Bermudan-based fund administrator company Apex Fund Services (Ireland) Limited and two of its directors have been fined by the Financial Regulator for an allegedly supplying incomplete and inaccurate information on its application for permission to operate.
In a statement issued today, the regulator said it had reasonable cause to suspect that a breach of a regulatory requirement occurred in relation to the provision of information in respect of the application for authorisation made by Apex Fund Services (Ireland) Limited and that directors John Bohan and Peter Hughes participated in the breach.
It fined the company €5,000 and Mr Bohan and Mr Hughes a further €20,000 each.
The statement said: “The firm confirms that no complaints have been made to the firm and that no consequences have arisen for any of the firm’s clients as a result of the suspected breach.”
The regulator said that the parties had co-operated without delay and that the matter was now closed.