meta_id 3167774

On May 8, 2026, Poland's Financial Supervision Authority (Komisja Nadzoru Finansowego) issued a decision imposing monetary penalties on Deutsche Bank Polska SA, based in Warsaw, for violations committed while acting as depositary for two Generali investment funds. The authority fined Deutsche Bank Polska 130,000 Polish zloty for breaches as depositary of Generali Fundusze Funduszu Inwestycyjnego Otwartego (GF FIO) and 70,000 Polish zloty for violations as depositary of Generali Fundusze Specjalistycznego Funduszu Inwestycyjnego Otwartego (GF SFIO). The violations occurred between January 16, 2023 and March 18, 2025 for GF FIO, and between January 12, 2023 and March 18, 2025 for GF SFIO. The primary breach involved Deutsche Bank Polska's failure to identify errors in net asset value (WAN) and net asset value per unit (WANJU) calculations for two subfunds: Generali Korona Obligacji Uniwersalny and Generali Obligacji Uniwersalny Plus. The depository failed to detect that variable management fees were calculated using incorrect benchmark rates. The funds applied WIBOR 6M without margin additions, whereas fund statutes required WIBOR 6M plus 10 basis points for GF FIO and 15 basis points for GF SFIO. This resulted in overstated variable compensation payments to the fund manager. The Financial Supervision Authority emphasised that depositaries must substantively verify net asset valuations and conduct meaningful oversight of fund activities, not merely perform formal document checks. The authority noted that fund manager Generali Investments TFI SA ultimately identified the error and reported it to the depositary and regulator. Deutsche Bank Polska may request reconsideration from the Financial Supervision Authority or appeal the decision to the Provincial Administrative Court in Warsaw.