacific Services Limited Expert Holdings Limited Trinity Management Limited Freestar Directors Limited Freestar Nominees Limited Trust Corporation of the Channel Islands Limited Freestar Trustees Limited Private & Corporate Trustees Limited Mayfair Nominees Limited TCCI Nominees Limited Orion Nominees Limited TCCI Secretaries Limited Orion Trust Limited The Pensioneer Trustee Company (Guernsey) Limited Trust Management (Alderney) Limited Richmond Corporate Services Limited Richmond Nominees Limited Valora Holding Finance Limited Scorpio International Limited Scorpio Secretarial Services Limited Walbrook Trustees (Guernsey) Limited Sherama SA Lindmar Trust Company Limited St Anne's Trustees Limited SVH Services Limited Walbrook Corporate Services (Guernsey) Limited St Peters Trust Company Limited Walbrook Directors (No 1) Limited Abaco Secretaries Limited Walbrook Directors (No 2) Limited Allaire Limited Walbrook Group Limited Andros Management Limited Walbrook Nominees (No 5) Limited Appendale Services Limited Walbrook Nominees (No 6) Limited Astonmain Limited Walbrook Nominees (No 7) Limited Conemara Limited Cornet Trustees Limited Weighbridge Trust Limited Goldenthorpe Limited Averon Holdings Limited H Johns Limited Bournemead International Limited Kameroon Securities Limited Edgewater Estates Limited Kerryhead Limited Marble Hill Investments Limited Lutine Services Limited Merdolino Limited Management International Limited Seydor Limited Mardek Limited Weighbridge Trust Administration Limited Marjorie Securities Limited WT Consultancy Limited Martin Securities Limited Zuma Holdings Inc. St Peters Securities Limited Willcox & Co. (Guernsey) Limited Stellar Holdings Limited Eagle Secretaries Limited Eagle Trustee Services Limited Stenham Gestinor Trustees Limited Eagle Trustees Limited Aldenham Investments Limited Willcox & Co. (Nominees) Limited Amalthea Limited Brunswick Limited Willis Management (Guernsey) Limited Burhou Limited Centaurus Limited Willow Trust Limited Longoak Investments Limited Carandale Limited Ortac Limited Enchante S.A. Peregrine Nominees No. 1. Limited Towers Perrin Share Plan Services (Guernsey) Limited Peregrine Nominees No. 2. Limited Peregrine Trustees Limited Trident Trust Company (Guernsey) Limited Willow Corporate Services Limited The Cabinet Trust Company Limited Willow Trustees Limited Hillcrest Executor & Trustee Company Limited Island Consultants Nominees Limited Zenith Secretarial Services Limited Trident Nominees (Guernsey) Limited Zenith Trust Company Limited Western House Nominees Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 121 of 313 73 Persons holding a personal fiduciary licence at The following persons with existing businesses applied for fiduciary 31 December 2003 licences by 31 May 2001 and are deemed to be licensed fiduciaries under the transitional provisions in section 59 of the Regulation of Fiduciaries Allen, Mrs Pauline Angela Law. They are therefore authorised to carry on regulated fiduciary activities Allez, Geoffrey William by way of business although their licence applications have not finally been Atkinson, Peter John Granville determined. If you are in any doubt over whether a person is authorised to Babbé, Richard Peter carry on fiduciary activities by way of business, please refer to the Betley, Timothy John Commission's website at www.gfsc.gg or contact the Fiduciary Services Boerenbeker, Robert John Louis and Enforcement Division. Bound, Christopher John Bulpitt, Wayne Applicants for a full fiduciary licence at 31 December Carey, Nigel Thomas 2003 Clark, Russell Where applicants have applied jointly, the name of the lead applicant is Cole, Mrs Bertha Helen shown first in bold type. Collas, Richard John Cormack, Robert Christopher Castle Company Management LLC de Carteret, Simon Boyd Durham, Leonard William Claridges Trustees Limited Eades, Michael John Seymour Claridges Trust Company (Guernsey) Limited Elmont, Miss Julie Louise First Nominees Limited Evans, Rupert Arthur Rees Second Nominees Limited Evett, John Gordon Jesse Falle, Mrs Patricia Louise Erskine Clifton Services Limited Gomoll, Stefan Eurolink (C.I.) Limited Grange, Anthony Robert Hall, Anthony Arthur Cornèr Trust (C.I.) Limited Hallam, John Edward Harlow, Stephen John Corporate Secretarial Services Limited Hayes, John Anthony Cain Nominees Limited Henderson, Timothy James Centaur Financial Services Limited Hodson, Peter Michael Charles City Gate Trust Company Limited Kirk, Ian Michael Court Directors Limited Kowenicki, Richard Alexander Fermain Legal Services Limited Lainé, Stephen Andrew Livingstone Nominee Services Limited Langlois, John Emile Marchant Directors Limited Le Blanc, Anthony Oakdale Trustees Limited Le Blanc, Mrs Christine Elizabeth Solent Nominees Limited Leopard, Adrian John Victoria Nominee Services Limited Lloyd, Ms Jacqueline Susan Loveridge, John Leonard Direct Holdings Limited May, Andrew Colin Arden Investments Limited Misselbrook, Deryck Keith Avondale Nominees Limited Mollett, Charles Sylvester Chancery Trust Company Limited Morris, William Russell Direct Administration Limited Palmer, Patrick Michael Anthony Direct Securities Limited Perfitt, Angus John Direct Trustees Limited Perrot, Roger Allan Radford, Gordon Nelson Globe Nominees Limited Shepherd, Robert George Goldcrest Management Services Limited Taylor, Harry Trust Corporation (Alderney) Limited Tostevin, Nicholas John Mann Weald Nominees Limited Whitford, Richard Henry Wilson, Michael John Obelisk International Trust Company (Guernsey) Limited Wright, Winston Thomas Patrick Obelisk Nominees Limited Obelisk Secretaries Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 122 of 313 74 ANNUAL REPORT 2003 APPENDIX 4 CONTINUED Old Crown Trust Limited Applicants for a personal fiduciary licence at Aegis Trust Limited 31 December 2003 C.I. Administration Limited Co. Howat Couldridge, Mrs Caragh Anntoinette Director Limited Couldridge, Simon Ashley Old Crown Limited Donnelly, John Trevor Greer Old Crown Trust Limited – Ireland Sandle, Martin John Secretary Limited Veillard, Brian Eugene St Paul's Trust Company Limited Williams, Paul Joseph Randell & Loveridge Securities Group Corporation Limited Trinity Court (Management) Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 123 of 313 ANNUAL REPORT 2003 75 APPENDIX 5 THE INSURANCE BUSINESS (BAILIWICK OF GUERNSEY) LAW, 2002 – LICENSEES Please refer to the Commission's website at www.gfsc.gg or contact the Amey Insurance Company PCC Limited Insurance Division for the up-to-date list of licensees. ANC Rental Corporation (Insurances) Limited Arcadian Guernsey Limited Domestic insurers registered at 31 December 2003 Archer Insurance Limited Ancient Order of Foresters Friendly Society Arisis Limited AXA General Insurance Limited Arjo Wiggins Appleton Insurance Limited AXA Insurance UK plc Ark Re Limited Britannic Assurance plc Arla Insurance (Guernsey) Limited Britannic Unit Linked Assurance Limited Arnold Clark Insurance Limited The British United Provident Association Limited Arriva Insurance Limited CGNU Life Assurance Limited Ascot Underwriting Limited CGU Insurance plc Assay Insurance Services Limited CGU International Insurance plc Atel Re Limited Combined Insurance Company of America Automotive Financial Insurances Limited Co-operative Insurance Society Limited Automotive Services Insurance Limited DBI Insurance Company Limited Aviation Baggage Claims Insurance Company Limited Domestic & General Insurance plc Aztec Insurance Limited Eagle Star Life Assurance Company Limited Bailiwick Insurance PCC Limited The Equitable Life Assurance Society Baker Street Risk and Insurance (Guernsey) Limited The Guernsey Alliance Insurance Society Banks's Brewery Insurance Limited Guernsey Mutual Insurance Society Bantam Insurance Company Limited Independent Order of Odd Fellows Manchester Unity Friendly Society Barclays Insurance Guernsey PCC Limited Insurance Corporation of the Channel Islands Limited Batavia Insurance Limited The Islands' Insurance Company Limited BBP (PCC) Insurance Limited La Fraternelle Mutual Fire Insurance Society BDO Insurance Limited Lloyds TSB Life Assurance Company Limited Bee Insurance Limited National Farmers Union Mutual Insurance Company Limited Belaire Insurance Company Limited Police Mutual Assurance Society Limited Belgrave Insurance PCC Limited The Prudential Assurance Company Limited Belvoir Insurance Company Limited Royal & Sun Alliance Insurance plc Berkeley Berry Birch Insurance Company Limited Royal Liver Assurance Limited BH Insurance Limited The Royal London Mutual Insurance Society Limited BIFA Mutual Insurance Company Limited Scottish Boiler & General Insurance Company Limited BLG Insurance Limited Scottish General Insurance Company Limited Blue Swift Legal Insurance Services Limited Stonebridge International Insurance Limited B M (Insurance) Limited Bonaventure Insurance Company Limited Bouverie Insurance Limited International insurers registered at 31 December 2003 Brecon Insurance Company Limited A.A. Reinsurance Company (Guernsey) Limited Britsafe Insurance Services (Guernsey) Limited ABB Insurance Limited Broom Insurance Company Limited Aberdeen International Limited Brownstone Insurance (Guernsey) Limited Abigroup Risk Management Services Limited Brunel Insurance Services Limited Absolut Insurance Limited B S Insurance Limited ABTA Insurance Company (Guernsey) Limited Buchanan Insurance Company Limited ABTA Travel Agents Insurance Company Limited Bulbourne Insurance Services Limited Acacia Insurance (Guernsey) Limited Bulldog Insurance Company Limited Aegis Insurance Company Limited Burnaby Insurance (Guernsey) Limited Affinity Partners Limited The Burnhill Insurance Company Limited AG Insurance Company Limited Butterfield Insurance (Guernsey) PCC Limited Agrochem Insurance Company Limited Capita Group Insurance Company Limited AGS Insurance Company Limited Capita Insurance Company Limited Albemarle Insurance Company Limited Capstan Insurance Company Limited Alliance & Leicester Mortgage Insurance (Guernsey) Limited Carfax Insurance Limited Alsecure Insurance PCC Limited Carfax Personal Lines Insurance PCC Limited Amadis Insurance Company Limited Carmelite Insurance Limited Amco Insurance Company Limited Castle Insurance Limited Amersham Insurance Services Limited The Catholic National Mutual Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 124 of 313 76 ANNUAL REPORT 2003 APPENDIX 5 CONTINUED Caversham Insurance Limited Flightform Insurance Limited CBS Insurance Limited Fortum Insurance Limited Cellulose Insurance Limited Franchisees Reinsurance and Insurance Enterprise Services Limited Censure Insurance Company Limited Friars Street Insurance Limited Channel Life PCC Limited Friary Court Insurance PCC Limited Chepstow Insurance Limited Friends Provident Life and Pensions Limited CHG Insurance Limited Fruitcover Limited City and Commercial Insurance Company Limited Fulmar Finance & Insurance Limited City & Provincial Insurance (PCC) Limited Fulwood Insurances Limited Clarges Insurance Limited Furnival Insurance Company Limited Clerical Medical Investment Group Limited Gamond Insurance Company Limited CMP Insurance Limited Garlan Insurance Limited Coborn Insurance Company Limited GCF Insurance Limited Colins Limited G E Mortgage Insurance Guernsey Limited Colonnade Reinsurance Limited Geberit Reinsurance Limited Congressional Reinsurance Company (PCC) Limited Geest (Guernsey) Limited Connaught Insurance Company Limited Generali International Limited Consolidated Provident Insurance PCC Limited Generali Worldwide Insurance Company Limited Constantia Insurance Company (Guernsey) Limited Global (Guernsey) Limited Continental Indemnity Limited Goitre Insurance Company Limited Continuum Insurance Company PCC Limited Goldsmiths Insurance Limited Contrex Insurance Limited Grafton Limited Converium PCC Limited Grange Insurance Company Limited Cornhill Insurance (Guernsey) Limited Guardian Shield Insurance Limited Cowick Insurance Services Limited Haldan Indemnity Limited Cronors Insurance Limited Hannover Re (Guernsey) PCC Limited Crystal Insurance Company Limited Harbour Insurance PCC Limited Curzon Insurance Limited Harlequin Insurance PCC Limited The Delphic Insurance Company Limited Hauteville Insurance Company Limited Delta Insurance Limited HBOS Insurance (PCC) Guernsey Limited Derwent Insurance Limited Headrow Reinsurance Limited DLG Insurance Limited Heritage Insurance PCC Limited DMG Insurance Limited Heritage Motor Vehicle Insurance Limited Dove Insurance Company Limited Heron Insurance Company Limited Drummonds Insurance PCC Limited Highland Reinsurance Limited Eachairn Insurance Limited Hinton Insurance Limited Eakring Insurances Limited Hiscox Insurance Company (Guernsey) Limited Eastwood Insurance Company Limited HJM Insurance Company Limited Elecrent Insurance Limited Home Finance Guarantors (Insurance) Limited Electricity Producers Insurance Company Limited HSBC Insurance (Guernsey) Limited Environmental Insurance (Guernsey) Limited HSBC Insurance PCC Limited Euclidian Insurance PCC Limited HSBC Insurance SPC Limited, Guernsey Branch European Credit and Guarantee Insurance PCC Limited HSBC Republic Reinsurance (Guernsey) Limited European Life (Channel Islands) Limited Hugo Re Limited European Reinsurance (Guernsey) Limited Iberia Reinsurance PCC Limited Exel Insurance Limited Ibex Reinsurance Company Limited Fairfax Insurances Limited IM Insurance Company Limited Fairway Insurance Limited The Independents' Advantage Insurance Company Limited Fanum Reinsurance Limited Inno Cap Insurance PCC Limited Farmers Re Limited Inreska Limited Farringdon Insurance Company Limited Inter-European Insurance Company Limited Felcourt Insurance Company Limited International Insurance & Guarantee Company Limited Field Insurance Limited International Movers Mutual Insurance Company Limited Financial Insurance Guernsey PCC Limited Interserve Insurance Company Limited Finistere Life Assurance Company Limited IPR Insurance Company Limited First Century Insurance Limited Ispat International Insurance Company Limited The First Saxon Insurance Company Limited Jancap Insurance PCC Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 125 of 313 77 JCB Insurance Company Limited M.S. Insurance II L.P. JLC Insurance Company Limited Mutual Indemnity (Bermuda) Limited, Guernsey Branch JLP Insurance Limited National Express Guernsey Limited Jupiter Insurance Limited N B Insurance Guernsey Limited K2 Insurance Limited Network Rail Insurance Limited Kingsmill Insurance Company Limited Newport Re Limited Kirkstone Insurance Limited New World Insurance Company Limited Kopinsure Limited NGT Insurance Company (Guernsey) Limited Korin Insurance Limited Nightingale Insurance Limited La Coupe Insurance PCC Limited Nisshin Insurance Guernsey PCC Limited Laing O'Rourke Insurance Limited Nordben Life & Pension Insurance Company Limited Lawgram Insurance Limited Northern Foods Insurance Limited Le Meridien Insurance Company Limited Northern Rock Mortgage Indemnity Company Limited Leeside Services (Guernsey) Limited Northside Insurance Company Limited Les Minquiers Limited Norton Waverley Insurance PCC Limited Leumi Re Limited Norwich Union Life & Pensions Limited Lignin Insurance Company Limited Nova Insurance Limited Lincolnshire Insurance Company PCC Limited Oakdale Insurance Company Limited LINPAC Insurance Company Limited O.C.S. Insurance (Guernsey) Limited Lloyds TSB Bank Insurance Company Limited Octavian Insurance Company Limited Lochside Insurance Limited Old Mutual International (Guernsey) Limited Lombard International PCC Limited Old Mutual Life Assurance Company (South Africa) Limited, London Power Insurance Limited Guernsey Branch London Transport Insurance (Guernsey) Limited Onbeach Insurance Limited Lothbury Insurance Company Limited Onestop Insurance Limited M3 Capital Assurance PCC Limited Orchid Insurance Limited Mainstay Insurance Limited Ortac Aviation Syndicate Mainstay Limited Osiris Marine and General Insurance Company Limited Malcolm Insurance (Guernsey) Limited Parallel Insurance Services Limited Mallory Insurance Services PCC Limited The Patriot Insurance Company Limited Managed Risk Insurance PCC Limited Peninsula Insurance Limited Mannequin Insurance PCC Limited Penningtons Insurance Limited Manzillo Insurance (PCC) Limited Pentagram International Insurance Company Limited Marble Insurance Limited Peterborough Insurance PCC Limited Marconi Insurance Limited Peter Cox Insurance Company Limited Markfield Insurance Company Limited PHG Insurance Limited Maxfort Insurance Limited Pi Underwriting Limited MDDUS Insurance Limited Pilkington Insurance Limited MDU Insurance Limited Polygon Insurance Company Limited The Meadows Indemnity Company Limited Pontifact Insurance Services Limited Messenger Insurance PCC Limited Portland Insurance Company Limited Metso Captive Insurance Limited Porton Underwriting Limited MHACE Insurance Company Limited Portway Insurance PCC Limited Michaelangelo Insurance Limited Postcap Guernsey Limited Mid-Pacific Reinsurance Company Limited Premium Life International Limited Mill Stream Insurance Limited Premium Securities (Bermuda) SAC Limited, Guernsey Branch Minories Insurance Company Limited Princess Management and Insurance Limited Misys Group Insurance Limited Prospect Underwriting Limited Mithras Insurance Limited Protector Insurance Limited MITIE Reinsurance Company Limited Provident International Credit Guarantee Company Limited Momentum Group Limited, Guernsey Branch Provident Reinsurance Limited Momentum