Article from BaFin's 2017 annual report
In 2017, BaFin initiated 1882 new administrative fine proceedings (2016: 281; see Table 28 "Administrative fine proceedings"). A total of 981 proceedings were still pending from previous years. BaFin completed 300 proceedings, 96 of them by imposing a fine (previous year: 106). This translates into a prosecution ratio of 32 percent (previous year: 27.6 percent). A total of 204 proceedings were discontinued, 177 of them for discretionary reasons. BaFin imposed administrative fines of approximately €5.64 million (previous year: €2.57 million)3. The highest single fine imposed amounted to €668,000.
Since the end of 2016, BaFin has had to publish measures and sanctions4 on its website, www.bafin.de.5 It disclosed 8 administrative fine decisions in 2017, of which 7 related to compliance with financial reporting requirements.6
Table 28 Administrative fine proceedings
Administrative fine proceedings
* Proceedings completed by imposing an administrative fine. ** Individual administrative fines.
BaFin
Footnotes:
- 1 For administrative fine proceedings due to violations by investment firms of the conduct of business rules as well as organisational and transparency requirements under the German Securities Trading Act (Wertpapierhandelsgesetz) and violations of the German Banking Act (Kreditwesengesetz), see Supervision of advice and distribution in the securities business and Sanctions.
- 2 The figures quoted refer to the aggregate of all administrative fine proceedings pursued in Securities Supervision.
- 3 The total amount of administrative fines imposed includes the administrative fine proceedings presented in Sanctions.
- 4 For information on the distinction between measures and sanctions, see the 2016 Annual report, p. 55 ff.
- 5 This new practice is based on the European Transparency Directive II (Directive 2013/50/EU, OJ EU L 294/13) and the Market Abuse Regulation (MAR, Regulation EU No 596/2014, OJ EU L 173/1). See 2016 Annual Report, page 200.
- 6 See Financial reporting enforcement.
