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 countryWhat for?
by action- Fine €5.3m 100 % · 17 cases
Who?
by sectorAll sectors
- Telecoms, IT and software €1.99m 38 % · 2 cases
- Manufacturing and mechanical engineering €900,000 17 % · 3 cases
- Chemicals and pharmaceuticals €800,000 15 % · 1 case
- Financial services and insurance €720,500 14 % · 6 cases
- Construction and real estate €300,000 6 % · 1 case
- Transport, logistics and shipping €200,000 4 % · 1 case
- Energy and utilities €190,000 4 % · 1 case
- Automotive €180,000 3 % · 1 case
- Other €16,500 0 % · 1 case
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 | 1 | €800,000 |
| Q2 2025 | 1 | €1.75m |
| Q3 2025 | 2 | €310,000 |
| Q4 2025 | 2 | €91,000 |
| Q1 2026 | 2 | €250,000 |
| Q2 2026 | 4 | €1.19m |
| Q3 2026 | 2 | €427,500 |
17 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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30 Jun 2026 „Paysera LT“, UABPaysera: daily fine for missing annual accounts adds up to 362,000 EUR €362,000
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.
Running daily fines make every delay expensive – supervisory orders need top-management priority.
- 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
- Lietuvos bankas, Pranešimas 2026-06-30 (Archivkopie web.archive.org von lb.lt) Press release of an authority
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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8 Jun 2026 A. Tsokkos Hotels Public LimitedCyprus: 16,500 EUR against A. Tsokkos Hotels for late annual financial report €16,500
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.
Publication deadlines for financial reports are not negotiable – repeated delays lead to fines and, in extreme cases, to suspension of trading.
- 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
- CySEC Board Decision – Fines under the Transparency Requirements Law (08.06.2026) Decision of an authority
- CySEC Board Decision – Fines under the Transparency Requirements Law (14.07.2025, Jahresbericht 2023) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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27 May 2026 Soltec Power Holdings, SASoltec: incorrect 2023 annual figures reported to the market €190,000
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.
Voluntary market announcements on results are also subject to MAR – figures must be reconciled before publication.
- 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
- Resolución de 17 de julio de 2026 (BOE-A-2026-16923) – sanción a Soltec Power Holdings, SA Official register or notice
- CNMV – Registro público de sanciones Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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25 Mar 2026 Familiam Asset Management OyFamiliam Asset Management: 70,000 EUR for 2,867 unreported securities transactions €70,000
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.
Reporting obligations require deadline monitoring with a deputy arrangement – especially in small firms without their own reporting department.
Regulatory reporting
- 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
- Finanssivalvonta – Familiam Asset Management Oy:lle 70 000 euron yhteinen seuraamusmaksu (25.3.2026) Press release of an authority
- Finanssivalvonta – Toimituskirja FIVA/2025/1838 vom 25.03.2026 (Familiam Asset Management Oy) Decision of an authority
- Finanssivalvonta – Hallinnolliset seuraamukset (Übersicht mit Rechtskraftvermerk) Enforcement database of an authority
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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10 Dec 2025 Invest in OÜLender Invest in OÜ pays 16,000 EUR for failing to submit annual accounts €16,000
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.
Even small supervised lenders need a reliable deadline calendar for mandatory supervisory reports.
- 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
- Finantsinspektsioon tegi Invest in OÜ-le 16 000 eurot trahvi (10.12.2025) Press release of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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21 Oct 2025 Taxshelter.be SATaxshelter.be: 75,000 EUR for missing prospectus supplement on guarantee risks €75,000
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.
New material risks for investors trigger an immediate obligation to publish a supplement – not only in the next annual prospectus.
- 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
- FSMA – Règlement transactionnel Taxshelter.be (21.10.2025) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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16 Sep 2025 Go West Invest SAGo West Invest: 10,000 EUR for outdated information note in tax shelter offering €10,000
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.
Investor information has an expiry date – a deadline calendar for mandatory documents prevents infringements.
- 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
- FSMA – Règlement transactionnel SA Go West Invest (16.09.2025) Decision of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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9 Jul 2025 Share buyback disclosed too late: BVwG reduces FMA penalty against real estate company €300,000
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.
A final decision by a corporate body triggers the ad hoc disclosure obligation immediately – weekends and outstanding contractual details do not postpone it.
Ad hoc disclosure obligation for decisions of corporate bodies, including at weekends
- 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
- BVwG W279 2310813-1 vom 09.07.2025 Court decision
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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20 Jan 2025 Pharnext SAPharnext: FDA setbacks disclosed late and glossed over €800,000
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. Sanctions: Pharnext 500,000 EUR, former CEO Daniel Cohen 200,000 EUR, former CEO David Horn Solomon 100,000 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
- Daniel Cohen (co-founder, directeur général until April 2020): 200,000 EUR; David Horn Solomon (directeur général from April 2020): 100,000 EUR
- 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 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