The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the websites kingstonhorizonpartners(.)com and the login area at kingstonhorizonpartners(.)pro. According to information available to Bafin, the operators are providing financial and investment services on the websites without the required authorisation.
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The financial supervisory authority Bafin warns about term deposit offers on the website eurowerte(.)de. It is suspected that the unknown operators of the website are offering banking transactions and financial services without the required authorisation.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website iponexus(.)net. According to information available to Bafin, this website is being used to offer financial and investment services without the required authorisation. Investors are being asked to transfer funds to third-party accounts for stock shares they have allegedly purchased.
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In a letter dated 10 July 2026, Bafin prohibited Galldium Immobilien Fünfte GmbH, based in Konstanz, Germany, from offering participation certificates in AMAGVIK Int. AG to the public. Bafin imposed the prohibition because the company had infringed the German Capital Investment Act (VermAnlG). Galldium Immobilien Fünfte GmbH is therefore not authorised to offer participation certificates in AMAGVIK Int. AG in Germany.
Asset Manager
The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website hub-wiser(.)com. According to information available to Bafin, this website is being used to offer banking business, financial and investment services without the required authorisation.
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On 8 July 2026, Bafin imposed an administrative fine amounting to €20,000 on Leo International Precision Health AG. The company had contravened obligations under the German Securities Trading Act (WpHG). Leo International Precision Health AG had failed to publish an announcement stating from which date and at which web address its annual financial information for the financial year 2023 was made publicly available. It had also failed to publish its half-yearly financial report for the financi...
BaFin has imposed a €20,000 administrative fine on Leo International Precision Health AG for breaching disclosure obligations under the German Securities Trading Act (WpHG) by failing to (i) announce when and where its 2023 annual financial information would be available online and (ii) publish its 2024 half‑yearly financial report within the statutory deadline.
This enforcement action underscores BaFin’s strict approach to issuers’ periodic disclosure and announcement duties, and signals that failures in relatively “technical” reporting obligations can trigger material sanctions, including fines up to €10 million or 5% of total revenue.
What Changed
- - Issuers domiciled in Germany with securities admitted to trading on an organised market in Germany must publish an announcement (“Hinweisbekanntmachung”) specifying the exact date and internet...
- The announcement on annual financial information must be published no later than four months after the end of each financial year and must be issued before the first public availability of the...
- Annual financial information must be made publicly available on the internet in addition to its disclosure in the Company Register (Unternehmensregister), and the announcement obligation relates...
- Issuers must publish a half‑yearly financial report no later than three months after the end of each reporting period.
- Failure to publish financial reports or the required announcements, or failure to do so within the prescribed periods, constitutes a contravention of the WpHG and exposes the issuer to administrative...
Suggested Considerations
- Map all WpHG‑related periodic reporting obligations (annual, half‑yearly, and any interim or ad‑hoc requirements) into a documented compliance calendar with responsible owners and system reminders well ahead of statutory deadlines.
- Implement a formal procedure to prepare, approve, and publish “Hinweisbekanntmachungen” that clearly specify the date and internet address of annual financial information, ensuring publication before the first public availability of the annual report and within four months of financial year‑end.
- Establish controls to guarantee that annual financial information is published both in the Company Register and on the issuer’s website, and that these publications are synchronised with the required announcements.
- Design and enforce a process for producing and publishing half‑yearly financial reports within three months after the end of each reporting period, including clear timelines for drafting, audit/review (where relevant), management approval, and technical website publication.
- Conduct a gap analysis of current financial reporting and disclosure procedures against WpHG requirements to identify any missing steps, unclear responsibilities, or weaknesses in escalation mechanisms for imminent deadline breaches.
Key Dates
(assumed financial year end for 2023) – End of the 2023 financial year for Leo International Precision Health AG, starting the four‑month period for the annual financial information announcement
– Latest permissible date for publishing the announcement stating from which date and at which web address the 2023 annual financial information is made publicly available (four months after year‑end)
– Latest permissible date for publishing the half‑yearly financial report for the first half of the 2024 financial year (three months after the end of the reporting period, assuming 31 March 2024 as period end)
– BaFin imposes an administrative fine of €20,000 on Leo International Precision Health AG for failure to publish the required annual announcement for 2023 and the half‑yearly financial report for 2024 within the prescribed periods
– Public announcement by BaFin of the enforcement measure and fine against Leo International Precision Health AG
Compliance Impact
Non‑compliance with WpHG financial reporting and announcement obligations can lead to administrative fines for each breach, with maximum sanctions of €10 million or up to 5% of total revenue and potential reputational damage from public BaFin enforcement notices.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerAsset ManagerBank The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website utewealth(.)com. Bafin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation.
Wealth ManagerAll Firms
On 15 July 2026, the Federal Financial Supervisory Authority (Bafin) imposed two administrative fines, each in the amount of €55,000, on a natural person for failure to comply with the requirements of the German Securities Trading Act (WpHG). In August 2025, this person failed to submit voting rights notifications within the prescribed period.
BaFin has imposed two administrative fines of €55,000 each (total €110,000) on a natural person for failing to submit mandatory voting rights notifications within the statutory deadline under sections 33 et seq. of the German Securities Trading Act (WpHG). The case underlines that BaFin is actively enforcing substantial shareholding disclosure rules and that delayed notifications by individuals, not just corporates, can trigger six‑figure sanctions and associated reputational and governance consequences.
What Changed
- - BaFin reiterates that shareholders must notify both the issuer and BaFin when their voting rights in an issuer reach, exceed, or fall below specified thresholds, in line with sections 33 et seq.
- The publication confirms that the notification must be made within four trading days from the triggering event (i.e. crossing of a relevant voting rights threshold).
- BaFin highlights that failure to notify, or to notify within the prescribed four‑trading‑day period, constitutes an administrative offence under the WpHG.
- The notice confirms that BaFin can impose administrative fines on natural persons for breaches of the voting rights notification obligation up to a statutory maximum of €2 million.
- The case illustrates BaFin’s willingness to impose multiple fines for multiple notification failures arising from separate threshold crossings or reporting obligations within a given period.
Suggested Considerations
- Map all shareholdings in German‑listed issuers (including derivatives and instruments conferring voting rights) against the WpHG notification thresholds and maintain a central register of current and potential reportable positions.
- Implement or enhance automated monitoring tools and internal controls to detect in real time when voting rights in a German‑listed issuer are about to reach, exceed, or fall below a threshold, triggering a four‑trading‑day notification period.
- Establish a clear, documented procedure for preparing and submitting voting rights notifications to both the issuer and BaFin, including responsible owners, escalation paths, and backup arrangements for absences or system outages.
- Review and update internal policies, shareholder disclosure manuals, and client onboarding documentation to explicitly reflect the four‑trading‑day deadline and the requirement to notify both the issuer and BaFin when thresholds are crossed.
- Train front‑office, trading, corporate actions, and legal/compliance staff (including those outside Germany) on German voting rights notification rules, focusing on threshold levels, calculation principles (including aggregation across entities and instruments), and timelines.
Key Dates
- The relevant shareholder failed to submit voting rights notifications within the prescribed four‑trading‑day period after crossing thresholds in the issuer
- BaFin imposed two administrative fines of €55,000 each on the natural person for non‑compliance with voting rights notification obligations under sections 33 et seq. WpHG
- BaFin published the anonymised enforcement measure, indicating that an appeal against the administrative fine order may be lodged
Compliance Impact
Non‑compliance with WpHG voting rights notification obligations can result in substantial administrative fines for both natural and legal persons, up to €2 million for individuals, with BaFin clearly willing to impose meaningful penalties for late or missing notifications. Beyond monetary sanctions, violations may also lead to loss of voting rights under certain circumstances, increased regulatory scrutiny, and reputational damage for both shareholders and issuers.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank Credit institutions and investment firms are no longer permitted to accept payments or non-monetary benefits from third parties in return for forwarding client orders. The Federal Financial Supervisory Authority (Bafin) makes this clear in a new supervisory statement.
BaFin’s new supervisory statement confirms that, as of 1 July 2026, credit institutions and investment firms in Germany are **prohibited from accepting any monetary or non‑monetary benefits from third parties in return for forwarding client orders** (PFOF), aligning German practice with the EU‑wide ban under revised MiFIR. This is a structural shift for neobroker and low‑fee brokerage business models, with immediate implications for remuneration structures, best‑execution frameworks, conflict‑of‑interest management, and client disclosures.
What Changed
- - Credit institutions and investment firms are no longer permitted to accept payments, fees, commissions or non‑monetary benefits from third parties (e.g.
- The prohibition applies to the forwarding of both retail and professional client orders and covers any form of economic benefit linked to routing orders to a specific counterparty or venue.
- Germany’s previous use of the MiFIR national exemption for domestic clients has ended; there is no longer any national carve‑out for PFOF in relation to clients resident or established in Germany.
- BaFin’s supervisory statement specifies how firms must interpret and apply the EU‑level PFOF ban in practice, including alignment with ESMA’s interpretative decisions on the scope of prohibited...
- The stated regulatory objective is to improve the quality of client order execution and prevent conflicts of interest arising from execution venues or market makers incentivising brokers to route...
