Published: 2019-05-21 15:05:00 CEST
INVL Asset Management UAB
Notification on material event

Regarding fine and warning given to INVL Asset Management by the Bank of Lithuania

Vilnius, Lithuania, 2019-05-21 15:05 CEST -- INVL Asset Management UAB (hereinafter also referred to as the Company) was notified by the Bank of Lithuania that, by a resolution of the Board of the Bank of Lithuania dated 14 May 2019, the Company is being given a warning regarding process deficiencies in the provision of investment and investment fund management services and a fine of EUR 140 thousand for infringements relating to the distribution of the mutual funds INVL Umbrella Fund and the INVL Baltic Fund (failure to assure all measures needed to assess whether companies entrusted with performing functions of the distribution of investment units of collective investment undertakings are performing those functions effectively; also, a part of the management fee received was refunded to a specific fund participant – an investment platform operating in a foreign country). It should be noted that this decision is not related to the areas of pension funds or alternative investments.

The above mentioned infringements were identified in the course of a scheduled inspection of the Company by the Bank of Lithuania.

INVL Asset Management stresses that in providing asset management services it is guided by legislation and strives to deliver quality investment and asset management services. Taking into account the comments received during the inspection, INVL Asset Management will improve processes related to investment and asset management services and, with a view to full legal clarity, will further examine the situation of the fine which has been levied where there is a divergence of the practical application and interpretation of European Union legislation in different countries.


The person authorized to provide additional information:

INVL Asset Management UAB

Legal Team Manager

Darius Bačinskas