BaFin, Germany’s top financial services regulator has threatened Beate Uhse with a minimum fine of EUR220,000 should the company fail to abide by proper reporting standards.
BaFin said Beate Uhse Aktiengesellschaft offended against the financial reporting requirements pursuant to section 37v (1) sentences 2 and 3 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
This notice is published pursuant to section 40c of the WpHG.
The order is enforceable but not yet final and conclusive.