Erscheinung:29.08.2024 | Topic Measures Altech Batteries Limited: BaFin imposes administrative fines
On 5 July 2024, the Federal Financial Supervisory Authority (BaFin) imposed administrative fines totalling 90,000 euros on Altech Batteries Limited. The fines were imposed due to the company’s failure to comply with obligations under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The company failed to submit voting rights notifications within the prescribed period.
The administrative fine order is final and binding.
Background information: voting rights notification requirements
Shareholders must notify the issuer and BaFin within four trading days if their voting rights meet certain thresholds.
They are required to use a notification form for their voting rights notification. This is set out in section 12 (1) of the German Securities Trading Reporting Regulation (Wertpapierhandelsanzeigeverordnung – WpAV).
The obligation to submit voting rights notifications helps to ensure transparency in the capital market. The aim is to make Germany as a financial centre more attractive in the face of international competition and to enhance investor confidence in the stable functioning of the German stock market.
If parties subject to the notification requirement fail to notify the issuer and BaFin within the prescribed period that their shares have exceeded or fallen below certain thresholds, they violate section 33 (1) sentence 1 of the WpHG. BaFin may impose administrative fines on persons that fail to comply with this obligation. For legal persons, this fine may amount to a maximum of 10 million euros or up to 5% of the company’s total turnover.
