Topic Measures China Specialty Glass AG: BaFin imposes coercive fines
On 28 November 2017 BaFin imposed coercive fines in the amount of EUR 282,500 on China Specialty Glass AG.
As BaFin communicated China Specialty Glass AG offended against sections 37v (1) sentences 2 and 3 as well as 37w (1) in conjunction with section 37y number 2 of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The legal basis for the imposition of coercive fines are section 17 (1) of the Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz – FinDAG) and sections 6 (1), 7 (1), 11 (1), 14 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.