FCMC applies a fine of 14 200 euro to AS “Meridian Trade Bank” for failure to submit and publish audited annual report
On 16.10.2018, the Board of Financial and Capital Market Commission (FCMC) adopted a decision imposing a fine of 14 200 euro on AS “Meridian Trade Bank” because the bank had failed to draw up and submit to the FCMC an audited annual report for 2017, as well as publish it by the deadline set out in the Credit Institution Law. Therefore provisions of the Credit Institution Law have been infringed regarding a duty of credit institution to prepare public reports in order to inform the public regarding the activities and financial indicators of the credit institution.
In accordance with the Credit Institution Law the credit institution shall submit the annual report together with a sworn auditor report to the FCMC within 10 days after the receipt thereof, however not later than on 1 April following the end of the reporting year, as well as ensure that they are published not later than on 1 April following the end of the reporting year. AS “Meridian Trade Bank” has failed to ensure compliance with above regulatory requirements as regards preparation and publication of reports.
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