On March 28, 2023, the Polish Financial Supervision Authority (KNF) published a press release to inform that it has fined Everest Investment Management SA, a brokerage house, for violating several articles under the Investment Firms Regulation (Regulation (EU) 2019/2033) and the Act of July 25, 2005 on trading in financial instruments (or simply Act on Trading in Financial Instruments). Specifically, the company was fined in total PLN 100,000 for:
1. failing to meet own funds requirements from December 10, 2021 to June 8, 2022 pursuant to articles 9 and 11 of the Investment Firms Regulations, a requirement that is of key importance for conducting business as an investment firm; and
2. failing to meet certain employment obligations from July 1, 2021 to May 16, 2022 and from July 1, 2021 to November 14, 2022 pursuant to articles 83 and 82a of the Act on Trading in Financial Instruments, respectively. The violation thereby concern a failure to employ „two investment advisors to manage portfolios consisting of one or more financial instruments“ and a failure to ensure an adequate level of professional competence by financial advisers.
Nałożenie kary pieniężnej na Everest Investment Management SA
ID
22512
Other Features
broker
companies
financial advisors
fund management
investment firms
own funds
penalties
professional competence
trading
Date Published: 2023-03-28
Regulatory Framework: Investment Firms Regulation (IFR), Markets in Financial Instruments Directive II (MiFID II)
Regulatory Type: information
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