International Insurance PCC Limited Qinetiq Insurance PCC Limited Moorfields Insurance Company (Guernsey) Limited Queen Street Mutual Company PCC Limited Morse Insurance Company Limited Rank Insurance Limited Mountgrave Insurance Limited R B Insurance Limited M.S. Insurance Limited Reigndei Limited M.S. Insurance L.P. Remus Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 126 of 313 78 ANNUAL REPORT 2003 APPENDIX 5 CONTINUED Renishaw Finance and Insurance (Guernsey) Limited United Life & Health Insurance Company Limited RIL Insurance Limited Universal Insurances PCC Limited Risk Underwriting (Guernsey) Limited Viceroy Insurance Company Limited The Rock Company Limited Vodafone Insurance Company Limited Romulus Limited Voyager Insurance Company Limited Roughton Insurances Limited Vulcan Insurance PCC Limited Royal & Sun Alliance Life & Pensions Limited Weightman Vizards Insurance Limited Royal & Sun Alliance Linked Assurances Limited West House Insurance Limited Rutherford Indemnity Limited White Rock Insurance Company PCC Limited Rutland Insurance Limited White Rock Prefic Insurance PCC Limited Sabre Insurance Company Limited White Summit Insurance Limited Sandringham Insurance Limited Whitehall Insurance Company Limited Sarnia Insurance Company Limited Wingspan Insurance (Guernsey) Limited Saxon Insurance Company Limited Winston Insurance Company Limited Scanport Insurance Limited Woodcroft Insurance Company Limited Scarcroft Insurance Limited Woolworths Insurance (Guernsey) Limited SCMT Insurance Company Limited World Traveller Insurance Limited Scor Channel Limited WorldWide Insurance PCC Scout Insurance (Guernsey) Limited WPD Insurance Limited SDH Insurance Company Limited Wright Group Insurance Limited Selfridges Insurance (Guernsey) Limited W.S. Atkins Insurance (Guernsey) Limited Senator Insurance Limited Yealme Insurance Limited Serco Insurance Company Limited Yorksafe Insurance Company Limited Servicecover (Guernsey) Limited SG Life (Guernsey) Limited Shield Insurance Company (Guernsey) Limited Sixt Insurance Services PCC Limited S L Insurance Limited S.M. Insurance (Guernsey) Limited SM Re Limited Soteria Insurance Limited Southon Insurance Company Limited SPG Insurance Company Limited St James's Insurance Limited Stapleford Insurance Company Limited Sure-ha International Limited Talisman Guernsey Limited Tayside Reinsurance Limited TDG Insurance Limited The Temple Insurance PCC Limited Tempsford Insurance Company Limited Tepco Reinsurance Company PCC Limited Terrace Insurances Limited Terrace Insurances PCC Limited Tesco Insurance Limited Thame Insurance Company Limited Thomas Miller Insurance PCC Limited Thomson Travel Insurance Services Limited Thorn Insurance Company Limited TI Group Insurance Limited Topi Insurance Company Limited Topsail Insurance Company Limited Trans-European Insurance Limited Travel Managers Insurance Company Limited Unic Insurance Limited United Insurance Company PCC Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 127 of 313 ANNUAL REPORT 2003 79 APPENDIX 6 THE INSURANCE MANAGERS AND INSURANCE INTERMEDIARIES (BAILIWICK OF GUERNSEY) LAW, 2002 – LICENSEES Please refer to the Commission's website at www.gfsc.gg or contact the Canivet Webber Financial Services Limited Insurance Division for the up-to-date list of licensees. Capital Solutions Limited Channel Financial Services (Guernsey) Limited Insurance managers authorised at 31 December 2003 Channel Insurance Brokers Limited Cherry Godfrey Insurance Services Limited Unrestricted Clarity Financial Limited AIG Insurance Management Services (Guernsey) Limited Clegg Gifford & Co Limited trading as CG Arrow Alternative Risk Management Limited De Beauvoir (C.I.) Financial Consultants Limited AON Insurance Managers (Guernsey) Limited Doric Insurance Brokers Limited Assicurazioni Generali (Insurance Managers) Limited FirstCity Insurance Company Limited BWCI Insurance Management Limited Fort Financial Services Limited CIIC-Sogecore Insurance Managers Limited Goldridge Stone Limited Griffiths & Armour Captive Management Limited Guernsey Financial Consultants Limited Heath Lambert Insurance Management (Guernsey) Limited Heath Lambert Insurance Brokers (Guernsey) Limited HSBC Insurance Management (Guernsey) Limited Hepburns Insurance Limited IAS (Guernsey) Limited HSBC Bank International Limited Insurance Corporation Service Company Limited HSBC Bank plc Investec Bank (Channel Islands) Insurance Management Services Limited The Islands' Insurance Brokers Limited JLT Risk Solutions (Guernsey) Limited The Islands' Insurance Company Limited Le Marchant Underwriting Management Limited Kensington Wealth Management S.a.r.l Marsh Management Services Guernsey Limited Kraken Insurance Advisors Limited Normandie Risk Management Limited Lloyds TSB Bank (Guernsey) Limited Optimum Risk Research (Channel Islands) Limited Lloyds TSB Insurance Services Limited Polygon Management Limited Lloyds TSB Offshore Limited Prism Insurance Management Limited Marsh Financial Services (Guernsey) Limited Risk Management Limited Miller Insurance Services Limited Sartor Resources Limited NetworkDirect Limited Sinser (Guernsey) Limited Nova Financial Services Limited Thomas Miller Risk Management (Guernsey) Limited Oracle Financial Services (Guernsey) Limited Willis Management (Guernsey) Limited Pentagon Insurance Brokers Limited Principal Financial Limited R A Rossborough (Guernsey) Limited Restricted Rossborough Financial Planning Limited Anfré Underwriting Agency Limited, restricted to managing:- Rossborough Healthcare International Limited Heritage Insurance PCC Limited Ross-Gower Group Limited Channel Life Management Consultants Limited, restricted to managing:- The Royal Bank of Scotland International Limited Channel Life PCC Limited SG Hambros Bank & Trust (Guernsey) Limited Orion Insurance Management Limited, restricted to managing:- Sonecho Wealth Management Limited La Fraternelle Mutual Fire Insurance Society and the Ancient Order of SPS Wellbeing Limited Foresters Friendly Society St James Global Limited Ortac Underwriting Agency Limited, restricted to managing:- Tower Finance Limited Ortac Aviation Syndicate Trinity Court Agencies Portman Welbeck Limited, restricted to managing:- Woodlock Financial Services Prospect Underwriting Limited and Winston Insurance Company Limited Intermediaries registered at 31 December 2003 A.J.R. Brokers Alexander Forbes Channel Islands Limited Anthony K Falcon Limited Anthony Le Blanc & Partners Argus Insurance Brokers Limited Argyll Investment Services Limited Association of Guernsey Travel Agents Bank of Bermuda (Guernsey) Limited Birch Insurance Brokers Limited BSI (Channel Islands) Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 128 of 313 80 ANNUAL REPORT 2003 APPENDIX 7 THE PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987 – LICENSEES Please refer to the Commission's website at www.gfsc.gg or contact the Concord Misr Investments (Guernsey) Limited Investment Business Division for the up-to-date list of licensees. Consulta (Channel Islands) Limited Convivo Guernsey Limited Designated trustees/custodians at 31 December 2003 Copernicus Asset Management Limited Bank of Bermuda (Guernsey) Limited Credit Suisse Asset Management (Guernsey) Limited Bank of Butterfield International (Guernsey) Limited Cypresstree International Fund Management Company Limited Barings (Guernsey) Limited Dantrust Management (Guernsey) Limited Close International Custody Services Limited Delphi Asset Management (Guernsey) Limited Credit Suisse (Guernsey) Limited Elysian Investment Management Limited Credit Suisse Trustee Services Limited Equinox Finance Management (Guernsey) Limited HSBC Bank plc European Credit Management (Guernsey) Limited HSBC Republic Bank (Guernsey) Limited Fauchier General Partner Limited Kleinwort Benson (Guernsey) Limited FF & P Asset Management (Guernsey) Limited Kleinwort Benson (Guernsey) Trustees Limited FRM Investment Management Limited MeesPierson (C.I.) Limited FundInvest (Guernsey) Limited RBSI Trustee Services (Guernsey) Limited Genesis Fund Managers Limited Royal Bank of Canada (Channel Islands) Limited GL Fund Management (Guernsey) Limited State Street Trustees (Guernsey) Limited GYS Investment Management Limited Hanseatic Asset Management LBG Designated managers at 31 December 2003 Hermitage Capital Management Limited Anson Fund Managers Limited HRS Asset Management Limited AOS Fund Services Limited Intrinsic Asset Management (Guernsey) Limited Bachmann Fund Administration Limited ITM Fund Managers Limited BISYS Fund Services (Guernsey) Limited KIC Fund Managers (Guernsey) Limited Bordeaux Services Limited KME Fund Managers Limited Butterfield Fund Managers (Guernsey) Limited Landsbanki Capital International Limited Close Fund Services Limited L.C.F. Rothschild Asset Management (C.I.) Limited Credit Suisse Fund Administration Limited Liontrust International (Guernsey) Limited Guernsey International Fund Managers Limited Long-Invest Capital Limited HSBC Fund Administration (Guernsey) Limited M3 Capital Management (Guernsey) Limited HSBC Republic Management (Guernsey) Limited M & G (Guernsey) Limited IFS Investments Limited Merchbanc Management (Guernsey) Limited Insight Investment Management (CI) Limited Merrill Lynch International Capital Management (Guernsey) Limited International Administration (Guernsey) Limited MIO Partners (Guernsey) Limited Investec Asset Management Guernsey Limited Montier Asset Management Limited Kleinwort Benson (Guernsey) Fund Services Limited Morley Fund Management (Channel Islands) Limited Management International (Guernsey) Limited MSG & Partners (CI) Limited Man Fund Management (Guernsey) Limited NBAD Fund Managers (Guernsey) Limited Mourant Guernsey Limited Nemrod Management Limited Old Mutual Fund Managers (Guernsey) Limited Paragon Asset Management Limited Royal Bank of Canada Offshore Fund Managers Limited Partners Asset Management Limited Walbrook Fund Managers Limited Port Fund Managers (Guernsey) Limited Private Fund Managers (Guernsey) Limited Principal managers at 31 December 2003 PSG Fund Management (CI) Limited Absolute Return Investment Managers Limited Sarasin Funds Management (Guernsey) Limited Apollo Investment Management Limited Saudi American Fund Management (Guernsey) Limited Arab Bank Fund Managers (Guernsey) Limited Savoy Fund Managers (Guernsey) Limited Ashcourt Asset Management Guernsey Limited SC Invest Holding (Guernsey) Limited Ashmore Management Company Limited Schroder Investment Management (Guernsey) Limited Aval Fund Management (Guernsey) Limited Sigma Asset Management (Guernsey) Limited Bank Hofmann Fund Management (Guernsey) Limited Sogeval Management Limited Baring Asset Management (CI) Limited Stamford Asset Management Limited BGL Reads Fund Management Limited Strategic Management Limited Cardona Lloyd (Guernsey) Limited T.A.L. Asset Management (Guernsey) Limited Citadel Guernsey Limited Trident Investment Management (Guernsey) Limited Clariden Financial Products (Guernsey) Limited Unigestion (Guernsey) Limited Collins Stewart Fund Management Limited UTI International Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 129 of 313 81 Wafra International Investment Management Limited BCEE Advisers Limited Warwick Asset Management (Channel Islands) Limited BCEF (GP) Limited WestLB Guernsey Limited Berrington Fund Management Limited Beta Corporate Services Limited Licensed investment exchange at 31 December 2003 BFS Investments (Guernsey) Limited Channel Islands Stock Exchange, LBG BGL Reads Asset Management Limited BNP Paribas Asset Management U.K. Limited Other licensees at 31 December 2003 BNP Paribas Fauchier Partners Management Limited Abacus Financial Consulting Limited BPEP Management Limited Abacus Fund Managers (Guernsey) Limited Bracken Partners Investments Channel Islands Limited ABN AMRO Development Capital (Guernsey) Limited BrainHeart General Partner Limited Access Capital Partners (Guernsey) Limited Brewin Dolphin Securities Limited Adam & Company International Limited BS Investments Limited ADD Management Limited BS Investments 2 Limited ADD Partners (Guernsey) Limited BS Partners Limited Adelphi Management Limited BSI (Channel Islands) Limited AIB Holdings Limited Butterfield Management Services (Guernsey) Limited Alchemy Partners G.P. (Guernsey) L.P. Butterfield Trust (Guernsey) Limited Alchemy Partners (Guernsey) Limited Caldwell Associates Limited Alexander Forbes (C.I.) Limited Cannon Asset Management Limited Annington Management Services (Guernsey) Limited Capita IRG (CI) Limited Ansbacher (Channel Islands) Limited - Guernsey Branch Capita Trust Company (CI) Limited Ansbacher Investment Management (C.I.) Limited CapMan (Guernsey) Limited Anson Custody Limited Carey Olsen Administration Support Services Limited Anson Registrars Limited Carey Olsen Trust Company Limited Apax Europe IV GP Co. Limited Castalia Partners Limited Apax Europe V GP Co. Limited Castle Management (Guernsey) Limited A.P. Financial Investment Services Limited CBI Finance Limited Argyll Investment Services Limited CEP Investment Administration Limited Ascari Financial Services Limited Channel Financial Services (Guernsey) Limited Asset Risk Consultants Limited Channel Islands Fund Services Limited Atlantis Fund Management (Guernsey) Limited CIE Management II Limited AUB General Partner (Guernsey) Limited CIS Unit Managers Limited Aviva Funds International Limited Citadel International Wealthcare Limited Baden-Württembergische Bank AG Clariden Bank (Guernsey) Limited Balchan Management Limited Clariden Trust (Guernsey) Limited Banca Monte dei Paschi (Channel Islands) Limited Close Asset Management Guernsey Limited Banco Santander Central Hispano (Guernsey) Limited Close Asset Management Jersey Limited – Guernsey Branch Bank Julius Baer & Co Ltd - Guernsey Branch Close Bank Guernsey Limited Bank of Cyprus (Channel Islands) Limited CLSA Guernsey Limited Bank of Montreal Trust Company (C.I.) Limited Coller Investment Management Limited Bank Sarasin (C.I.) Limited Collins Stewart Asset Management Limited Barclays Bank PLC Collins Stewart (CI) Limited Barclays Global Investors Guernsey Limited Colocar International Limited Barclays Private Bank & Trust Limited Comgest Asset Management Limited Barclays Private Clients International Limited Coutts (Guernsey) Limited Baring Asia Fund Managers II Limited CQS International Limited Baring Asia (GP) Limited Credit Suisse First Boston Guernsey Branch Baring European Fund Managers Limited Credit Suisse Guernsey Branch Baring Latin America Fund Managers Limited Credit Suisse International Services Limited Baring Latin America General Partner Limited CSFB IGP Guernsey Branch Baring Latin America Partners Limited CSFB LP Holding Guernsey Branch Baring Mexico (GP) Limited Cygnus Venture Partners (Guernsey) Limited Baring Vostok Capital Partners Limited D.A.H. Hambros Bank (Channel Islands) Limited Baring Vostok Fund Managers Limited Dalton Capital (Guernsey) Limited Barton Management Limited Dawnay Day Milroy Limited BCEA Advisers Limited De Putron Fund Management (Guernsey) Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 130 of 313 82 ANNUAL REPORT 2003 APPENDIX 7 CONTINUED Deloitte & Touche Private Client Advisors International Limited Heritage Fund Managers Limited Deutsche Bank International Limited Heritage Trust Limited Deutsche Bank Investments (Guernsey) Limited HFT (Guernsey) Limited Dexion Capital (Guernsey) Limited HL General Partner V Limited DFD Capital Limited HLSP Investment Management II Limited Dixcart Trust Corporation Limited HLSP Investment Management III Limited Duke Street Capital Services Limited HSBC Bank International Limited DWS Investment Funds Limited HSBC Investment Management (International) Limited EarlyBirdCapital Management Limited HSBC Republic Trust Company (Guernsey) Limited EEP Managers Limited Indosuez Administration Services Limited EFG Private Bank (Channel Islands) Limited Industrial Development & Investment Limited EFG Private Bank S.A. (Guernsey Branch) ING Real Estate (Guernsey) Limited Electra European Fund (GP) Limited ING RPFI Management Limited Emerald Management Limited ING UK Property Income (General Partner) Limited Endeavour G.P. (Guernsey) Limited ING UK RF Management Limited EQT Mezzanine Limited INNKAP 3 General Partner Limited EQT Northern Europe Limited International Asset Monitor Limited EQT Scandinavia Limited International Fund Services (Guernsey) Limited ESD Management III Limited International Private Equity Services Limited ESD Managers Limited Investec Asset Management Channel Islands Limited EuroSmallCaps Management Services Limited Investec Bank (Channel Islands) Limited E-Vestment Capital (Guernsey) Limited Investec Trust Guernsey Limited Excel Capital Partners III General Partner Limited Investment Consultants and Brokers Limited Excel Capital Partners IV General Partner Limited Investment Fund Services Limited Executive Wealth Management Limited Investor Capital Management Asia Limited Exeter Investments (Guernsey) Limited I.P. Real Estate Asset Management (Guernsey) Limited Fairway Fund Management (Guernsey) Limited JNR Limited Fauchier Partners Asset Management Limited Julius Baer Trust Company (Channel Islands) Limited Federal Trust Company Limited Jupiter Trustees Limited Finch Management and Marketing Limited KAPPA IT Ventures (GP) Limited First Arrow Global Fund Trustees Limited KAPPA IT Ventures Second (GP) Limited First Arrow Managed Fund Trustees Limited KAPPA IT Ventures Special LP Limited The First Cambridge Gateway General Partner Limited