Suggested Considerations
- Identify and map all current remuneration streams linked to order routing, including explicit PFOF arrangements, volume‑based rebates, and other benefits from market makers or venues, and cease any arrangements that constitute PFOF or similar third‑party inducements for forwarding orders.
- Review and update MiFID II / MiFIR inducement policies to explicitly classify PFOF and similar execution‑related rebates as prohibited benefits, ensuring no reliance on inducement disclosure or quality‑enhancement arguments to justify them.
- Amend best‑execution policies and procedures to remove any consideration of third‑party payments from venues or market makers in the execution‑venue selection process and to emphasise price, cost, speed, likelihood of execution, and other MiFID II best‑execution factors.
- Conduct a conflicts‑of‑interest assessment to identify any residual incentives or arrangements that could compromise the duty to act in the best interests of clients in order routing, and implement mitigation measures or remove such conflicts where necessary.
- Redesign pricing and revenue models for neobroker and low‑fee brokerage services to replace PFOF‑funded “zero‑commission” offerings with compliant alternatives, such as explicit commissions, spreads, subscription fees, or other transparent charges.
Key Dates
- EU‑level PFOF prohibition under revised MiFIR enters into force, generally banning payment for order flow in the EU, subject to transitional national exemptions
- German national exemption allowing PFOF for orders from in‑country clients to in‑country firms expires; after this date no new orders may rely on the exemption
- Full application of the PFOF ban to German clients and German‑authorised firms; credit institutions and investment firms are prohibited from accepting any third‑party payments or benefits for forwarding client orders, and BaFin’s supervisory statement takes practical effect
- BaFin publishes its supervisory statement specifying rules for neobrokers and other firms on how to comply with the PFOF ban and explaining ESMA’s interpretative decisions and consumer impacts
Compliance Impact
Non‑compliance with the PFOF ban exposes firms to BaFin enforcement action, including fines, supervisory measures, potential restrictions on business activities, and reputational damage, particularly where conflicts of interest and client detriment are identified. Given the structural role of PFOF in many neobroker models, failure to adapt business practices and remuneration structures promptly can also threaten the economic viability of affected firms.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
The German Financial Supervisory Authority (Bafin) warns about offers on the websites mindora(.)group, mindora(.)to, and mybloomx(.)de, which are operated under the name Mindora Group and BloomX. It is suspected that the unknown operators are offering financial and crypto-asset services without authorisation.
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On July 10 2026, the Federal Financial Supervisory Authority (Bafin) imposed administrative fines totaling €187,500 on Brown Capital Management LLC. The fines were imposed due to the company’s failure to comply with obligations under the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG). The company failed to submit voting rights notifications within the prescribed period.
BaFin has imposed administrative fines totaling **€187,500** on **Brown Capital Management LLC** for failing to submit voting rights notifications within the statutory deadline under sections 33 et seq. of the German Securities Trading Act (WpHG). The case underscores BaFin’s strict enforcement posture on shareholding transparency and highlights the need for robust cross-border monitoring of German issuer voting-rights thresholds by non‑German asset managers and other institutional investors.
What Changed
- - BaFin has formally confirmed an enforcement action where late or missing voting rights notifications under sections 33 et seq.
- The publication reiterates that shareholders must notify both the issuer and BaFin within four trading days when their voting rights reach, exceed, or fall below certain statutory thresholds in...
- BaFin explicitly links failures to notify or late notifications to administrative offences under the WpHG, with potential fines for legal persons of up to €10 million or up to 5% of total turnover,...
- The communication reflects BaFin’s continued focus on the proper functioning and attractiveness of EU capital markets, framing voting rights notification compliance as a core transparency tool rather...
- The case signals that BaFin is prepared to sanction non‑German firms (such as US‑based Brown Capital Management LLC) when their holdings in German issuers trigger WpHG thresholds and the resulting...
Suggested Considerations
- Map all portfolios and mandates to identify direct and indirect holdings of shares and related instruments in German issuers subject to WpHG voting rights notification rules.
- Implement or enhance an automated monitoring tool that aggregates positions at group level (including funds, managed accounts and derivatives) and flags when WpHG thresholds are approached or crossed.
- Review and document internal procedures to ensure that notifications to affected issuers and to BaFin are drafted, approved and submitted within the four‑trading‑day statutory deadline.
- Ensure that legal and compliance teams fully understand the WpHG threshold framework (including initial thresholds and subsequent incremental thresholds, and attribution rules) and maintain up‑to‑date written guidance and checklists.
- Establish a clear allocation of responsibilities between portfolio management, trading, operations, legal and compliance for detecting threshold crossings and preparing notification forms.
Key Dates
- BaFin imposes administrative fines totaling €187,500 on Brown Capital Management LLC for failures to submit voting rights notifications within the prescribed period under WpHG
- BaFin publicly announces the administrative fine order and reiterates the four‑trading‑day notification deadline and the legal framework for voting rights notifications
- Deadline for Brown Capital Management LLC to lodge an appeal against the administrative fine order, in line with German administrative procedure and appeal timelines (not specified in the publication)
- For all shareholders subject to WpHG, the obligation persists to notify the issuer and BaFin within four trading days whenever relevant thresholds are reached, exceeded or fallen below
Compliance Impact
Non‑compliance with WpHG voting rights notification obligations can lead to significant administrative fines that may scale with turnover and may also trigger additional consequences such as loss or suspension of rights attached to shares during periods of non‑compliance. For global investment managers and institutional investors, failures in this area present both financial exposure and reputational risk with BaFin and listed issuers, and may prompt broader supervisory scrutiny of governance and control frameworks.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank
The German Financial Supervisory Authority (Bafin) warns about term deposit offers on the website broadreacheu(.)com. It is suspected that the unknown operators of the website are offering banking transactions and financial services without the required authorisation.
The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the websites alpinenova(.)io, degiropartners(.)io and deltaprivatecapital(.)com.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website whitelake-invest(.)de. Bafin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation.
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On 16 July 2026, the Federal Financial Supervisory Authority (Bafin) imposed an administrative fine amounting to €240,000 on TeamViewer SE on the grounds that the company had violated the Market Abuse Regulation (MAR). The fact that TeamViewer SE had fallen victim to a cyberattack should have been disclosed by the company without delay as inside information.
BaFin has imposed a €240,000 administrative fine on TeamViewer SE for failing to disclose a significant cyberattack as inside information without delay under Article 17(1) MAR. The case materially raises the bar for ad hoc disclosure of cyber incidents for German-listed issuers, confirming that major cyberattacks on technology-driven businesses are presumptively inside information requiring rapid public disclosure.
What Changed
- - BaFin has explicitly treated a material cyberattack on a listed software company as *inside information* that must be disclosed without delay under Article 17(1) MAR.
- The decision confirms that failure to publish inside information “as soon as possible” constitutes a contravention of subparagraph 1 of Article 17(1) MAR and is subject to administrative fines.
- BaFin reiterates that issuers based in Germany with securities traded on an organised market in Germany are subject to an ad hoc disclosure obligation for inside information.
- BaFin highlights that inside information includes precise, non-public information directly or indirectly relating to an issuer or its instruments, which would likely have a significant price effect...
- The enforcement action illustrates BaFin’s willingness to use its full MAR toolkit on disclosure failures, with potential maximum fines of €2.5 million or up to 2% of total revenue for similar...
Suggested Considerations
- Conduct an immediate review of incident classification frameworks to ensure that significant cyberattacks are systematically assessed for MAR “inside information” criteria, including likely price impact.
- Update ad hoc disclosure policies and procedures to explicitly cover cyber incidents, including clear triggers, escalation paths, and decision-making timelines for potential MAR disclosures.
- Implement or enhance cross-functional incident response governance so that Security / IT, Legal, Compliance and Investor Relations jointly evaluate cyber events for ad hoc disclosure obligations.
- Review and, where necessary, revise Board and senior management training to cover MAR Article 17 obligations in the context of cyber incidents and operational disruptions.
- Test existing “ad hoc announcement” workflows (including drafting, approval and publication mechanisms) to confirm the firm can publish inside information on cyberattacks “as soon as possible” in practice, including outside normal business hours.
Key Dates
- BaFin imposes a €240,000 administrative fine on TeamViewer SE for violating Article 17(1) MAR by failing to disclose a cyberattack without delay
- BaFin publishes the enforcement notice detailing the breach, the nature of the inside information (cyberattack), and the applicable fine range under MAR
Compliance Impact
The compliance impact is high: BaFin has clearly signalled that failures to promptly disclose price-sensitive cyber incidents will trigger enforcement and potentially substantial fines relative to issuer revenue. Beyond financial penalties, late or missing disclosures can increase litigation risk and damage market confidence in the issuer’s governance and transparency.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website dlj-grp(.)com. According to information available to Bafin, this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website growthline(.)ltd. According to information available to Bafin, this website is being used to offer financial and investment services without the required authorisation.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website brain-capital-asset(.)com. Bafin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services DB Investition is offering on the website dbinvestition(.)com. Bafin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation.
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The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website watermarkinvestments(.)com. According to information available to Bafin, this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
FintechCrypto ExchangeAll Firms
The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website bci-finanz(.)com. Bafin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
FintechCrypto Exchange
The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website ironvexgroup(.)com. Bafin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
FintechCrypto Exchange
On 23 June 2026, the Federal Financial Supervisory Authority (Bafin) imposed administrative fines totalling €620,000 on VARTA AG. The fines were imposed because the company had contravened obligations under the Market Abuse Regulation (MAR) and the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG).
