BaFin

Topic Measures Vascory AG: BaFin threatens coercive fines

Date: 07.03.2018, updated on: 16.04.2018

On 1 March 2018 BaFin ordered Vascory AG to comply with the financial reporting requirements pursuant to sections 37v et seq. (new: 114 et seq.) of the Securities Trading Act (WertpapierhandelsgesetzWpHG) and threatened coercive fines in the amount of EUR 282,500.

Vascory AG offended against the financial reporting requirements pursuant to sections 37v (1) sentences 2 and 3 as well as 37w (1) (new: sections 114 (1) sentences 2 and 3 as well as 115 (1)) 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.

Update (16.04.2018):

The order is final and conclusive.

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