KBEMF II (Guernsey) Limited Folio Investments Limited Kennet II GP Limited Foord Asset Management (Guernsey) Limited Kensington Wealth Management SARL Franklin Templeton Investment Management Limited Kleinwort Benson (Channel Islands) Investment Management Limited FRM International Limited Kleinwort Benson (Channel Islands) Limited, Guernsey Branch FRM Investment Management (Americas) Limited Kraken Financial Group Limited Frontiers Capital General Partner Limited LAF Sponsor Limited GCI Partners Limited L.C.F. Rothschild (C.I.) Limited GCI II Partners Limited Legis Corporate Services Limited Generali Portfolio Management Limited Legis International Fund Management Limited Genesis Asset Managers Limited Leopold Joseph & Sons (Guernsey) Limited GEP Fund Managers Limited Lloyds TSB Bank (Guernsey) Limited Gerrard International Limited Lloyds TSB Offshore Limitd G K B (General Partner) Limited Lloyds TSB Offshore Private Banking (Guernsey) Limited Global Growth Fund Co-Manager Limited Longview Partners (Guernsey) Limited Global Life Science Ventures (GP) Limited Louvre Asset Management Limited GLS (GP) Limited Louvre Fiduciary Group Limited GLSV Special Partner Limited Manor Park (Guernsey) Limited Go Equity General Partner Limited Marsh Financial Services (Guernsey) Limited GPL Limited Marsh Management Services Guernsey Limited Greenpark Capital Investment Management Limited Merban Equity Guernsey Branch Greenpark International General Partner I Limited Mercator Investment Management Limited HCF Guernsey Limited Merlin Group Securities Limited Helix Management Limited Merrill Lynch Investment Managers (Channel Islands) Limited Heritage Fiduciaries Limited M.G. Financial Investment Services Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 131 of 313 83 Millennium Asset Management Limited Saffery Champness Management International Limited Milroy & Associates Limited SAM Equity Partners Limited Minerva Fund Management (Guernsey) Limited SanPaolo IMI Capital Partners Limited Montrose Asset Management Limited Sapphire Managers (Europe) Limited Morgan Stanley Investment Management Limited ScanEast Managing Partner Limited MSS Fund Management Limited Schroders (C.I.) Limited MUST 4 General Partner (Guernsey) Limited Schroder Administrative Services (C.I.) Limited National Bank of Greece – Guernsey Branch Schroder Venture Managers (Guernsey) Limited Newton International Investment Management Limited Select Industries Management Company Limited Newton Investment Management (Guernsey) Limited Seymour Pierce Modus IBI Limited Nexit Infocom 2000 Limited SGH V (GP) Limited Next Century Partners Limited SG Hambros Bank & Trust (Guernsey) Limited Next Century Partners-e Limited SG Hambros Trust Company (Guernsey) Limited NM Rothschild & Sons (C.I.) Limited Shamrock GP Limited Nordic Equity Management Limited Sierra GP Limited Nordic Mezzanine GP Limited Sixela Investments Limited Nordic Mezzanine GP II Limited The Slovenian Fund Management Company (Guernsey) Limited Nordic Venture Managers Limited Sonecho Wealth Management Limited Nordic Venture Partners Limited Special Situations Venture (GP) Limited Nova Financial Services Limited Special Situations Venture Managers (MLP) Limited Optimal Fund Management Limited Standard Chartered Grindlays Management Company (Guernsey) Limited Orbis Management Limited Stenham Gestinor Asset Management Inc. PAI Europe III General Partner Limited Stenham Gestinor Trustees Limited Pantheon Ventures (Guernsey) Limited Suala Capital Fund Limited Parkway Administration (Guernsey) Limited Techtics Capital Management Limited Partners Group (Guernsey) Limited Terra Firma Investments (GP) Limited Partners Group Management Limited Terra Firma Investments (GP) 2 Limited Partners Private Equity Management Limited Thesis Asset Management International Limited PCI III GP Limited Thornhill Guernsey Limited Pearl Management Limited Threadneedle Portfolio Services Limited Pentagon Insurance Brokers Limited Transmanagement Limited Permira Europe II Managers L.P. Trident Trust Company (Guernsey) Limited Permira Europe III G.P. Limited Trust Management (Alderney) Limited PESD Management Limited Turk Ventures Advisory Limited Phoenix International Limited Turk Venture Partners Limited Polytechnos (GP) Limited UBK Buyout Investments (Guernsey) Limited Polytechnos (GP) II Limited The UBK European Property Company Limited Praxis Asset Management Limited Voltaire Distribution Limited Princess Management and Insurance Limited Westbury Fund Management Limited Private Equity Fund Managers Limited Wilfred T. Fry (C.I.) Limited Prospect Asset Management (Channel Islands) Limited Zenith Secretarial Services Limited PSG Asset Management (CI) Limited Quilter & Co Limited R & H Fund Services (Guernsey) Limited Rasmala Investments (Guernsey) Limited Rawlinson & Hunter Limited RBSI Custody Bank Limited Rossborough Financial Planning Limited Rothschild Bank Switzerland (C.I.) Limited Rothschild Corporate Fiduciary Services Limited Rothschild Private Management (C.I.) Limited Rothschild Ventures (Guernsey) Limited Royal Bank of Canada Investment Management (Guernsey) Limited Royal Bank of Scotland International Limited Royal London Asset Management C.I. Limited Royal London Custody Services C.I. Limited Ruffer (Channel Islands) Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 132 of 313 84 ANNUAL REPORT 2003 APPENDIX 8 THE PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987 – COLLECTIVE INVESTMENT SCHEMES Please refer to the Commission's website at www.gfsc.gg or contact the Class B schemes Investment Business Division for the up-to-date list of authorised schemes. AB Alternative Strategies Fund PCC Limited AB International Fund Limited Authorised open-ended collective investment schemes at Absolute Alpha Fund PCC Limited 31 December 2003 Absolute Alpha Leaders Fund Accorn Global Fund Class A schemes Acumen Guaranteed Fund PCC Limited Elite Personal Portfolio Service Admiral Fund of Funds Limited Insight Investment Currency Fund Limited AHL Global Investments Limited Insight Investment International Bond Funds Limited The American Stafford Fund Insight Investment International Reserves Limited Anglo Norman Investment Fund PCC Limited Investec Global Strategy Fund Limited Apollo Californian Fund Limited Investec International Accumulation Fund Limited Apollo European Fund Limited The Old Mutual International Portfolio Apollo Global Fund Limited Royal Bank of Canada Global Funds Apollo Hedge Fund Limited Royal Bank of Canada International Currencies Fund Limited Apollo Japan Fund Limited Sarasin CI EquiSar Dollar Global Thematic Fund Apollo Tiger Fund Limited Sarasin (CI) EquiSar Sterling Global Thematic Fund ARIS Fund PCC Limited Sarasin (CI) GlobalSar Dollar Balanced Fund Ashcourt Select Portfolio Limited Sarasin (CI) GlobalSar Sterling Balanced Fund Ashcourt Sterling Bond Fund Limited Sarasin CI Income Portfolio Ashmore Emerging Markets Liquid Investment Portfolio Schroder India Fund Ashmore Global Special Situations Fund Limited Schroder Offshore Cash Fund Ashmore Local Currency Debt Portfolio Schroder Taiwan Fund Ashmore Russian Debt Portfolio Ashmore Russian Equity Fund The Collective Investment Schemes (Class A) Rules 2002, as amended, Asset Holder PCC Limited and the Collective Investment Schemes (Compensation of Investors) Rules Asset Holder PCC No. 2 Limited 1998, as amended, apply to the above. Aval Funds Bank Hofmann – Dollarrent Bank Hofmann – Eurorent Bank Hofmann – Swissrent Bank Hofmann Alternative Funds Bank Hofmann Alternative Strategies Bank Hofmann Bond Funds Bank Hofmann Stock Funds Belvedere Fund Limited CAM Global Selection Limited Capricorn Fund PCC Limited Cardinal Fund of Funds Limited Cardona Lloyd Hedge Portfolio Limited Central and Eastern European Fund Limited CIBC Private Clients Fund Limited Clariden Global Investments Limited Clariden International Investments PCC Limited Clariden Investments Limited Collins Stewart No II Fund PCC Limited Collins Stewart No III Fund PCC Limited The Collins Stewart PCC Limited Compass Offshore Hedging Strategies PCC Limited Compass Offshore Special Situations PCC Limited Consulta Alternative Strategy Fund Limited Consulta Canadian Energy Fund Limited Consulta Capital Limited Consulta Emerging Markets Debt Fund Limited Consulta High Yield Fund Limited Consulta Technology Fund Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 133 of 313 85 Convivo PCC Limited Long-Invest Fund PCC Limited Credit Suisse Asset Management Global Performance Funds M & G Offshore British Opportunities Fund Cypresstree International Fund PCC Limited M & G Offshore Corporate Bond Fund Limited Dantrust II Limited M & G Offshore European Smaller Companies Fund The Dejima Fund Limited M & G Offshore Global Leaders Fund Delphi Global Limited M & G Offshore Global Technology Fund Early Stage Defensive Hedge Fund Limited M & G Offshore High Yield Corporate Bond Fund Limited Early Stage Defensive Hedge Fund PCC Limited M & G Offshore UK Growth Fund The Egyptian Growth Investment Company Limited M3 Capital Mutual Fund PCC Limited Elysian Fund Limited Man Alternative Strategy Investments Limited The European Growth Fund Limited Man-Vector Global Investments Limited The Euro Spain Fund Limited Merchbanc International Funds FF & P Alternative Strategy Income PCC Limited Merrill Lynch Series Trust known as "The India Fund" Financial Risk Management Diana Fund Monument Growth Fund Fitzwilliam Active Management PCC Limited Multi-Manager Investment Programmes PCC Limited Fitzwilliam International PCC Limited NBAD Global Growth Fund PCC Limited Foord Asset Management International Trust Nemrod Euro Limited FRM Absolute Return Fund Nemrod Leveraged Holdings Limited FRM Access Fund PCC Limited Nippon Growth Fund Limited Genesis Condor Fund Limited Offshore Portfolios PCC Limited GL Funds Old Mutual Fund Managers (Guernsey) PCC Limited GL Target Funds Optimal Tracker Fund PCC Limited Gulf Overseas Investment Fund Limited Paragon Capital Appreciation Fund Limited Hansa Fund PCC Limited Partners Group Alternative Strategies PCC Limited Hemisphere Defensive HF PCC Limited Polygon Capital Limited Hemisphere Defensive HF (USD) Limited The Professional Investor Fund PCC Limited Hemisphere Equity Fund (EUR) Limited Prospero Currency Fund Limited Hemisphere Equity Fund (USD) Limited Prudential World Value Fund Hemisphere Equity PCC Limited PSG Global Portfolio The Hermitage Fund PSG International Portfolio Fund HMF Funds Raintree Global Fund Limited Horizon Fund Royal Bank of Canada ARC Fund Limited HRS Diversified Fund PCC Limited Russian Opportunities Fund Limited HRS Holdings Limited SAM Arbitrage Holdings PCC Limited HSBC ISPartners Diversified Fund SAM Credit Holdings PCC Limited HSBC Republic Alternative Investments Portfolio SAM Diversified Holdings PCC Limited HSBC Republic Alternative Portfolio SAM Trading Holdings PCC Limited HSBC Republic Portfolio Selection Fund Saudi Arabia Investment Fund Limited HSBC Republic Strategies Fund Savoy Global & Balanced Fund HSBC Republic Uni-Folio SC Trading Invest Limited The India I.T. Fund Limited Schroder Eastern European Fund Insight Investment Global Opportunities Funds Schroder Emerging Markets Fund Insight Investment International Funds Limited Schroder Institutional Developing Markets Fund Insight Investment International Investment Funds The Schroder Latin American Fund Limited Insight Investment International Managed Portfolio SCNTF II Limited Insight Investment International Portfolio Select Global Strategies Limited The International Mutual Fund PCC Limited Sogeval Fund Limited Investec International Money Market Fund Limited Speer Capital Preservation Fund Investec Premier Funds PCC Limited The Stafford Global Equity Fund Investec Professional Investment Funds PCC Limited Stellar Funds PCC Limited The ITM Selection Fund Strategic Evarich Japan Fund Limited Jaivco Strategic Investment Fund Limited KIC Global Strategy Fund Limited Strategic Multi Hedge Fund Limited KMEFIC World Real Estate Liquidity Fund Strategic US Opportunities Fund Limited The Korea-Europe Fund Limited Supreme Growth Fund Latin America Capital Partners Limited Swiss Capital Non-Traditional Funds PCC Limited Liontrust Guernsey Fund Limited Taurus Emerging Fund Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 134 of 313 86 ANNUAL REPORT 2003 APPENDIX 8 CONTINUED The Thai-Euro Fund Class Q schemes Total Return Fund PCC Limited The Cambridge Absolute Return Limited Partnership Trans Value Fund Limited CSAM UK Property Unit Trust Wafra Global Fund Limited Elven Investments Limited Wafra Small Cap Fund Limited European Credit Fund Walbrook PCC No. 1 Limited Morley Alternative Investment Strategy Fund PCC Limited Waxwing International Limited NIF Holdings Fund PCC Limited Westbourne Growth Fund PCC Limited Oxford Fauchier Limited Partnership Westbury Commercial Property Fund Limited Special Investments PCC Limited Wilen Trust WIN Alternative Investments Fund Winterthur/Sarasin EPP Equisar Dollar Fund Winterthur Short Term Reserve Funds Winterthur/Sarasin EPP Globalsar Dollar Fund The Collective Investment Schemes (Qualifying Professional Investor The Collective Investment Schemes (Class B) Rules 1990 apply to the Funds) (Class Q) Rules 1998 apply to the above. above. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 135 of 313 ANNUAL REPORT 2003 87 APPENDIX 9 BALANCE SHEETS FOR THE BANKING SECTORS IN THE CROWN DEPENDENCIES 1999 TO 2003 Liabilities 1999 2001 2003 £mns £mns £mns Deposit liabilities Banks/building societies registered in United Kingdom 3578 3372 3666 Channel Islands/Isle of Man 17193 19495 20103 Financial corporations registered in United Kingdom 4050 2964 2576 Channel Islands/Isle of Man 10948 13574 13277 Non-financial corporations registered in United Kingdom 4354 5089 4061 Channel Islands/Isle of Man 8873 9012 9300 Public sector registered in United Kingdom 441 8 1 Channel Islands/Isle of Man 388 425 369 Households and individual trusts registered in United Kingdom 21151 24144 26111 Channel Islands/Isle of Man 13293 16486 16709 Banks Rest of world 36579 20874 68263 Other Rest of world 68972 115217 79407 Total deposit liabilities 189820 230660 243843 Certificates of deposit issued 11256 1745 33622 Other liabilities 16787 39807 20616 Total liabilities 217863 272212 298081 Assets Loans, advances and market loans Banks/building societies registered in United Kingdom 88450 108701 106844 Channel Islands/Isle of Man 15942 13872 19480 Financial corporations registered in United Kingdom 2121 989 606 Channel Islands/Isle of Man 1046 1769 2029 Non-financial corporations registered in United Kingdom 1227 1132 1239 Channel Islands/Isle of Man 1524 1567 1923 Public sector registered in United Kingdom 44 1 6 Channel Islands/Isle of Man 26 67 61 Households and individual trusts registered in United Kingdom 1212 1427 1889 Channel Islands/Isle of Man 2402 3219 4720 Banks Rest of world 58733 80842 85381 Other Rest of world 7747 8822 8867 Certificates of deposit and other short-term paper issued/accepted by UK, Guernsey, Jersey or Isle of Man banks and building societies 9307 8107 7645 Investments and securities 14190 27440 37911 of which United Kingdom 1381 2859 2434 Rest of world 12809 24581 35477 Other assets 13892 14257 19480 Total assets 217863 272212 298081 Sources: Bank of England, Guernsey Financial Services Commission, Isle of Man Treasury and Jersey Financial Services Commission. