German regulator fines Nomura over Commerzbank disclosure breaches
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Oct 20 : German financial regulator Bafin said on Tuesday it had fined Japanese investment firm Nomura Holdings €320,000 ($359,000) for failing to disclose voting rights in Commerzbank as UniCredit built its stake in the German lender.
• The regulator said Nomura did not submit voting rights notifications relating to Commerzbank in May and June
• Under German law, shareholders must notify the issuer and the regulator within four trading days if their voting rights reach certain thresholds
• If a shareholder does not comply, Bafin can impose a fine of up to €10 million or 5 per cent of total revenue
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• “Whilst we do not comment on the details of our interactions with regulators, the firm takes adherence to regulations seriously,” a Nomura spokesperson told Reuters
• The company can appeal the administrative fine order, Bafin said
($1 = 0.8916 euros)
Source: Reuters
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