BaFin has imposed administrative fines totalling €620,000 on VARTA AG for two core breaches: failure to disclose inside information without undue delay under Article 17(1) MAR, and failure to publish its 2024 half‑yearly financial report and related announcement within the statutory WpHG deadlines. This enforcement is part of a visible tightening of BaFin’s stance on disclosure and market‑abuse obligations and should prompt German‑listed issuers to reassess ad‑hoc disclosure and financial reporting controls, escalation procedures and board oversight.
What Changed
- - BaFin reinforces that issuers on an organised market must publish inside information “without delay” under Article 17(1) MAR; failure to do so constitutes an administrative offence subject to...
- The publication clarifies the maximum fine levels for MAR ad‑hoc disclosure breaches: up to €2.5 million or 2% of total turnover, whichever is higher, for legal persons.
- BaFin reiterates half‑yearly financial reporting obligations under the German Securities Trading Act (WpHG): issuers must publish half‑yearly financial reports no later than three months after the...
- In addition to the report itself, firms must publish a separate announcement (“Hinweisbekanntmachung”) specifying when and where the half‑yearly financial report will be publicly available (including...
- BaFin confirms that failure to publish financial reports and the corresponding announcements, or to do so within the prescribed period, is a WpHG contravention and subject to enforcement.
Suggested Considerations
- Review and, where necessary, update internal MAR Article 17(1) ad‑hoc disclosure policies to ensure that all inside information is identified promptly and disclosed to the market without undue delay.
- Implement or strengthen inside information identification and escalation procedures, ensuring front‑office, finance, strategy and legal functions can rapidly flag potentially price‑sensitive, non‑public information to compliance and the executive board.
- Conduct a gap analysis of past and upcoming financial reporting cycles (annual and half‑yearly) to confirm that all reports and associated announcements have been published within the WpHG three‑month deadlines and in the prescribed form.
- Establish a formal reporting calendar that clearly tracks statutory deadlines for half‑yearly financial reports and “Hinweisbekanntmachungen”, with responsibility assigned to named owners in finance, legal and investor relations.
- Review and update disclosure committee charters or equivalent governance structures to ensure clear accountability for MAR‑relevant decisions, including documentation of the assessment of inside information and any delay decisions.
Key Dates
– Latest date by which VARTA AG should have published its 2024 half‑yearly financial report, assuming a 30 September 2024 half‑year‑end and the WpHG three‑month deadline (the obligation is explicit; the precise calendar date is inferable from the three‑month rule)
– Latest date by which VARTA AG should have published the announcement stating when and where the 2024 half‑yearly financial report would be made publicly available, and in any case before the report itself
– BaFin imposes administrative fines totalling €620,000 on VARTA AG for breaches of MAR ad‑hoc disclosure obligations and WpHG financial reporting obligations
– BaFin publishes the enforcement notice on its website
– BaFin modifies the publication (e.g. editorial changes), confirming ongoing communication around the enforcement case
Compliance Impact
BaFin’s action against VARTA AG underscores that both MAR ad‑hoc disclosure and WpHG financial reporting breaches can attract six‑ and seven‑figure fines, with statutory maxima tied to turnover or revenue. Non‑compliance exposes issuers not only to regulatory sanctions but also to reputational damage, investor claims and heightened supervisory scrutiny.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerAsset ManagerBank By letter of 1 June 2026, the Federal Financial Supervisory Authority (Bafin) prohibited Equity Research Ventures PTE. LTD., which claims to be based in Singapore, from offering to the public the capital investment under the name of “Co-Investment AlleAktien Wealth x SpaceX”. Bafin imposed the prohibition because the company had infringed the German Capital Investment Act (VermAnlG). Equity Research Ventures PTE. LTD. is therefore not authorised to offer capital investments under the name of ...
Asset ManagerWealth Manager
On 27 May 2026, the Federal Financial Supervisory Authority (Bafin) imposed an administrative fine amounting to €80,000 on Resolution Capital Limited. The reason for this fine was a breach of supervisory duties in connection with a contravention of the German Securities Trading Act (WpHG). In November 2025, Resolution Capital Limited failed to submit a voting rights notification within the prescribed period.
BaFin has imposed an €80,000 administrative fine on Resolution Capital Limited for a **breach of supervisory duties** linked to a **late voting rights notification** under sections 33 et seq. of the German Securities Trading Act (WpHG). The case underscores that failure to ensure timely major shareholding notifications is treated not only as a technical reporting breach but as an organisational and governance failure, with potential fines up to €10 million or 5% of total revenue for legal entities.
What Changed
- - BaFin has reaffirmed that shareholders must notify both the issuer and BaFin within four trading days when their voting rights reach, exceed, or fall below specified thresholds under sections 33 et...
- BaFin explicitly links late or missing voting rights notifications to contraventions of section 33 et seq. WpHG, which can trigger administrative fines.
- The publication clarifies that BaFin may impose fines either for each individual contravention or for a breach of supervisory duties, broadening enforcement beyond isolated reporting errors to...
- For legal entities, BaFin reiterates that the maximum possible fine for such infringements is €10 million or up to 5% of total revenue, whichever is higher under the WpHG regime.
- BaFin emphasizes that a breach of supervisory duties arises where a firm fails to take sufficient organisational measures to prevent or significantly impede contraventions, signalling expectations...
Suggested Considerations
- Map all holdings in German listed equities and associated financial instruments to WpHG voting rights thresholds and implement automated monitoring to detect when thresholds are reached, exceeded, or fallen below.
- Establish and document internal procedures to ensure that both the issuer and BaFin are notified within four trading days whenever WpHG thresholds are triggered, including clear allocation of responsibilities and escalation paths.
- Review and strengthen organisational measures (policies, systems, controls) to prevent or significantly impede late or missed voting rights notifications, evidencing compliance with supervisory duty expectations under WpHG.
- Conduct a gap analysis of existing major shareholding and transparency procedures against WpHG requirements, and remediate identified weaknesses, including in data feeds, trade capture, and aggregation of voting rights across entities and portfolios.
- Train front‑office, operations, and compliance staff on WpHG voting rights notification obligations, including thresholds, calculation methodologies, timelines, and dual notification requirements to issuers and BaFin.
Key Dates
- Resolution Capital Limited failed to submit a required voting rights notification within the prescribed four‑trading‑day period, constituting a contravention of sections 33 et seq. WpHG
- BaFin imposed an administrative fine of €80,000 on Resolution Capital Limited for a breach of supervisory duties linked to the November 2025 notification failure
- BaFin published the enforcement measure (“Resolution Capital Limited: BaFin imposes administrative fine”) on its website
- The BaFin publication was modified, indicating finalisation or minor updates to the public notice
Compliance Impact
The enforcement action demonstrates that BaFin views deficiencies in voting rights notification processes as serious supervisory failings, with significant financial penalties and reputational risk. Non‑compliance can result in fines up to €10 million or 5% of total revenue for legal entities, as well as heightened regulatory scrutiny of governance and control frameworks.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Asset ManagerHedge FundBroker Dealer On 27 May 2026, the Federal Financial Supervisory Authority (BaFin) prohibited the public offering of participation certificates of AMAGVIK Int. AG, based in St. Gallen, Switzerland, due to a violation of the German Capital Investment Act (VermAnlG). For this reason, AMAGVIK Int. AG may not offer its own participation certificates to the public in Germany.
BaFin has issued a final enforcement measure prohibiting AMAGVIK Int. AG, a Swiss issuer, from publicly offering its participation certificates (capital investments) in Germany due to the absence of a BaFin-approved prospectus under the German Capital Investment Act (Vermögensanlagengesetz – VermAnlG). This action underscores that any public offer of capital investments into Germany – including cross‑border offers from non‑German entities – must be preceded by an approved sales prospectus that meets VermAnlG content and form requirements.
What Changed
- - AMAGVIK Int. AG is expressly prohibited from offering its own participation certificates (a form of capital investment) to the public in Germany due to non-compliance with VermAnlG prospectus...
- BaFin has confirmed that the prohibition measure is final and binding, meaning the firm has no remaining ordinary legal remedies to continue the offering in Germany without a compliant prospectus.
- The case reiterates that public offers of capital investments in Germany require prior publication of a sales prospectus approved by BaFin, containing the minimum information mandated by VermAnlG.
- BaFin’s prospectus approval is limited to verifying completeness, understandability, coherence, and consistency of the information, and does not assess factual correctness of the data, the...
- Issuers of capital investments remain fully liable for the accuracy of the information in the prospectus and must clearly state in the prospectus that BaFin does not check correctness of content,...
Suggested Considerations
- Verify immediately whether any existing or planned offerings of participation certificates or other VermAnlG‑covered capital investments to German investors are supported by a BaFin‑approved prospectus, and suspend public offers where no such prospectus exists.
- Review all cross‑border distribution arrangements to ensure non‑German issuers offering capital investments into Germany understand and comply with VermAnlG prospectus obligations before any public marketing or solicitation.
