National Bank Of Hungary Revokes Quaestor Licence, Clearing Way For Client Compensation

  • 20 Apr 2015 9:00 AM
National Bank Of Hungary Revokes Quaestor Licence, Clearing Way For Client Compensation
The National Bank of Hungary said it revoked the licence of brokerage Quaestor and ordered it under liquidation, clearing the way for compensation of its clients. The decision to revoke Quaestor’s licence was taken because the brokerage “cannot repay its debts, and its property and assets do not offer coverage for settlement of its liabilities”, the central bank and financial market regulator said.

 The NBH noted that Quaestor earlier sold clients about 150 billion forints, or 400 million euros in unsanctioned securities. Clients of Quaestor will be compensated up to 30 million forints apiece from the Investor Protection Fund (Beva) and the Quaestor Client Compensation Fund, the central bank said.

Source www.hungarymatters.hu

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