Nałożenie kary pieniężnej na Allied Funds TFI SA – w ramach układu

The Polish Financial Supervision Authority (KNF) has penalised Allied Funds TFI SA in its role as liquidator of Value Quest FIZ AN for undertaking activities outside the statutory liquidation scope under Art. 249(1) of the Investment Funds Act. The penalty was reduced by 50% under a settlement with the regulator, and the decision is final and non-appealable. For compliance teams, this is a targeted enforcement signal rather than a new rule: fund liquidators must be able to demonstrate that every activity during wind-up maps to permitted liquidation tasks and supports timely, effective completion.

Firms should review liquidation mandates, decision logs and legal sign-offs, especially where operators perform ancillary or ambiguous tasks while a fund is in liquidation. The settlement mechanism also shows that early engagement and cooperation can materially reduce sanctions, but it does not remove the underlying compliance obligation. Action points: refresh liquidation procedures against Art. 249(1); require legal/compliance challenge for non-standard activities; maintain contemporaneous rationale and board oversight; train liquidators and fund governance teams; and consider self-identification and remediation where similar risks exist.

No direct market-wide deadline is stated, but investment managers with funds approaching or in liquidation should prioritise a controls review.