Who was sanctioned, and for what?

Because revenue had been overstated at the company and its consolidated subsidiary or subsidiaries, the quarterly report for the third quarter of 2023 (filed on 10 November 2023) showed a consolidated loss of 1,382,861 thousand JPY instead of 1,662,516 thousand JPY; the registration statement for a share issue relied on this report, and on 26 February 2024 3,784,200 shares were issued for 3,999,899,400 JPY. After the company admitted the facts and the amount, an administrative monetary penalty (kachōkin) of 91,495,000 JPY was imposed: 1,500,000 JPY for the quarterly report and 89,995,000 JPY for the registration statement.

Authority / court

Financial Services Agency (FSA, 金融庁) auf Empfehlung der Securities and Exchange Surveillance Commission (SESC, 証券取引等監視委員会)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Financial Instruments and Exchange Act (FIEA, 金融商品取引法) Art. 172-4 Abs. 2 a. F., Art. 172-2 Abs. 1 Nr. 1, Art. 185-7 Abs. 1 und 14

Action

Fine

Status of proceedings

unknown

Sector

Energy and utilities

Mitigating circumstances

Both partial amounts were halved because the company had filed a report for a reduction before the inspection began (Art. 185-7(14) FIEA).

Published

17 Sep 2026

Original amount 91,495,000 JPY, converted at the ECB reference rate of 16 Sep 2026.

Checked against the official source on 4 Oct 2026 · Direct link

The manufacturer of solar tracking systems disseminated its results for 2023 by way of an "Otra Información Relevante" announcement containing inaccurate information. Spain's National Securities Market Commission (CNMV) imposed a fine of 190,000 EUR for a serious infringement; the company waived administrative appeals.

Authority / court

Comisión Nacional del Mercado de Valores (CNMV)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Art. 297.1.e i. V. m. 297.2.d Ley 6/2023; Art. 17 i. V. m. Art. 7 MAR

Action

Fine

Status of proceedings

unknown

Sector

Energy and utilities

Published

3 Aug 2026

Checked against the official source on 25 Sep 2026 · Direct link

The energy services company published incorrect results for the 2022 and 2023 financial years and for the first half of 2024; accounting judgements were influenced by the desire to maintain previously reported figures, and systems and controls were inadequate. The UK Financial Conduct Authority (FCA) imposed a fine of 12,993,700 GBP (18,562,500 GBP without the 30 % discount).

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Listing Rule 1.3.3R; Listing Principle 1

Action

Fine

Status of proceedings

final

Sector

Energy and utilities

Employees

10,000 or more

Mitigating circumstances

30 % discount for early settlement and acceptance of the findings

Published

4 Mar 2026

Original amount 12,993,700 GBP, converted at the ECB reference rate of 3 Mar 2026.

Checked against the official source on 25 Sep 2026 · Direct link

In an offering document filed in December 2022 the listed energy company said it would spend about CAD 1.5 million of the offering proceeds on data analysis, but routed most of that money through a service provider to a Dutch company to settle payment obligations of a related company. In its settlement with the ASC, Avila admitted misleading statements and a false certificate filed with the Commission; it pays the settlement amount of CAD 60,000 (including CAD 10,000 in costs) jointly with a further settling party (joint payment) and must arrange training for its officers, directors and audit committee.

Authority / court

Alberta Securities Commission (ASC), Executive Director (Settlement Agreement and Undertaking)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Securities Act (Alberta), RSA 2000, c. S-4, s. 92(4.1) (irreführende Angaben) und s. 221.1 (falsche Bescheinigung)

Action

Fine

Status of proceedings

final

Sector

Energy and utilities

Repeat case

no

Mitigating circumstances

No previous ASC sanctions and cooperation with investigators; the settlement avoided a contested hearing.

Liability of senior managers

Measures against individuals are not reported here.

Published

23 Oct 2024

Original amount 60,000 CAD, converted at the ECB reference rate of 21 Oct 2024.

Checked against the official source on 28 Sep 2026 · Direct link

The trading company sold physical gasoline below the bids in order to depress the benchmark price and thereby benefit its short positions in EBOB-related futures. Under the settlement, it is paying a civil penalty of 48 million USD.

Authority / court

U.S. Commodity Futures Trading Commission (CFTC)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Commodity Exchange Act und CFTC-Regulations (versuchte Marktmanipulation)

Action

Fine

Status of proceedings

final

Sector

Energy and utilities

Original amount 48,000,000 USD, converted at the ECB reference rate of 27 Aug 2024.

Checked against the official source on 28 Sep 2026 · Version 4 · Company name anonymised since 27 Aug 2026 · Direct link

From 2014 to April 2019 the US trading company of an international commodity trading group traded gasoline while in possession of confidential information that an employee of a Mexican trading entity had passed on in breach of his duties, and in February 2017 it artificially pushed up the USGC HSFO benchmark by buying 80 cargoes of fuel oil (3.6 million barrels) in the Platts trading window to benefit its own derivatives positions. In addition, broadly drafted confidentiality clauses in employment and separation agreements (2017–2020) hindered employees from contacting the CFTC (U.S. Commodity Futures Trading Commission) directly – according to the regulator, its first action of this kind against a company. Under a settlement, the trader pays a civil monetary penalty of 55,000,000 USD and must amend the clauses.

Authority / court

U.S. Commodity Futures Trading Commission (CFTC)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Section 6(c)(1) und Section 23(h)–(j) Commodity Exchange Act; CFTC Regulations 180.1(a)(1), (3) und 165.19

Action

Fine

Status of proceedings

final

Sector

Energy and utilities

Mitigating circumstances

According to the trader, it voluntarily took remedial action (market integrity policies, controls on market-related communications, more training and compliance testing).

Published

17 Jun 2024

Original amount 55,000,000 USD, converted at the ECB reference rate of 17 Jun 2024.

Checked against the official source on 8 Oct 2026 · Company name anonymised since 17 Jun 2026 · Direct link

The ČNB (Czech National Bank) fined a listed energy group 1,000,000 CZK. The group did not publish as soon as possible, and did not send to the ČNB, a counter-proposal received on 14 June 2022 from its majority shareholder, represented by the Ministry of Finance, to raise the dividend by 4 CZK to 48 CZK per share and to defer its payment, although the proposal was inside information. The ČNB Bank Board upheld the decision on 16 November 2023, apart from an editorial change.

Authority / court

Česká národní banka (ČNB)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Art. 17 Abs. 1 MAR (Verordnung (EU) Nr. 596/2014); § 127 Abs. 2, § 172 Abs. 2 lit. c, § 177 Abs. 1 lit. b und Abs. 4 lit. a Zákon č. 256/2004 Sb. (ZPKT)

Action

Fine

Status of proceedings

final

Sector

Energy and utilities

Original amount 1,000,000 CZK, converted at the ECB reference rate of 25 Jul 2023.

Checked against the official source on 28 Sep 2026 · Company name anonymised since 25 Jul 2025 · Direct link