Erscheinung:08.05.2023 | Topic Financial reporting SCHNIGGE Capital Markets SE: BaFin threatens to impose coercive fines
On 28 March 2023, the Federal Financial Supervisory Authority (BaFin) ordered SCHNIGGE Capital Markets SE to comply with the financial reporting requirements under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). In case the company fails to comply with this order, BaFin also threatened to impose coercive fines in the amount of 70,625 euros.
The order is final and binding.
Background information: financial reporting requirements
Companies such as SCHNIGGE Capital Markets SE that are domiciled in Germany and that issue securities that are traded on an organised market in Germany must prepare annual financial information as at the end of each financial year. This information must be made publicly available no later than four months after the end of each financial year.
Under the WpHG, companies are also required to prepare a half-yearly financial report. This report must be made publicly available no later than three months after the end of the relevant reporting period.
Before publication, companies must publish an announcement informing the public and BaFin about the date from which and the website on which the information will be available.
SCHNIGGE Capital Markets SE contravened these requirements since it failed to publish an announcement with respect to the annual financial information for the financial year 2021. The company also failed to publish a half-yearly financial report for the financial year 2022 in addition to an announcement in respect of this.
The announcement by BaFin is also set out by law and is based on section 124 of the WpHG.
On 28 March 2023, the Federal Financial Supervisory Authority (BaFin) ordered SCHNIGGE Capital Markets SE to comply with the financial reporting requirements under section 144 et seq. of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and threatened to impose coercive fines in the amount of 70,625 euros.:SCHNIGGE Capital Markets SE: BaFin threatens to impose coercive fines
SCHNIGGE Capital Markets SE contravened the requirements under section 114 (1) sentences 2 and 3 of the WpHG with respect to the annual financial information for the financial year 2021 as well as section 115 (1) sentences 1 to 4 of the WpHG with respect to the half-yearly financial report for the financial year 2022.
The order is final and binding.
