Irish Regulator Fines Fund Manager For Client Assets Breach

Law360, London (October 23, 2019, 12:52 PM BST) -- An Irish investment firm has been fined €6,000 ($6,700) and reprimanded by the Irish Central Bank for breaking the terms of its authorization by holding client money in its corporate accounts, the regulator said Wednesday.

The fund manager, BVP Investments, breached its authorization for 12 years by holding a total of almost €16 million in money invested by its clients in company accounts rather than designated trust accounts, the Irish Central Bank said.

The central bank said it would have imposed a fine of €80,000, but drastically cut the penalty in recognition of the company’s financial position and its obligation to...

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