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MNB fines investment fund manager Globeserv HUF 30 mln

Initiatives

The National Bank of Hungary (MNB) suspended the portfolio management activities of Globeserv Befektétesi Alapkezelő on charges of shortfalls, the central bank announced today, according to Hungarian news agency MTI.

The MNB instructed the company to comply with the rules governing regulatory capital, correct staffing shortfalls and prepare a recovery plan, MTI added.

The suspension will remain in place until Globeserv complies with the requirements, for a maximum of six months.

The companyʼs other activities are not affected by the restriction.

The MNB delegated an oversight commissioner to the company last November.

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