MNB fines Tresor Market Corporation and agents HUF 325 mln
The National Bank of Hungary (MNB) fined Seyschelles-based Tresor Market Corporation and several companies acting as its agents for unlicensed activities, for a combined HUF 325 mln, the MNB said today. It also forbid the fined companies from these activities.
The MNB found that Tresor Market Corporation provided investment services, including portfolio management without holding the necessary license to provide such services in Hungary. It fined the company HUF 290 mln.
It also fined Seyschelles-based TM Solutions HUF 30 mln, and Hungary-based Tresor Market Agent HUF 1.5 mln, Tresor-M Agent HUF 3.9 mln for acting as agents for Tresor Market Corporation without reporting these activities as required by the law.
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.