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 136 of 313 88 ANNUAL REPORT 2003 APPENDIX 10 INTERNATIONAL REGULATORY AND SUPERVISORY BODIES Banking The Director of Fiduciary Services and Enforcement is a member of the international working group established under the auspices of the The Basel Committee on Banking Supervision OGBS to set international standards for the regulation of trust and The Basel Committee on Banking Supervision is a committee of corporate service providers. banking supervisory authorities which was established by the central bank Governors of the Group of Ten countries in 1975. It consists of Insurance senior representatives of the banking supervisory authorities and central banks of Belgium, Canada, France, Germany, Italy, Japan, The International Association of Insurance Fraud Luxembourg, the Netherlands, Sweden, Switzerland, the United Agencies Kingdom and the United States of America. Its current chairman is Mr Guernsey is a member of the International Association of Insurance Jaime Caruana, Governor of the Bank of Spain. The Basel Committee Fraud Agencies ("IAIFA"). The IAIFA was formed in 1986 by the usually meets at the Bank for International Settlements in Basel, where directors of insurance fraud agencies from the United States of America its permanent Secretariat is located. and Canada. The Basel Committee is responsible for issuing guidelines on standards The IAIFA aims to coordinate the efforts, training and education of law which the international community expects from banks and bank enforcement agencies, government bodies and the insurance industry to supervisors. The best known of these were probably the Basel prevent and combat insurance fraud worldwide more effectively. By Concordat in 1983 and the Basel Capital Accord of 1988. The working with regulators, law enforcement agencies and companies, the Concordat set out demarcation lines for supervisors while the Capital IAIFA attempts to break down jurisdictional barriers. The association is Accord established how supervisors should measure the amount of also active in encouraging other enforcement agencies to share capital needed to support a bank's risk. The Capital Accord introduced information to the mutual benefit of all who are involved in assuring a the concept of a minimum risk asset ratio of 8%. More recently, the high level of integrity throughout the insurance industry. Basel Committee has introduced Twenty-Five Core Principles of Effective Banking Supervision and an underlying methodology. It is in The International Association of Insurance Supervisors the course of producing a revised Capital Accord and has already The International Association of Insurance Supervisors ("IAIS") was issued substantial consultation papers. formed in 1993 and comprises international regulatory officials representing over 100 countries. It is led by an Executive Committee The Basel Committee's work is much more extensive than this brief list and supported by a full-time Secretary General located at the Bank for might indicate. It has produced papers on a wide variety of subjects International Settlements in Basel, Switzerland. and has contributed substantially to the improving of international standards of banking supervision. There are several committees within the IAIS:- Executive, Technical, Emerging Markets and Budget. There are also several subcommittees A complete list of publications is available on the website for the Bank that report to the Technical Committee and/or the Emerging Markets of International Settlements under Basel Committee, Publications. The Committee in connection with:- accounting; investments; reinsurance; website address is www.bis.org. solvency; insurance laws, regulations, practices and standards; supervision of financial conglomerates; insurance fraud; and The Offshore Group of Banking Supervisors education. The Executive Committee consists of supervisors from The Offshore Group of Banking Supervisors ("OGBS") was established Mexico (Chairman), the United States of America (Vice-Chairman), in 1980 as a forum for supervisory cooperation between the banking Australia, Canada, Chile, Guernsey, India, Japan, Jordan, supervisors in offshore financial centres. Current members of the Group Luxembourg, Norway, Poland, Singapore, South Africa and Spain. are:- Aruba, Bahamas, Bahrain, Barbados, Bermuda, Cayman Islands, There are also Task Forces on Enhancing Transparency and Disclosure Cyprus, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey, Labuan, in the Reinsurance Sector and on Assessment and Implementation of Macau, Mauritius, the Netherlands Antilles, Panama, Singapore Insurance Core Principles. and Vanuatu. Under the IAIS by-laws, supervisors resolve to:- The group meets annually. In years when the International Conference of Banking Supervisors is held, it meets at that conference's venue; in (a) cooperate to ensure improved supervision of the insurance industry other years it meets at a location in one of the jurisdictions represented on a domestic as well as an international level, in order to maintain in the group. efficient, fair, safe and stable insurance markets for the benefit and protection of policyholders; and Guernsey was a founding member of the OGBS. It is a useful forum where offshore centres can make their views known and compare (b) unite their efforts to develop practical standards that members may experience with similar financial centres. It also enables concerns to be choose to apply. passed to the Basel Committee. An example of this in practice is the working group made up of Basel Committee and OGBS members, The IAIS Twenty-Eight Insurance Core Principles and Methodology are which has produced papers on the supervision of cross-border banking the standards which Guernsey and all reputable regulatory bodies are and on customer due diligence requirements for banks. The Director of seeking to apply. Banking is a member of this joint working group. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 137 of 313 89 The Offshore Group of Insurance Supervisors The Offshore Group of Insurance Supervisors ("OGIS") was formed in The ECG holds annual meetings, chaired and organised by the host 1993. Currently there are 14 members and five observers. Its main regulatory authority. These annual meetings include discussions on objectives are:- current regulatory topics, international regulatory cooperation and recent developments in regulation in the member countries. During the (a) to provide mechanisms and fora whereby insurance supervisors from year, members maintain contact on regulatory matters such as the jurisdictions concerned with cross-border insurance business may exchange of information. discuss areas of mutual interest and concern and formulate appropriate policies; The ECG's annual meeting in 2003 was hosted by the Comisión Nacional Bancaria y de Valores in Mexico City. The 2004 annual (b) to provide assistance and encouragement to appropriate non-member meeting will be in Rome, hosted by Banca d'Italia. jurisdictions to establish regimes for the supervision of cross-border. insurance business at least to standards equivalent to those of OGIS; International Organization of Securities Commissions The International Organization of Securities Commissions ("IOSCO") (c) to represent the interests of OGIS at international insurance fora; and is an association of securities regulatory organisations which was created in 1983 and now comprises more than 170 members. The (d) generally, to promote the proper supervision of cross-border Commission was originally admitted as an Associate Member in 1991 insurance business. and became a Full Member in 1997. The membership criteria of OGIS are:- IOSCO now embraces almost all the world's securities and derivatives regulatory bodies and plays an increasingly important rôle in assisting (a) agreement with the objects of OGIS concerned with cross-border members to achieve and maintain high regulatory standards in the insurance business; interests of investors and the prevention of crime. (b) having legislation in place:- The main objectives of IOSCO's members are:- (i) which enables the regulatory authority to supervise insurance (a) to cooperate together to promote high standards of regulation in business adequately; and order to maintain just, efficient and sound markets; (ii) which permits the exchange of information with other regulatory (b) to exchange information on their respective experiences in order to authorities for the purposes of the prudential regulation of promote the development of domestic markets; insurance business; (c) to unite their efforts to establish standards and an effective (c) effective enforcement of its insurance legislation and other relevant surveillance of international securities transactions; and legislation; (d) to provide mutual assistance to promote the integrity of the markets (d) adequate resources (including properly qualified supervisory by a rigorous application of the standards and by effective personnel) to regulate its cross-border insurance business effectively; enforcement against offences. and IOSCO works with several other major international fora, such as the (e) a clear commitment to the implementation of the anti-money G7 Financial Stability Forum, the Basel Committee on Banking laundering recommendations of the Financial Action Task Force on Supervision and the IAIS, to ensure, in particular, close coordination Money Laundering. with banking and insurance regulators. The work of IOSCO is directed by an Executive Committee supported by a permanent Secretariat. In Investment turn, the Executive Committee has established two specialised working committees, the Technical Committee and the Emerging Markets Enlarged Contact Group on the Supervision of Collective Committee, to address the following functional areas:- Investment Funds The Enlarged Contact Group on the Supervision of Collective Investment (a) disclosure and accounting; Funds ("ECG") is an informal group of collective investment fund regulators established in 1970. (b) regulation of secondary markets; Membership was originally restricted to the regulatory authorities of the (c) regulation of market intermediaries; European Union Member States, but has now widened significantly to include, in addition to the 15 European Union Member States, Guernsey (d) enforcement and the exchange of information; and and the other Crown Dependencies, Brazil, Canada, Hong Kong, Japan, Mexico, Norway, Switzerland, South Africa and the United (e) investment management. States of America. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 138 of 313 90 ANNUAL REPORT 2003 APPENDIX 10 CONTINUED There are also four Regional Standing Committees (Africa/Middle East, Asia-Pacific, European and Inter-American) which meet to discuss specific regional problems or considerations and a self-regulatory organisation consultative committee for self-regulatory organisations which are Affiliate Members of IOSCO. The Commission is a member of the European Committee. All Full and Associate Members comprise the Presidents' Committee, which meets during the IOSCO annual conference and has all the powers necessary or convenient to achieve the purposes of IOSCO. Economic crime The Financial Action Task Force on Money Laundering The Financial Action Task Force on Money Laundering ("FATF") is an inter-governmental body whose purpose is the development and promotion of policies to combat money laundering – the processing of criminal proceeds in order to disguise their illegal origin. These policies aim to prevent such proceeds from being utilised in future criminal activities and from affecting legitimate economic activities. FATF currently consists of 31 countries and two international organisations. The 31 FATF member countries and governments are:- Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Portugal, the Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States of America. The two international organisations are the European Commission and the Gulf Co-operation Council. The OGBS is one of several bodies which is affiliated to FATF. FATF originally drew up Recommendations in 1990. Since then, the Forty Recommendations have been revised twice, in 1996 and 2003, to ensure that they remain up-to-date and relevant to the evolving threat of money laundering. From time to time, the Forty Recommendations are extended by the issue of interpretative notes. The Forty Recommendations set out a basic framework for anti-money laundering efforts and they are designed to be of universal application. They cover the criminal justice system and law enforcement, the financial system and its regulation, and international cooperation. In early 2000 FATF issued Twenty-Five Criteria for Defining Non- cooperative Countries or Territories. These criteria are designed to ensure that international cooperation in the fight against money laundering is not impeded by detrimental rules and practices of financial centres. In addition, in the autumn of 2001 FATF issued Eight Special Recommendations on Terrorist Financing. When combined with the revised Forty Recommendations, the Special Recommendations set out the basic framework to detect, prevent and suppress the financing of terrorism and terrorist acts. 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 139 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 140 of 313 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 141 of 313 Exhibit 10 • • 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 142 of 313 Certificate of Change of Name of a Company No. .. .1.4.1.69................. 3J {Jerthp ((ertifp that .. ...... .. .... ... ....... .... .... .tl.~~~... R~P.~.~~J~ ...~~.N.~... rnV~R~~.~Jl ... ~Jt~UJJQ..... .................................... .. having. with the sanction of a Special Resolution o f the said Company, and with the approval of the Royal Court of the Island of Guernsey, changed its name, is now called ............... .... ... ..... ... .. J§.~~...P.r.t~~t.~...~~.'l~... {G.1:1.~r.D.~~Y..L P.~J.t~~L ....................................... . (with effect from 1st January» 2004) and that such new name was entered on th e Register of Companie~ in the said Island on the ........... l~t"-1.................................. day of .... ......... P~.~~m~~.!..L. ................................... 20.03.. . Greffe, Guernsey, this ............ J9tlL ............................. day of .......... ~ .C~mbe.r-9 .......................... 20 Q3.. . H E RAL D 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 143 of 313 Exhibit 11 • • • • 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 144 of 313 Certificate of Change of Name of a Company No. .14169................ .. 3J }Jrrehp ~ertifp HSBC Private Bank (Guernsey) Limited that ............................................................................. · ..... · ········ ...... ................................. .............. ... .... . having, \.\-ith the sanction of a Special Resolution of the said Company, and with the approval of the Royal Court of the Island of Guernsey, changed its name, is now HSBC Private Bank (C.I.) Limited called .......................... . .... .................... .. .............................................................................................. ..... ..... .. and that such new name was entered on the Register of Companies in the said 31st Island on the .....................................................day of ................................................ .................... ... 20 ...... .. May 08 31st May 08 Greffe, Guernsey, this ..................................................... day of .......................................... ............. 20 ...... . /c?.i -~ - • • ' • • • o o •~ I oo • o • • • • ' • • • o o o o o o • •' • • o o o o o • o • • •' o O • • • • • • • o o o o o o o o • • • o o o o o o • o o • o o o •' • o o He Majesty '.s Deputy Greffier HERALD 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 145 of 313 Exhibit 12 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 146 of 313 GUERNSEY FINANCiAi. s1a.-nv1c~E$ crir,.i.MissioN THE BANKING SUPERVISION (BAILIV'1ICK OF GUERNSEY) LAW, 1994 I hereby certify that HSBC PRIVATE BANK (C.I.) LIMITED is licensed under section 6 of the Law to carry on a deposit-taking business and that the licence is valid for the Island of Guernsey. Director of Banking Guernsey Financial Services Commission 3 June 2008 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 147 of 313 Exhibit 13 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 148 of 313 Regulated Entities Home › The Commission › Regulated Entities › Republic Nominees Limited Republic Nominees Limited GFSC Reference 67885 No longer regulated by FIDUCIARY - JOINT LICENSEE The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 Republic Nominees Limited had their licence surrendered on 9th June 2017. Lead Licensee HSBC Trustee (Guernsey) Limited 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 149 of 313 Exhibit 14 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas ~ J. Moloney Pg 150 of 313:;: .;;,,,dJ) -:;,,t' Guernsey Financial Services Commission Rosemary Stevens Deputy Director of Banking and Mr D Stoddart Insurance Division Chief Operating Officer HSBC Private Bank (C.I.) Limited Arnold House St Julian's Avenue St Peter Port GYl 3NF 23 December 2019 Our Ref: HSP/RS/KPB Please use our reference on all correspondence Dear David The Banking Supervision (Bailiwick of Guernsey) Law, 1994 ("the Law") HSBC Private Bank (C.I.) Limited Thank you for your response on 19 December 2019 to the Commission' s letter of the same date, confirming your acceptance of the proposed conditions. The Commission can therefore confirm the surrender of HSBC Private Bank (C.I.) Limited' s banking licence with effect from 23 December 2019. The Commission will place a notice to this effect in La Gazette Officielle of the Guernsey Press, and will also write to the Board of the Guernsey Banking Deposit Compensation Scheme, confirming the surrender of the banking licence. I should be grateful if you would arrange for the original banking licence certificate to be returned to the Commission for cancellation of the physical licence. Yours sincerely G uernsey Financial Services Commission Glategny Court, Glat egny Esplanade, St Peter Port, Guernsey, GY1 3HQ Tel +44 (0)1 481 712706 • Fa x +44 (0)1481 726952 • Email info@gfsc.gg • www.3fsc .33 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 151 of 313 Exhibit 15 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit / Declaration of Thomas J. Moloney Pg 152 of 313 GENEY A REGISTER OF COMMERCE EXTRACT FROM THE REGISTER Extract without cancellations Ref. No. 00275/2001 Fed. No. CH-660-0074001-4 IDE CHE-101.727.921 HSBC Private Bank (Suisse) SA Company limited by shares registered on 09 January 2001 Ref Company Name 40 HSBC Private Bank (Suisse) SA Rel!iste~ Offke r 1 Geneva Address 202 quai des Bergues 9-17, 1201 Geneva D~te of Arii.cles of Association 1 05 January 200 1 31 24 February 2003 3 09 April 2001 37 15 October 2003 4 10 April 2001 40 24 November 2003 5 10 April 2001 96 05 September 2008. P-.rDOse, Remarks 1 Purpose: operation of a bank, including the professional trade of securities. 