German regulator fines Nomura over Commerzbank disclosure breaches

By Reuters News

Oct 20 (Reuters) - German financial regulator Bafin said on Tuesday it had fined Japanese investment firm Nomura Holdings 8604.T €320,000 ($359,000) for failing to disclose voting rights in Commerzbank CBKG.DE as UniCredit CRDI.MI 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% of total revenue

  • "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)

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