Who was sanctioned, and for what?

As a so-called fund hotel, the company had its funds managed by other firms, but examined these delegation agreements only insufficiently, did not take the related decisions properly and did not monitor the funds’ returns in relation to risk closely enough. The Swedish financial supervisory authority Finansinspektionen (FI) issued a remark and imposed 2 million SEK; no damage to investors was established.

Authority / court

Finansinspektionen (FI)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Schwedisches Fondsrecht – Regeln zur Delegation der Fondsverwaltung und deren Überwachung

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Mitigating circumstances

No established damage to investors; remedial measures already taken during the investigation.

Published

16 Sep 2026

Original amount 2,000,000 SEK, converted at the ECB reference rate of 16 Sep 2026.

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

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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.

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

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

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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.

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

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

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The credit rating agency did not submit up-to-date rating information to the European Securities and Markets Authority (ESMA), did not provide complete historical performance data to the central repository and lacked adequate procedures and internal control mechanisms. ESMA found negligent infringements and imposed fines totalling 2,145,000 EUR.

Authority / court

Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Verordnung (EG) Nr. 1060/2009 (CRA-Verordnung), Art. 24, 36a, Anhang III

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Culpability

negligent

Repeat case

yes

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

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Because Paysera did not comply with the order to submit its 2024 annual financial statements by 30 September 2025, the Lietuvos bankas (Bank of Lithuania, financial supervisor) first imposed 20,000 EUR in November 2025 and then a daily fine of 1,000 EUR (rising to 2,000 and 3,000 EUR respectively). As the infringement was only remedied after 6 May 2026, the daily fine added up to 362,000 EUR. Source: archived copy of the press release.

Authority / court

Lietuvos bankas (Litauische Zentralbank, Finanzaufsicht)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Aufsichtsrechtliche Anordnung und Berichtspflichten nach litauischem E-Geld-Recht

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Repeat case

yes

Published

30 Jun 2026

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

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In stock option plans for employees of client companies (2018–2023), the bank did not fully inform the beneficiaries about costs, had initially not recorded the conflicts of interest in this business and assessed clients’ knowledge only with a yes/no question. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 1 million EUR with publication by name and commitments on cost information.

Authority / court

Autorité des services et marchés financiers (FSMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi du 2 août 2002; Wohlverhaltensregeln (Loyalität, Kostentransparenz, bestmögliche Ausführung, Interessenkonflikte, Kundenkenntnis)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Repeat case

yes

Mitigating circumstances

Remediation of all deficiencies (appropriateness test, conflicts policy, cost disclosure, waiver of CVA/KVA discounts).

Published

26 Jun 2026

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

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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.

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

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

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The listed hotel group did not publish its 2024 annual financial report on time; the Cyprus Securities and Exchange Commission (CySEC) imposed a total of 16,500 EUR. At the same meeting, eleven other issuers were fined between 1,500 and 17,000 EUR for the same reason; a fine of 13,500 EUR had already been imposed on the company under the same law in 2025.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Sec. 9(1), 37(2)(a) Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law 2007

Action

Fine

Status of proceedings

unknown

Sector

Other

Repeat case

yes

Published

7 Aug 2026

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

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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

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For the period June 2023 to June 2024, the Cyprus Securities and Exchange Commission (CySEC) examined the investment firm’s organisational requirements, client information, appropriateness assessment and compliance with the restrictions on marketing CFDs to retail investors. The proceedings were concluded with a settlement of 100,000 EUR, which the company has already paid.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 22(1), 25(1), 26(3) Gesetz über Wertpapierdienstleistungen 2017; Art. 42 VO (EU) 600/2014; CySEC-Richtlinie DI87-09; Art. 37(4) CySEC-Gesetz

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Published

24 Aug 2026

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

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The bank failed to draw up insider lists in good time for two pieces of inside information (termination of the core banking project with Cognizant in 2021, merger talks with Liedon Säästöpankki in 2022), did not update them and omitted mandatory information. The Finanssivalvonta (Finnish Financial Supervisory Authority, FIN-FSA) imposed a total fine of 400,000 EUR; the decision was not appealed and is final.

