“OMX Baltic Benchmark Fund” Management Companys statementVilnius, Liethuania, 2020-03-03 08:56 CET --
After the Scheduled Inspection of Bank of Lithuania, Sanctions Were Imposed on the Management Company of “OMX Baltic Benchmark Fund”
Investment company with variable capital “OMX Baltic Benchmark Fund” (hereinafter – Investment Company), legal entity code 111713358, registered address at Antano Tumėno St. 4, Vilnius, the Republic of Lithuania, ISIN code LT0000990012, being managed by its management company uždaroji akcinė bendrovė “Orion Asset Management” (hereinafter – Management Company), legal entity code 111707985, registered address at Antano Tumėno St. 4, Vilnius, the Republic of Lithuania.
In the autumn of 2019, Supervision Service of the Bank of Lithuania carried out the targeted scheduled inspection on the compliance of the activities of the Management Company with the provisions of the applicable legal acts, governing managing of the collective investment undertakings, as well as, on the risk management.
A few deficiencies related to renewal, publication and submission of the documents of the Investment Company to the Bank of Lithuania were detected while conducting the inspection. It was also ascertained that respective provisions of the model investment agreement, establishing an obligation to obtain a prior written consent of the Management Company for the transfer or restriction of the owned shares of the Investment Company were to potentially infringe enjoyment of the rights of the investors.
Bank of Lithuania assessed lack of actual harm for the investors, no benefit for the Management Company by the aforementioned breaches, as well as, the fact that all the deficiencies had been eliminated before the Bank of Lithuania adopted its decision, and therefore imposed the most minor sanction – a public announcement on the breach of legal acts and the name of the respective legal person.
A monetary fine, amounting to EUR 40 000, imposed on the Management Company in respect to dealing on own account, is in no way related to the management of UCITS.
For more information please contact the Management Company:
Tel. No.: +370 5 203 2699
Email: oam@orion.lt
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