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Watchdog Fines Fund Managers for Remuneration Policies

MNB

Photo by Andocs / Shutterstock.com

The National Bank of Hungary (MNB) on Tuesday said it fined fund managers Hold and Adalfa for remuneration policies that may have incentivized staff to take "excessive risks", according to a report by state news wire MTI.

The central bank and financial market regulator said the fund managers' remuneration policies lacked safeguards for staff with stakes in the businesses, such as deferred dividend payments or retention periods.

It fined Hold more than HUF 17 million and Adalfa over HUF 12 mln.

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