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Announcement: FMA imposes sanction against Allianz Invest Kapitalanlagegesellschaft mbH for a breach of fund rules

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The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 2,000 against Allianz Invest Kapitalanlagegesellschaft mbH as a legal person. Proceedings were concluded under the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The reason is a breach of the fund rules in the final sentence of Article 74 para. 1 in conjunction with Article 164 para. 4 of the Investment Funds Act 2011 (InvFG 2011; Investmentfondgesetz 2011). Specifically, Allianz Invest Kapitalanlagegesellschaft mbH exceeded the limit for sight deposits per credit institution in a special fund. This limit is designed to prevent a concentration towards an issuer. The penal order is final.