BaFin said it might impose EUR230,000 coercive fines on Electrawinds SE should the company fail to comply with the financial reporting requirements pursuant to sections 37v et seq. of the Securities Trading Act.
Electrawinds SE offended against the financial reporting requirements pursuant to sections 37v (1) sentences 1, 2, 3 and 4 in conjunction with section 37y number 1 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.