Philson and HossaFX on the KNF's public warning list

Today, the Polish Financial Supervision Authority announced that two new entities were placed on the list of public warnings - Philson Spółdzielnia Inwestycyjna with headquarters in Szczecin and HossaFX (entity operating using the website hossafx.com).

Reasons for the KNF decision

Philson Spółdzielnia Inwestycyjna

The KNF in both cases, of course, gives reasons on the basis of which both entities were included in the list. In the case of Philson Spółdzielnia Inwestycyjna, this is a violation of the provisions of the 287 article on the Investment Funds Act. Its content is:

1.Whoever, without the required permit or contrary to the conditions specified in the Act, performs the activity of investing in securities, money market instruments or other property rights, assets of natural persons, legal persons or organizational units without legal personality, collected by means of a proposal to conclude an agreement, the subject is participation in this project, is subject to a fine of up to PLN 10 and imprisonment for up to 000 years.
2. The one who commits the act described in para. 1, acting on behalf of or in the interest of a legal person or an organizational unit without legal personality.

The situation is extremely serious. It can be concluded that the company tried to "circumvent" the fund creation procedure by using the status of an investment cooperative, which, however, did not appeal to the regulator. On the cooperative's website, you could find two programs named: "Philson Tradfund 2" and "Olson Tradfund 2". It was possible, because at the moment the website has been disabled, which is probably related to the KNF's announcement. What will be the next consequences? At the moment it is not known.

HossaFX

The second entity operating on the basis of the hossafx.com website was included in the KNF list due to the lack of appropriate licenses needed to provide brokerage services. The possibility of committing an offense under article 178 in connection with art. 69 sec. 2 points 2 and 5 of the Act on Trading in Financial Instruments, the public prosecutor's office was notified.

The website is also no longer available on the web in this case.