- Implement or strengthen internal controls requiring legal/compliance sign‑off that a BaFin‑approved prospectus is in place (and properly filed) prior to any public offering of capital investments, especially for retail distribution.
- Update product governance and new product approval policies to explicitly cover VermAnlG capital investments, including participation certificates, and to require checks against BaFin’s prospectus database before onboarding or recommending such products.
- Enhance due diligence procedures on third‑party issuers (including Swiss and other non‑EU issuers) to confirm prospectus approval status, prospectus content compliance, and clear disclosure that BaFin does not verify correctness or product quality.
Key Dates
- BaFin issues a warning about offers from Gallus Immobilien entities and AMAGVIK Int. AG being made without the legally required sales prospectus, signalling early supervisory concern with these products
- BaFin formally prohibits the public offer of AMAGVIK Int. AG participation certificates in Germany due to violation of the Vermögensanlagengesetz prospectus requirement
- BaFin publishes the enforcement notice on its website, making the prohibition publicly known to investors, intermediaries, and other market participants
- The BaFin prohibition becomes final (bestandskräftig), confirming that AMAGVIK Int. AG may not publicly offer its participation certificates in Germany absent full compliance with VermAnlG prospectus rules
- BaFin modifies/updates the publication, indicating continuing attention to the case and ensuring market participants have the latest information on the enforcement status
Compliance Impact
Non-compliance with VermAnlG prospectus requirements for public offerings of capital investments in Germany can result in formal prohibition orders, reputational damage, potential civil liability to investors, and supervisory follow‑up on distributors and intermediaries connected to the products. The AMAGVIK Int. AG case demonstrates BaFin’s willingness to escalate from warnings to binding enforcement, making this a high‑impact area for cross‑border product distribution and investor protection compliance.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Asset ManagerWealth ManagerBroker Dealer On 11 May 2026, Bafin imposed an administrative fine amounting to €55,000 on Van Lanschot Kempen Investment Management N.V. The reason for this fine was a breach of supervisory duties in connection with contraventions of the German Securities Trading Act (WpHG). In April 2025, Van Lanschot Kempen Investment Management N.V. failed in two cases to submit voting rights notifications within the prescribed period.
BaFin has imposed a €55,000 administrative fine on Van Lanschot Kempen Investment Management N.V. for a **breach of supervisory duties** linked to failures to submit **voting rights notifications** within the statutory deadline under sections 33 et seq. WpHG. This enforcement highlights BaFin’s expectation that investment managers and other notification‑obliged entities have robust governance, controls, and monitoring to ensure timely disclosure of threshold crossings in German listed issuers.
What Changed
- - BaFin reiterates that shareholders subject to German transparency rules must notify both the issuer and BaFin within four trading days when their voting rights reach, exceed, or fall below...
- BaFin clarifies that failure to submit voting rights notifications within the prescribed period constitutes a contravention of sections 33 ff. WpHG, exposing firms to administrative fines.
- BaFin confirms that it may impose fines either per individual contravention or for a breach of supervisory duties, thereby targeting not only the specific lapse but also deficiencies in the firm’s...
- For legal entities, BaFin restates that the maximum administrative fine for WpHG disclosure breaches is €10 million or up to 5% of total revenue, whichever is higher.
- In this case, BaFin chose to sanction a breach of supervisory duties, expressly stating that the firm did not take sufficient organisational measures to prevent or significantly impede the voting...
Suggested Considerations
- Review and map all holdings and mandates that are subject to German WpHG voting rights notification requirements, including fund, mandate, and proprietary positions in German listed issuers.
- Implement or enhance automated monitoring systems to track voting rights positions against WpHG thresholds and to flag potential threshold crossings in near real time.
- Establish clear internal procedures to compute voting rights positions according to WpHG rules, including aggregation across funds, accounts, and instruments, and to identify when positions reach, exceed, or fall below relevant thresholds.
- Confirm and document responsibilities between front office, middle office, legal, and compliance teams for identifying threshold crossings and initiating notifications to issuers and BaFin.
- Implement a control framework that ensures voting rights notifications are drafted, approved, and submitted to issuers and BaFin within four trading days of the triggering event.
Key Dates
- Van Lanschot Kempen Investment Management N.V. fails in two cases to submit voting rights notifications within the prescribed period
- BaFin imposes an administrative fine of €55,000 on Van Lanschot Kempen Investment Management N.V. for breach of supervisory duties related to WpHG contraventions
- BaFin publishes the enforcement notice on its website, detailing the nature of the breach and the fine imposed
Compliance Impact
Non‑compliance with WpHG voting rights notification requirements can result in significant administrative fines (up to €10 million or 5% of total revenue for legal entities) and public enforcement notices that damage reputation and raise supervisory scrutiny. The focus on supervisory duties also increases personal and organisational accountability for deficiencies in governance and control frameworks.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Asset ManagerBankBroker Dealer
The Federal Financial Supervisory Authority (Bafin) has sufficient grounds to suspect that BOSS.BSS L.L.C. based in Prishtina, Republic of Kosovo, is offering securities in the form of shares of Hartmann & Benz Inc to the public in Germany without the required prospectus. There are no indications that the conditions for exemption from the prospectus requirement are met.
Broker DealerAll Firms
The Federal Financial Supervisory Authority (Bafin) warns consumers about the company Elementum Ventures and the services it is offering. Bafin suspects the unknown operators, who claim to be based in New York, United States, of offering consumers financial, investment and cryptoasset services without the required authorisation. Elementum Ventures is currently offering its services via the websites elementumventures(.)ai and elementumventures(.)com.
FintechCrypto Exchange
The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website beehivecapital(.)pro, previously beehivecapital(.)org. Bafin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
All Firms
The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website nordstate(.)org. Bafin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
FintechCrypto ExchangeAll Firms
The German Financial Supervisory Authority (Bafin) warns against the website satrex-kapital(.)com, which is operated under the name Satrex Kapital. The company, which claims to be based in Frankfurt am Main, offers instant access savings accounts and fixed-term deposits, as well as investment advice. Contrary to the information provided in the website’s legal notice and the contractual documents used, there is no connection whatsoever with Satrex S.A., Brussels, Belgium. This is a case of ide...
BankFintechAll Firms
On 9 April 2026, the Federal Financial Supervisory Authority (Bafin) imposed administrative fines totalling €90,000 on a natural person. The fines were imposed due to the person’s violation of MAR. The person in question failed to submit notifications of own account transactions.
BaFin has imposed administrative fines totalling €90,000 on a natural person for breaching Article 19(1) of the EU Market Abuse Regulation (MAR) by failing to submit notifications of own-account transactions in the issuer’s instruments within the prescribed deadline. This enforcement action underscores that German supervisors are actively monitoring directors’ dealings and will impose significant sanctions for seemingly “procedural” failures in managers’ transaction reporting, even where the underlying trading behaviour is not alleged to be abusive.
What Changed
- - The publication reaffirms that persons discharging managerial responsibilities (PDMRs) and persons closely associated with them must notify both the issuer and BaFin of any own-account transactions...
- BaFin clarifies that failure either to notify at all or to notify within the three-business-day deadline constitutes a breach of Article 19(1) MAR and may be sanctioned via administrative fines.
- The publication reiterates BaFin’s fining powers for infringements of Article 19(1) MAR, up to €500,000 for natural persons and up to €1,000,000 for legal persons.
- In the specific case reported, BaFin imposed administrative fines totalling €90,000, signalling a materially significant level of sanction for non‑submission of managers’ transaction notifications.
- The background section restates that the issuer must publicly disclose the information contained in managers’ transaction notifications, emphasising the transparency function within the MAR regime.
Suggested Considerations
- Review existing MAR Article 19 managers’ transaction policies and procedures to ensure they explicitly require notification to the issuer and BaFin within three business days of the transaction date.
- Implement or enhance automated monitoring and reminder systems that track PDMR and closely associated persons’ trading and flag the three‑business‑day reporting deadline to both individuals and compliance teams.
- Update internal guidance and PDMR onboarding materials to clarify the increased €50,000 annual reporting threshold effective 01 January 2026 and how to aggregate transactions across the calendar year.
- Map and maintain a current register of all persons closely associated with each PDMR (including natural and legal persons) and ensure they are contractually or formally bound to comply with Article 19 MAR notification obligations.
- Establish clear escalation procedures whereby any missed or late notification is immediately reported to compliance, assessed for regulatory breach, and, where appropriate, self‑reported to BaFin.
Key Dates
- BaFin’s increased threshold for managers’ transaction notifications under Article 19 MAR (from €20,000 to €50,000 per calendar year) takes effect, impacting when own‑account transactions become reportable
- BaFin imposes administrative fines totalling €90,000 on a natural person for failure to submit notifications of own‑account transactions in breach of Article 19(1) MAR
- BaFin publishes the enforcement notice on its website, making the sanction and underlying conduct publicly known for deterrence and transparency
- The enforcement publication is modified/updated by BaFin (e.g. editorial adjustments), confirming the current version of the notice
- PDMRs and closely associated persons must notify the issuer and BaFin of own‑account transactions in the issuer’s securities or related instruments no later than three business days after the transaction
Compliance Impact
Non‑compliance with Article 19(1) MAR on managers’ transaction notifications can result in substantial administrative fines (up to €500,000 for natural persons and €1,000,000 for legal persons) and heightened supervisory scrutiny. Beyond financial penalties, failures in this area may trigger broader concerns about insider‑dealing controls and governance, potentially impacting an issuer’s regulatory risk profile and market reputation.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerAsset ManagerBank On 18 April 2026, the Federal Financial Supervisory Authority (Bafin) prohibited TGI AG from offering capital investments under the names of “Customer Basic 2%” and „Customer Basic 2% + Treuerabatt” (Customer Basic 2% + loyalty discount) to the public due to a violation of the German Capital Investment Act (VermAnlG). In return for the temporary provision of money, these investments grant interest and the physical delivery of gold. TGI AG may not offer the capital investments in question for ...
