Germany

During UniCredit's takeover bid for Commerzbank, Nomura failed in May and June 2026 to submit voting rights notifications on Commerzbank shares within the prescribed period. The notice was published on 20 October 2026.

VW's forecast for the 2023 financial year was significantly above market expectations, and it should have made an immediate ad hoc announcement. Instead it published the inside information only in a press release. Published 9 October 2026.

BaFin set new deadlines for the bank to remedy shortcomings in its transaction monitoring data processing systems, updating earlier orders of April 2021 and November 2023. A reorganisation of the monitoring system made new deadlines necessary in some cases. The order became final on 6 October 2026 and was published on 9 October 2026.

The company did not publish its half-yearly financial report for financial year 2025 within the required period. Published 28 August 2026.

Fines of EUR 1,900 and EUR 1,650 on two individuals who failed to take necessary supervisory and organisational measures, so that an incomplete voting rights notification was filed at the start of 2022 in respect of TUI AG. The notice is anonymised and can be appealed. Published 4 September 2026.

Fined as PRIIP manufacturer of the same profit participation certificate offered by Effecta GmbH in July 2025, for not having first published the key information document on its website. BaFin found it had not taken sufficient organisational measures to prevent the breach. Published 21 August 2026.

Fined for offering the profit participation certificate 'Companisto Green City Solutions Pre-Series B_2025_PPC' to retail investors via a website in July 2025 without first publishing a key information document. BaFin found the company had not taken sufficient organisational measures to prevent the breach. Published 21 August 2026.

BaFin fined the company for not disclosing without delay, as inside information, that it had suffered a cyberattack. Published 20 July 2026.

BaFin fined an unnamed private individual two times EUR 55,000 for failing to submit voting rights notifications within the deadline in August 2025. An appeal may be lodged against the order; published 23 July 2026.

On 10 July 2026 BaFin imposed one fine of EUR 187,500 (the page heading says "Geldbußen", the text one Geldbuße) for failing to submit voting rights notifications on time. Published 22 July 2026; the notice does not say whether the fine is final.

BaFin prohibited the company from publicly offering participation certificates issued by AMAGVIK Int. AG because it had not published a BaFin-approved prospectus. The measure is immediately enforceable but not final: the company filed an objection on 3 August 2026, still pending as of 7 September 2026. The notice is listed as published on 30 July 2026 and updated on 7 September 2026.

BaFin fined the company for not publishing a notice of when and where its financial year 2023 annual financial information was available and for publishing its financial year 2024 half-year report late. Published 30 July 2026.

BaFin imposed fines totalling EUR 620,000 for failing to disclose inside information without undue delay and for not publishing the half-yearly financial report for financial year 2024. The notice gives no split between the two fines. Published 1 July 2026. The notice's background text also names ECHOS Holdings AG as an example of a company with half-yearly reporting duties; that company is not part of this case.

BaFin revoked the licence of this small funeral-cost mutual insurer because write-downs on real-estate-related investments left a deficit, it could not meet the minimum capital requirement and it filed no financing plan to close the gap. The company moves into run-off: no new policies or increases, existing policies continue. The decision is now final; BaFin published it on 22 July 2026.

By letter of 1 June 2026 BaFin prohibited the public offering in Germany of the investment 'Co-Investment AlleAktien Wealth x SpaceX' because no BaFin-approved sales prospectus had been published. The measure was immediately enforceable but not yet final when published on 8 June 2026.

BaFin fined the company for a supervisory-duty breach: it did not send a voting rights notification on time in November 2025 and lacked organisational measures to prevent such breaches. Published 11 June 2026.

BaFin fined the company for a supervisory-duty breach: in April 2025 it failed in two cases to file voting rights notifications on time and had not put sufficient organisational measures in place. The notice does not say whether the fine is final.

BaFin found that at the end of 2022 the company did not disclose inside information promptly: findings from a special inspection at flatexDEGIRO Bank AG came out late, by press release only and not as an ad hoc disclosure. Published 30 April 2026.

