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On 2 August 2022, BaFin imposed an administrative fine amounting to 5,100,000 euros on Bank of America Corporation.
The sanction related to a breach of section 130 (1) of the German Act on Breaches of Administrative Regulations (Ordnungswidrigkeitengesetz – OWiG) in conjunction with sections 33 (1) sentence 1, 38 (1) sentence 1 and 39 (1) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). Bank of America Corporation failed to submit voting rights notifications within the prescribed period.
The company may lodge an appeal against the administrative fine order.
