The Financial Services Authority has issued administrative decision revoking the license of Trust Fund Management Company (LLC) for failing to file audited financial statements for the years 2023 and 2024 and failing to file audited capital adequacy reports in breach of Articles 168 and 168.b of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009.

The company also failed to adjust its situation pursuant to the legal requirements during the activity suspension period of three months according to decision No. 4/2024.

The articles the company breached states that the company must prepare unaudited quarterly financial statements for the first, second and third quarters of its financial year and file to the FSA as per the prescribed form within 30 days from the end of the respective quarter and 45 days for the companies with subsidiaries as well as preparing annual audited financial statements  in accordance with the international accounting standards and file to FSA within no more than two months after the end of the financial year or 14 days before the general meeting for public joint stock companies.

On the capital adequacy, Article 168.b provides the company shall provide to FSA audited capital adequacy reports annually during the period specified for filing the financial statements. FSA may request the company to audit the report for lessor period. The external auditor shall comply with the standards issued by FSA and the report shall include the opinion on whether the company’s system assures that the capital adequacy will not fall below the specified limit.

FSA emphasizes that it will continue applying the highest standards of audit and governance and call on all companies operating in the sector to comply with the applicable laws and regulations and will take appropriate actions for any violations threatening the market stability and consumers’ rights.