Poland's financial watchdog imposes total fine of PLN 2 mln on Opera investment funds

Poland's financial watchdog KNF issued a decision imposing fines of PLN 1.2 million (EUR 274.9k) and of PLN 800k (EUR 183.3k) on Opera investment funds association, KNF said in a press release on Wednesday.

KNF issued decisions on imposing a fine totaling PLN 2 million (EUR 458.2k) on Opera for failing to submit reports for the second and third quarter of 2022 by the specified deadline.

Poland's financial watchdog pointed out that Opera investment funds association failed to submit 92 periodic reports on time, including 58 quarterly reports and 34 semi-annual reports.

The delay in submitting the reports ranged from less than 2 to more than 7 months.

"The basic premise of the regulation on periodic reports is to ensure that the Commission has full access to information that enables it to exercise effective supervision over the activities of investment fund companies," KNF stressed in the explanatory memorandum.

"Delays in the transmission of periodic reports to the Commission may significantly affect the exercise of supervision and consequently make it impossible or significantly difficult to guarantee the protection of the interests of capital market participants," financial watchdog added.

alk/ ao/ han/