Chair of the Financial Conduct Authority Horatio Eden has issued a statement clarifying the FCA’s primacy over the soon-to-be founded Quetican Micronational Stock Exchange.
In light of the QMSE’s increasing media attention, I would like to reiterate to the micronational community that it is the Financial Conduct Authority, chaired by myself, that is the primary body of financial legal enforcement in the Micronational Dollar economy, rather than the Overseer of Quetico Street.
– Horatio Eden, Chair of the FCA
With the Exchange to open tomorrow, this will not be a welcome statement with founder Henry Twain, who has spent considerable time hyping his creation. There are a few companies already registered (including the RadioMicro Group, who own themicronational), who await their IPO tomorrow.
Despite that, it seems unlikely that the statement will unduly affect the QMSE on its opening day. However, should the QMSE ever finds itself in deep water legally, it seems likely that the FCA will be hot on its heels.