The Financial Sector Supervisory Commission (CSSF) announced in a that it had imposed an administrative penalty on the investment firm Moventum S.C.A. The €160,100 fine “for non-compliance with professional obligations related to governance and IT organisation” was imposed on 3 October 2023 and came after an onsite inspection by the CSSF conducted from November 2022 to May 2023.

In its communiqué, the CSSF noted that it had taken into consideration the fact that Moventum had acknowledged and recognised the findings and observations. The investment firm also “provided a high-level action plan and initiated remedial actions in order to resolve the breaches identified,” said the regulator.

Contacted by Delano, Moventum’s CEO said: “As of the current date, Moventum has executed most of the corrective actions recommended by the CSSF. Our efforts included a detailed assessment and enhancement of our IT infrastructure, procedures, and governance. We continue to keep the CSSF informed of our progress in fulfilling the action plan.”

“Moventum remains dedicated to maintaining the highest standards in IT, risk management, compliance, and governance. We value the guidance and regulation provided by the CSSF, as it reinforces our ongoing commitment to offering superior service to our clients across the globe,” Wright stated on Tuesday.

Moventum, which has offices in Luxembourg, Germany, Austria, Poland and the Czech Republic, has been part of the fund service provider Proservice Finteco since May 2021. Proservice Finteco is in turn owned by the private equity group Oaktree. Moventum provides investment services and activities related to orders involving financial instruments, execution of orders on behalf of clients, portfolio management and investment advice.