THE IRISH Financial Services Regulatory Authority has reprimanded and fined fund administrator Apex Fund Services (Ireland) and two of its directors for allegedly supplying incomplete and inaccurate information on its application for permission to operate.
The financial regulator fined the Bermuda-based company €5,000 and directors John Bohan and Peter Hughes €20,000 each.
Mr Bohan is managing director of the Irish company, while Mr Hughes is group managing director of Apex Fund Services.
The regulator said the suspected breach related to "the provision of incomplete and inaccurate information" as part of its application for authorisation under the Investment Intermediaries Act.
The regulator released the details of the reprimand and fines in a settlement agreement.
The firm said it received no complaints and that there were no consequences for any of the firm's clients due to the suspected breach.
Apex Fund Services (Ireland) will still be regulated and the regulator confirmed that the firm and its directors had co-operated.
Last year, Apex became the first fund administrator to set up a primary Irish base outside Dublin when it unveiled plans to employ 40 people in Midleton, Co Cork.
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