On 19 July 2021, BaFin imposed an administrative fine amounting to 1,830,000 euros on JPMorgan Chase Bank N.A.
The sanction related to a breach of section 130 (1) of the German Act on Breaches of Administrative Regulations (Ordnungswidrigkeitengesetz – OWiG) in conjunction with section 21 (1) sentence 1 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) old version. JPMorgan Chase Bank N.A. failed to submit voting rights notifications within the prescribed period.
The company may lodge an appeal against the administrative fine order.