KNF imposed a total of PLN 4.3 million in fines on ING Bank Śląski

The Polish Financial Supervision Authority (KNF) imposed 3 penalties on ING Bank Śląski, acting as the depositary, in the total amount of PLN 4.3 million, the Commission announced.

A fine of PLN 200,000 PLN was imposed on the bank for "I. improper ongoing control of the actual and legal activities performed by:

a) Trigon Polskie Perły Closed-End Investment Fund (then Lartiq Polskie Perły FIZ, now Lumen Polskie Perły FIZ),

b) Altus Absolutnej Stopy Zwrotu Closed Investment Fund Rynku Polskiego 2 (currently Alter Absolutnej Stopy Zwrotu FIZ Rynku Polskiego 2, in connection with the valuation of shares in one of the companies constituting the assets of these funds (...)

II. performing the duties of the depositary in an unreliable manner and without the utmost diligence resulting from the professional nature of the business, which constitutes a violation of Art. 9 sec. 2 of the Act on investment funds.

A fine of PLN 4 million was imposed for "I. improper ongoing control of the actual and legal activities performed by:

a) Trigon Profit XX Non-standardized Securitization Closed-End Investment Fund (then Lartiq Profit XX NSFIZ, now Lumen Profit 20 NSFIZ),

b) Trigon Profit XXI Non-standardized Securitization Closed-End Investment Fund (then Lartiq Profit XXI NSFIZ, now Lumen Profit 21 NSFIZ),

c) Trigon Profit XXII Non-standardized Securitization Closed-End Investment Fund (then Lartiq Profit XXII NSFIZ, now Lumen Profit 22 NSFIZ),

d) Trigon Profit XXIII Non-standardized Securitization Closed-End Investment Fund (then Lartiq Profit XXIII NSFIZ, now Lumen Profit 23 NSFIZ),

e) Trigon Profit XXIV Non-standardized Securitization Closed-End Investment Fund (then Lartiq Profit XXIV NSFIZ, now Lumen Profit 24 NSFIZ), in connection with the valuation of debt portfolios included in the investment portfolios of the aforementioned funds (...)

II. performing the duties of the depositary in an unreliable manner and without the utmost diligence resulting from the professional nature of the business, which constitutes a violation of Art. 9 sec. 2 of the Act on investment funds.

The Polish Financial Supervision Authority also imposed a fine of PLN 100,000. PLN for: "I. improper exercise of ongoing control of factual and legal actions performed by:

a) the Opera MP closed-end investment fund,

b) sub-fund Opera Alfa-plus.pl separated within the Opera Specjalistyczny Fundusz Inwestycyjny Otwarty, in connection with the valuation of shares of two companies included in the assets of these funds (...),

II. performing the duties of the depositary in an unreliable manner and without the utmost diligence resulting from the professional nature of the business, which constitutes a violation of Art. 9 sec. 2 of the Act on investment funds.

The PFSA indicated that the irregularities indicate the ineffectiveness of the adopted model of fulfilling the obligations of ING Bank Śląski SA as a depositary.

The assessment of the credibility of valuations received from an external valuer consisted only of their formal verification, without checking their substantive correctness. The role of the depositary is to make sure that the valuation of assets by the fund or external valuer was carried out in accordance with the law and the fund's articles of association. For the independent performance of tasks by the depositary in this area, insight and independence in the evaluation of the received valuations is necessary. activity, it was annouced.

Source: KNF and ISBnews