197 The identification under number CH-660-0074001-4 is replaced by the Business Identification Number (IDE/UID) CHE-101.727.921. Mef"2ers (LFus) 103 Merger: Taking over of the assets and liabilities of the company "HSBC Guyerzeller Bank AG", in Zurich (CH- 020-3910954-5), in compliance with the merger contract dated 12 March 2009 and the balance sheet as of 31 December 2008 for assets in the amount of CHF 3,433,111,000 and liabilities towards third parties in the amount of CHF 3,037,666,000, i.e. net assets in the amount of CHF 395,445,000. As the entire share-capital of the two companies is owned by the same shareholder, the merger shall take place without an increase in the share-capital or an allocation of shares. Transfers of As.wts (wiss Federal Act on Merge~ Demerge~ Conversions and Transfers of Assets - LFus) 215 Pursuant to a contract dated 28.11.2014, the company transferred its assets representing an amount of USD 2,800, 128,360 and liabilities to third parties representing an amount of USD 2,800,128,359 to LGT Bank (Schweiz) AG (CHE-109.346.830) in Basel. Consideration: USD 195,865,488. 253 Pursuant to a contract dated 24.11.2016, the company transferred its assets representing an amount of USD 640,770,855 and liabilities to third parties representing an amount ofUSD 640,770,855 to Banco Santander (Suisse) SA (CHE- 105.817.871) in Geneva. Consideration: USD 38,901,919. Pu~tioo 0.-ng I Communication to shareholders: by registered letter I SOGC (Swiss Official Gazette of Commerce) Branch. offices 18 Zurich Ref. Share-Capital Nominal Fully mid in Shares 96 CHF 708,480,000 CHF 708,480,000 708,480 registered shares of CHF 1,000 each, bound ·- according to the Articles of Association (ordinary increase) ' "' Contribution .in kind, taking over of assets, particular adv. 3 lmntribution in kind: \ n~ assets immediately transferable from the capital management sector of "HSBC Investment Ban1c pie", Sj,gapore Branch Office, in comp! iance with the contract dated 09 April 200 l and balance sheet as of I ./ ~s {Seal of Canton of Geneva, Register of Commerce] 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 153 of 313 I ·::/'('.;,>· . . ·. . ·.· ·. · .·.. Contribution in kind~taking over of assets, particular adv. 28 February 2001 for an amount of CHF 5,177,000 in exchange of which 3,421 registered shares of CHF 1,000 each, bound according to the articles of association, are being remitted, the balance constituting an exchange premium. 4 Contribution in kind: net assets immediately transferable from the capital management sector of "HSBC Bank USA", Singapore Branch Office, in compliance with the contract dated 10 April 2001 and balance sheet as of 28 February 2001 for an amount of CHF 89,742,000 in exchange of which 21,846 registered shares ofCHF 1,000 each, bound according to the articles of association, are being remitted, the balance constituting an exchange premium; net assets immediately transferable from the capital management sector of "HSBC Bank USA", Hong Kong Branch Office, in compliance with the contract dated IO April 2001 and balance sheet as of 28 February 2001 for an amount of CHF 120,806,000 in exchange of which 15,292 registered shares of CHF 1,000 each, bound according to the articles of association, are being remitted, the balance constituting an exchange premium; net assets immediately transferable from the capital management sector of the company "HSBC Investment Bank Asia Limited", in Hong Kong, in compliance with the contract dated 10 April 2001 and balance sheet as of28 February 2001 for an amount of CHF 319,273,000 in exchange of which 159,049 registered shares of CHF 1,000 each, bound according to the articles of association, are being remitted, the balance constituting an exchange premium. 5 Merger: Taking over of the assets and liabilities, in the meaning of Article 748 of the Swiss Code of Obligations, of the company "HSBC Republic Bank (Suisse) SA'', in Geneva, in compliance with the contract dated 10 April 2001 and balance sheet as of 31 March 2001 for assets in the amount of CHF 24,658,630.000 and liabilities towards third parties in the amount of CHF 23,575,504,000, i.e. net assets in the amount of CHF 1,083,126,000, in exchange of which 460,392 registered shares ofCHF 1,000 each, bound according to the articles of association, are being remitted. 31 Merger: Taking over of the assets and liabilities, in the meaning of Article 748 of the Swiss Code of Obligations, of the international financing company of "Credit commercial from France SA", in Geneva, in compliance with the contract dated 24 February 2003 and balance sheet as of 31 December 2002 for assets in the amount of CHF 26,599,802 and liabilities towards third parties in the amount ofCHF 14,316,999, i.e. net assets in the amount of CHF 12,282,803, in exchange of which 2,780 registered shares ofCHF 1,000 each, bound according to the articles of association, are being remitted. 96 Contribution in kind: in compliance with the contract dated 05 September 2008, all the shares of the company "HSBC Private Bank Luxembourg SA", in Luxemburg, LUX, i.e. 53,000 shares ofCHF 1,000 each, for an amount ofCHF 124,956,000, in exchange of which 25,700 registered shares of CHF I,000 each, bound according to the articles of association, are being remitted, the balance in the amount of CHF 99,256,000 constituting ai1 exchange premium. Ref. Reg. Mod. Cane. 9 Joint power of att. (2)* l J 11 Joint power of att. (2)* <3} 11 Joint power of att. (2)* O) 17 Joint signature (2) * 33 Joint power of att. (2)* (I) 43 Davies Alexandra, from Meiringen, in Geneva Joint power ofatt. (2)* (I) 53 Oard Caroline, from Meinier, in Geneva Joint power of art. (2)* (I) 53 Liardet Veronique, from Font, in Onex Joint power ofatt. (2)* (I) 54 Baga Claudio, from Biel, in Geneva Joint signature (2) * 54:Bernet Serge, from Gommiswald, in Gingins Joint signature (2) * 54 Dabbah Abraham, from Zurich, in Geneva Joint signature (2) * 54 Hope-Morley Andrew, from Great Britain, in Geneva Joint signature (2) * 55 Egger Thierry, from Geneva, in Vernier Joint signature (2) * 66 Marciano Henri, from Geneva, in Geneva Joint signature (2) * 80 Boccard Philippe, from Vernier, in Founex Joint signature (2) * 80 Khan Bela! Mohammed, from the USA, in Geneva Joint signature (2) * 80 Ozoux Jean-Nicolas, from France, in Bursinef -- -------- Joint signature (2) * 81 Ravillo? Olivier, from France, in G~neva ?:?--~!:~<?};\ Jo~nt signature (2) * 81 Parpag10Ua Roberto, from Coppet, m Gene ·, .·: ·' °, • tb ·,:Jomt power of att. (2)* (I) 86 Pharao Guy, from Morges, in Gland '* /Yi ', · ·•; \ L \ oint signature (2) * 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 154 of 313 Ref. i<+:i): .· ·.· .· Directors. Auditin2 Body and Persons qualified to si2n. Reg. Mod. Cane. Name and Forenames; Place of Orig-in. Domicile Title Shmature 86 Tonini Sandro, from Geneva, in Lucens Joint power of att. (2)* \tJ 92 Hassan Hoda, from Egypt, in Geneva Joint signature (2) * 92 Rodriguez Diego, from Versoix, in Nyon Joint power of att. (2)* <1) 94 Mentha Daniel, from Cortaillod, in Geneva Joint signature (2) 94 Tabbara Sobhi, from Lebanon, in Geneva Joint signature (2) 97 Chiesa Diego,from Geneva, in Geneva Joint power of att. (2)* (l) 99 Jacquemin Stephane, from Bagries, in Lausanne Joint signature (2) * 99 Lazzari Frank, from Italy, in Pully Joint signature (2) * 104 Ogay Natacha, from Lovatens, in Nyon Joint signature (2) * 104 Marsens Geoffrey, from Jouxtens-Mezery, in Joint power of att. (2)* (I) Lausanne 105 Burgio-Chiappa Maria-Gabriella, from Geneva, in Joint signature (2) * Arzier 105 Duperrex Kathryn, from Rougemont, in Geneva Joint power of att. (2)* (I) I 14 Shivacheva Rositsa Georgieva, from Bulgaria, in Joint power of att. (2)* (I) Geneva 116 Muir Marianne, from France, in Jonzier-Epagny, F Joint power of att. {2)* (J) 122 Clement-Bohan Milena, from Rilderswil, in Zurich Joint signature (2) 122 Clibbon James; from Batterkinden, in Geneva Joint signature (2) * 122 Kauss Pierre, from France, in Rolle Joint power of att. {2)* <I) 125 Plazolles Charles, from France, in Allonzier-la-Caille, Joint signature (2) * <2J F 125 Riittimann Jerome, from Ami (AG), in Laney Joint signature (2) * 125 Beauverd Thomas, from Chene-Bougeries, in Geneva Joint power of att. (2)* Cl) 131 Skelly Stephen, from Great Britain, in Geneva Joint signature (2) 131 Dinbergs Andre, from Amriswil, in Givrins Joint signature (2) * 13 I Gisler Bernhard, from Fliie]en, in Geneva Joint signature (2) * 131 Santos Maleliel, from Geneva, in Geneva Joint signature (2) * 131 Leontaris Georgios, from Greece, in Geneva Joint power of att. (2)* (l) 134 Arditsoglou Konstantinos, from Greece, in Geneva Joint power of att. (2)* rn 134 Miceli-Hinderberger Barbara, from Geneva, in Joint power of att. (2)* O) Veyrier 147 Mosimann Marc, from Lausanne, in Bussigny-pres- Joint signature (2) * Lausanne 147 Poutie:r Eric, from France, in Gaillard, F Joint signature (2) * (2> 147 Zeiler Michael Pierre, from Granges-Paccot, in Saint- Joint signature (2) * Cergue 148 Delmas Xavier, from France, in Sauverny, F Joint signature (2) * C2) 150 Achard Philippe, from Geneva, in Perroy Joint signature (2) 150 Di Bruno Mariella, from Manthey, in Collombey- Joint signature (2) Milraz 150 Dufour Isabelle, from Geneva, in Geneva Joint Signature (2) 150 Mattatia Rachel, from Geneva, in Geneva Joint signature (2) 161 Zurbriggen Walchli Julie, from Saas~Almagell, in Joint signature (2) Collonge-Bellerive 161 Ravndal Sven, from Ge~)$;:ia&_enolier Joint power of att. (2)* Cl) .,,?/ ' 3 'I..); t:- !' .,~ "',~,._._ [Seal ofCanton a/Geneva, Register a/Commerce} HSBC Private Bank (Suisse) SA Page3/l l 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 155 of 313 Ref. Reg, Mod. Cane. 162 Von Plan ta Andreas, from Basel, in Geneva Chairman Joint signature (2) 164 Borgeaud Philippe, from Geneva, in Onex Joint signature (2) * 164 Pombo Puente Emilio, from Spain, in Geneva Joint signature (2) * 164 Schiefer Rene, from the Netherlands, in Geneva Joint signature (2) * 164 Talaat Yasser, from Neuchatel, in Chavannes-de- Joint signature (2) * Bogis 164 Wyss Colin, from Guensberg, in Tannay Joint signature (2) * 164 Martin-Rouaix Laurent, from France, in Geneva Joint power of att. (2)* Cl) 164 Ponce Corinne, from Lausanne, in Laney Joint power of att. (2)* (I) 165 Freuler Anik, from Romanel-sur-Morges, in Gland Joint signature (2) ~Ii 165 Huber Jean David, from Hausen am Albis, in Joint signature (2) [1 •I Winterthur ·1,;_, ' 166 de Quatrebarbes Foulques, from Great Britain, in Joint power of art. (2) Cl) Lausanne Ii j! 166 Parry Rowena, from South Africa, in Apples Joint signature (2) * JI 173 Bunion Jean-Fran9ois, from France, in Veyrier Joint signature (2) * II 173 Zahler Taouriti Sandrine, from Versoix, in Signy Joint signature (2) * I 176 Abou-Rjeily Carla, from Canada, in Geneva Joint signature (2) 176 Hatzinikolis Konstadinos, from Chene-Bougeries, in Joint signature (2) Commugny 177 Tanzi Angelo; from Italy, in Adliswil Joint signature (2) * 182 Moses Menasey Marc,:from Great Britain, in London, Director Joint signature (2) GB 187 Venturini Loic,:from France, in Founex Joint power of att. (2)* (IJ 192 Krage Steen, from Denmark, in Zurich Joint signature (2) 192 Ahouansou Marlene, from France, in Tannay Joint power of att. (2) (IJ 192 Ammon Etienne, from Herzogenbuchsee, in Begnins Joint power of att. (2) OJ 192 Guedes Faivre Fran9oise, from France, in Saint- Joint signature (2) * (2) Julien-en-Genevoiis, F 192 Dias Correia Moreira Ondina, from Geneva, in Joint power ofatt. (2)* (IJ Chancy 193 Chen Paul, from Aigle, in Kloten Joint signature (2) 193 Cherix Herve, from Chene-Bourg, in Chene-Bourg Joint signature (2) 193 Gagliani Giorgio,:from Italy, in Geneva Joint signature (2) 193 Karvouni Zafeiria, from Greece, in Geneva Joint signature (2) 193 Orlandini-Balet Rachele, from Grimisuat, in Geneva Joint signature (2) 193 Grande Patrizio,:from Italy, in Founex Joint power ofatt. (2) (I) 193 Smith David S., from Great Britain, in Geneva Joint power of att. (2) (I) 193 Wang Weijiang, from Bellevue, in Bellevue Joint power ofatt. (2) (t) 193 Zanet Roberto, from Italy, in Geneva Joint power of att. (2) (IJ 193 Lalain Jean-Fran9ois, from Saillon, in Besan9on, F Joint signature (2) * 193 Puglia Giuseppe Giorgio, from Onex, in Geneva Joint signature (2) * 193 Duport Agnes, from France, in Andilly, F Joint power of att. (2)* (3> 193 Piguet Thierry, from Le Chenit, in Dully Joint power of att. (2)* CI) 193 Zongo Brenda Lee, from Great Britain, in Gaillard, F Joint power of att. (2)* t3) 194 Gavillet Emili en, from France, in Geneva;:/ -··;:"·-;;\~ Joint power of att. (2)* (3> 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 156 of 313 Ref. Directors, AuditineBody arid:Persons, .qualified· fo sie:ti. Reg, Mod. Cane. .Name·and Forenames. Place. of Orfairi, Domicile Title Sienature 199 Gauthier Monestes Isabelle, from France, in Perney- Joint signature (2) !2> Voltaire, F 199 Foster Alexander, from Great Britain, in Perly- Joint signature (2) * Certoux 199 Pike Sean Timothy Brian, from Great Britain, in Joint signature (2) * Veyrier 199 Callus Clint, from Malta, in Carouge ·GE Joint power of att (2)* (I) 199 Taguchi Miwako, from Japan, in Geneva Joint power ofatt. (2)* (J) 201 Birnholz Fram;oise Mireille, from Pully, in Erlenbach Joint signature (2) (ZH) 201 Adriaansen Jessica Martina Selma Jose, from Baden, Joint power of att. (2)* (l) in Geneva 205 Larsen Simon, from Denmark, in Founex Joint signature (2) 205 Paridant de Cauwere Grabbe Veronique, from Joint power of att. (2) <1) Corsier (GE), in Corsier (GE) 207 Cbappex Pascal, from Manthey, in Lausanne Joint power of att. (2) (I) 207 Villagran Valentino, from France, in Geneva Joint power of att. (2) (I) 209 Sayers Paul William, from Great Britain, in Neerach Joint signature (2) 210 Jeanmonod David, from Provence, in Plan-les- Joint signature (2) * Ouates 213 Damisch Peter Nicolai, from Germany, in Herr1iberg Joint signature (2) 214 Berli Florian, from Chene-Bougeries, in Carouge Joint signature (2) 214 Deri Mathieu, from France, in Geneva Joint signature (2) 214 Outeirino Fernandez Jose Antonio, from Spain, in Joint power of att. (2) ([) Geneva 214 Sallin Roland Victor, from Villaz-Saint-Pierre, in Joint signature (2) * Nyon 216 Chawla Nikhil, from India, in Cologny Joint signature (2) * 216 Munro Timothy, from Great Britain, in Lausanne Joint signature (2) * 221 Lehmann Roger, from Zurich, in Zollikon Joint signature (2) 221 Caze Stephanie, from Founex, in Founex Joint power of att. (2)* {O 223 PricewaterhouseCoopers SA (CHE-390.062.005), Auditing Geneva branch body 225 Haenni Diane, from Carouge GE, in Troinex Joint signature (2) 225 Jeanmonod Elodie, from Veyrier, in Plan-les-Ouates Joint signature (2) 228 Guiderdoni Jean-Louis, from France, in Geneva Joint signature (2) 228 Valran Serge, from France, in Cologny Joint signature (2) 228 Simard Mylene, from France, in Fillinges, F Joint power of att. (2) (3) 228 Cargill Anne, from France, in Versonnex, F Joint power of att. (2)* (3) 230 Vaudaux Philippe, from Geneva, in Geneva Joint signature (2) 230 Robinson Tanya, fromNorway, in Geneva Joint power of att. (2) O> 232 Milne Christopher Avison, from Great Britain, in Joint signature (2) Coppet 232 Wann Stephen, from Ireland, in Founex Joint signature (2) * 232 Beecheno Robert, from Great Britain, in Geneva Joint power of att. (2)* (ll 232 Maye Martine Manon Franyoise, from Charnoson, in Joint power of att. (2)* <3) Chene-Bougeries ~\i;c;,~,~ .. HSBC Private Bank (Suisse) SA Page 5/11 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 157 of 313 Ref. Directors, Auditlne Body and •.Persons qualified to sien Reg. Mod. Cane. Name and Forenames, Place ofOriein, Domicile Title Signature 233 Festa Conti Debora, from Brazil, in Geneva Joint signature (2) 233 Culic Tomislav, from France, in Prevessin-Moens, F Joint power of att (2)* c3> 233 Round Paul, from Ireland, in Geneva Joint power of att. (2)* (I) 234 Del Don Starnini Prisca, from Biasca, in Zurich Joint signature (2) 235 de la Chevardiere de Ia Grandville Ginnasi Diane Joint signature (2) Anika Louise, from Neuchatel, in Laney 237 Boivin Laurent, from France, in Fillinges, F Joint power of att. (2) (3) 237 Cerboni Thomas, from RoggwH, in Divonne-Les- Joint power of att. (2) C3) Bains, F 237 de Monceau de Longree Henri, from Fer lens (VD), Joint power of att. (2) <3) in Collonges-sous-Saleve, F 237 CaiUeux Marie-France, from France, in Bellegarde, F Joint power of att. (2)* (3) 237 Fresnay Cyril Jean-Luc, from France, in Villy Le Joint power of att. (2)* (3l Pellom:, F 237 Hervet Clement, from France, in Allonzier-La-Caille, Joint power of att. (2)* <3) F 237 Moser Marcel, from Neuchatel, in Peron, F Joint power of att. (2)* C3l 237 Paquot Itay Yohan, from France, in Veigy-Foncenex, Joint power of att. (2)* t3} F 239 Nebel Veronique Anita, from Geneva, in Meli de Joint signature (2) 240 Malek Amir, from Geneva, in Geneva Joint signature (2) 241 Papios Aris, from Pully, in Lausanne Joint power of att. (2)* (I) 242 Spilsbury Simon, from Geneva, in Coppet Joint signature (2) 244 Calame Alain, from Le Locle, in Geneva Joint signature (2) 244 Schopper Bernhard, from Austria, in Genevs Joint signature (2) 244 Simard Madeleine, from France, in Gaillard, F Joint power of att. (2) C3 l 246 Puglisi Thierry, from France, in Annecy, F Joint power ofatt. (2)* {3) 248 Brodard Jean-Claude, from Geneva, in Geneva Joint signature (2) 248 Bellaloum Sophie, from France, in Chene~Bougeries Joint power ofatt. (2) (I) 248 Yaney Philippe, from Battens, in St. Cierges Joint signature (2) * 250 Grillet Anthony, from Geneva, in Plan-les~Ouates Joint signature (2) 250 Wolf Ftanziska, from Germany, in Epagny, F Joint power ofatt. (2) C3l 250 Dos Santos Calado Daniel, from Portugal, in Perly- Joint power of att. (2)* <O Certoux 251 Fox Kim, from the USA, in Zurich Director Joint signature (2) 254 Henning Biyan, from Canada, in Founex Joint signature (2) 255 Sabo Alexander, from Germany, in Wollerau Joint signature (2) 256 Memarzadeb Yachar, from France, in Prevessin~ Joint power of att. (2)"' <3> Moens,F 259 Debacker Christophe Raoul Femand, from France, in Director Joint signature (2) London, GB 259 Maget Steve, from Isle, in Preverenges Joint signature (2)* 261 Magen Guy, from Israel, in Ramat Gan, !SR Joint power of att. (2) (3) 261 Shapan Uri, from Israel, in Ramat Gan, ISR Joint power of att. (2) <3> 263 Abraham E1sa, from Bern, in Chene-Bougeries Joint signature (2) 263 Davoult Julien, from France, in Geneva _,, ~.,~---.