The Polish Financial Supervision Authority (KNF) has issued a press release to inform of the imposition of a fine on Rockbridge Towarzystwo Funduszy Inwestycyjnych SA (in brief Rockbridge) located in Warsaw in connection with wrong assessments of fund management fees. Specifically, Rockbridge charged the investment fund „Alter Fundusz Inwestycyjny Zamknięty Multi Strategia“ with management fees for investments in other investment funds managed by the company which violates Article 1 of the Act of 27 May 2004 on investment funds and management of alternative investment funds. According to that Article, „the investment fund company may not charge fees or charge the fund with costs related to the investment of the fund’s assets in units or investment share of other investment funds managed by the company“.
The fine was set at PLN 4,400,000 due to the ongoing nature of the violation between December 11, 2018 and April 30, 2020.
Nałożenie kary pieniężnej na Rockbridge TFI
ID
23747
Other Features
AIF
AIF investment vehicle
AIFM
companies
fees
fund management
penalties
Date Published: 2023-06-16
Regulatory Framework: Alternative Investment Fund Managers Directive (AIFMD)
Regulatory Type: information
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