PSzÁF fines Calyon Bank Hungary Ft 1.2 mln

Sights

The State Financial Supervisory Authority (PSzÁF) fined Calyon Bank Hungary Zrt Ft 1.2 million for violating regulations regarding deposit management of investment funds, the watchdog announced in the stock exchange daily Magyar Tőkepiac on Friday.

The PSzÁF made the decision after an investigation of Access Investment Fund Manager's Access Money Market Open-Ended Investment Fund, for which Calyon was acting as a custodian. The PSzÁF announcement cautioned Calyon to observe all regulations, including those on informing the regulator, pertaining to deposit management in the future. The announcement also emphasized that custodians are obligated to reject all orders from fund managers that contravene existing regulations.

ADVERTISEMENT

Czech Economic Confidence Weakens in February Analysis

Czech Economic Confidence Weakens in February

Parliament Elects Sulyok as New Hungarian President Parliament

Parliament Elects Sulyok as New Hungarian President

PwC Hungary to Introduce 4-day Summer Working Week HR

PwC Hungary to Introduce 4-day Summer Working Week

Diversity in Focus at AmCham Hungary's HR Dream Day Conferences

Diversity in Focus at AmCham Hungary's HR Dream Day

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.