BaFin prohibited the public offering of two products ('Customer Basic 2 %' and 'Customer Basic 2 % + Treuerabatt', involving interest and gold delivery) because no BaFin-approved sales prospectus was published. The notice was published on 20 April 2026 and updated on 22 May 2026 to say the measure is final.

BaFin fined the company for failing to publish its half-yearly financial report for financial year 2024 within the statutory deadline. Published 29 April 2026.

BaFin prohibited public offering in Germany of the 'smart IT World' and 'smart IT Sprinter' profit-participating loans and the 'smart IT Origin' investment, as no BaFin-approved sales prospectus had been published. The company objected on 7 May 2026 and withdrew the objection on 14 July 2026, so the prohibitions are final.

Administrative fines totalling EUR 90,000 on one natural person who did not submit notifications of own-account transactions in an issuer's securities. The notice is anonymised and does not name the issuer. Published 5 May 2026.

BaFin fined Barclays for breach of supervisory duty: between June 2022 and March 2023 it failed in 26 cases to file voting rights notifications for one issuer on time, and had not taken sufficient organisational measures to prevent this. Published 27 March 2026.

BaFin fined the company for not promptly disclosing as inside information that its Q1 2024 results deviated significantly from market expectations. Published 26 March 2026.

BaFin fined the company for not publishing its half-year financial report for financial year 2025. Published 23 March 2026.

BaFin fined the company for not publishing the notice stating when and at which internet address its half-year financial report for financial year 2024 was available. Published 18 March 2026.

BaFin prohibited the public offering of BLOOH Solution Ltd. shares in Germany on a well-founded suspicion that they were offered without a BaFin-approved prospectus. BaFin had flagged indications of this on 6 October 2025; the measure was immediately enforceable but not yet final when published on 6 February 2026.

Two fines for advertising free investment services on two websites at the beginning of 2022 without clearly stating that a processing fee would be charged regularly. The bank changed its practice in 2022. Published 22 December 2025.

BaFin fined the company for not publishing the notice stating when and where its annual financial information for financial year 2024 would be available. Published 1 December 2025.

BaFin revoked the banking licence on 5 November 2025 after a 2023 special audit found serious business-organisation deficiencies under KWG s.25a and persistent breaches that could not be cured; the bank had not traded for over six months, and because the bank is subject to sanctions its managing directors are presumed unreliable under KWG s.1b. A winding-up order followed by notice of 11 June 2026, and a court appointed a liquidator on 30 September 2026. The revocation has been final since 8 December 2025; BaFin published the notice on 22 October 2026.

BaFin imposed a fine of EUR 45 million for culpable breach of its supervisory duty over internal processes for filing suspicious activity reports, resulting in systematically late or missed reports between 4 October 2021 and 30 September 2022. The notice has been final since 30 October 2025 and was published on 6 November 2025. The decision date is not stated.

Fines for not clearly disclosing the bank's own financial interest and the resulting conflicts of interest in portfolio management, and not pointing out economic risks, when informing customers of a possible Riester pension contract amendment (2020 and 2021), and for not informing customers adequately about the retention period for telephone recordings (2021 and 2022). Published 19 August 2025.

Two fines totalling EUR 45 million: EUR 15 million for inadequate review and monitoring of partner agencies acting for Vodafone, whose staff had brokered fictitious contracts and unauthorised contract changes, and EUR 30 million for authentication weaknesses between the MeinVodafone portal and the hotline that let third parties access eSIM profiles. A further warning concerned distribution systems. Vodafone accepted the fines and has paid them in full. The release (6/2025) was published on 3 June 2025; the decision dates are not stated.

The company did not publish a notice stating from when and on which website its FY2022 annual financial report and its FY2022 half-yearly financial report were publicly available. Published 27 May 2025.

From 2020 to 2023 the WpHG compliance function was understaffed, and the 2021/2022 compliance report was not fully provided to management. The bank may appeal. Published 17 April 2025.

Total EUR 23.05 million: EUR 14.8 million for breaches of organisational requirements in the sale of currency derivatives in Spain, EUR 4.6 million for failing to record telephone investment advice at Postbank after the COVID-19 exemptions expired, and EUR 3.65 million for unprocessed or late account switching requests at Postbank. The order is final and binding. Published 4 March 2025.