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Luxembourg fines Quilvest €133,700

Chris Hamblin, Editor, London, 4 May 2020

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The Commission de Surveillance du Secteur Financier, Luxembourg's financial regulator, has imposed an administrative fine on the credit institution of Compagnie de Banque Privée Quilvest SA for various small infractions.

The CSSF levied the fine in line with Article 51, paragraph 2 of the amended Law of 12 July 2013 on Alternative Investment Fund Managers on the basis of Article 51, paragraph 1 and Article 19, paragraphs 7, 9, (points a, b, c and e), 10 and 11 (point c).

The regulator says that Quilvest broke the law relating to certain principles of sound and prudent management, to cash flow monitoring, to various duties to oversee things, to the functional and hierarchical segregation of duties between the depositary and the transfer agent function, and to conditions for authorisation to delegate. A remediation plan is in progress.

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