ECB Fines Natixis Luxembourg €1.85M Over Exposures Limits
Law360, London (December 4, 2019, 2:05 PM GMT) -- A Luxembourg-based subsidiary of French investment bank Natixis has been slapped with a fine of €1.85 million ($2.05 million) by the European Central Bank for violating rules on maintaining capital reserves.
The ECB said it imposed the sanction against Natixis Wealth Management Luxembourg because of its "non-compliance with the reporting requirements for limits and significant exposures in 2016 and 2017.” The central bank did not provide further details. Natixis can appeal the decision before the Court of Justice of the European Union.
The wealth manager was guilty of two breaches of the EU’s Capital Requirements Regulation. The 2013 rules force banks to maintain...
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