I’m convinced the last listing update Karantzis provided in the Qrt 2 report was a complete crock. He sights issues with clearing and settlement etc etc. I’ve spent a fair bit of time reading up on European listings on the Euronext Amsterdam etc and it’s not hard.
The real reason is he fails the fit and proper test.
The Financial Conduct Authority (FCA’s )criteria when assessing the above, include but are not limited to whether the person has :
1been convicted of any criminal offence
2been subject to any adverse finding or any settlement in civil proceedings
3been the subject of or interviewed in the course of any existing or previous investigation or disciplinary proceedings
4been or is to be the subject of any proceedings of a disciplinary or criminal nature
5has contravened any of the requirements and standards of the regulatory system or the equivalent standards or requirements of other regulatory authorities
6been subject of any justified complaint relating to regulated activities.
Obviously the judgement from the ASIC changes this. Refer 5&6
In addition The Lakspur/ Edmonds trial V Karantzis is set for February 13, 2025. I am 99% certain he’ll lose that as well. It’s farcical in so far as Karantzis has submitted a defense BUT with no evidence, none, zip, zero. How can a defense without evidence stand a chance? I think his strategy was to simply bleed them dry and capitulate. Anyway provide Lakspur/ Edmonds are successful this brings into play point 2.
The slide below is from the AGM 2023 stating the proposed Directors were fit & proper to meet listing requirements. That is not the case now.
Will I pass the Fit and Proper test?
March 7, 2022 Amber Richardson (https://www.saunders.co.uk/our-people/amber-richardson/)
The fit and proper person test is a benchmark the Financial Conduct Authority (‘FCA’) uses to assess whether an individual is suitable to perform a controlled or senior management function (SMF) in an authorised body.
The FCA updated its “Fit and Proper test for Employees and Senior Personnel sourcebook” in March 2022.
The purpose of the sourcebook is to set out the criteria that the Senior Managers and Certification Regime (‘SM&CR’) should consider when assessing the fitness and propriety of anyone a firm is proposing to put forward to carry out an approved FCA function.
Under section 60A (1) of the Financial Services and Markets Act 2000, before a firm makes an application for the FCA's approval of a controlled function, the firm must be satisfied that the person for whom the application is made is a fit and proper person.
The authorised person must have particular regard to whether the candidate, or any person who may perform a function on the candidate's behalf—
(a) has obtained a qualification,
(b )has undergone, or is undergoing, training,
(c) possesses a level of competence, or
(d) has the required personal characteristics
In the FCA's view, the most important considerations will be the person’s
•honesty, integrity and reputation
•competence capability and
•financial soundness.
The FCA’s criteria when assessing the above, include but are not limited to whether the person has :
1been convicted of any criminal offence
2been subject to any adverse finding or any settlement in civil proceedings
3been the subject of or interviewed in the course of any existing or previous investigation or disciplinary proceedings
4been or is to be the subject of any proceedings of a disciplinary or criminal nature
5has contravened any of the requirements and standards of the regulatory system or the equivalent standards or requirements of other regulatory authorities
6been subject of any justified complaint relating to regulated activities
As a regulator, the FCA has a continuing obligation to ensure individuals who perform a controlled or senior management function, pass the Fit and Proper test.
If you are being investigated by the FCA or need advice on whether you are legally required to disclose a caution or conviction to your employer, or are concerned you will not p
ass the fit and proper test, contact our regulatory team:
