MNB fines Tresor Market Corporation and agents HUF 325 mln

Deals

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.

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