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