Topic Measures China Specialty Glass AG: BaFin threatens coercive fines

Date: 12.09.2017, updated on 23.10.2017

On 6 September 2017 BaFin ordered China Specialty Glass AG to comply with the financial reporting requirements pursuant to sections 37v et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and threatened coercive fines in the amount of EUR 282,500.

China Specialty Glass AG offended against the financial reporting requirements pursuant to sections 37v (1) sentences 2 and 3 as well as 37w (1) in conjunction with section 37y number 2 of the WpHG. The legal basis for the order and the threat of coercive fines are section 4 (2) sentence 1 of the WpHG in conjunction with section 17 sentence 1 of the Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz - FinDAG) and with sections 6 (1), 7 (1), 11 (1), 13 of the Act on Administrative Enforcement (Verwaltungsvollstreckungsgesetz - VwVG). This notice is published pursuant to section 40c of the WpHG.

The order is enforceable but not yet final and conclusive.

Update (23.10.2017):

The order became final and conclusive on 10 October 2017.

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