BaFin has prohibited TGI AG from publicly offering its gold‑linked products “Customer Basic 2%” and “Customer Basic 2% + Treuerabatt” in Germany because the firm launched a public offer of capital investments without an approved prospectus under the German Capital Investment Act (Vermögensanlagengesetz – VermAnlG). The order is immediately enforceable and has become final, underscoring that any structured gold or commodity “discount” or deferred-delivery model that involves interest and repayment of money will be treated as a VermAnlG capital investment requiring a BaFin‑approved prospectus before public marketing.
What Changed
- - BaFin has formally classified the products “Customer Basic 2%” and “Customer Basic 2% + Treuerabatt” as capital investments (Vermögensanlagen) because customers temporarily provide money in return...
- BaFin has prohibited TGI AG from offering these specific capital investments to the public in Germany, meaning no marketing, distribution, or sale of these products to German investors.
- The prohibition initially took effect on an immediately enforceable basis and has since become final, removing any remaining legal uncertainty over the enforceability of the order.
- The enforcement action confirms BaFin’s expectation that any public offer of capital investments in Germany must be preceded by publication of a prospectus that has been approved (“gebilligt”) by...
- BaFin reiterates that its prospectus review is limited to completeness, coherence and comprehensibility of mandatory disclosures and does not involve verification of factual accuracy, issuer...
Suggested Considerations
- Identify and classify all existing and planned gold‑linked, commodity‑linked, or “discount”/loyalty investment models offered to German‑resident clients to determine whether they qualify as capital investments (Vermögensanlagen) under VermAnlG rather than simple goods purchases.
- Implement an internal product‑approval control that requires legal determination of the regulatory perimeter (VermAnlG, KWG, WpPG, etc.) before any public offer or marketing of investment‑like products in Germany.
- Ensure that no public offers of capital investments are made in Germany unless and until a prospectus has been prepared in accordance with VermAnlG and formally approved by BaFin, and is then published and made available to investors.
- Review distribution and marketing materials (websites, brochures, social media campaigns, affiliate and MLM networks) to remove any references to capital investment‑type products that lack an approved prospectus for the German market.
- Establish a process to check BaFin’s prospectus database prior to launch to confirm that the final approved prospectus is duly filed and accessible, and maintain internal evidence of filing and approval.
Key Dates
- BaFin issues the prohibition order against TGI AG’s public offer of “Customer Basic 2%” and “Customer Basic 2% + Treuerabatt” due to missing BaFin‑approved prospectuses under VermAnlG; the measure is immediately enforceable
- BaFin publishes the enforcement notice on its website, formally informing the market that TGI AG may not offer the relevant capital investments for sale in Germany
- Publication date stated on the BaFin notice, indicating the formal consumer communication of the prohibition
- BaFin updates the notice to confirm that the prohibition decision has become final (bestandskräftig), closing off ordinary appeals and confirming its long‑term validity
Compliance Impact
Non‑compliance with VermAnlG prospectus requirements can lead to immediate and final prohibitions on product offerings, forced cessation of marketing and distribution activities, reputational damage, and potential civil liability for issuers. For cross‑border precious metals and alternative investment firms, failure to treat such schemes as regulated capital investments may also trigger wider supervisory investigations into unauthorised business and investor protection breaches.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Wealth ManagerBroker DealerBank On 13 April 2026, Bafin imposed an administrative fine amounting to €300,000 on Wild Bunch AG. The company had contravened obligations under the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG). Wild Bunch AG had failed to publish its half-yearly financial report for the financial year 2024 within the prescribed period.
BaFin has imposed a €300,000 administrative fine on Wild Bunch AG for failing to publish its 2024 half‑yearly financial report within the statutory deadline under the German Securities Trading Act (WpHG). This enforcement confirms BaFin’s zero‑tolerance stance on delayed periodic financial reporting, with no exceptions permitted, and underscores the need for robust disclosure controls at all German issuers admitted to an organised market.
What Changed
- - Half‑yearly financial reporting deadlines under the WpHG are reaffirmed as hard requirements: issuers must prepare and publish a half‑yearly financial report for the first six months of each...
- BaFin explicitly reiterates that the WpHG provides no exceptions or exemptions from the obligation to publish half‑yearly financial reports within the prescribed period, including for operational,...
- Failure to publish half‑yearly financial reports, or to publish them within the three‑month deadline, constitutes an administrative offence under the WpHG and exposes issuers to administrative fines.
- BaFin may impose administrative fines up to the greater of €10 million or 5% of total revenue for breaches of periodic financial reporting obligations under the WpHG.
- The Wild Bunch AG case demonstrates BaFin’s willingness to apply material fines for repeat or persistent breaches of disclosure obligations, reinforcing the expectation that issuers maintain...
Suggested Considerations
- Issuers must ensure that half‑yearly financial reports are prepared and approved in time to be published no later than three months after the end of the first six months of the financial year.
- Compliance and finance teams must implement and document a formal reporting calendar and controls that track and escalate upcoming half‑yearly reporting deadlines under the WpHG.
- Boards and senior management must assign clear responsibility for WpHG reporting compliance, including accountability for timely half‑yearly disclosure and escalation of any risk of delay.
- Listed companies must verify that their publication processes (including IT systems, external service providers, and Federal Gazette or exchange publication channels) can reliably meet the three‑month deadline, and must test contingency procedures.
- Firms should conduct a retrospective review of recent half‑yearly reporting cycles to confirm that all reports have been published within the statutory timelines and remediate any control weaknesses identified.
Key Dates
(inferable): End of the first six‑month period of the 2024 financial year for a calendar‑year issuer such as Wild Bunch AG, triggering the obligation to prepare a half‑yearly financial report
(inferable): Statutory deadline for publishing the 2024 half‑yearly financial report, three months after the end of the first six‑month period; publication after this date is considered belated and not permitted
– BaFin imposes an administrative fine of €300,000 on Wild Bunch AG for failing to publish its 2024 half‑yearly financial report within the prescribed period under the WpHG
– BaFin publishes the enforcement notice regarding the administrative fine imposed on Wild Bunch AG
– BaFin modifies or updates the published enforcement notice, indicating finalisation of the public communication on the case
Compliance Impact
Non‑compliance with WpHG half‑yearly reporting deadlines can result in substantial administrative fines (up to €10 million or 5% of total revenue), repeated sanctions, and reputational damage, as illustrated by the Wild Bunch AG case. Persistent or systemic failures may also trigger broader regulatory scrutiny of financial reporting controls and senior management oversight.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerBankAsset Manager On 15 October 2025, Bafin imposed six administrative fines of €40,000 each on a natural person. The fines were imposed due to the failure of the person in question to comply with the requirements of the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG). This person had failed to submit voting rights notifications.
BaFin has publicly disclosed that, on 15 October 2025, it imposed six administrative fines of EUR 40,000 each (total EUR 240,000) on a natural person for failing to submit mandatory voting rights notifications under section 33 WpHG. The case underscores BaFin’s strict enforcement stance on major holdings transparency and highlights that failures to notify within the four‑trading‑day deadline can trigger substantial, repeated sanctions up to EUR 2 million for individuals.
What Changed
- - BaFin reiterates that shareholders must notify both the issuer and BaFin within four trading days when their voting rights in a listed issuer reach, exceed, or fall below specific statutory...
- Voting rights held by subsidiaries are deemed to be attributable to the parent undertaking and must be included when assessing whether disclosure thresholds are triggered.
- Parties subject to voting rights notification requirements are required to use the binding notification form prescribed in section 12(1) of the German Securities Trading Reporting Regulation (WpAV).
- A failure to notify threshold crossings to both the issuer and BaFin constitutes a violation of section 33(1) sentence 1 WpHG and can lead to administrative fines.
- BaFin confirms that, where imposed on a natural person, the administrative fine for breaches of voting rights notification duties can be up to EUR 2 million per infringement.
Suggested Considerations
- Map all holdings of German‑listed shares across the group, including subsidiaries and controlled entities, to ensure accurate aggregation of voting rights for threshold monitoring under section 33 WpHG.
- Implement or enhance automated monitoring systems that track voting rights positions in German issuers against the statutory thresholds (3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, 75%) and flag potential reportable events in real time.
- Establish internal procedures to ensure that any threshold crossings are identified and notified to both the issuer and BaFin within four trading days, including clear workflows, responsibilities, and escalation paths.
- Standardise use of the binding BaFin/WpAV voting rights notification form and integrate it into internal reporting templates and the BaFin MVP reporting portal processes.
