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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Between December 2025 and February 2026, Gabriel Perez, a White House teleprompter operator, used confidential information from presidential speeches to trade event contracts on prediction markets. The U.S. Commodity Futures Trading Commission (CFTC) ordered disgorgement of 107,539.02 USD, a penalty of 65,000 USD and a three-year trading ban.

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 (Missbrauch vertraulicher Informationen)

Action

Fine

Status of proceedings

final

Sector

Public sector

Mitigating circumstances

Substantial reduction for exemplary cooperation under the CFTC's new cooperation policy

Original amount 172,539.02 USD, converted at the ECB reference rate of 28 Aug 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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The former CEOs Stan Bharti and Neil Said failed to ensure that Medivolve disclosed that they had received millions of shares in the acquisition of Amino Therapeutics in April 2020; the financial disclosures omitted this related-party transaction. Under the approved settlement: Bharti 785,000 CAD penalty and 915,000 CAD disgorgement, Said 200,000 CAD penalty and 854,000 CAD disgorgement, in each case plus costs.

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. 129.2

Action

Fine

Status of proceedings

final

Liability of senior managers

Stan Bharti (CEO/Director): 785,000 CAD penalty, 915,000 CAD disgorgement, 50,000 CAD costs, permanent officer-and-director bar; Neil Said (CEO): 200,000 CAD penalty, 854,000 CAD disgorgement, 46,000 CAD costs, 5-year officer-and-director bar

Original amount 2,754,000 CAD, converted at the ECB reference rate of 8 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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The operator of alternative trading systems passed on confidential order and trading information from its fixed income and equity platforms to unauthorised employees, lacked adequate safeguards and was initially not forthcoming with the regulator. Sanctions: administrative penalty of 600,000 CAD, 75,000 CAD in costs, a reprimand and an external review.

Authority / court

Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

National Instrument 21-101, s. 5.10(1)-(3); Securities Act (Ontario) ss. 127(1), 127.1

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Cooperation, self-report, no prior record

Original amount 600,000 CAD, converted at the ECB reference rate of 15 Apr 2026.

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

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In May 2023, an employee of the biotech company sold 48,495 shares with knowledge of the non-public information that the FDA would delay approval of the medicine Anktiva; after the announcement, the share price fell by around 55 %. Under the settlement, she is paying 157,066.28 USD in disgorgement, 18,130.97 USD in interest and a civil penalty of 157,066.28 USD.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Section 10(b) Securities Exchange Act 1934, Rule 10b-5

Action

Fine

Status of proceedings

final

Sector

Chemicals and pharmaceuticals

Original amount 332,263.53 USD, converted at the ECB reference rate of 2 Apr 2026.

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

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After a new order management system was introduced in June 2024, CFD transactions with an underlying value of around 3.05 billion USD were not captured by automated trade surveillance. The bank identified the error in October 2024 but only remedied it in May 2025; the Financial Conduct Authority (FCA) imposed 338,000 GBP after a 30% cooperation discount.

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Art. 16 Abs. 2 UK MAR; SYSC 6.1.1R; FCA Principle 3

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Full cooperation (30% discount); CFD business discontinued in May 2025.

Original amount 338,000 GBP, converted at the ECB reference rate of 27 Mar 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 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

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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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ADM and former executives had artificially inflated the results of the Nutrition segment through retroactive intra-group rebates and price adjustments in order to show growth targets of 15–20 %. ADM is paying a civil penalty of 40 million USD; two former managers are paying a combined 979,953 USD in disgorgement including interest and 200,000 USD in penalties, while litigation continues against a third.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Antifraud-, Reporting-, Buchführungs- und interne Kontrollvorschriften der US-Bundeswertpapiergesetze (Settled Order der SEC)

Action

Fine

Status of proceedings

unknown

Sector

Food and agriculture

Mitigating circumstances

ADM's cooperation and remedial measures were taken into account

Liability of senior managers

Vince Macciocchi: 404,343 USD disgorgement/interest, 125,000 USD penalty, 3-year officer-and-director bar; Ray Young: 575,610 USD disgorgement/interest, 75,000 USD penalty; action against Vikram Luthar pending

Original amount 41,179,953 USD, converted at the ECB reference rate of 27 Jan 2026.

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

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On the last trading day of 2023, shortly before the market close, the investor had NX Filtration shares bought in order – according to a recorded telephone call – to raise the closing price from 6.30 to 6.70 EUR, which succeeded. The Dutch Authority for the Financial Markets (AFM) classified this as market manipulation ("marking the close") and imposed a fine of 625,000 EUR.

Authority / court

Autoriteit Financiële Markten (AFM)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. 15 MAR

Action

Fine

Status of proceedings

under appeal

Sector

Manufacturing and mechanical engineering

Culpability

intentional

Published

13 Jul 2026

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

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The former finance directors Richard Adam and Zafar Khan acted recklessly and were involved in the construction group's breaches of MAR and the Listing Rules: the financial reporting on the UK construction business was inaccurate, and the board was not informed of serious problems. Fines: 232,800 GBP (Adam) and 138,900 GBP (Khan).

