Erscheinung:23.05.2024 | Topic Measures Announcement regarding Baader Bank AG
In a letter dated 17 May 2024, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) ordered Baader Bank AG:
- to take all reasonable steps to execute client orders promptly in accordance with the provisions under section 69 (1) sentence 1 no. 1 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG);
- to reduce the backlog in securities account transfers in accordance with section 69 (3) of the WpHG in conjunction with Article 67(1)(b) of Delegated Regulation (EU) 2017/565; and,
- in case the company fails to reduce the backlog in due time, BaFin also threatened to impose a coercive fine in the amount of 200,000 euros.
The orders are issued on the basis of section 6 (2) sentences 1 and 2 of the WpHG.
The notice has not yet become final.
Publication of this order is based on section 126 (1) of the WpHG.