- Train front‑office, trading, portfolio‑management, and legal/compliance staff on the WpHG voting rights disclosure regime, including treatment of subsidiaries’ holdings and consequences of late or missing notifications.
Key Dates
- BaFin imposes six administrative fines of EUR 40,000 each on a natural person for failure to submit voting rights notifications under the WpHG
- BaFin publishes the enforcement notice “Non‑compliance with notification requirements: BaFin imposes administrative fines,” providing background on voting rights notification rules and the fines imposed
- Ongoing obligation for shareholders and other parties subject to section 33 WpHG to submit voting rights notifications within four trading days whenever statutory thresholds are reached, exceeded, or fallen below
Compliance Impact
Non‑compliance with voting rights notification requirements under section 33 WpHG can result in repeated administrative fines and, for natural persons, sanctions up to EUR 2 million per infringement, creating substantial financial and reputational risk. The published case signals that BaFin will actively identify and penalise failures to notify, including where multiple breaches arise from the same underlying omission.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerAsset ManagerBank On 9 April 2026, BaFin prohibited Smart IT Global Limited from offering several capital investments to the public. BaFin imposed the prohibition because the company had infringed the German Capital Investment Act (Vermögensanlagengesetz - VermAnlG). The capital investments include two forms of profit participation loans (under the product names “smart IT World” and “smart IT Sprinter”) as well as a product constituting an “other investment” under the VermAnlG that offers the prospect of asset...
Asset ManagerFintech
The German Financial Supervisory Authority (BaFin) is warning against WhatsApp groups allegedly run by FPM Frankfurt Performance Management AG and led by a person calling themselves Professor Raik Hoffmann. Consumers are being tricked into investing substantial sums of money and downloading the FPM MIN app. There is no connection whatsoever between any WhatsApp groups and FPM Frankfurt Performance AG or ist actual board member, Raik Hoffmann. This constitutes identity theft.
BankWealth ManagerFintech
BaFin warns against offers on the website bahnemanninvest(.)net. There is suspicion that the unknown operators are offering financial services, without the necessary permission. Contrary to the information provided on the website, there is no connection with Dieter Bahnemann Fondsinvest GmbH. This constitutes identity fraud.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) warns against fixed-term deposit offers sent from the email address martin.segler(at)spar-direkt(.)com. According to information available to BaFin, the unknown providers are conducting banking transactions and financial services without the required authorisation. Contrary to the claims made by the unknown operators, Xaver Asset Management GmbH has no connection whatsoever with the offers. This is a case of identity theft.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) again warns consumers about “Investing In” and the services it is offering. The unknown operators are now using the additional website investing-in(.)pro. BaFin suspects the operators of this website of offering consumers financial and investment services without the required authorisation.
BankFintechAll Firms
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website brokereins(.)com. BaFin has information that the operators are offering banking business and/or financial services on this website without the required authorisation. The operators are not supervised by BaFin.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website uk-trd(.)investments. According to information available to BaFin, the operators are offering financial and cryptoasset services on the website without the required authorisation. The unknown operators are not supervised by BaFin. They claim to be a company called “UK Trade & Invest”. In communications with customers, the website operators claim to be authorised by the European Financ...
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Spectrum Equity Pulse GmbH and the services it is offering. BaFin suspects the unknown operators of the website spectrumequitypulse(.)com of offering consumers financial, investment and cryptoasset services without the required authorisation. The operators claim to be supervised by BaFin and the Deutsche Bundesbank. This is not the case. The certificate provided in this context (“Business License”) is fake.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website green-lmtd(.)com. BaFin suspects the unknown operators of offering consumers financial, investment and cryptoasset services in Germany without the required authorisation. The operators falsely claim to be supervised by the “European Financial Supervisory Authority” (FINA EU). There is no such authority; BaFin has already issued a warning to this effect.
BankFintechCrypto Exchange
BaFin warns against offers on the website calculusinv(.)com and on social media channels such as the “Calculus Investment Academy VIP Y” group. According to information available to BaFin, Calculus Investments Ltd, which claims to be domiciled in New York and Frankfurt/Main, is providing financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) has evidence indicating that Walnut Planet GmbH, which has its registered office in Pfäffikon (Schwyz), Switzerland, is offering a capital investment that falls within the definition of “other investments” under section 1 (2) no. 7 of the German Capital Investment Act (Vermögensanlagengesetz - VermAnlG) to the public in Germany. The investment on offer consists of combined lease and service agreements relating to the cultivation of walnuts i...
Asset ManagerWealth ManagerBank
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the websites renvio(.)icu and renvio(.)pro. BaFin has information that these websites are being used to offer financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
On 10 March 2026, BaFin imposed an administrative fine amounting to €1,650,000 on Barclays PLC. The reason for this fine was a breach of supervisory duties in connection with contraventions of the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG). Between June 2022 and March 2023, Barclays PLC failed in 26 cases to submit voting rights notifications regarding a single issuer within the prescribed period.
BaFin imposed a €1.65 million administrative fine on Barclays PLC on March 10, 2026, for failing to submit 26 voting rights notifications within the required four-trading-day deadline between June 2022 and March 2023. This enforcement action demonstrates BaFin's commitment to enforcing transparency requirements under the German Securities Trading Act (WpHG) and highlights the critical importance of robust internal controls for voting rights notification compliance.
What Changed
- The enforcement action does not introduce new regulatory requirements but rather clarifies BaFin's enforcement posture regarding existing obligations under sections 33 et seq. of the WpHG.
- Notification thresholds: Shareholders must notify when voting rights reach, exceed, or fall below 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, or 75%
- Notification timeline: Notifications must be submitted to both the issuer and BaFin within four trading days of the threshold event
- Scope expansion: Notifications apply to direct share holdings and certain financial instruments creating economic interest in shares
- Enforcement basis: BaFin can impose fines for individual contraventions or for breach of supervisory duties (failure to implement adequate organizational measures)
Suggested Considerations
- *Audit existing processes: Conduct a comprehensive review of voting rights notification procedures, particularly for German-listed issuers, to identify any gaps or delays in submission timelines
- *Strengthen monitoring systems: Implement automated systems to track threshold events in real-time and flag notifications due within the four-trading-day window
- *Enhance organizational controls: Establish clear internal procedures, segregation of duties, and escalation protocols to prevent notification delays—BaFin specifically cited inadequate organizational measures in this case
- *Verify submission records: Maintain comprehensive documentation of all notifications submitted to BaFin and issuers, including timestamps and confirmation of receipt
- *Train relevant personnel: Ensure trading, portfolio management, and compliance teams understand the notification obligations and their respective responsibilities
Key Dates
Period during which Barclays failed to submit 26 notifications
Date BaFin imposed the €1.65 million fine
Publication date of BaFin enforcement announcement
Maximum period to submit notifications after threshold event occurs
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerAsset ManagerBank
The German Financial Supervisory Authority (BaFin) warns about offers from the website festgeldplan(.)com. According to information available to BaFin, the unknown operators of the website are offering financial services without the required authorisation. They give the impression that their offers originate from WPV Advisory & Asset Management GmbH & Co. KG, which is supervised by BaFin. It is a case of identity fraud. WPV Advisory & Asset Management GmbH & Co. KG has no connection with the ...
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the websites wertede(.)com and wertede(.)cc. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website tradealles(.)com. BaFin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website panthera-gmbh(.)com. BaFin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website gfi-hold(.)com. BaFin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) has sufficient grounds to suspect that High Performance Battery Holding AG, Switzerland, is offering securities in the form of company shares to the public in Germany without the required prospectus. There are no indications that the conditions for exemption from the prospectus requirement are met.
BankAsset ManagerBroker Dealer
On 3 March 2026, Bafin imposed an administrative fine amounting to 158,000 euros on aap Implantate AG. The company had contravened an obligation under the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG). aap Implantate AG failed to publish an announcement about the date from which and the website where its 2024 half-yearly financial report was made publicly available.
BaFin has imposed an administrative fine of **EUR 158,000** on aap Implantate AG for breaching Section 115(1) sentence 2 WpHG by failing to publish a mandatory announcement specifying the date and website where its 2024 half‑yearly financial report would be made publicly available. This enforcement action underscores that German issuers on organised markets must not only prepare and file periodic reports, but also comply with strict **pre‑publication announcement** and timing requirements, with non‑compliance exposing firms to material monetary sanctions of up to EUR 10 million or 5% of total revenue.
What Changed
- - Issuers domiciled in Germany with securities admitted to trading on an organised market in Germany must publish an announcement specifying when and on which website their half‑yearly financial...
- The announcement must be published no later than three months after the end of the reporting period and before the half‑yearly financial report is made publicly available for the first time.
- Failure to publish this announcement constitutes a contravention of the German Securities Trading Act (WpHG) and can be sanctioned by BaFin via administrative fines.
- BaFin has clarified in practice that fines for such failures can be significant, with the legal maximum set at EUR 10 million or up to 5% of total revenue.
- The case confirms that BaFin will actively monitor compliance with periodic financial reporting announcement requirements, not just the underlying financial statements themselves.
Suggested Considerations
- Map all WpHG periodic reporting obligations (annual, half‑yearly, and any quarterly reports) and explicitly include the announcement requirement for timing and website disclosure in the firm’s reporting calendar and compliance framework.
