On July 11, 2023, the Polish Financial Supervision Authority (KNF) published a press release to inform that AgioFunds TFI SA, a Polish investment funds company which was recently fined for multiple violations in connection with the valuation of fund assets and thus the determination of the net asset value, has filed an application to have its case reconsidered by the KNF.
To recall, on May 31, 2023, the company was fined a total of PLN 3,200,000 for not adequately valuing three separate bonds which were part of the investment portfolio of the Abelia Capital Closed Investment Fund, leading to wrong net asset values of the fund on numerous occasions, constituting a violation of § 23 of the regulation on the accounting for investment funds in connection with Article 131 of the Act of 27 May 2004 about investment funds and management of alternative funds (please refer to EventID 21631 in this context for more information).
Due to the application for reconsideration, the decision of the fine is not final yet.
Złożenie przez AgioFunds TFI SA wniosku o ponowne rozpatrzenie sprawy
ID
24149
Other Features
accounting
AIF
AIF investment vehicle
AIFM
assessment
bonds
closed-end funds
companies
due diligence
fund management
liabilities
penalties
performance
redemption
UCITS
valuation
wind-down
Date Published: 2023-07-11
Regulatory Framework: UCITS Directive, Alternative Investment Fund Managers Directive (AIFMD)
Regulatory Type: information
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