Transposing point (a) of Article 30(1) of the MAR, section 120 (15) nos. 12 – 16 of the WpHG allows an administrative fine of up to €500,000 to be imposed on natural persons for intentional or reckless infringements of Article 18(1) to (6) of the MAR. An administrative fine of up to €1,000,000 or three times the economic benefit derived from the infringement can be imposed on legal persons.

The types of offences punishable by an administrative fine are specifically committed if the person obliged to draw up an insider list:

• does not draw up an insider list, does not do so correctly, or completely, or in the prescribed manner or promptly in contravention of point (a) of Article 18(1) of the MAR (see section 120 (15) no. 12 of the WpHG);
• does not update an insider list, does not do so correctly, or completely, or in the prescribed manner or promptly in contravention of point (b) of Article 18(1) in conjunction with Article 18(4) of the MAR (see section 120 (15) no. 13 of the WpHG);
• does not provide an insider list, does not do so correctly, or completely, or in the prescribed manner or promptly in contravention of point (c) of Article 18(1) of the MAR (see section 120 (15) no. 14 of the WpHG);
• does not make the necessary arrangements (clarification, see V.9) in contravention of the first subparagraph of Article 18(2) of the MAR (see section 120 (15) no. 15 of the WpHG);
• does not retain an insider list after its preparation or updating, or does not do so for at least five years in contravention of Article 18(5) of the MAR (see section 120 (15) no. 16 of the WpHG).

As well as imposing administrative fines, section 125 of the WpHG requires BaFin to publish on its website decisions about measures and penalties, disclosing the identity of the natural or legal person concerned.