- Implement a documented pre‑publication announcement process that ensures an announcement is drafted, approved, and published no later than three months after the end of each reporting period and before the relevant report is first made publicly available.
- Update internal disclosure controls and procedures to treat the announcement as a mandatory regulatory disclosure, with clear ownership assigned to legal/compliance and investor relations teams.
- Configure internal reporting and IT systems so that the company website hosting financial reports and the Company Register disclosure are coordinated with the timing of the announcement, avoiding publication of the report before the announcement has been made.
- Review and update WPHG compliance policies and board‑approved disclosure policies to reference Section 115(1) sentence 2 WpHG and the requirement to announce the date and internet address of half‑yearly financial reports.
Key Dates
– Deadline by which the issuer must publish the announcement stating when and where the half‑yearly financial report will be made publicly available on the internet
– The announcement must be published prior to the initial public availability of the half‑yearly financial report on the specified website and in addition to disclosure in the Company Register
– End of the 2024 financial year for calendar‑year issuers; the 2024 half‑yearly reporting period would typically end on 30 June 2024, establishing the timing reference for the announcement obligation
– BaFin imposes an administrative fine of EUR 158,000 on aap Implantate AG for failure to publish the required announcement relating to the 2024 half‑yearly financial report
– BaFin publishes the enforcement notice regarding the fine
Compliance Impact
The compliance impact is high, as failure to comply with this relatively straightforward announcement obligation can trigger substantial administrative fines up to EUR 10 million or 5% of total revenue and may signal broader weaknesses in issuer disclosure controls. Repeated or systemic breaches could increase supervisory scrutiny, harm investor confidence, and contribute to reputational risk and potential civil liability.
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerAsset ManagerBank According to information available to the Federal Financial Supervisory Authority (BaFin), “Fides Ventures” is using WhatsApp groups and chats to contact German investors. The company, which claims to be based in the US, also operates under the name “Fides Ventures Business School”. The unknown provider advertises by promoting a so-called “FIVS token”, claiming that the token can be obtained on the cooperating crypto exchange “Nexquant”. The crypto exchange, also operating under the name “Nex...
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The Federal Financial Supervisory Authority (BaFin) warns consumers about MBS Point and the services it is offering. BaFin suspects the unknown operators of the website mbspoint(.)com of offering consumers financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the Börsenblick A-001 WhatsApp group. In the WhatsApp group, consumers are encouraged to use the Gainorex Investment app to trade in financial instruments. BaFin suspects the unknown operators of offering consumers banking business and/or financial services without the required authorisation. The operators are not supervised by BaFin.
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The Federal Financial Supervisory Authority (BaFin) has evidence indicating that Equity Research Ventures PTE. LTD., purportedly domiciled in Singapore, is offering capital investments under the name “Co-Investment AlleAktien Wealth x SpaceX” to the public in Germany without the required prospectus. These capital investments are being offered in the form of “other capital investments” within the meaning of section 1 (2) no. 7 of the German Capital Investment Act (Vermögensanlagengesetz - Verm...
Asset ManagerWealth ManagerBroker Dealer
The German Financial Supervisory Authority (BaFin) warns against offers made by Prometheus Investment Alliance (PIA), which claims to be based in the United States of America and Frankfurt am Main, on the website prometheus-alliance(.)de and in various WhatsApp groups. In the WhatsApp groups run by the alleged Achim Falkenberg and his assistant Bertha, consumers are tricked into trading financial products via the QVTcoinese-Pro app using the ‘Genialer Intelligenter Roboter 5.0’ trading system.
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The Federal Financial Supervisory Authority BaFin warns against offers in WhatsApp groups, which are operated by alleged company VYNEX Trade. According to information available to BaFin, recommendations for the purchase of financial instruments and cryptocurrencies are offered in various WhatsApp groups, which can allegedly be traded via Lirunex Trading app and the following platforms:
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) has evidence indicating that TGI AG, domiciled in Vaduz, Principality of Liechtenstein, is offering capital investments to the public in Germany called “discounted gold purchases” (Goldkauf mit Rabatt). In return for the temporary provision of money, these investments grant interest and the physical delivery of gold. In contravention of section 6 of the German Capital Investment Act (Vermögensanlagengesetz - VermAnlG), no prospectus has been...
BankWealth ManagerAll Firms
The Federal Financial Supervisory Authority (BaFin) warns consumers about a series of almost identical websites. According to information available to BaFin, this website is being used to offer financial, investment and cryptoasset services without the required authorisation. The operators of the website are not supervised by BaFin.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority BaFin warns against offers on the website mexassetexchange(.)com. According to information available to BaFin, the operator MEX Eychange, allegedly based in Eschborn, Germany, is providing financial, investment and crypto asset services without the required authorisation. The operator falsely claims to be regulated by BaFin. There is no link to an authorised investment firm from Eschborn, Germany.
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The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website exomarkets(.)pro. According to information available to BaFin, this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website aurenbridge(.)com and WhatsApp groups operated under the company name Aurenbridge Alliance (e.g. “Aurenbridge Alliance (ABA)”). In these WhatsApp groups, consumers are encouraged to use an app called Cryplus to trade in financial instruments and cryptoassets. BaFin suspects the unknown operators of offering consumers financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The German Financial Supervisory Authority (BaFin) warns about offers from the websites watchvestvermittlung(.)com and wv-vermittlung(.)com. According to information available to BaFin, the unknown operators of the website are offering banking services, in particular fixed-term deposits, and financial services without the required authorisation. They give the impression that their offers originate from Watchvest GmbH. It is a case of identity fraud. Watchvest GmbH has no connection with the w...
BankWealth ManagerFintech
The Federal Financial Supervisory Authority BaFin warns against offers on the website capitalfm(.)io. According to information available to BaFin, the operator is providing financial and investment services without the required authorisation.
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The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website goldingfx(.)com. BaFin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation. Contrary to the claims on the website, the services offered do not originate from Golding Capital Partners GmbH, which has its registered office in Munich. This is a case of identity fraud.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website viforex(.)com. BaFin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority BaFin warns against offers on the website axoria(.)ai. According to information available to BaFin, the operator is providing financial and investment services without the required authorisation.
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The Federal Financial Supervisory Authority BaFin warns customers about online trading platforms that use the name “Sofortiger Aimex/ Sofortiger Saimex”. According to information available to BaFin, operators are providing financial and investment services without the required authorisation.
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The Federal Financial Supervisory Authority BaFin warns against offers on the website midv-lim(.)com. According to information available to BaFin, the operator Midvest Limited from Manchester, UK, is providing financial and investment services without the required authorisation.
BankWealth Manager
The Federal Financial Supervisory Authority (BaFin) has evidence indicating that Smart IT Global Limited, Hong Kong, is offering several capital investments to the public in Germany. This includes two forms of profit participation loans, which are being offered under the names “smart it World” and “smart it Sprint”. Furthermore, another investment is currently being marketed that offers the prospect of assets in the form of a cash settlement in return for the temporary provision of money (“sm...
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According to information available to the Federal Financial Supervisory Authority (BaFin), unknown persons purporting to work for Adams Street Partners LLC or its Munich-based subsidiary Adams Street (Europe) GmbH are using WhatsApp groups and chats to contact investors. The groups are purportedly run by a partner of the firm who is described as the “Project Manager of ASP Investment Management Company”. There is no connection whatsoever between these groups and Adams Street Partners LLC, Ada...
Asset Manager
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website ultramarin-capital(.)com. BaFin suspects the unknown operators of the website of offering consumers financial and investment services without the required authorisation.
BankWealth Manager
The Federal Financial Supervisory Authority BaFin warns against offers on the website trade.amlin-limited(.)info. According to information available to BaFin, financial or investment services and crypto asset services are being offered on this platform without the required authorisation. According to the current state of knowledge, there is no connection to MS Amlin Investment Management Ltd., based in London, UK. This is likely to be a case of identity fraud.
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The Federal Financial Supervisory Authority BaFin warns against offers on the website personalcontrol-room(.)com and against fake investment contracts sent by alleged financial experts from Clearstream Holding AG. According to information available to BaFin, the unknown operators are providing financial or investment services and crypto asset services without the required authorisation. The offers do not originate from Clearstream Holding AG or any other legal entities of Clearstream. This is...
BankWealth ManagerFintech The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the websites weisbergadvisors(.)inc and weisbergadvisors(.)ai. According to information available to BaFin, these websites are being used to offer financial and investment services without the required authorisation.
BankWealth ManagerFintech
The German Financial Supervisory Authority (BaFin) warns against the WhatsApp groups „Tethys Investment Alliance 771“ and „Tethys Investment Alliance-S62“, the websites „tethys-alliance.de“ and „tethys-uberblick.com“ as well as the apps „QVTCoinese“ und „QVTCoinese Pro“, which are allegedly operated by the Baku/Boston/Dubai-based company Tethys Investment Management LLC. In the WhatsApp groups consumers are enticed to trade financial products via the respective apps. It is suspected that the ...
BankWealth ManagerFintech The Federal Financial Supervisory Authority BaFin warns against offers on the websites boamglobal.com and boamglobal-mf.com and against WhatsApp groups lead by “Dr Feldmann” and his assistant “Lina Weiss”. According to information available to BaFin, the operator BlueOcean Asset Management Ltd. is providing financial and investment services without the required authorisation.