Authority / court

Finanssivalvonta (FIN-FSA)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Verordnung (EU) Nr. 596/2014 (MAR) Art. 18 Abs. 1, 3 und 4; Durchführungsverordnung (EU) 2016/347

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Measures to prevent recurrence and partial admission/cooperation had a mitigating effect.

Published

15 May 2026

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

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One of the insurer’s intermediaries was removed from the FSMA register in December 2023; owing to a human data entry error in the monitoring tool, P&V only noticed this after more than a month and concluded 34 contracts through him during that time. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 150,000 EUR; there had already been a settlement for the same amount in 2020.

Authority / court

Autorité des services et marchés financiers (FSMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi du 4 avril 2014 relative aux assurances, Art. 259

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Repeat case

yes

Mitigating circumstances

IT adjustments to prevent recurrence.

Published

5 May 2026

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

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Between September 2021 and August 2023, the asset manager failed to report a total of 2,867 transactions to the supervisory authority on time and in 2024 also submitted quarterly reports (FINREP) late. The Finanssivalvonta (Finnish Financial Supervisory Authority, FIN-FSA) imposed a total fine of 70,000 EUR; the admission had a mitigating effect.

Authority / court

Finanssivalvonta (FIN-FSA)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

MiFIR (VO (EU) 600/2014) Art. 26 Abs. 1; IFR (VO (EU) 2019/2033) Art. 54 Abs. 1; FIN-FSA-Vorschriften 20/2013 (FINREP)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Admission of the failures / cooperation.

Published

25 Mar 2026

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

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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.

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

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

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The Luxembourg trade repository lacked adequate compliance procedures and an appropriate organisational structure, failed to identify operational risks and did not adequately protect the confidentiality and integrity of the reported data. ESMA imposed fines totalling 1,374,000 EUR for negligent infringements under EMIR and SFTR; the case is under appeal.

Authority / court

Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Verordnung (EU) Nr. 648/2012 (EMIR), Art. 65, 73, Anhang I; Verordnung (EU) 2015/2365 (SFTR), Art. 9

Action

Fine

Status of proceedings

under appeal

Sector

Financial services and insurance

Culpability

negligent

Repeat case

yes

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

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The lender did not submit its 2024 annual report, together with the audit report, the resolution on the appropriation of profits and the minutes of the shareholders’ meeting, to the financial supervisory authority on time. In misdemeanour proceedings, the Finantsinspektsioon (Estonian Financial Supervision Authority) imposed a fine of 16,000 EUR; the maximum is 1 million EUR or 10% of annual turnover. Date = publication.

Authority / court

Finantsinspektsioon (Estnische Finanzaufsicht)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

§ 56 Abs. 3, § 96 Abs. 2 KAVS (Gesetz über Kreditgeber und -vermittler)

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Published

10 Dec 2025

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

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After the tax authority had refused the tax shelter certificates for a financed show and the insurer left cover open, the provider failed to inform investors of this material risk in good time by means of a prospectus supplement. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 75,000 EUR with publication by name.

Authority / court

Autorité des services et marchés financiers (FSMA)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Verordnung (EU) 2017/1129 Art. 23; Loi du 11 juillet 2018 (Loi Prospectus)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Published

21 Oct 2025

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

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For 2022 to 2024, the Cyprus Securities and Exchange Commission (CySEC) found that the investment firm had no adequate compliance procedures, did not define target markets for its financial instruments, did not act in the best interests of clients and did not inform clients in a fair, clear and not misleading manner. It imposed fines of 50,000, 30,000 and 20,000 EUR; a judicial review of the decision has been recorded.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Sec. 17(2), 17(3)(c), 22(1), 25(1), 25(3)(a) Gesetz über Wertpapierdienstleistungen 2017; Art. 22, 44 Delegierte VO (EU) 2017/565

Action

Fine

Status of proceedings

under appeal

Sector

Financial services and insurance

Published

17 Dec 2025

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

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The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) withdrew the broking firm’s licence (effective from 1 December 2025), among other things for using unregistered intermediaries, lacking internal expertise, insufficiently protected confidential data, economically unexplained payment flows with affiliated companies, incomplete or false information provided to the supervisory authority and deficient customer information.

