Főoldal -- Határozatok -- Tőkepiaci határozatok
Resolution No. J-III-B. 92/2007. The HFSA applied supervisory measures against and imposed fine on Buda-Cash Brókerház Zrt.

Resolution No. J-III-B. 92/2007. The HFSA applied supervisory measures against and imposed fine on Buda-Cash Brókerház Zrt.

Referring to the responsibility marked by the Act on Capital Market, on behalf of the General Director of the Hungarian Financial Supervisory Authority (hereinafter referred to as the "HFSA") I pass the following resolution as the concluding of the supervisory post examination conducted at Buda-Cash Brókerház Zártkörűen Működő Részvénytársaság (registered office: 1118 Budapest, Ménesi út 22., hereinafter referred to as "the Company").

I. I call upon the Company to

1. fully comply with the legal provisions on protection of client assets;

2. provide for an organizational structure and internal procedures in a way which - via the operation of the built-in-process control mechanism - ensure the objective assessment of the separate operations performed;

3. comply with the legal provisions concerning the management of client accounts and the restrictions on money transfer relating to these accounts at all times;

4. ensure the consistency among futures positions and deposits relating to these positions at all times;

5. comply with the relevant legal framework concerning the scope of activities of investment firms when entering into currency forward transactions;

6. transfer the supervisory fee in due time according to the relevant legal provisions;

7. comply with the legal provisions on trading book keeping at all times;

8. fully comply with the legal provisions concerning the prevention of and combating against money laundering at all times;

9. ensure the separation of the portfolio management activity from the other investment services at the level of management.

II. I claim the Company to make a report discussed and approved by the Board of Directors and the Supervisory Board on the measures taken in order to meet the obligations specified in the resolution and to submit it as an extraordinary supervisory report to the HFSA within 60 days from the delivery of the resolution.

III. The Company shall pay HUF 1 000 000 as supervisory fine which is imposed upon the infringements of legal provisions detailed in point I.1.-I.3.

Within 30 days from the delivery of the resolution the fine should be transferred to the account of the HFSA kept by the Hungarian State Treasury Nr. 10032000-00283834-00000000, indicating the number of this resolution and referring to "supervisory fine". Should the Bank fail to pay the supervisory fine voluntarily in due time, administrative enforcement procedure will be applied, in which extra fine on default payment will be imposed upon the Bank. The extra fine is due to pay after each day of the delay and its daily amount is calculated on the basis of the Central Bank base rate which is doubled and then divided with 365. No default penalties will be charged in connection with the delay in paying the extra fine on default payment. The extra fine on default payment should be transferred to the account of the HFSA kept by the Hungarian State Treasury Nr. 10032000-00283834-00000000, indicating the number of this resolution and referring to "extra fine on default payments".

There is no way for appealing against this resolution within the public administrative process, however the client or those who are directly affected by the resolution are entitled to initiate judicial review - exclusively on the ground of infringement of law - within 30 days of the communication of the resolution by filing the complaint at HFSA. However, the complaint will not suspend the enforcement of the resolution.

Budapest, 16th April 2007.

dr. Barna Zsolt

Managing Director

We would like to note and to draw attention that in case of any interpretation dispute the original Hungarian text is considered to be the only authentic source of information.