Solar Capital Markets fined HUF 17 mln

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The National Bank of Hungary (MNB) fined investment service provider Solar Capital Markets HUF 17 million on charges of violating prudential and client protection regulations, MNB announced today. The central bank ordered the company to remedy the infringements by May 15 and June 30.

According to a report by Hungarian news agency MTI, the MNB found shortcomings affecting the companyʼs internal controls, record keeping, portfolio management activities and IT systems.

It also established that Solar Capital Markets failed to ensure the separate management of its own financial assets from those of its clients.

The bank fined the company HUF 14 mln for these infringements and HUF 3 mln for shortcomings affecting customer protection regulations.

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