Authority / court

Commissariat aux Assurances (CAA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 303 Abs. 3 lit. c

Action

Other

Status of proceedings

unknown

Sector

Financial services and insurance

Published

29 May 2026

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

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From June 2021 to October 2024, the company, which raises tax shelter funds through public offerings, kept a public offering on its website with an information note from 2020 without publishing an updated note and filing it with the Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA); several dozen investors with an investment volume of under 5 million EUR were affected. The FSMA accepted a settlement of 10,000 EUR.

Authority / court

Autorité des services et marchés financiers (FSMA)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Loi du 11 juillet 2018 (Loi Prospectus), Art. 10, 11

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Published

16 Sep 2025

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

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Paysera acquired 100% of the shares in UAB ‘Finansinės paslaugos „Contis“’ before the assessment period had expired and without a non-objection from the supervisory authority; in April 2025, the Lietuvos bankas (Bank of Lithuania, financial supervisor) objected to the acquisition owing to a lack of documents on reputation, financial soundness and money laundering risks. In addition, the annual financial statements and other reports were not approved and submitted on time. Fine of 400,000 EUR and obligation to remedy by 30 September 2025. Source: archived copy of the press release.

Authority / court

Lietuvos bankas (Litauische Zentralbank, Finanzaufsicht)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Elektroninių pinigų ir elektroninių pinigų įstaigų įstatymas (Inhaberkontrolle, Berichtspflichten)

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Published

5 Sep 2025

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

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For the period November 2020 to May 2025, the Cyprus Securities and Exchange Commission (CySEC) investigated the investment firm’s handling of conflicts of interest and its general conduct of business and information obligations towards clients. The proceedings ended with a settlement of 70,000 EUR, which the company has paid.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 24(1), 25(1) Gesetz über Wertpapierdienstleistungen 2017; Art. 37(4) CySEC-Gesetz

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Published

17 Nov 2025

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

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Following an on-site inspection in 2024, the Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) withdrew the broker’s licence (effective 15 September 2025): there was no effective management by approved managers, unlicensed ‘introducers’ were de facto selling insurance, and the broker’s licence, together with its sub-intermediary network, was improperly made available to third parties.

Authority / court

Commissariat aux Assurances (CAA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 273, 274, 283, 286, 303

Action

Other

Status of proceedings

unknown

Sector

Financial services and insurance

Published

16 Sep 2025

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

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On Saturday, 17 December 2022, the management board of a listed real estate company (anonymised in the judgment) approved by email a new share buyback programme including its volume, period and price, but only published it after a formal resolution on Monday, 19 December 2022. Austria's Financial Market Authority (FMA) imposed a penalty of 375,000 EUR; the Federal Administrative Court (Bundesverwaltungsgericht, BVwG) upheld the breach of the ad hoc disclosure obligation but reduced the penalty to 300,000 EUR.

Authority / court

Bundesverwaltungsgericht (Beschwerde gegen Straferkenntnis der Finanzmarktaufsicht FMA)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Art. 17 Abs. 1 MAR i. V. m. § 156 Abs. 3 Z 2, Abs. 4 BörseG 2018

Action

Fine

Status of proceedings

reduced

Sector

Construction and real estate

Culpability

negligent

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

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The reinsurer breached the principle of specialisation in reinsurance business, its approved manager was not effectively present on site and had insufficient powers, the governance system including oversight of outsourced functions was inadequate, and orders from a 2019 inspection had not been implemented or only partially. The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) imposed the statutory maximum of 250,000 EUR; the company cooperated.

Authority / court

Commissariat aux Assurances (CAA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 49, 71, 81, 274, 303

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Mitigating circumstances

Cooperation with the CAA during and after the inspection.

Published

8 Aug 2025

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

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In connection with the change of control at the fashion group SMCP in 2021/22, the major shareholder European TopSoho (ETS) and Dynamic Treasure Group failed to make threshold notifications; ETS also disseminated a misleading press release. SMCP itself failed to maintain the confidentiality of inside information. Sanctions imposed by the Enforcement Committee of France's financial markets authority (Autorité des marchés financiers, AMF): Chenran Qiu 1 million EUR, ETS 400,000 EUR, DTG 300,000 EUR, SMCP 20,000 EUR.

