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PSzÁF fines ERSTE fund manager

Financial market regulator (PSzÁF) has fined ERSTE Bank Magyarország Befektetési Alapkezelő Rt, ERSTE bank's fund manger, Ft 1 mln for failing to follow regulations, PSzÁF said yesterday. PSzÁF ordered the fund manager to keep all regulations concerning fund management in the future. ERSTE Bank Magyarország Befektetési Alapkezelő failed to follow regulations when handling money in an open-ended shares investment fund it manages. The fine follows a Ft 500,000 one just a few days earlier for violating operating codes.