-~ Joint signature (2) {2) ~ c\\2 S· · 263 Humbert-Fluri Daphne, from Glarus Slid, in Nyo p\:~/--- ~,·"-<(~ power ofatt. (2) (l) 2' '..::._• tn 263 Dickinson Peter, from Great Britain, in Arth /!.. / signature (2)* n /. -:, - I '(I-\ '/ ':\ • ·'. '::;:) HSBC Private Bank (Suisse) SA Page 6/1 I 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 158 of 313 Ref. Directors, AuditiniBodY;u1d Persons qualified to sien Reg. Mod. Cane. Name and Forenames, Place of Orhrln, Domicile Title Sie:nature 263 Trisolino Andrea, from Italy; in Laney Joint signature (2) * 263 Ferrer Francisco, from Montilliez, in Geneva Joint power of att. (2) * (li 263 Tarrajat Bruno, from France; in Archamps, F Joint power of att. (2) * r3) 266 EI-Debs Celine, from Geneva; in Carouge GE Joint signature (2) 266 May Nicholas Alexander, from Great Britain, in Baar Joint signature (2) 266 ScaletGregory,:from Geneva, in Meinier Joint signature (2)* 266 Berta Carole, from France, in Ville-Ia-Grand, F Joint power of att. (2) * <3) 266 Lemarchand Didier, from France, in Plan-les-Ouates Joint power of att. (2) * (3J 267 Peyronnard Jean-Franvois, from France, in Geneva Joint signature (2) 267 Meneely-Holt Victoria, from Great Britain, in Le Joint power of att. (2) (3) Biot, F 267 Ben Chiboub Cyrine, from Tunisia, in Geneva Joint signature (2)* 267 Ghali Bohli, from Le Grand-Saconnex, in Le Grand- Joint signature (2)* Saconnex 267 Berkers Bram, from Chene-Bourg, in Chene-Bourg Joint power of att. (2) * <1> 267 Biffiger Julie, from Geneva, in PresiIIy, F Joint power ofatt. (2) * <3) 267 Fares Nicolas, from Lebanon, in Geneva Joint power of att. (2) * Ct) 268 Howse Thomas Graham, from Great Britain, in Joint signature (2) (2) Echenevex, F 268 Thorens Marc, from France, in Yvoi:re, F Joint power of att. (2) <3l 269 Dinis Federico; from Geneva, in Laney Joint signature (2)* 269 Delevaux-Heraud Sophie, from France, in Veigy- Joint power ofatt. (2) * (3l Foncenex, F 269 Miller Thomas, from Sion, in Pully Joint power of att. (2) * {1) 270 Yehra MembriUa Sonia, from Spain, in Geneva Joint signature (2) 270 Bapst Dorothee, from France, in Thonon-les-Bains, F Joint power ofatt. (2) * <3) 273 Agie de Selsaeten David, from Belgium, in Geneva Joint signature (2) 273 Fokiades Achilles, from Geneva, in Geneva Joint signature (2) 273 Lahlou spouse ofGaimes Sofia, from France, in Joint power of art. (2) C3l Valleiry, F 273 Stifani Daniele, from Italy, in Geneva Joint power of art. (2) (I) 274 Bonnet Gregory, from France, in Thoiry, F Joint power of att. (2) * C3l 274 Correia Miguel Maria Rosa, from Geneva, in Chene- Joint power ofatt. (2) * (tJ Bougeries 274 Mercier Sylvie, from Vernier, in MarceUaz;.Faucigny, Joint power of att. (2) * (3) F 275 PedeJaborde Hugues, from France, in Prevessin- Joint power of art. (2) (3) Moens, F 276 Butt Kamran Gulzar, from Great Britain, in Genthod Joint signature (2) 276 Faivre Karl, from France, in Geneva Joint signature (2) 276 Shipman John, from Great Britain, in Geneva Joint signature (2) 276 Tissot-dit-Saufin Eva, from Tannay, in Rolle Joint signature (2) 276 Nicolet Stephanie, from France, in Archamps, F Joint power of att. (2) (3) 277 Koch Johannes Jurgen, from Germany, in Kiisnacht Deputy Joint signature (2) chairman [Seal ofCanton of Geneva, Register ofCommerce] f:ISBC Private Bank (Suisse) SA Page 7/11 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 159 of 313 Ref. Directors, Auditine Budy and Pers·ons qualified to si2n Reg. Mod. Cane. Name and Forenames, Place of Oriein, Domicile Title Signature 278 Guillemot Christophe, from Chene-Bougeries, in Joint signature (2) Chene-Bougeries ***of the executive committee/ **of the general management *only for the head office (I) except among themselves (2) with another authorized person residing in Switzerland (3) except among themselves and with another authorized person residing in Switzerland Ref. < '. · Journal .• ·.·• •·• ·. SOGC:Publication Ref. •, Jollrna) .. .. . \ . · SOGC .Pub1icatfon >No/ · ·.,.· •· Date·.> · · Date: · · Pa2e/Id · No. ' Date ...· •· · . Datei< · . ?.Paee/Id I 275 09.01.2001 15.01.2001 319 2 651 17.01.2001 23.01.2001 0528 3 4555 17.04.2001 23.04.2001 2989 4 4635 19.04.2001 25.04.2001 3060 5 4683 20.04.2001 30.04.2001 3189 6 6316 06.06.2001 12.06.2001 4400 7 6678 15.06.2001 21.06.2001 4659 8 7884 12.07.200 l 18.07.2001 5515 9 8090 I 8.07.2001 24.07.2001 5689 10 10167 17.09.2001 21.09.2001 7356 11 11009 05.10.2001 11.10.2001 7930 12 11304 15.10.2001 19.10.2001 8188 13 12928 26.11.2001 30.11.2001 9430 14 13989 17.12.2001 21.12.2001 10098 15 1280 01.02.2002 07.02.2002 8 16 2090 21.02.2002 27.02.2002 5 17 3825 09.04.2002 15.04.2002 6 18 4474 26.04.2002 02.05.2002 8 19 4772 06.05.2002 13.05.2002 6 20 5359 24.05.2002 30.05.2002 8 21 6218 17.06.2002 21.06.2002 6 22 83]1 09.08.2002 15.08.2002 7/0602266 23 8588 19.08.2002 23.08.2002 5/0613356 24 9974 25.09.2002 01.10.2002 5/0666274 25 10711 11.10.2002 17.10.2002 7/0690092 26 11078 21.10.2002 25.10.2002 6/0701558 27 12565 27.11.2002 03.12.2002 6/0754358 28 12991 06.12.2002 12.12.2002 8 29 13794 23.12.2002 06.01.2003 10/0798264 30 1747 10.02.2003 14.02.2003 8 31 2750 06.03.2003 12.03.2003 7 32 2804 07,03.2003 19.03.2003 6 33 4303 10.04.2003 16.04.2003 9/0954010 34 5090 06.05.2003 12.05.2003 7/0985574 35 5444 14.05.2003 20.05.2003 8/0998460 36 6142 28.05.2003 04.06.2003 8/1019550 37 12602 05.11.2003 11.11.2003 7 38 13831 01.12.2003 05.12.2003 7/2015864 39 14171 09.12.2003 15.12.2003 8/2027884 40 48 02.01.2004 09.01.2004 8 41 1451 03.02.2004 09.02.2004 7/2109076 42 2534 27.02.2004 04.03.2004 6/2] 52918 43 4328 05.04.2004 13.04.2004 7/2208590 44 5727 12.05.2004 18.05.2004 9/2266964 45 6338 7.05.2004 03.06.2004 8/2290760 46 7341 21.06.2004 28.06.2004 8/2329712 47 9520 12.08.2004 18.08.2004 6/241l 196 48 10561 08.09.2004 14.09.2004 6/2447382 49 2149 15.10.2004 21.10.2004 5/2501668 50 14348 02.12.2004 08.12.2004 7/2578488 51 15263 20.12.2004 24.12.2004 9/2607660 52 139 04.01.2005 10.01.2005 7/2633414 53 9137 22.07.2005 28;07.2005 7/2953280 54 9189 25.07.2005 29.07.2005 6/2956300 55 12589 17.10.2005 21.10.2005 6/3071248 56 12794 20.10.2005 26.10.2005 6/3075862 57 13598 IO.I 1.2005 16. l 1.2005 8/3106728 58 792 17.01.2006 23,01.2006 7/3206994 59 2455 21.02.2006 27.02.2006 7/3262022 60 3859 20.03.2006 24.03.2006 7/3303530 61 4590 04.04.2006 10.04.2006 9/3326708 62 6251 10.05.2006 16.05.2006 6/3377322 63 8370 29.06.2006 05.07.2006 10/3449246 64 9370 14.07.2006 20.07.2006 6/3474672 65 9693 21.07.2006 27.07.2006 6/3485032 66 10131 02.08.2006 08.08.2006 6/3499072 67 11876 14.09.2006 20.09.2006 8/3557660 68 13268 17.10.2006 23.10.2006 6/3603150 69 14335 09.11.2006 15.11.2006 7/3636542 70 15307 30.11.2006 06.12.2006 7/3667964 71 77 02.01.2007 08.01.2007 I0/3711144 72 1344 29.01.2007 02.02.2007 7/3756874 73 1907 07.02.2007 13.02.2007 8/3772414 _ _ 74 3506 12.03.2007 16.03.2007 8/3842996 75 5085 12.04.2007 18.04.2007 6/38 •' ~;·; V t:.... .J~'<-0····· •..::~> ~ 5337 19.04.2007 25.042007 8/3901848 77 5707 27.04.2007 03.05.2007 1 9'Wtm -78\',/ '?~54 ' 05.06.2007 11.06.2007 10/3969050 79 8866 06.072007 12.07.2007 '74.0f269fli' .~o \ '?.dl, 34 19.07.2007 25.07.2007 9/4040854 .,~;,:\, •:·,.,:;.. if l lJ) (1: j; HSBC Private Bank (Sufsse) SA Page 8/11 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 160 of 313 - Re£ Journal SOGC Publication Ref. Journal SOGC Publication .No. Date Date Pa2e/Id No. Date Date Pa2e/Jd 81 11352 05.09.2007 11.09.2007 8/4105400 82 12879 08.10.2007 12.10.2007 7/4152590 83 14247 06.l 1.2007 12.l 1.2007 9/4194612 84 14634 13.11.2007 19.I 1.2007 7/4206860 85 15003 19.I 1.2007 23.11.2007 6/4214298 86 15459 28.11.2007 04.12.2007 6/4230574 87 15738 04.12.2007 10.122007 8/4239394 88 53 02.01.2008 08.01.2008 l 1/4276966 89 615 l 1.01.2008 17.01.2008 7/4294478 90 2277 14.02.2008 20.02.2008 8/4347434 91 4455 03.04.2008 09.04.2008 7/4422530 92 6515 19.05.2008 23.05.2008 7/4489082 93 6914 27.05.2008 02.06.2008 11/4502128 94 8814 03.07.2008 09.07.2008 7/4565514 95 9713 23.07.2008 29.07.2008 7/4593742 96 11650 10.09.2008 16.09.2008 8/4653672 97 15377 27;] 1.2008 03.12.2008 8/4762118 98 15775 05.12.2008 1 l.12.2008 14/4775026 99 16474 16.12.2008 22.12.2008 13/4795868 100 1873 06.02.2009 12.02.2009 10/4877462 101 2189 12.02.2009 18.02.2009 10/4887346 102 2784 23.02.2009 27.02.2009 8/4903242 I03 4896 01.04.2009 07.04.2009 l 1/4963244 104 5189 07.04.2009 15.04.2009 11/4973492 105 7957 03.06.2009 09.06.2009 7/5056802 106 10223 06.07.2009 10.07.2009 13/5131446 I07 10873 14.07.2009 20.07.2009 10/5149324 108 11615 24.07.2009 30.07.2009 I I/5170960 I09 12064 31.07.2009 06.08.2009 1. 1/5184164 110 12982 19.08.2009 25.08.2009 11/5213870 111 13321 25.08.2009 31.08.2009 8/5223230 112 13671 01.09.2009 07.09.2009 8/5234720 I 13 15186 02.10.2009 08.10.2009 8/5284492 114 15718 09.10.2009 15.10.2009 10/5296314 115 17125 04.11.2009 I0.11.2009 11/5336380 116 18781 02.12.2009 08.12.2009 9/5381866 117 19643 15.12.2009 21.12.2009 12/5405190 118 20213 22.12.2009 29.12.2009 13/5420060 119 1822 01.02.2010 05.02.2010 8/5481230 120 2487 l0.02.2010 16.02.2010 10/5498160 121 4765 17.03.2010 23.03.2010 9/5554840 122 5189 23.03.2010 29.03.2010 9/5563674 123 7867 06.05.2010 12.05.2010 9/5630642 124 8334 17.05.2010 21.05.2010 9/5642928 125 8802 26.05.2010 OL06.2010 9/5655560 126 10810 30.06.2010 06.07.2010 14/5713756 127 l 1492 08.07.2010 14.07.2010 10/5726684 128 11949 15.07.2010 21.07.2010 8/5738422 129 12835 29.07.2010 04.08.2010 7/5758064 130 14637 31.08.2010 06.09.2010 7/5800118 ]3 l 15338 14.09.2010 20.09.2010 9/5818982 132 15686 21.09.2010 27.09.2010 8/5826900 133 17305 18.10.2010 22.10.2010 8/5864562 134 19014 16.1 I.2010 22.11.2010 9/5904910 135 19418 22.11.20 I 0 26.11.2010 9/5913416 136 20885 14.12.2010 20.12.2010 11/5946744 137 638 l 1.01.2011 17.0L20JI 8/5987612 138 2984 15.02.201 I 21.02.201 l 8/6041578 139 5808 31.03.201 I 05.04.201 I 0/6106506 140 6157 06.04.20] 1 11.04.2011 016115544 141 6243 07.04.2011 12,04.201 l 0/6117506 142 7044 20.04.20JI 27.04.2011 0/6136662 143 7377 28.04201 I 03.05.2011 0/6146278 144 7984 10.05.2011 13.05.2011 0/6161958 145 9327 06.06.2011 09.06.2011 0/6199364 146 11756 14.07.2011 19.07.2011 0/6261334 147 12227 25.07.2011 28.07.2011 0/6276198 148 13363 18.08.2011 25.08.20! I 0/6309414 149 13685 26.08.2011 31.08.2011 0/6316200 150 15151 26.09.2011 29.09.2011 0/6355092 151 16762 2I.I0.201 I 26.10.2011 0/6391708 152 17208 31.10.2011 03.11.2011 0/6402896 153 17692 08. I 1.2011 11.11.2011 0/6413650 154 18148 15.1 I.2011 18. l 1.201 J 0/6422718 155 19220 02.12.2011 07.12.2011 0/6448294 156 ]252 23.01.2012 26.01.2012 0/6522052 157 1804 01.02.2012 06.02.2012 0/6535706 158 2474 13.02.2012 16.02.2012 0/6554564 159 307] 22.02.2012 27.02.2012 0/6570036 160 4058 09.032012 14.03.2012 0/6593814 161 4819 21.0~.2012 26.03.2012 0/6610550 162 7145 04.05.2012 09.05.2012 0/6671172 163 8120 23.05.2012 29.05.2012 0/6694322 164 8450 30.05.2012 04.06.2012 0/6701998 165 8792 05.06.2012 08.06.2012 0/6710010 166 9254 13.06.2012 18:06.2012 0/6722440 167 11998 12.07.2012 U.07.2012 0/6772482 168 12416 20.07.2012 25.07.2012 0/6784522 169 13371 09.08.2012 14.08.2012 0/6809174 170 13768 16.08.2012 21.08.2012 0/6816832 171 14195 24.08.2012 29.08.2012 0/6827094 172 14601 31.08.2012 05.09.2012 0/6836662 173 14986 07.09.2012 12.09.2012 0/6845340 174 15307 13.09.2012 18.09.2012 0/6852644 175 17059 12.10.2012 17.10.2012 0/6894046 176 18195 31.10.2012 05.11.2012 0/6916904 177 18460 05.11.2012 08.11.2012 0/6922864 178 I9425 19.11.2012 22.11.2012 0/6943154 179 19969 27.11.2012 30.11.2012 0/6955114 180 20619 06.12.2012 I 1.12.2012 0/6969116 181 21751 20.12.2012 27.12.2012 0/6993626 182 313 04.01.2013 09.01.2013 0/7006696 ..,.,;r-"''..,._,-.-,,.~ ~~ // \a St, HSBC Private Bank (Suisse) SA 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 161 of 313 Ref. Journal i · · > 'SOGC Publication, .. Ref- Journal SOGC Publication No. Date ·•·. ·..//.Date Paee/ld No. Date Date Pa2.e/Id 183 1824 29.01.2013 01.02.2013 0/7044446 184 2702 13.02.2013 18.02.2013 0/7068784 185 7801 07.05.2013 13.05.2013 0/7185042 186 8324 16.05.2013 22.05.2013 0/7195564 187 8499 21.05.2013 24.05.2013 0/7199734 188 8848 27.05.2013 30.05.2013 0/7208760 189 10726 24.06.2013 27.06.2013 0/942065 190 11880 10.07.2013 15.07.2013 0/975971 191 l32I3 02.08.2013 07,08.2013 0/1017403 192 14486 29.08.2013 03.09.2013 0/1057665 193 16393 03.10.2013 08.10.2013 0/1116645 194 17157 16.10.2013 21.10.2013 0/1137997 195 18482 06.11.2013 11.11.2013 0/1173173 196 20991 12.12.2013 17.12.2013 0/1241859 197 Adjunct 19.12.2013 0/7225832 198 928 15.01.2014 20.01.2014 0/1295475 199 2368 05.02.2014 10.02.2014 0/1336647 200 3389 21.02.2014 26.02.2014 0/1368349 201 3637 26.02.2014 03.03.2014 0/1375809 202 4098 05.03.2014 10.03.2014 0/1388583 203 5165 24.03.2014 27.03.2014 0/1420517 204 6091 04.04.2014 09.04.2014 0/1444303 205 6602 14.04;2014 17.04.2014 0/1460219 206 8143 13.05.2014 16.05.2014 0/1506717 207 9147 28.05.2014 03.06.2014 0/1533615 208 12102 17.07.2014 22.07.2014 0/1627393 209 14884 08.09.2014 11.09.2014 0/1710035 210 16883 09.10.2014 14.10.2014 0/1767963 211 17422 20.10.2014 23.10.2014 0/1784645 212 18000 30.10.2014 04.11.2014 0/1803107 213 18571 10.11.2014 13.11.2014 0/1821163 214 19072 18.11.2014 21.11.2014 0/1836431 215 19832 01.12.2014 04.12.2014 0/1860629 216 20124 04.12.2014 09.12.2014 0/1869193 217 20456 10.12.2014 15.12.2014 0/1879903 218 21322 22.12.2014 29,12.2014 0/1906()35 219 69 02.01.2015 07.01.2015 0/1914099 220 2869 19.02.2015 24,02.2015 0/2007389 221 3287 26.02.2015 03.03.2015 0/2020129 222 7411 06.05.2015 11.05.2015 0/2145061 223 7587 08.05.2015 13.05.2015 0/2151393 224 7684 11.05.2015 15.05.2015 0/2153657 225 7907 15.05.2015 20.05.2015 0/2161079 226 8139 20.05.2015 26.05.2015 0/2169043 227 11241 09.07.2015 14.07.2015 0/2268087 228 11491 14.07.2015 17.07.2015 0/2275763 229 12409 31.07.2015 05.08.2015 0/2307161 230 13525 25.08.2015 28.08.2015 0/2345007 231 16959 27.10.2015 30.10.2015 0/2455597 232 17377 03.11.2015 06.11.2015 0/2468711 233 18891 26.11.2015 01.12.2015 0/2512459 234 19900 10.12.2015 15.12.2015 0/2541223 235 20174 15.12.2015 18.12.2015 0/2550751 236 297 06.01.2016 11.01.2016 0/2587577 237 1328 21.01.2016 26.01.2016 0/2620249 238 2139 03.02.2016 08.02.2016 0/2653673 239 2461 09.02.2016 12.02.2016 0/2664707 240 2725 12.02.2016 17.02.2016 0/2673481 241 4996 18.03.20] 6 23.03.2016 0/2741477 242 7838 06.05.2016 11.05.2016 0/2827093 243 8119 11.05.2016 17.05.2016 0/2834663 244 9518 02.06.2016 07.06.2016 0/2875327 245 10630 20.06.2016 23.06.2016 0/2909507 246 11981 08.07.2016 13.07.2016 0/2951245 247 14491 26.08.2016 31.08.2016 0/3030561 248 15378 13.09.2016 16.09.2016 0/3059669 249 15815 21.09.2016 26.09.2016 0/3074203 250 18355 02.11.2016 07.11.2016 0/3148085 251 19229 16.11.2016 21.11.2016 0/3173811 252 19431 18.11.2016 23.11.2016 0/3179715 253 19908 25.11.2016 30.11.2016 0/3193921 254 236 04.01.2017 09.01.2017 0/3270733 255 1212 20.01.2016 25.01.2016 0/3305731 256 1674 27.01.2017 01.02.2017 0/3321211 257 3641 28.02;2017 03.03.2017 0/3383325 258 6642 11.04.2017 18.04.2017 0/3472213 259 8018 05.05.2017 10.05.2017 0/3514157 260 8371 11.05.2017 16.05.2017 0/3525187 261 8787 17.05.2017 22.05.2017 0/3536595 262 9067 22.05.2017 26.05.2017 0/3543975 263 9414 29.05.2017 01.06.2017 0/3556511 264 11314 27.06.2017 30.06.2017 0/3615345 265 15222 31.08.2017 05.09.2017 0/3734313 266 15935 12.09.2017 15.09.2017 0/3755581 267 17547 05.10.2017 10.10.2017 0/3801305 268 19451 03.11.2017 08.11.2017 0/3857869 269 19723 08.11.2017 13.1 l.20]7 0/3865615 270 1202 17.01.2018 22.01.2018 0/4006145 271 1302 18.01.2018 23.01.2018 0/4009533 272 1568 23.01.2018 26.01.2018 0/4018617 273 3741 22.02.2018 27.02.2018 0/4081063 274 4063 27.02.2018 02.03.2018 0/4089449 275 7177 11.04.2018 20.04.2018 0/4185565 276 7517 20.04.2018 25.04.2018 0/4194219 277 7970 27.04.2018 02.05.2018 0/4208125 278 9878 30.05.2018 04.06.2018 0/4267561 HSBC Private Bank (Suisse) SA Page !0/11 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration I, the undersigned of ThomasaJ.duly Vincent BERNASCONI, Moloney Pg 162 of 313 authorized Notary Public in Geneva, hereby certify that the present photocopy is a true copy of the original that was shown to me and that I returned. Geneva, on this 5th day of July 2018 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 163 of 313 Exhibit 16 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 164 of 313 Authorised banks and securities dealers Name Location Bank Securities dealer AAM Privatbank AG Basel X X Aareal Bank AG, Wiesbaden, Zweigniederlassung Zürich Zürich X X Aargauische Kantonalbank Aarau X X ABN Amro Bank (Schweiz) Zürich X X ABN AMRO Bank N.V., Amsterdam, Zweigniederlassung Zürich Zürich X X ACH Securities SA Genève 3 X Adler & Co. Privatbank AG Zürich X X AEK BANK 1826 Thun X X AIG Privat Bank AG Zürich X X AKB Privatbank Zürich AG Zürich X X All Options Helvetia AG Zug X Alpha RHEINTAL Bank AG Heerbrugg X X Alternative Bank ABS Olten X X AP ANLAGE & PRIVATBANK AG Freienbach X X Appenzeller Kantonalbank Appenzell X X Aquila Investment AG Zürich X Arab Bank (Switzerland) Ltd. Zürich X X Arbinter-Omnivalor SA Genève X ARVEST Privatbank AG Pfäffikon X X ASTON BANK SA Lugano X X Atel Trading Olten X Atlantic Vermögensverwaltungsbank Zürich X X Atlas Capital SA Genève X AXA Bank Europe, Brüssel, Zweigniederlassung Winterthur Winterthur X Baloise Bank SoBa Solothurn X X Banca Aletti & C. (Suisse) SA Lugano X X BANCA ARNER SA Lugano X X Banca Commerciale Lugano Lugano X X BANCA CREDINVEST SA Lugano X X Banca del Ceresio SA Lugano X X Banca del Sempione Lugano X X Banca dello Stato del Cantone Ticino Bellinzona X X Banca Euromobiliare (Suisse) SA Lugano X X BANCA GESFID Lugano X X Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA Lugano X X Banca Popolare di Sondrio (Suisse) SA Lugano X X Banca Privata Edmond de Rothschild Lugano SA Lugano X X BANCA ZARATTINI & CO. SA Lugano X X Banco Santander (Suisse) SA Genève 1 X X Bank aek Genossenschaft Schwarzenburg X X Bank am Bellevue Küsnacht X X Bank CA St. Gallen AG St. Gallen X X Bank CIC (Schweiz) AG Basel X X Bank Coop AG Basel X X Bank EEK AG Bern 7 X X Bank EKI Genossenschaft Interlaken X X Bank Frey & Co. AG Zürich X X Bank für Tirol und Vorarlberg Aktiengesellschaft, Innsbruck, Staad X X Zweigniederlassung Staad Bank Hapoalim (Switzerland) Ltd Zürich X X Bank Hugo Kahn & Co. AG Zürich X X Bank in Zuzwil Zuzwil X X 26.12.2008 / 11:50 FBEH Page 1 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 165 of 313 Name Location Bank Securities dealer Bank Julius Bär & Co. AG Zürich X X Bank Leumi (Schweiz) AG Zürich X X Bank Linth LLB AG Uznach X X Bank Morgan Stanley AG Zürich X X Bank of China (Suisse) SA Genève X X Bank Sal. Oppenheim jr. & Cie. (Schweiz) AG Zürich X X Bank Sarasin & Cie AG Basel X X Bank Sparhafen Zürich AG Zürich X X Bank Thalwil Thalwil X X Bank Thur Ebnat-Kappel X X Bank Vontobel AG Zürich X X bank zweiplus ag Zürich X X Bank-now AG Horgen X Bankhaus Jungholz St. Gallen X X BankMed (Suisse) SA Genève 1 X X Banque Algérienne du Commerce Extérieur SA Zürich X X Banque Amas (Suisse) SA Genève 1 X X Banque Audi (Suisse) SA Genève 12 X X Banque Baring Brothers Sturdza SA Genève 3 X X Banque Bauer (Suisse) SA Genève X X Banque Bénédict Hentsch Fairfield Partners SA Genève 11 X X Banque Bonhôte & Cie SA Neuchâtel X X Banque Cantonale de Fribourg Fribourg X X Banque Cantonale de Genève Genève 2 X X Banque Cantonale du Jura Porrentruy 2 X X Banque Cantonale du Valais Sion X X Banque Cantonale Neuchâteloise Neuchâtel X X Banque Cantonale Vaudoise Lausanne X X Banque Cramer & Cie SA Genève 11 X X Banque de Commerce et de Placements SA Genève 3 X X Banque de Crédit et de Dépôts SA, Bankred Lugano X X Banque de Dépôts et de Gestion Lausanne X X Banque de Patrimoines Privés Genève BPG SA Genève 12 X X Banque Du Bois AG Zürich X X Banque Franck, Galland & Cie SA Genève 3 X X BANQUE HERITAGE Genève 6 X X Banque Internationale de Commerce - BRED, Paris, succursale de Genève 3 X Genève Banque Jacob Safra (Suisse) SA Genève 11 X X Banque Jura Laufon Delémont 1 X X BANQUE MORVAL Genève 12 X X Banque Pasche SA Genève 11 X X Banque Piguet & Cie SA Yverdon-les-Bains X X Banque Privée BCP (Suisse) SA Genève X X Banque Privée Edmond de Rothschild SA Genève 11 X X Banque Privée Espirito Santo SA Pully X X Banque Safdié SA Genève 11 X X Banque SCS Alliance SA Genève 8 X X Banque Syz & Co SA Genève 11 X X Banque Thaler SA Genève 3 X X Banque Vontobel Genève SA Genève 4 X X Bantleon Bank AG Zug X X Barclays Bank (Suisse) SA Genève 3 X X Barclays Bank PLC, Londres, Succursale de Genève Genève X X Barclays Capital, Zurich Branch of Barclays Bank PLC, London Zürich X X Basellandschaftliche Kantonalbank Liestal X X 26.12.2008 / 11:50 FBEH Page 2 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 166 of 313 Name Location Bank Securities dealer Basler Kantonalbank Basel X X Baumann & Cie. Basel X X Bayerische Hypo- und Vereinsbank Aktiengesellschaft, München, Zürich X X Zweigniederlassung Zürich BBO Bank Brienz Oberhasli AG Brienz X X BBVA (Suiza) SA Zürich X X Bearbull Degroof Banque Privée SA Genève 28 X X BERENBERG BANK (SCHWEIZ) AG Zürich X X Berner Kantonalbank AG Bern X X Bernerland Bank AG Sumiswald X X Bezirks-Sparkasse Dielsdorf Dielsdorf X X Bezirkssparkasse Uster Uster X X BGG, Banque Genevoise de Gestion Genève 3 X X BHF-BANK (Schweiz) AG Zürich X X Biene - Bank im Rheintal Genossenschaft Altstätten X X BIPIELLE Bank (Suisse) Lugano X X BKW enex AG Bern 25 X BLOM BANK (Switzerland) SA Genève 3 X X BNP Paribas (Suisse) SA Genève X X BNP PARIBAS SECURITIES SERVICES, Paris, Succursale de Zürich X Zurich Bondpartners S.A. Lausanne X Bordier & Cie Genève 11 X X Bovay & Partenaires S.A. Lausanne X bridport & cie sa Genève X BS Bank Schaffhausen Hallau X X BSI SA Lugano X X Burgergemeinde Bern, DC Bank, Deposito-Cassa der Stadt Bern Bern 7 X X Burgerliche Ersparniskasse Bern Bern X BZ Bank Aktiengesellschaft Wilen X X C.I.M. Banque Genève 6 X X Caisse d'Epargne d'Aubonne Aubonne X X Caisse d'Epargne de Cossonay société coopérative Cossonay X X Caisse d'Epargne de la Ville de Fribourg Fribourg X X Caisse d'Epargne de Nyon société coopérative Nyon X X Caisse d'Epargne de Siviriez Siviriez X X Caisse d'épargne de Vuisternens-devant- Romont Vuisternens-dt-Romont X X Caisse d'Epargne du district de Courtelary Courtelary X X Caisse d'Epargne et de Crédit Mutuel de Chermignon Chermignon X Caisse d'Epargne Riviera, société coopérative Vevey 1 X X Caja de Ahorros de Galicia, La Corogne, succursale de Genève Genève 1 X CANTOR FITZGERALD EUROPE, London, Zweigniederlassung Zürich X Zürich Capital International SA Petit-Lancy 1 X Cat Brokerage AG Zürich X Citation SA Zürich 1 X Citibank (Switzerland) Zürich X X Citibank, N.A., Las Vegas, Zurich Branch Zürich X X Citibank, NA, Las Vegas, Succursale de Genève Genève 3 X X CITIGROUP GLOBAL MARKETS LIMITED, London, Zürich X Zweigniederlassung Zürich Clariden Leu AG Zürich X X Clientis AG Bern 7 X X Clientis Bank Huttwil AG Huttwil X X Clientis Bank im Thal AG Balsthal X X Clientis Bank Küttigen-Erlinsbach AG Küttigen X X 26.12.2008 / 11:50 FBEH Page 3 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 167 of 313 Name Location Bank Securities dealer Clientis Bank Leerau Genossenschaft Kirchleerau X X Clientis Bank Oberuzwil AG Oberuzwil X X Clientis Bank Toggenburg AG Kirchberg SG X X Clientis EB Entlebucher Bank AG Schüpfheim X X Clientis Triba Partner Bank AG Triengen X X Commerzbank (Schweiz) AG Zürich 1 X X Cornèr Banca SA Lugano X X Crédit Agricole (Suisse) SA Genève 11 X X Crédit Agricole Cheuvreux, Courbevoie, Zweigniederlassung Zürich Zürich X Crédit Agricole Financements (Suisse) SA Genève X X Credit Europe Bank (Suisse) SA Genève 1 X X CREDIT MUTUEL DE LA VALLEE SA Le Sentier X X Credit Suisse Zürich X X Credit Suisse Private Advisors Zürich X Credito Privato Commerciale SA Lugano X X Daiwa Securities SMBC Europe Limited, Londres, succursale de Genève 3 X Genève Decova SA Genève X Deka(Swiss) Privatbank AG Zürich X X Delen (Suisse) SA Genève 11 X Delta Trust (Switzerland) Ltd Genève X DeTraCo AG Zug X Deutsche Bank (Suisse) SA Genève 1 X X Deutsche Bank Aktiengesellschaft, Frankfurt a.M., Zürich X X Zweigniederlassung Zürich Dexia Privatbank (Schweiz) AG Zürich X X Dominick Company AG Zürich X X Dresdner Bank (Schweiz) AG Zürich X X Dresdner Bank Aktiengesellschaft, Frankfurt am Main, Zürich X X Zweigniederlassung Zürich Dreyfus Söhne & Cie. Aktiengesellschaft, Banquiers Basel X X Dynagest SA Genève 11 X DZ PRIVATBANK (Schweiz) AG Zürich X X E. Gutzwiller & Cie. Banquiers Basel X X EFG Bank Zürich X X EFG Bank European Financial Group SA Genève 2 X X EFG Financial Products AG Zurich X EGL Trading AG Dietikon X Entris Banking AG Gümligen X X EOS Trading Lausanne X Ersparniskasse Affoltern i.E. AG Affoltern i.E. X X Ersparniskasse Rüeggisberg Rüeggisberg X X Ersparniskasse Schaffhausen AG Schaffhausen X X Ersparniskasse Speicher Speicher X Exane Derivatives, Paris, succursale de Genève Genève X X Exane Options, Paris, succursale de Genève Genève X Exane SA, Paris, succursale de Genève Genève X F. van Lanschot Bankiers (Schweiz) AG Zürich X X FAISAL PRIVATE BANK (Switzerland) SA Genève 1 X X FCE Bank plc, Brentwood, Zweigniederlassung Schweiz Wallisellen X FIBI Bank (Schweiz) AG Zürich X X FIDEURAM Bank (Suisse) SA Zürich X X Fidurhône SA Genève 3 X Finacor SA, Société Financière et de Participations Basel X Financière Mermod SA Lausanne X Finter Bank Zürich Zürich X X 26.12.2008 / 11:50 FBEH Page 4 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 168 of 313 Name Location Bank Securities dealer Fisch Asset Management AG Zürich X FMCC Finance, Zweigniederlassung Wallisellen der VOLVO Auto Wallisellen X Bank Deutschland GmbH, Köln Fortis Banque (Suisse) SA Genève 4 X X Fortis Banque, SA/NV, Bruxelles, Succursale de Zurich Zurich X Freie Gemeinschaftsbank Basel X GE Money Bank AG Zürich X GHP Arbitrium AG Zürich X Glarner Kantonalbank Glarus X X Goldman Sachs Bank AG Zürich X X Gonet & Cie Genève 11 X X Graubündner Kantonalbank Chur X X GRB Glarner Regionalbank Schwanden X X Habib Bank AG Zurich Zürich X X Habibsons Bank Limited, London, Zweigniederlassung Zürich Zürich X X Hardcastle Trading AG Rapperswil-Jona X Heliting SA Massagno X HELVEA SA Genève X Hottinger & Compagnie Zürich X X HSBC Guyerzeller Bank AG Zürich X X HSBC Private Bank (Suisse) SA Genève 3 X X HYPOSWISS Privatbank AG Zürich X X Hyposwiss Private Bank Genève SA Genève 1 X X Hypothekarbank Lenzburg Lenzburg 1 X X IDB (Swiss) Bank Ltd Genève 3 X X InCore Bank AG Zürich X X ING Bank (Suisse) SA Genève 6 X X ING Bank N.V., Amsterdam, Zurich Branch Zurich X ING Belgique, Bruxelles, succursale de Genève Genève 11 X X Instinet Europe Limited, London, Zweigniederlassung Zürich Zürich X International Marketmakers Combination Trading B.V., Amsterdam, Zug X Zweigniederlassung Zug Investec Bank (Switzerland) AG Zürich X X Isbank GmbH, Frankfurt am Main (D), Zweigniederlassung Zürich Zürich X ITAG Vermögensverwaltung AG Basel X J C E Hottinger & Co. Vermögensverwaltung Zürich X J&T Bank Schweiz AG Zürich X X J.P. Morgan (Suisse) SA Genève 11 X X J.P. Morgan Securities Limited, London Zweigniederlassung Zürich Zürich X Jefferies (Schweiz) AG Zürich X JPMorgan Chase Bank, National Association, Columbus, Succursale Zürich X de Zurich Jyske Bank (Schweiz) Zürich X X Kaupthing Bank Luxembourg S.A., Luxembourg, succursale de Genève X X Genève KBL (SWITZERLAND) LTD Genève 11 X X Kepler Capital Markets SA Nyon X La Roche & Co. Basel X X Landolt & Cie, banquiers Lausanne X X Landsbanki Kepler, Paris, Zweigniederlassung Zürich Zürich X LB (Swiss) Privatbank AG Zürich X X LBBW (Schweiz) AG Zürich X X Lehman Brothers International (Europe), London, Zurich Branch Zürich X Leihkasse Stammheim Oberstammheim X X Lemanik SA Lugano X LF Finance (Suisse) SA Genève 3 X 26.12.2008 / 11:50 FBEH Page 5 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 169 of 313 Name Location Bank Securities dealer LGT Bank (Schweiz) AG Basel X X Liechtensteinische Landesbank (Schweiz) AG Zürich X X Lienhardt & Partner Privatbank Zürich AG Zürich X X Lloyds TSB Bank Plc, London, Zweigniederlassung Zürich Zürich X X Lloyds TSB Bank Plc, Londres, succursale de Genève Genève 11 X X Lombard, Odier, Darier, Hentsch & Cie Genève 11 X X Luzerner Kantonalbank AG Luzern X X M. M. Warburg Bank (Schweiz) AG Zürich X X Maerki Baumann & Co AG Zürich X X Man Capital Markets AG Pfäffikon / SZ X MediBank Zug X X Mercantil Bank (Schweiz) AG Zürich X X Merrill Lynch Bank (Suisse) SA Genève 3 X X Merrill Lynch Capital Markets AG Zürich X X Migros Bank Zürich X X Mirabaud & Cie Genève 11 X X Mirelis InvesTrust SA Genève 11 X Mitsubishi UFJ Securities International plc, London, Zürich X Zweigniederlassung Zürich Mitsubishi UFJ Wealth Management Bank (Switzerland), Ltd. Genève 3 X X Mizuho Bank (Schweiz) AG Zürich X X Mizuho International plc, London, Zweigniederlassung Zürich Zürich X X Mourgue d'Algue & Cie Genève 3 X X NBAD Private Bank (Suisse) SA Genève 11 X X NBF International SA Genève X NBK Banque Privée (Suisse) SA Genève 1 X X Neue Aargauer Bank Aarau X X Nidwaldner Kantonalbank Stans X X Nomura Bank (Schweiz) AG Zürich X X Nordea Bank S.A., Luxemburg, Zweigniederlassung Zürich Zürich X X Nordkap Bank AG Zürich X NPB Neue Privat Bank AG Zürich X X NZB Neue Zürcher Bank AG Zürich X X Obersimmentalische Volksbank Zweisimmen X X Obwaldner Kantonalbank Sarnen X X P&P Private Bank AG Zürich X X Petercam Private Bank (Switzerland) SA Genève 5 X X Picard Angst Structured Products AG Pfäffikon X Pictet Asset Management SA Genève 73 X Pictet et Cie Genève 73 X X PKB PRIVATBANK SA Lugano X X Plenum Securities AG Zürich X Privatbank Bellerive AG Zürich X X Privatbank IHAG Zürich AG Zürich X X Privatbank Von Graffenried AG Bern 7 X X Private Client Bank Zürich X X Private Client Partners Zürich X X Quantus AG Glattzentrum bei Wallisellen X Quilvest Switzerland Ltd. Zürich X Rahn & Bodmer Zürich X X Raiffeisen Schweiz Genossenschaft St. Gallen X X RAS Private Bank (Suisse) SA Lugano X X RBC Dexia Investor Services Bank S.A., Esch-sur-Alzette, Zürich X X succursale de Zurich RBS Coutts Bank AG Zürich X X Regiobank Männedorf AG Männedorf X X 26.12.2008 / 11:50 FBEH Page 6 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 170 of 313 Name Location Bank Securities dealer Regiobank Solothurn AG Solothurn X X Reichmuth & Co Luzern 7 X X Reyl & Cie SA Genève X Rosbank (Switzerland) SA Genève 11 X X Rothschild Bank AG Zürich X X Royal Bank of Canada (Suisse) Genève X X Rüd, Blass & Cie AG Bankgeschäft Zürich X X Russische Kommerzial Bank AG Zürich X X SAGEFOR Société Anonyme de Gérance de Fortunes Genève X Sallfort AG Basel X SANPAOLO BANK (SUISSE) SA Lugano X X Saxo Bank (Switzerland) SA Genève 6 X X SB Saanen Bank AG Saanen X X Schaffhauser Kantonalbank Schaffhausen X X Schroder & Co Bank AG Zürich X X Schwyzer Kantonalbank Schwyz X X Scobag Privatbank AG Basel X X Sella Bank AG Zürich X X SELVI & Cie SA Genève 11 X SG Private Banking (Lugano-Svizzera) SA Lugano X X SG Private Banking (Suisse) SA Genève 11 X X SIX SIS AG Olten X SIX x-clear AG Zürich X Skandifinanz Bank AG Zürich X X Skandinaviska Enskilda Banken SA, Luxembourg, Geneva Branch Genève X X SLB Commercial Bank Zürich X Società Bancaria Ticinese Bellinzona X X SOCIETE BANCAIRE PRIVEE SA Genève 3 X X Société Générale, Paris, Succursale de Zurich Zürich X X Source Capital AG Zug X Spar + Leihkasse Gürbetal Mühlethurnen X X Spar + Leihkasse Münsingen AG Münsingen X X Spar + Leihkasse Steffisburg Steffisburg X X Spar- und Leihkasse Bucheggberg AG Lüterswil X X Spar- und Leihkasse Frutigen Frutigen X X Spar- und Leihkasse Leuk und Umgebung Leuk-Stadt X Spar- und Leihkasse Riggisberg Riggisberg X X Spar- und Leihkasse Thayngen AG Thayngen X X Spar- und Leihkasse Wynigen Wynigen X X Sparcassa 1816 Gen. Wädenswil X X Sparkasse Engelberg Engelberg X X Sparkasse Horgen AG Horgen X X Sparkasse Küsnacht ZH Küsnacht X X Sparkasse Oftringen Oftringen X X Sparkasse Schwyz AG Schwyz X X Sparkasse Sense Tafers X X Sparkasse Trogen Trogen X Sparkasse Wiesendangen Wiesendangen X X Sparkasse Zürcher Oberland Wetzikon X X St. Galler Kantonalbank St. Gallen X X Standard Chartered Bank (Switzerland) SA Genève 3 X X State Street Bank GmbH, München, Zweigniederlassung Zürich Zürich X X Svenska Handelsbanken SA, Luxemburg, Zweigniederlassung Zürich X X Zürich Swiss Asset & Risk Management AG Schwyz X Swiss Capital Alternative Investments AG Zürich X 26.12.2008 / 11:50 FBEH Page 7 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 171 of 313 Name Location Bank Securities dealer swiss pb AG Zürich X Swissquote Bank Gland X X swissregiobank AG Gossau / SG X X Sydbank (Schweiz) AG St. Gallen X X TARENO AG Basel X Thurgauer Kantonalbank Weinfelden X X Timber Hill (Europe) AG Zug X Trafina Privatbank AG Basel X X Trans Fiduciaire SA Lugano X UBS AG Zürich X X UBS Limited, London, Zweigniederlassung Schweiz, Opfikon Opfikon X X UBS Swiss Financial Advisers AG Zürich X UniCredit (Suisse) Bank SA Lugano X X Union Bancaire Privée, UBP Genève X X United Bank AG (Zürich) Zürich X X UNITED MIZRAHI BANK (Schweiz) AG Zürich X X Univalor Trust SA Genève X Urner Kantonalbank Altdorf X X Vadian Bank AG St. Gallen X X Valartis Bank AG Zürich X X Valcourt SA Genève 11 X Valiant Bank AG Bern X X Valiant Privatbank AG Bern X X Van der Moolen Effecten Specialist B.V., Amsterdam, Swiss Branch, Zug X Zug Volksbank Bodensee AG St. Margrethen X X Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft, St. Gallen X Bregenz, Zweigniederlassung St. Gallen VP Bank (Schweiz) AG Zürich X X VZ Depotbank AG Zürich X X Wegelin & Co. Privatbankiers Gesellschafter Bruderer, Hummler, St. Gallen X X Tolle & Co. WIR Bank Basel X ZLB Zürcher Landbank Elgg X X Zuger Kantonalbank Zug X X Zürcher Kantonalbank Zürich X X Total authorised banks and securities dealers: 405 26.12.2008 / 11:50 FBEH Page 8 / 8 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 172 of 313 Exhibit 17 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 173 of 313 - finma E1dgenO.ssische Finanzmarktaufstcht FINMA Autorite federale de surveillance des marches financiers FINMA Autorita rederale di vigilanza sui mercati finanz1ari FINMA Swiss Fin.:inc1al Mark:et Supervisory Authority rlNMA Reference: To the US District Court G01290882;GO 1290882-000013 for the Southern District of New York Contact: Nina Reiser nina.reiser@finma.ch +41 (0)31 327 91 96 through Lenz & Staehelin, Geneva Bern, 28 February 2020 Confirmation