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. 15 MAR (Marktmanipulation durch falsche Informationen); Listing Rule 1.3.3R; Listing Principle 1; Premium Listing Principle 2

Action

Fine

Status of proceedings

final

Sector

Construction and real estate

Liability of senior managers

Richard Adam (finance director until 2016): 232,800 GBP; Zafar Khan (finance director 2017): 138,900 GBP

Original amount 371,700 GBP, converted at the ECB reference rate of 7 Jan 2026.

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

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Between 2018 and 2022, a consultant with access to confidential drilling results bought shares in Chariot Oil & Gas and Eco (Atlantic) Oil and Gas ahead of positive announcements and on one occasion sold ahead of a negative one. The FCA imposed 309,843 GBP (128,765 GBP disgorgement, 181,078 GBP penalty); the investigation was triggered by suspicious transaction and order reports (STORs) from a financial firm.

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. 14(a) UK MAR

Action

Fine

Status of proceedings

final

Sector

Energy and utilities

Culpability

intentional

Mitigating circumstances

30 % discount for settlement at an early stage of the proceedings

Published

16 Jan 2026

Original amount 309,843 GBP, converted at the ECB reference rate of 19 Dec 2025.

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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In 2021, Jessica Tam bought call options on the instructions of an acquaintance, the VP Finance of Score Media and Gaming, ahead of the announcement of the takeover by Penn National Gaming; the profit was around 311,000 USD, and the split was arranged via WhatsApp using code words and settled in cash. Under the settlement: 120,000 CAD disgorgement and a two-year trading ban.

Authority / court

Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Securities Act (Ontario), s. 76(1) (Insiderhandel); Sanktionen nach s. 127(1)

Action

Disgorgement of profits

Status of proceedings

final

Sector

Media and online platforms

Culpability

intentional

Mitigating circumstances

Admission, implication of other participants and undertaking to testify as a witness

Published

4 Nov 2025

Original amount 120,000 CAD, converted at the ECB reference rate of 24 Oct 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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Employees identified weaknesses in investment models that could affect client returns by March 2019 at the latest, but Two Sigma only acted in August 2023; there were no policies, and one employee made unauthorised changes to more than a dozen models. In addition, separation agreements required employees to declare that they had not filed any complaint with authorities. The U.S. Securities and Exchange Commission (SEC) imposed 90 million USD; Two Sigma had already repaid 165 million USD to clients.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Investment Advisers Act of 1940 (Antifraud, Compliance Rule 206(4)-7); Exchange Act Rule 21F-17(a)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Culpability

intentional

Mitigating circumstances

Voluntary repayment of 165 million USD to affected funds and accounts.

Original amount 90,000,000 USD, converted at the ECB reference rate of 16 Jan 2025.

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

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From December 2020 to May 2023, staff on the agency CMO bond desk sold mortgage-backed bonds worth around 3 billion USD using misleading metrics; the broker-dealer’s supervisory procedures contained no requirements for the structuring and sale of these bonds. BMO paid 19,417,908 USD in disgorgement, 2,241,507 USD in interest and a civil penalty of 19 million USD.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Securities Exchange Act of 1934, Section 15(b)(4)(E) (Failure to supervise)

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Employees

10,000 or more

Original amount 40,659,415 USD, converted at the ECB reference rate of 13 Jan 2025.

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

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In 2019 and 2022, the former Executive Chairman and CEO Vince McMahon concluded settlements of 3 million and 7.5 million USD on behalf of WWE without informing the board, the legal department, the accounting function or the auditors; WWE had to restate its financial statements. McMahon is paying a civil penalty of 400,000 USD and reimbursing WWE 1,330,915.90 USD under SOX 304(a).

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Securities Exchange Act 1934 (Umgehung interner Kontrollen, irreführende Angaben gegenüber Prüfern); Sarbanes-Oxley Act Section 304(a)

Action

Fine

Status of proceedings

final

Sector

Media and online platforms

Liability of senior managers

Vince McMahon (former Executive Chairman and CEO): 400,000 USD penalty and reimbursement of 1,330,915.90 USD to WWE

Original amount 1,730,915.9 USD, converted at the ECB reference rate of 10 Jan 2025.

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

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The medical technology manufacturer misled investors about regulatory risks of the Alaris infusion pump, which had more than 25 software defects, and did not record the remediation costs, as a result of which operating income in the fourth quarter of 2019 was overstated by 82 %. BD is paying 175 million USD and must appoint an independent compliance consultant.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Antifraud-, Reporting-, Buchführungs-, interne Kontroll- und Disclosure-Controls-Vorschriften der US-Wertpapiergesetze

Action

Fine

Status of proceedings

final

Sector

Healthcare

Original amount 175,000,000 USD, converted at the ECB reference rate of 16 Dec 2024.

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

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The Swiss Financial Market Supervisory Authority (FINMA) found serious breaches of risk management obligations and of the requirement to guarantee irreproachable business conduct: the financial group monitored its distribution chain inadequately and in some cases worked with dubious, unregulated distributors that sold products in countries not intended for them without authorisation. FINMA ordered governance requirements, the termination of these relationships, the appointment of an audit agent and the confiscation of 9.3 million CHF in profits; the ruling was not yet final at the time of publication.

