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On 10 November 2022, BaFin imposed an administrative fine amounting to 498,000 euros on Landesbank Baden-Württemberg.
The sanction related to a breach of section 130 (1) of the German Act on Breaches of Administrative Regulations (Ordnungswidrigkeitengesetz – OWiG) in conjunction with Article 16(2) sentence 2 of the Market Abuse Regulation (MAR). Landesbank Baden-Württemberg failed to notify BaFin without delay that it had reasonable suspicion that an order in a financial instrument constituted insider dealing.
The company may lodge an appeal against the administrative fine order.
