Opus Global fund manager fined for regulatory shortfalls

MNB

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The National Bank of Hungary (MNB) on Wednesday said it fined Opus Global Investment Fund Management HUF 10 million for regulatory shortcomings, according to a report by state news wire MTI.

The central bank and financial market watchdog found in a probe that the fund manager's records were not in full compliance with requirements and instructed it to remedy the situation to ensure the accurate calculation of its net asset value.

MNB also found shortcomings related to documentation of depositaries and said the fund manager lacks sufficient backup server space.

The central bank acknowledged the fund manager's cooperation and corrective measures as mitigating factors.

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