Authority / court

Eidgenössische Finanzmarktaufsicht (FINMA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Finanzmarktaufsichtsgesetz (FINMAG)

Action

Disgorgement of profits

Status of proceedings

unknown

Sector

Financial services and insurance

Mitigating circumstances

Good cooperation in the proceedings; Leonteq had already strengthened compliance and distribution controls of its own accord and terminated relationships with suspicious distributors

Original amount 9,300,000 CHF, converted at the ECB reference rate of 12 Dec 2024.

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

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From June 2020 to February 2022, a trader on the metals and commodities desk was able to book over 400 fictitious trades and circumvent three key internal controls in order to conceal losses; the bank was partly aware of the weaknesses but did not remedy them in time. Unwinding the positions cost around 57.8 million USD; the Financial Conduct Authority (FCA) imposed 13 million GBP on the bank and banned the trader Travis Klein.

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

FCA Principles for Businesses, Principle 3 (Systeme und Kontrollen); s. 206 Financial Services and Markets Act 2000

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Employees

10,000 or more

Liability of senior managers

Prohibition order imposed on the trader; no fine imposed on him on grounds of serious financial hardship.

Original amount 13,031,400 GBP, converted at the ECB reference rate of 26 Nov 2024.

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

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In 2019–2020, the former Chief Supply Chain Officer András Sebők carried out 115 transactions in Wizz Air shares worth more than 4 million GBP, some of them in the 30-day closed periods before the publication of results, and did not notify them within three business days. First FCA penalty against a person discharging managerial responsibilities (PDMR) for dealing in a closed period: 123,500 GBP.

Authority / court

Financial Conduct Authority (FCA)

Area of law

Capital markets and financial supervision · Market abuse and insider dealing

Legal basis

Art. 19 MAR

Action

Fine

Status of proceedings

final

Sector

Transport, logistics and shipping

Mitigating circumstances

30 % discount for settlement

Liability of senior managers

András Sebők (former Chief Supply Chain Officer): 123,500 GBP

Published

27 Nov 2024

Original amount 123,500 GBP, converted at the ECB reference rate of 26 Nov 2024.

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

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UPS based the valuation of UPS Freight on a consultant's appraisal of around 2 billion USD, although its own analyses had arrived at only about 650 million USD, and did not record a required goodwill impairment. UPS is paying 45 million USD and must introduce training for certain executives, board members and employees and engage an independent compliance consultant.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Section 17(a)(2),(3) Securities Act; Reporting-, Buchführungs-, interne Kontroll- und Disclosure-Controls-Vorschriften des Exchange Act

Action

Fine

Status of proceedings

final

Sector

Transport, logistics and shipping

Original amount 45,000,000 USD, 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 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 mandatory disclosures, Unisys presented cyber risks as hypothetical, although it had suffered two intrusions with data exfiltration connected with the SolarWinds compromise. On the same day, the US Securities and Exchange Commission (SEC) also imposed penalties on Avaya ($1 million), Check Point ($995,000) and Mimecast ($990,000).

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Securities Act of 1933, Securities Exchange Act of 1934 (inkl. Disclosure Controls)

Action

Fine

Status of proceedings

final

Sector

Telecoms, IT and software

Culpability

negligent

Mitigating circumstances

Cooperation in the proceedings and improvement of cybersecurity controls.

Published

22 Oct 2024

Original amount 4,000,000 USD, converted at the ECB reference rate of 22 Oct 2024.

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

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In its 2019 and 2020 annual reports, Keurig claimed that tests confirmed the recyclability of the K-Cup pods, but failed to disclose that two of the largest US recycling companies had expressed significant concerns and stated that they did not currently intend to accept the pods. Keurig is paying a civil penalty of 1.5 million USD.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Section 13(a) Securities Exchange Act 1934, Rule 13a-1

Action

Fine

Status of proceedings

final

Sector

Food and agriculture

Original amount 1,500,000 USD, converted at the ECB reference rate of 10 Sep 2024.

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

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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 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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The manufacturer of hydrogen commercial vehicles misled investors about customer relationships and sales, reported 87 vehicles sold for 2021 when the actual number was zero, and showed a misleading video of a purportedly hydrogen-powered vehicle. Hyzon is paying 25 million USD, the former CEO 100,000 USD and a former managing director of the European subsidiary 200,000 USD.

Authority / court

U.S. Securities and Exchange Commission (SEC)

Area of law

Capital markets and financial supervision · Disclosure and reporting obligations

Legal basis

Antifraud- und weitere Vorschriften der US-Wertpapiergesetze

Action

Fine

Status of proceedings

unknown

Sector

Automotive

Liability of senior managers

Craig M. Knight (former CEO): 100,000 USD, 5-year officer-and-director bar; Max C.B. Holthausen (former managing director of the European subsidiary): 200,000 USD, 10-year officer-and-director bar

Original amount 25,300,000 USD, converted at the ECB reference rate of 26 Sep 2023.

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

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