A fine for Hansa Investeerimisfondid
AS Hansa Investeerimisfondid repeatedly failed to submit mandatory reports to the Financial Supervision Authority in 2006. Since the management company?s delayed reports did not allow the Financial Supervisory Authority to properly perform its supervision duties, the management board of the FSA decided on 25 April 2007 to punish AS Hansa Investeerimisfondid with a fine of EEK 15 000.
According to the new Investment Funds Act, a management company shall prepare its annual report and interim reports and also the annual reports and interim reports of common funds managed thereby, and submit them to the Financial Supervision Authority pursuant to the procedure provided by the Investment Funds Act or legislation issued on the basis thereof.
The requirements for the content of the reports and the methods of preparation and procedure for the submission of the reports are established by the Minister of Finance Regulation of 7 January 2005 . Requirements for the content, methods of preparation and procedure for the submission of the reports to be submitted to the Financial Supervision Authority. An investment fund may be punished by a fine of up to EEK 50 000 for failure to comply with the obligations set forth in the Regulation.