Erscheinung:23.07.2024, Stand:updated on 19.08.2024 | Topic Measures ZhongDe Waste Technology AG: BaFin threatens to impose coercive fines
On 10 July 2024, the Federal Financial Supervisory Authority (BaFin) ordered ZhongDe Waste Technology AG 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 55,000 euros.
The notice is immediately enforceable but not yet final and binding.
Update (19.08.2024):
The notice is final and binding.
Background information: financial reporting requirements
Companies such as ZhongDe Waste Technology AG 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.
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.
ZhongDe Waste Technology AG contravened these requirements since it failed to publish an announcement with respect to the annual financial information for the financial year 2023.
The announcement by BaFin is also set out by law and is based on section 124 of the WpHG.
