Erscheinung:30.06.2023, Stand:updated on 18.07.2023 | Topic Measures SCHNIGGE Capital Markets SE: BaFin imposes administrative fines
On 23 June 2023, the Federal Financial Supervisory Authority (BaFin) imposed administrative fines totalling 51,500 euros on SCHNIGGE Capital Markets SE. The fines were imposed due to contraventions of the German Securities Trading Act (Wertpapierhandelsgesetz).
SCHNIGGE Capital Markets SE failed to publish its half-yearly financial reports for the financial years 2018 and 2021.
In addition, the company failed to publish its half-yearly financial report for the financial year 2022 within the prescribed period.
Financial reports provide information on companies’ assets, financial position and results of operations. This information is important to institutional and retail investors because it allows them to make informed investment decisions. Companies such as SCHNIGGE Capital Markets SE that are domiciled in Germany and issue securities that are traded on an organised market in Germany must regularly publish such financial reports in the Company Register (Unternehmensregister). They must also publish announcements stating when and where their financial reports are made publicly available in addition to their availability in the Company Register.
Failure to publish financial reports, or failure to publish such reports within the prescribed period, constitutes a contravention of the German Securities Trading Act. BaFin may impose administrative fines on companies that fail to comply with these requirements. The maximum amount for this fine is 10 million euros or up to 5% of total revenue.
Announcement
On 23 June 2023, the Federal Financial Supervisory Authority (BaFin) imposed administrative fines totalling 51,500 euros on SCHNIGGE Capital Markets SE.
The sanction related to breaches of section 115 (1) sentence 1 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG).
SCHNIGGE Capital Markets SE failed to make its half-yearly financial reports for the financial years 2018 and 2021 publicly available.
SCHNIGGE Capital Markets SE failed to make its half-yearly financial report for the financial year 2022 publicly available within the prescribed period.
The company may lodge an appeal against the administrative fine order.
Update (18.07.2023):
The administrative fine order is final and binding.
