The Polish Financial Supervision Authority (KNF) imposed two penalties on Noble Funds Towarzystwo Funduszy Inwestycyjnych (Noble Funds TFI) in the total amount of PLN 10 million, including for the management of investment funds by the company in an unreliable and unprofessional manner and for violations related to the management of closed-end investment funds: easyDebt, Debito and Open Finance Wiedza Detalicznych.
The first fine of PLN 5 million was imposed for improper performance of the day-to-day supervision of the entity entrusted with the management of the investment portfolio of investment funds, as well as for the management of investment funds by the Company in an unreliable and unprofessional manner, not ensuring due diligence and inconsistent with the principles of fair trading.
The second fine – also in the amount of PLN 5 million – was imposed for infringement by investment funds, including the provisions of the articles of association of these funds with regard to the valuation of their assets.
The breaches found by the Commission were related to the management of the following closed-end investment funds: easyDebt Non-standardized Securitization Investment Fund (easyDebt Fund), Debito Non-standard Securitization Investment Fund (Debito Fund), Open Finance Retail Debts Non-standard Securitization Closed-End Investment Fund (OFWD).
The funds subject to the administrative procedure conducted by the Commission were managed by Noble Funds TFI, as well as by the legal predecessor of the Society – Open Finance Towarzystwo Funduszy Inwestycyjnych, indicated.
Source: ISBnews
