Topic Measures Mars One Ventures AG: BaFin threatens coercive fines
On 1 March 2018 BaFin ordered Mars One Ventures AG to comply with the financial reporting requirements pursuant to sections 37v et seq. (new: 114 et seq.) of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and threatened coercive fines in the amount of EUR 172,500.
Mars One Ventures AG offended against the financial reporting requirements pursuant to section 37w (1) in conjunction with section 37y number 2 (new: section 115 (1) in conjunction with section 117 number 2) of the WpHG. The legal basis for the order and the threat of coercive fines are section 6 (2) sentences 1 and 2 (formerly: section 4 (2) sentence 1) of the WpHG in conjunction with section 17 (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).
The order is enforceable but not yet final and conclusive.