Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe, North America, Latin America, Asia-Pacific, Middle East and Africa: 2,207 cases from 44 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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Where?
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What for?
by topicWho?
by company- Grifols, S.A. €1m 40 % · 1 case
- Anonymised companies €980,715 40 % · 2 cases
- Pharnext SA €500,000 20 % · 1 case
When?
per year, by date of decision| Period | Cases | Total |
|---|---|---|
| 2022 | 1 | €962,820 |
| 2023 | 1 | €17,895 |
| 2024 | 0 | – |
| 2025 | 2 | €1.5m |
| 2026 | 0 | – |
4 cases
24 Jun 2025 Grifols, S.A.CNMV: €1m fine on Grifols for flawed financial reports and performance measures €1m
The Comisión Nacional del Mercado de Valores (CNMV, Spanish securities market supervisor) imposed two fines totalling 1,000,000 EUR on Grifols: 800,000 EUR because the consolidated financial statements for 2021 to 2023 and the 2023 half-year report contained inaccurate or incomplete information under IFRS, and 200,000 EUR for misleading information on the calculation of alternative performance measures (APMs) in the management reports. The company waived administrative appeals.
Alternative performance measures must be calculated transparently and traceably; the issuer is liable for incorrect financial information.
Accuracy of financial reports and alternative performance measures
- Authority / court
- Comisión Nacional del Mercado de Valores (CNMV)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 282.1.b) und Art. 292.1.f) Ley 6/2023 de los Mercados de Valores y de los Servicios de Inversión
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Chemicals and pharmaceuticals
- Employees
- 10,000 or more
- Liability of senior managers
- Measures against individuals are not reported here.
- Published
- 6 Aug 2025
- BOE-A-2025-16320: Resolución de 24 de julio de 2025 de la CNMV (Grifols, SA) Official register or notice
- CNMV, Registro público de sanciones impuestas por la CNMV Enforcement database of an authority
Checked against the official source on 28 Sep 2026 · Direct link
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20 Jan 2025 Pharnext SAPharnext: FDA setbacks disclosed late and glossed over €500,000
The biotech company did not disclose as soon as possible the FDA's request for an additional study on PXT-3003 and the subsequent rejection of an SPA application, and disseminated misleading communications to shareholders. Sanction imposed on Pharnext: 500,000 EUR.
Negative feedback from regulatory authorities is regularly inside information and must not be given a positive spin in letters to shareholders.
- Authority / court
- Autorité des marchés financiers (AMF), Commission des sanctions
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 17 MAR; Art. 12 Abs. 1 lit. c und Art. 15 MAR
- Action
- Fine
- Status of proceedings
- under appeal
- Sector
- Chemicals and pharmaceuticals
- Liability of senior managers
- Measures against individuals are not reported here.
- Décision SAN-2025-01 Decision of an authority
- Décision n° 1 du 20 janvier 2025 (PDF) Decision of an authority
Checked against the official source on 28 Sep 2026 · Version 3 · Direct link
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24 Mar 2023 a listed Bulgarian fertiliser producerFertiliser producer: BGN 35,000 for misleading statement on production halt €17,895
On 1 August 2022 the listed fertiliser producer announced on its website that it had stopped production for a scheduled annual overhaul, but concealed the actual reason, natural gas prices it could not bear; the KFN (Komisia za finansov nadzor, Bulgarian Financial Supervision Commission) regarded this as giving misleading signals about the share price. Sanctioning act Р-14-9 of 24 March 2023 set BGN 35,000 for this; two further acts of the same day set BGN 3,500 for the delayed disclosure of the inside information and BGN 1,400 for failing to publish transactions notified under Art. 19 MAR.
A corporate announcement giving a sugar-coated reason for a production halt can itself amount to market manipulation.
Ad hoc communication: state the real reasons and disclose inside information on time
- Authority / court
- Комисия за финансов надзор (КФН, Bulgarische Finanzaufsichtskommission)
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Legal basis
- Art. 15 i. V. m. Art. 12 Abs. 1 lit. c Verordnung (EU) Nr. 596/2014 (MAR)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Chemicals and pharmaceuticals
- Culpability
- intentional
Original amount 35,000 BGN, converted at the ECB reference rate of 24 Mar 2023.
- FSC (BG), Strafbescheide (Übersicht) (Entscheidung 2023) Enforcement database of an authority
Checked against the official source on 28 Sep 2026 · Company name anonymised since 24 Mar 2025 · Direct link
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24 Oct 2022 a Canadian cannabis producerCannabis producer: CAD 1.3 million over defective interim financial statements and weak controls €962,820
The Capital Markets Tribunal approved a settlement in which the cannabis producer admitted that interim financial statements had not been prepared in accordance with applicable accounting principles: in 2019 about CAD 7.6 million of revenue was recognised on wholesale transactions lacking commercial substance, and in the second quarter of 2021 an impairment of USD 234.9 million on goodwill and intangible assets was missing. The producer pays an administrative penalty of CAD 1,300,000 and investigation costs of CAD 40,000 (CAD 1,340,000 in total) and must have its internal control over financial reporting reviewed by an independent consultant and implement the consultant's recommendations.
Non-routine transactions and impairment tests need effective controls; otherwise restatements and sanctions by the securities regulator follow.
Internal control over financial reporting and revenue recognition
Missing or inadequate training played a role in the decision.
- Authority / court
- Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Securities Act (Ontario), RSO 1990, c S.5, s. 77 (Zwischenabschlüsse nach GAAP); Anordnungen nach s. 127(1) und s. 127.1
- Action
- Fine
- Status of proceedings
- final
- Sector
- Chemicals and pharmaceuticals
- Mitigating circumstances
- The company uncovered the errors itself following internal complaints from employees, reported them to the Commission before its internal investigation was complete, cooperated fully, restated the financial statements and improved its controls, training and accounting staffing.
- Published
- 24 Oct 2022
Original amount 1,300,000 CAD, converted at the ECB reference rate of 24 Oct 2022.
- Capital Markets Tribunal, Verfahren (Übersicht) (Entscheidung 2022) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Company name anonymised since 24 Oct 2024 · Direct link