MNB asks for probe of seller of investment product not recognized in Hungary

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Photo by Jessica Fejos

The National Bank of Hungary on Thursday said it asked Germanyʼs financial market watchdog BaFin to launch a probe of Timberland Capital Management on suspicion that it is in violation of Hungarian regulations, state news agency MTI reported.

(Photo: Jessica Fejos)

Timberland Capital Management offers clients "participation rights", or Genussrecht in German – a hybrid of equity and debt security that is not recognized under Hungarian law, the MNB said.

Timberland Capital Management, registered in Germany, provides cross-border investment services in Hungary but oversight of the company is the responsibility of BaFin, the MNB noted.

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