W sprawie ING Banku Śląskiego WSA orzekł na korzyść KNF

The Polish Financial Supervision Authority (KNF) has published a press release in which it informs that the Provincial Administrative Court (WSA) in Warsaw has confirmed the decision of the KNF and thus dismissed a corresponding complaint as regards a fine that was previously imposed on ING Bank Śląski SA for not duly exercising its control over fund valuation matters and for performing its depository obligations „in an unreliable manner and without exercising the utmost due diligence“. Please see EventID 18337 in this context for more detailed information on the violations and the composition of the fine.
In its judgement, the WSA argues that „the duties of the depository cannot be understood only formally and in terms of accounting, because the guarantee function of the depositary is connected with the need for actual, material control of the valuation of fund assets.“ Also, it is a depository’s obligation to ensure that it conducts all activities with the utmost care and in accordance with existing rules and regulations, so the court.
As KNF notes the WSA’s decision is not yet final, leading to the assumption that the Bank has again filed an appeal in the matter.