The European Central Bank has fined Natixis Wealth Management Luxembourg €1.85m for breaking rules on maintaining capital reserves and reporting irregularities.
The ECB found Natixis in breach of EU regulations “by incurring exposures in excess of the limit set out [by the EU] in the period from December 2016 to November 2017” and “by reporting inaccurate information regarding its large exposures in three consecutive quarterly reporting periods in 2016 and 2017.”
A spokeswoman told Delano on Thursday that:
“This fine concerns a purely formal error in the interpretation of reporting requirements. Natixis Wealth Management wrongly understood that exposure to an internal entity was not subject to reporting requirements. This error in interpretation was corrected as soon as it was detected.”
Natixis is part of BPCE, France’s fourth largest banking group.
The administrative penalty was announced on 3 December. The ECB decision can be appealed to the European Court of Justice, in Kirchberg.