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PSzÁF fines Calyon Bank Hungary Ft 1.2 mln

The State Financial Supervisory Authority (PSzÁF) fined Calyon Bank Hungary Zrt Ft 1.2 million for violating regulations regarding deposit management of investment funds, the watchdog announced in the stock exchange daily Magyar Tőkepiac on Friday.

The PSzÁF made the decision after an investigation of Access Investment Fund Manager's Access Money Market Open-Ended Investment Fund, for which Calyon was acting as a custodian. The PSzÁF announcement cautioned Calyon to observe all regulations, including those on informing the regulator, pertaining to deposit management in the future. The announcement also emphasized that custodians are obligated to reject all orders from fund managers that contravene existing regulations.