Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe and North America: 756 cases from 32 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?
by authority- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) €3.46m 100 % · 8 cases
What for?
by topicWho?
by sectorAll sectors
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q3 2023 | 0 | — |
| Q4 2023 | 1 | €280,000 |
| Q1 2024 | 2 | €200,000 |
| Q2 2024 | 0 | — |
| Q3 2024 | 0 | — |
| Q4 2024 | 0 | — |
| Q1 2025 | 0 | — |
| Q2 2025 | 1 | €1.75m |
| Q3 2025 | 0 | — |
| Q4 2025 | 0 | — |
| Q1 2026 | 1 | €180,000 |
| Q2 2026 | 1 | €620,000 |
| Q3 2026 | 2 | €427,500 |
8 cases
16 Jul 2026 TeamViewer SETeamViewer: cyberattack not disclosed as inside information without delay €240,000
Germany's Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) imposed a fine of 240,000 EUR on the software company because it had not disclosed the information about a cyberattack it had suffered as inside information without delay. The fine notice is final.
Put serious IT security incidents immediately before the ad hoc disclosure committee as well – the incident response process must take capital market disclosure into account.
Recognising security incidents as potential inside information and reporting them to the ad hoc disclosure committee
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 17 Abs. 1 UAbs. 1 MAR (EU) Nr. 596/2014
- Action
- Fine
- Status of proceedings
- final
- Sector
- Telecoms, IT and software
- Published
- 20 Jul 2026
- TeamViewer SE: BaFin setzt Geldbuße fest Decision of an authority
- Bekanntmachung der BaFin zur TeamViewer SE (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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10 Jul 2026 Brown Capital Management LLCBrown Capital Management: voting rights notifications not submitted on time €187,500
The Baltimore-based US asset manager had not submitted voting rights notifications to the issuer and BaFin in time; the deadline is four trading days after reaching a notifiable threshold. BaFin imposed a fine of 187,500 EUR; the notice is final.
Anyone investing in German issuers needs automated threshold monitoring with clear responsibility for the four-day deadline.
Threshold monitoring and notification deadlines for shareholdings
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- § 33 Abs. 1 Satz 1 WpHG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Published
- 22 Jul 2026
- Brown Capital Management LLC: BaFin setzt Geldbußen fest Decision of an authority
- Bekanntmachung der BaFin zur Brown Capital Management LLC (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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23 Jun 2026 VARTA AGVARTA: late ad hoc announcement and missing half-yearly financial report €620,000
BaFin imposed fines on the battery manufacturer because it had not disclosed inside information without delay and had not published the half-yearly financial report for the 2024 financial year.
Ad hoc assessments and periodic disclosure require fixed responsibilities and deadline controls so that neither inside information nor mandatory reports are left pending.
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 17 Abs. 1 UAbs. 1 MAR; § 115 Abs. 1 Satz 1 WpHG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Manufacturing and mechanical engineering
- Published
- 1 Jul 2026
- VARTA AG: BaFin setzt Geldbußen fest Decision of an authority
- Bekanntmachung der BaFin zur VARTA AG (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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4 Mar 2026 Schaeffler AGSchaeffler: deviation of quarterly figures from market expectations disclosed too late €180,000
The automotive supplier's business figures for the first quarter of 2024 deviated significantly from market expectations; this inside information was not disclosed without delay by means of an ad hoc announcement. BaFin imposed a fine.
Make a comparison of internal figures with the analyst consensus a fixed part of the quarterly process, so that significant deviations are immediately assessed for ad hoc disclosure obligations.
Recognising inside information in deviations from market expectations (controlling/IR)
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 17 Abs. 1 UAbs. 1 MAR
- Action
- Fine
- Status of proceedings
- final
- Sector
- Automotive
- Published
- 26 Mar 2026
- Schaeffler AG: BaFin setzt Geldbuße fest Decision of an authority
- Bekanntmachung der BaFin zur Schaeffler AG (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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14 May 2025 SAP SESAP: failure to publish notice on the 2022 annual financial report €1.75m
SAP had not published an announcement stating from when and at which internet address the 2022 annual financial report was publicly available in addition to the company register (Hinweisbekanntmachung). BaFin imposed a fine of 1.75 million EUR; the notice is final.
Even seemingly formal disclosure steps such as the notice announcement need a fixed place in the financial calendar – the range of fines extends up to five per cent of total turnover.
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- § 114 Abs. 1 Satz 2 WpHG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Telecoms, IT and software
- Published
- 27 May 2025
- SAP SE: BaFin setzt Geldbuße fest Decision of an authority
- Bekanntmachung der BaFin zur SAP SE (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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1 Mar 2024 MTU Aero Engines AGMTU Aero Engines: inside information not disclosed without delay overturned
BaFin imposed a fine of 510,000 EUR on the engine manufacturer because it allegedly had not disclosed inside information without delay. Following an objection by the company, the Local Court of Frankfurt am Main (Amtsgericht) discontinued the proceedings on 21 January 2025 pursuant to Section 47 (2) OWiG (German Administrative Offences Act).
Document the ad hoc assessment in such a way that the company can later substantiate its decision on the timing and content of a disclosure.
Ad hoc disclosure: recognising inside information and disclosing it without delay
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 17 Abs. 1 UAbs. 1 MAR
- Action
- Fine
- Status of proceedings
- overturned
- Sector
- Manufacturing and mechanical engineering
- Published
- 20 Mar 2024
Amount in EUR; no ECB reference rate is available for this currency.
- MTU Aero Engines AG: BaFin setzt Geldbuße fest Decision of an authority
- Bekanntmachung der BaFin zur MTU Aero Engines AG (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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22 Jan 2024 Hamburger Hafen und Logistik AGHHLA: failure to publish notices on financial reports €200,000
HHLA had not announced from when and at which internet address the 2021 annual financial report and the 2022 half-yearly financial report were publicly available. The fine has been final since 14 February 2024.
Safeguard recurring mandatory publications by means of a checklist with named responsible persons and deadlines.
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- § 114 Abs. 1 Satz 2 i. V. m. § 117 Nr. 1 und § 115 Abs. 1 Satz 2 i. V. m. § 117 Nr. 2 WpHG
- Action
- Fine
- Status of proceedings
- final
- Sector
- Transport, logistics and shipping
- Published
- 2 Feb 2024
- Hamburger Hafen und Logistik Aktiengesellschaft: BaFin setzt Geldbuße fest Decision of an authority
- Bekanntmachung der BaFin zur Hamburger Hafen und Logistik Aktiengesellschaft (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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7 Dec 2023 KION Group AGKION Group: ad hoc disclosure obligation breached, fine final €280,000
The intralogistics and forklift truck group had not disclosed inside information. BaFin imposed a fine of 280,000 EUR, which has been final since January 2024.
Escalate potential inside information to the ad hoc disclosure committee immediately, not at the next reporting date.
Ad hoc disclosure: recognising inside information and disclosing it without delay
- Authority / court
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Art. 17 Abs. 1 UAbs. 1 MAR
- Action
- Fine
- Status of proceedings
- final
- Sector
- Manufacturing and mechanical engineering
- Published
- 21 Dec 2023
- KION Group AG: BaFin setzt Geldbuße fest Decision of an authority
- Bekanntmachung der BaFin zur KION Group AG (Maßnahmenansicht mit Rechtskraftvermerk) Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link