The State Financial Supervisory Authority (PSzÁF) has fined CIB Bank Zrt's investment fund manager unit Ft 500,000 for failing to comply with fund management regulations, according to an announcement in the latest issue of capital markets gazette Magyar Tőkepiac published Thursday.
The PSzÁF also cited the fund manager unit of K&H Bank Nyrt, but it levied no fine in that case.
The watchdog said CIB Investment Fund Manager Zrt had been fined in relation to its activities managing the CIB Money Market Fund. The unit was instructed to comply with regulations in future.
The PSzÁF instructed K&H Securities Investment Fund Manager Zrt to comply with regulations on investment contracts and said it must upgrade its IT system to track investment limits.