In our capacity as the Swiss Financial Market Supervisory Authority FINMA (formerly Swiss Federal Banking Commission) and responsible for banking supervision, we hereby confirm that the fifty four (54) below mentioned banks ("the banks") were authorized to act as a bank in accordance with Article 3 of the Federal Act on Banks and Savings Banks of 8 November 1934 from 151 January 2004 to 31 December 2008 ("relevant period"). In addition, we can confirm that the banks have been prudentially supervised by our Authority since they were authorized. Entities authorized to act as a bank and supervised by our Authority during the whole relevant period • ABN AMRO Bank (Switzerland) AG BANCA ARNER SA • Banca Commerciale Lugano • Banco Santander International SA • Bank J. Safra Sarasin AG Bank Julius Bar & Co. AG • Bank Sal. Oppenheim jr. & Cie (Schweiz) AG Bank Vontobel AG • Banque Cantonale Vaudoise Banque Lombard Odier & Cie SA • Banque Pictet & Cie SA • Banque Privee Espirito Santo SA Banque SYZ SA Laupenstrasse 27 3003 Bern Phone +41 (0)31 327 91 00 Fax +41 (0)31 327 91 01 www.finma.ch 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 174 of 313 finma Reference: • Barclays Bank (Suisse) SA G01290882;G01290882-000013 • BBVA SA • BIPIELLE Bank (Suisse) • Bordier & Cie • BSI SA • CA lndosuez (Switzerland) SA • CBH Compagnie Bancaire Helvetique SA • Citibank (Switzerland) AG • Clariden Leu AG • Corner Banca SA • Credit Suisse AG • Deutsche Bank (Suisse) SA • Dresdner Bank (Schweiz) AG • Edmond de Rothschild (Lugano) SA • Edmond de Rothschild (Suisse) S.A. • EFG Bank AG • Falcon Private Bank AG • FINTER BANK ZURICH AG • HINDUJA BANQUE (SUISSE) SA • HSBC Private Bank (Suisse) SA • ING Bank (Suisse) SA • Investec Bank (Switzerland) AG • Lloyds Bank pie, Londres, succursale de Geneve • Merrill Lynch Bank (Suisse) SA • Mirabaud & Cie SA • Piguet Galland & Cie SA • PKB PRIVATBANK SA • Privatbank IHAG Zurich AG • Rahn+Bodmer Co. • RBS Coutts Bank AG • Rothschild & Co Bank AG • ROYAL BANK OF CANADA (SUISSE) SA • Schroder & Co Bank AG • Sella Bank SA • SOCIETE GENERALE Private Banking (Suisse) SA • SOCIETE GENERALE Private Banking (Lugano-Svizzera) • UBS AG • Wegelin & Cie. 2/3 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 175 of 313 finma Reference: G01290882;G01290882-000013 Entities authorized to act as a bank and supervised by our Authority during a part of the relevant period • Banca del Gottardo (from 01.01.2004 to 26.06.2008) • Banca Unione di Credito (BUC) (from 01 .01.2004 to 28.12.2006) • lnCore Bank AG (from 12.12.2006 to 31.12.2008) Yours faithfully Swiss Financial Market Supervisory Authority FINMA Banks division Annemarie Nussbaumer Nina Reiser 3/3 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 176 of 313 Exhibit 18 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 177 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type Aargauische Kantonalbank Aarau Bank Cantonal banks Swiss securities firm 3 ABANCA CORPORACION BANCARIA S.A., Betanzos, Genève 1 Foreign bank branch office First branch office of a foreign bank X 5 succursale de Genève acrevis Bank AG St. Gallen Bank Regional banks and savings banks Swiss securities firm 4 AEK BANK 1826 Genossenschaft Thun Bank Regional banks and savings banks Swiss securities firm 4 AFS Equity & Derivatives B.V., Amsterdam, Regensdorf Foreign securities firm branch office Securities firm First branch office of a foreign X 5 Zweigniederlassung Regensdorf securities firm Alpha RHEINTAL Bank AG Heerbrugg Bank Regional banks and savings banks Swiss securities firm 4 Alternative Bank Schweiz AG Olten Bank Other banks Swiss securities firm 4 AP ANLAGE & PRIVATBANK AG Zürich Bank Foreign-controlled banks Foreign-controlled securities 5 firm Appenzeller Kantonalbank Appenzell Bank Cantonal banks Swiss securities firm 4 Aquila AG Zürich Bank Other banks Swiss securities firm 5 Arab Bank (Switzerland) Ltd. Genève 3 Bank Foreign-controlled banks Foreign-controlled securities 4 firm AXION SWISS BANK SA Lugano Bank Banks specialised in exchange, Swiss securities firm 4 securities and asset management business Baader Helvea AG Zürich Securities firm Securities firm Foreign-controlled securities X 5 firm Baloise Bank SoBa AG Solothurn Bank Regional banks and savings banks Swiss securities firm 4 Banca Aletti & C. (Suisse) SA Lugano Bank Foreign-controlled banks Foreign-controlled securities 5 firm BANCA CREDINVEST SA Lugano Bank Foreign-controlled banks Foreign-controlled securities 5 firm BANCA DEL CERESIO SA Lugano Bank Foreign-controlled banks Foreign-controlled securities 5 firm 03.03.2020 / 04:30 1/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 178 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type BANCA DEL SEMPIONE SA Lugano Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banca dello Stato del Cantone Ticino Bellinzona Bank Cantonal banks Swiss securities firm 4 Banca Popolare di Sondrio (Suisse) SA Lugano Bank Foreign-controlled banks Foreign-controlled securities 4 firm BANCA ZARATTINI & CO. SA Lugano Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banco Itaú (Suisse) SA Zürich Bank Foreign-controlled banks Foreign-controlled securities 4 firm Banco Santander International SA Genève 1 Bank Foreign-controlled banks Foreign-controlled securities 4 firm Bank am Bellevue AG Küsnacht ZH Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Bank Avera Genossenschaft Wetzikon ZH Bank Regional banks and savings banks Swiss securities firm 4 Bank BSU Genossenschaft Uster Bank Regional banks and savings banks Swiss securities firm 5 Bank CIC (Schweiz) AG Basel Bank Foreign-controlled banks Foreign-controlled securities 4 firm Bank Cler AG Basel Bank Other banks Swiss securities firm 3 Bank EEK AG Bern Bank Regional banks and savings banks Swiss securities firm 4 Bank EKI Genossenschaft Interlaken Bank Regional banks and savings banks Swiss securities firm 5 Bank für Tirol und Vorarlberg Aktiengesellschaft, Staad SG Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 5 Innsbruck, Zweigniederlassung Staad securities firm Bank Gantrisch Genossenschaft Schwarzenburg Bank Regional banks and savings banks Swiss securities firm 5 Bank in Zuzwil AG Zuzwil Bank Regional banks and savings banks Swiss securities firm 5 Bank J. Safra Sarasin AG Basel Bank Foreign-controlled banks Foreign-controlled securities 3 firm 03.03.2020 / 04:30 2/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 179 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type Bank Julius Bär & Co. AG Zürich Bank Banks specialised in exchange, Swiss securities firm 3 securities and asset management business Bank Leerau Genossenschaft Kirchleerau Bank Regional banks and savings banks Swiss securities firm 5 Bank Linth LLB AG Uznach Bank Foreign-controlled banks Foreign-controlled securities 4 firm Bank Oberaargau AG Huttwil Bank Regional banks and savings banks Swiss securities firm 4 Bank of America Merrill Lynch International Zürich Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 5 Designated Activity Company, Dublin, Zurich Branch securities firm Bank SLM AG Münsingen Bank Regional banks and savings banks Swiss securities firm 4 Bank Sparhafen Zürich AG Zürich Bank Regional banks and savings banks Swiss securities firm 5 Bank Thalwil Genossenschaft Thalwil Bank Regional banks and savings banks Swiss securities firm 5 Bank von Roll AG Zürich Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Bank Vontobel AG Zürich Bank Banks specialised in exchange, Swiss securities firm 3 securities and asset management business BANK ZIMMERBERG AG Horgen Bank Regional banks and savings banks Swiss securities firm 5 bank zweiplus ag Zürich Bank Foreign-controlled banks Foreign-controlled securities 5 firm Bankhaus Jungholz AG St. Gallen Bank Foreign-controlled banks Foreign-controlled securities 5 firm BankMed (Suisse) SA Genève 1 Bank Foreign-controlled banks Foreign-controlled securities 5 firm Bank-now AG Horgen Bank Other banks X 5 03.03.2020 / 04:30 3/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 180 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type Banque Algérienne du Commerce Extérieur SA Zürich Bank Foreign-controlled banks Foreign-controlled securities 5 firm BANQUE AUDI (SUISSE) SA Genève 12 Bank Foreign-controlled banks Foreign-controlled securities 4 firm Banque Bonhôte & Cie SA Neuchâtel Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Banque Cantonale de Fribourg Fribourg Bank Cantonal banks Swiss securities firm 3 Banque Cantonale de Genève Genève 2 Bank Cantonal banks Swiss securities firm 3 Banque Cantonale du Jura SA Porrentruy 2 Bank Cantonal banks Swiss securities firm 4 Banque Cantonale du Valais Sion Bank Cantonal banks Swiss securities firm 3 Banque cantonale neuchâteloise Neuchâtel Bank Cantonal banks Swiss securities firm 4 Banque Cantonale Vaudoise Lausanne Bank Cantonal banks Swiss securities firm 3 Banque Cramer & Cie SA Genève 12 Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Banque de Commerce et de Placements SA Genève 3 Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banque Degroof Petercam (Suisse) SA Genève Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banque du Léman SA Genève 1 Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banque Eric Sturdza SA Genève 3 Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Banque Havilland (Suisse) S.A. Genève 11 Bank Foreign-controlled banks Foreign-controlled securities 5 firm 03.03.2020 / 04:30 4/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 181 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type BANQUE HERITAGE SA Genève 6 Bank Foreign-controlled banks Foreign-controlled securities 4 firm Banque Internationale à Luxembourg (Suisse) SA Zürich Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banque Internationale de Commerce - BRED (Suisse) Genève Bank Foreign-controlled banks X 5 SA Banque Lombard Odier & Cie SA Genève Bank Banks specialised in exchange, Swiss securities firm 3 securities and asset management business Banque Pâris Bertrand SA Genève 1 Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Banque Pictet & Cie SA Genève 73 Bank Banks specialised in exchange, Swiss securities firm 3 securities and asset management business BANQUE PRIVEE BCP (SUISSE) SA Genève Bank Foreign-controlled banks Foreign-controlled securities 5 firm BANQUE PROFIL DE GESTION SA Genève 3 Bank Foreign-controlled banks Foreign-controlled securities 5 firm Banque SYZ SA Genève Bank Banks specialised in exchange, Swiss securities firm 4 securities and asset management business Banque Thaler SA Genève 3 Bank Foreign-controlled banks Foreign-controlled securities 5 firm Bantleon Bank AG Zug Bank Foreign-controlled banks Foreign-controlled securities 5 firm Barclays Bank (Suisse) SA Genève 3 Bank Foreign-controlled banks Foreign-controlled securities 4 firm Barclays Capital, Zurich Branch of Barclays Bank PLC, Zürich Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 5 London securities firm 03.03.2020 / 04:30 5/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 182 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type Basellandschaftliche Kantonalbank Liestal Bank Cantonal banks Swiss securities firm 3 Basler Kantonalbank Basel Bank Cantonal banks Swiss securities firm 3 Baumann & Cie KmG Basel Bank Private bankers who do not solicit funds Swiss securities firm 5 from the public BBO Bank Brienz Oberhasli AG Brienz BE Bank Regional banks and savings banks Swiss securities firm 5 BBVA SA Zürich Bank Foreign-controlled banks Foreign-controlled securities 5 firm BERGOS BERENBERG AG Zürich Bank Banks specialised in exchange, Swiss securities firm 5 securities and asset management business Berner Kantonalbank AG Bern Bank Cantonal banks Swiss securities firm 3 Bernerland Bank AG Sumiswald Bank Regional banks and savings banks Swiss securities firm 4 Bezirks-Sparkasse Dielsdorf Genossenschaft Dielsdorf Bank Regional banks and savings banks Swiss securities firm 4 BGC BROKERS L.P., à Londres (Royaume-Uni), Nyon Foreign securities firm branch office Securities firm First branch office of a foreign X 5 succursale de Nyon securities firm Biene Bank im Rheintal Genossenschaft Altstätten SG Bank Regional banks and savings banks Swiss securities firm 5 BLOM BANK (Switzerland) SA Genève 3 Bank Foreign-controlled banks Foreign-controlled securities 5 firm BNP Paribas (Suisse) SA Genève 11 Bank Foreign-controlled banks Foreign-controlled securities 3 firm BNP PARIBAS SECURITIES SERVICES, Paris, Zürich Foreign bank branch office First branch office of a foreign bank X 5 succursale de Zurich Bondpartners S.A. Lausanne Securities firm Securities firm Swiss securities firm 5 Bordier & Cie Genève 11 Bank Private bankers who do not solicit funds Swiss securities firm 4 from the public bridport & cie sa Genève 3 Securities firm Securities firm Foreign-controlled securities X 5 firm 03.03.2020 / 04:30 6/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 183 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type BS Bank Schaffhausen AG Hallau Bank Regional banks and savings banks Swiss securities firm 5 Burgergemeinde Bern, DC Bank Deposito-Cassa der Bern Bank Regional banks and savings banks Swiss securities firm 5 Stadt Bern Burgerliche Ersparniskasse Bern, Genossenschaft Bern Bank Regional banks and savings banks X 5 BZ Bank Aktiengesellschaft Wilen b. Bank Banks specialised in exchange, Swiss securities firm 5 Wollerau securities and asset management business CA Indosuez (Switzerland) SA Genève 11 Bank Foreign-controlled banks Foreign-controlled securities 3 firm CACEIS Bank, Paris, succursale de Nyon / Suisse Nyon Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 5 securities firm Caisse d'Epargne Courtelary SA Courtelary Bank Regional banks and savings banks Swiss securities firm 5 Caisse d'Epargne d'Aubonne société coopérative Aubonne Bank Regional banks and savings banks Swiss securities firm 5 Caisse d'Epargne de Cossonay société coopérative Cossonay Bank Regional banks and savings banks Swiss securities firm 5 Caisse d'Epargne de Nyon société coopérative Nyon Bank Regional banks and savings banks Swiss securities firm 5 Caisse d'Epargne et de Crédit Mutuel de Chermignon Chermignon Bank Regional banks and savings banks X 5 société coopérative Caisse d'Epargne Riviera, société coopérative Vevey 1 Bank Regional banks and savings banks Swiss securities firm 5 CBH Compagnie Bancaire Helvétique SA Genève 3 Bank Banks specialised in exchange, Swiss securities firm 4 securities and asset management business Cembra Money Bank AG Zürich Bank Other banks X 4 China Construction Bank Corporation, Beijing, Swiss Zürich Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 5 Branch Zurich securities firm CIM BANQUE SA Genève 6 Bank Foreign-controlled banks Foreign-controlled securities 5 firm Cité Gestion SA Genève Securities firm Securities firm Swiss securities firm 5 03.03.2020 / 04:30 7/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 184 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type Citibank (Switzerland) AG Zürich Bank Foreign-controlled banks Foreign-controlled securities 4 firm Citibank, N.A., Sioux Falls, succursale de Genève Genève 3 Foreign bank branch office Second branch office of a foreign bank Second branch office of a 5 foreign securities firm Citibank, N.A., Sioux Falls, Zurich Branch Zürich Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 4 securities firm CITIGROUP GLOBAL MARKETS LIMITED, London, Zürich Foreign securities firm branch office Securities firm First branch office of a foreign X 5 Zweigniederlassung Zürich securities firm Clientis AG Bern Bank Banks with a special field of business Swiss securities firm 4 Clientis Bank Aareland AG Küttigen Bank Regional banks and savings banks Swiss securities firm 5 Clientis Bank im Thal AG Balsthal Bank Regional banks and savings banks Swiss securities firm 5 Clientis Bank Oberuzwil AG Oberuzwil Bank Regional banks and savings banks Swiss securities firm 5 Clientis Bank Thur Genossenschaft Ebnat-Kappel Bank Regional banks and savings banks Swiss securities firm 5 Clientis Bank Toggenburg AG Kirchberg SG Bank Regional banks and savings banks Swiss securities firm 5 Clientis EB Entlebucher Bank AG Schüpfheim Bank Regional banks and savings banks Swiss securities firm 5 Clientis Sparkasse Oftringen Genossenschaft Oftringen Bank Regional banks and savings banks Swiss securities firm 5 COMMERZBANK Aktiengesellschaft, Frankfurt am Zürich Foreign bank branch office First branch office of a foreign bank First branch office of a foreign 5 Main, Zweigniederlassung Zürich securities firm Compass Asset Management SA Paradiso Securities firm Securities firm Swiss securities firm X 5 Cornèr Banca SA Lugano Bank Other banks Swiss securities firm 4 Crédit Agricole next bank (Suisse) SA Genève 26 Bank Foreign-controlled banks Foreign-controlled securities 4 firm Credit Europe Bank (Suisse) SA Genève 1 Bank Foreign-controlled banks Foreign-controlled securities 5 firm CREDIT MUTUEL DE LA VALLEE SA Le Sentier Bank Regional banks and savings banks Swiss securities firm 5 03.03.2020 / 04:30 8/19 10-03868-smb Doc 146-3 Filed 03/18/20 Entered 03/18/20 16:34:29 Exhibit Declaration of Thomas J. Moloney Pg 185 of 313 Authorised banks and securities firms no activity as securities non-account-holding securities firms Category firm Name City Licensing Bank type Securities firms type Credit Suisse (Schweiz) AG Zürich Bank Large banks Swiss securities firm 1 Credit Suisse AG Zürich Bank Large banks Swiss securities firm 1 Daiwa Capital Markets Europe Li