Authority / court

Autorité des marchés financiers (AMF), Commission des sanctions

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. L. 233-7 Code de commerce; Art. 223-14 RG AMF; Art. 12 Abs. 1 lit. c MAR; Art. 2 Abs. 1 DVO (EU) 2016/1055

Action

Fine

Status of proceedings

under appeal

Sector

Retail and e-commerce

Liability of senior managers

Chenran Qiu: 1,000,000 EUR (ETS's infringements attributed to her)

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

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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.

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

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

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The investigation covering 2021 to 2022 concerned compliance organisation, product governance, record-keeping obligations, safeguarding of client funds, client information, suitability and appropriateness assessments and the CFD restrictions for retail investors. Following board resolutions of 17 and 31 March 2025, the Cyprus Securities and Exchange Commission (CySEC) concluded a settlement of 225,000 EUR, which has been paid.

Authority / court

Cyprus Securities and Exchange Commission (CySEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 17, 22(1), 25, 26(3)(a) Gesetz über Wertpapierdienstleistungen 2017; Art. 42 VO (EU) 600/2014; Art. 37(4) CySEC-Gesetz

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Published

11 Nov 2025

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

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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. Sanctions: Pharnext 500,000 EUR, former CEO Daniel Cohen 200,000 EUR, former CEO David Horn Solomon 100,000 EUR.

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

Daniel Cohen (co-founder, directeur général until April 2020): 200,000 EUR; David Horn Solomon (directeur général from April 2020): 100,000 EUR

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

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From September 2023 to May 2024, the asset management company used transactions worth several billion forints to create false signals about the trading volume of 4iG shares (‘painting the tape’). The Magyar Nemzeti Bank (Central Bank of Hungary, MNB) prohibited any repetition, imposed 250 million HUF and filed a criminal complaint.

Authority / court

Magyar Nemzeti Bank (MNB)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. 12, 15 MAR (Marktmanipulation), Beschluss H-PJ-III-B-26/2024

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Culpability

intentional

Published

22 Nov 2024

Original amount 250,000,000 HUF, converted at the ECB reference rate of 22 Nov 2024.

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

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From 2018 to mid-2023, the bank had no adequate policies for impairments and provisions under IFRS 9 and the EBA guidelines on credit risk. Banka Slovenije (Bank of Slovenia) imposed 90,000 EUR on the bank and 2,500 EUR each on the chair of the management board and a board member.

Authority / court

Banka Slovenije

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 171, Art. 396 Abs. 1 Nr. 19 ZBan-3

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Liability of senior managers

Fines of 2,500 EUR each on the chair of the management board, Marko Rozman, and the board member Barbara Cerovšek Zupančič.

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

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In its 2018 half-yearly report, the drone manufacturer disseminated misleading information on the absence of impairment indicators for the drone division, on goodwill and on earnings; in addition, the deputy managing director used inside information about a planned takeover bid. Sanctions: Parrot 150,000 EUR, CEO Henri Seydoux 60,000 EUR, Gilles Labossière 210,000 EUR.

Authority / court

Autorité des marchés financiers (AMF), Commission des sanctions

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. 12 Abs. 1 lit. c, Art. 15 MAR; Art. 8 und 14 MAR

Action

Fine

Status of proceedings

unknown

Sector

Telecoms, IT and software

Liability of senior managers

Henri Seydoux (Président-directeur général): 60,000 EUR; Gilles Labossière (directeur général délégué): 210,000 EUR, including for insider dealing

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

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The Berlin-based credit rating agency lacked adequate procedures, internal controls and organisational arrangements to deal with conflicts of interest, did not disclose a potential conflict and concealed ancillary services it had provided to a rated entity. ESMA found negligent infringements and imposed fines of 2,197,500 EUR.

Authority / court

Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Verordnung (EG) Nr. 1060/2009 (CRA-Verordnung), Anhang III

Action

Fine

Status of proceedings

unknown

Sector

Financial services and insurance

Culpability

negligent

Repeat case

yes

Published

22 Mar 2024

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

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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).

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.

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

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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.

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

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

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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.

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

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

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