Asset Manager
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Dukas-Global and the services it is offering. BaFin suspects the unknown operators of the website dukas-global(.)com of offering consumers financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website blue-invest(.)org. BaFin has information that the operators are offering banking business and/or financial services on this website without the required authorisation. The operators are not supervised by BaFin.
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The Federal Financial Supervisory Authority BaFin warns against offers on the website pnl-holding(.)com. According to information available to BaFin, P&L Invest Holding AG is providing financial or investment services and crypto asset services without the required authorisation. According to the current state of knowledge, there is no connection to the P&L Invest Holding GmbH. This is likely to be a case of identity fraud.
All Firms
The Federal Financial Supervisory Authority BaFin warns against offers in WhatsApp groups, which are allegedly operated by Intermediate Capital Group (ICG). According to information available to BaFin, recommendations for the purchase of financial instruments and cryptocurrencies, which can allegedly be traded via ICG GEF app, are offered in various WhatsApp groups. The offers do not originate from ICG Europe S.à.r.l. - Frankfurt Branch or any other company belonging to Intermediate Capital G...
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority BaFin warns against fixed-term deposit offers sent from the email address info[at]lgimeu(.)com. According to information available to BaFin, the unknown providers are conducting banking transactions without the required authorisation. The offers do not originate from LGIM Managers (Europe) Limited. This is a case of identity theft.
BankAsset ManagerWealth Manager
The Federal Financial Supervisory Authority (BaFin) warns consumers about a series of similarly designed websites. According to information available to BaFin, the operators are providing banking business and/or financial services on these websites without the required authorisation. The operators of the website are not supervised by BaFin.
BankBroker DealerFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about Nex (Limited) and the services it is offering. BaFin suspects the unknown operators of the website thenexcap(.)pro of offering consumers financial, investment and cryptoasset services without the required authorisation.
Crypto ExchangeFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Volfor and the services it is offering. BaFin suspects the unknown operators of the website volfor(.)co of offering consumers financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
According to the information available to the Federal Financial Supervisory Authority (BaFin), unknown persons are using WhatsApp groups and chats to contact German investors. The initiators of such WhatsApp groups claim to be Bank of America or its branch in Frankfurt am Main. This is a case of identity fraud misusing names of former employees of the institution.
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The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Tradeshark24 and the services it is offering. BaFin suspects the unknown operators of the website tradeshark24(.)com of offering consumers financial, investment and crypto-asset services without the required authorisation. These offers are not provided by Frankfurt Financial Solutions GmbH & Co. KG, Frankfurt, which has no connection to the website tradeshark24(.)com. This is a case of identity fraud.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) suspects the unknown operators of offering consumers financial, investment and cryptoasset services without the required authorisation. Verto is currently offering its services via the website ajadetrpe(.)life.
BankFintechCrypto Exchange
In the WhatsApp groups, investors are recommended by “Harrison T Blake” and “Francesca Müller” to invest in financial instruments that can then be traded via the aforementioned app or the platform pc-asset-management[.]com.
BankWealth ManagerFintech
Opening Statement by Mark Branson
BankFintechCrypto Exchange The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered in WhatsApp groups operated by Leading Asset Management, Denver, USA. BaFin suspects the operators of offering consumers financial, investment and cryptoasset services in these groups without the required authorisation.
Asset ManagerFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered by Aureus Trade. BaFin suspects the unknown operators of the website aureus-trade(.)com of offering consumers financial, investment and cryptoasset services without the required authorisation.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website bxforex(.)com. According to information available to BaFin, this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
BankBroker DealerWealth Manager The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Rostock24 Limited and the services it is offering. BaFin suspects the unknown operators of the website rostock24(.)com of offering consumers financial, investment and cryptoasset services without the required authorisation. Rostock24 Limited, which purportedly has its head office in Nuremberg, claims to be registered with the British Companies House. This is not the case.
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority BaFin warns against fixed-term deposit offers sent from the email address info[at]vcgmanagement.de. According to information available to BaFin, the unknown providers are conducting banking transactions without the required authorisation. The offers do not originate from VC Germany Management GmbH. This is a case of identity theft.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website bb-consults(.)com. BaFin has information that this website is being used to offer financial, investment and cryptoasset services without the required authorisation.
FintechCrypto ExchangeAll Firms
The German Financial Supervisory Authority (BaFin) warns about offers from the website two-five-management(.)com. According to information available to BaFin, the unknown operators of the website are offering banking services, in particular fixed-term deposits, and financial services without the required authorisation. They give the impression that their offers originate from TwoFive Management GmbH, which is registered with BaFin as an AIF asset management company, Section 2 (4) of the Germa...
BankAsset ManagerWealth Manager
The Federal Financial Supervisory Authority BaFin warns against offers on the website whiterock-financial(.)eu and against the alleged operator White Rock Financial Consultancy Limited from London, United Kingdom. According to information available to BaFin, the operator is providing financial and investment services without the required authorisation.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority BaFin warns against offers on website fragfinanz(.)com. According to information available to BaFin, banking transactions, especially fixed-term deposits, financial or investment services are being provided by FragFinanz without the required authorisation.
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Alleged employees of Brookfield Asset Management GmbH are contacting investors unsolicited by telephone and email without the necessary permission to offer them alleged fixed-term deposits and alleged pre-IPO shares. In the past, they have also used the website deu-brookfield(.)com, which is no longer accessible. They give the impression that they are cooperating with licensed banks and issuers of pre-IPO shares. This is not the case.
Asset ManagerWealth ManagerBank
The Federal Financial Supervisory Authority BaFin warns against offers on the websites ubpmanagement(.)co, commerzglobal(.)com, longsharks(.)com and paribasgroup(.)net. According to information available to BaFin, the companies UBP Management and Commerz Global, allegedly based in Frankfurt, and Longsharks Capital and Paribas Group, allegedly based in London, are offering financial or investment services and crypto asset services without the required authorisation. The offers do not originate...
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority BaFin warns against offers on the website fidelity-ag(.)com. According to information available to BaFin, banking transactions, especially fixed-term deposits, financial or investment services are being provided on this website without the required authorisation. The fixed-term deposit offers are sent, among others, from the email address festgeld[at]fidelity-ag(.)com. The offers do not originate from the Swiss company Fidelity Treuhand und Verwaltu...
BankWealth ManagerFintech
According to information available to the Federal Financial Supervisory Authority (BaFin), unknown persons are using Telegram groups and chats to contact German investors. The initiators of these messenger groups purport to be the US company “MacKay Shields”. This is a case of identity fraud.
BankWealth ManagerFintech
In the WhatsApp groups, investors are recommended to invest in financial instruments that can then be traded via the platform h5.bluealphasystem(.)net or the aforementioned app.
BankWealth ManagerFintech
The Federal Financial Supervisory Authority BaFin warns against offers in WhatsApp groups, which are allegedly operated by Cantor Fitzgerald and led by Leopold Schneider. BaFin is not aware of the existence of this person. According to information available to BaFin, recommendations for the purchase of financial instruments and cryptocurrencies, which can allegedly be traded via CDAfin app, are offered in various WhatsApp groups. According to the current state of knowledge, there is no connec...
BankFintechCrypto Exchange
The German Financial Supervisory Authority (BaFin) warns about offers on the website capitalholdings(.)icu. According to information available to BaFin, the unknown operators of the websites are offering banking transactions and financial services without the required authorisation.
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The German Financial Supervisory Authority (BaFin) warns about fixed-term deposit offers from the website sicherangelegt(.)de. According to information available to BaFin, the unknown operators of the website are offering banking services, in particular fixed-term deposits, without the required authorisation.
BankFintech
The Federal Financial Supervisory Authority BaFin warns against offers in WhatsApp groups, which are allegedly operated by Baird Capital and led by a Thomas Becker. BaFin is not aware of the existence of this person. According to information available to BaFin, recommendations for the purchase of financial instruments and cryptocurrencies are offered in WhatsApp groups and the so-called Baird Capital Investment Program III is being promoted. According to the current state of knowledge, there ...
BankFintechCrypto Exchange
The Federal Financial Supervisory Authority (BaFin) has sufficient grounds to suspect that TPK Vermögensverwaltungs KG is offering securities to the public in Germany in the form of shares in AuA 24 AG without the required prospectus. There are no indications that the conditions for exemption from the prospectus requirement are met.
Asset ManagerWealth Manager
The German Financial Supervisory Authority (BaFin) warns against WhatsApp groups such as „S373 Robeco Kernmitgliedergruppe“, “M2 Robeco Value Investing Kreis“ and „999 Robeco Investment Strategiezentrum - Blockhandel“, which are allegedly operated by the Frankfurt a.M.-based company Robeco Deutschland, Zweigniederlassung der Robeco Institutional Asset Management B.V. („Robeco“). In the WhatsApp groups consumers are enticed to trade financial products via the app „RBC NL“. It is suspected that...
BankWealth ManagerFintech
The Federal Financial Supervisory Authority (BaFin) warns consumers about “bearer bonds” being offered for subscription by Marketplace24-7 GmbH on the website non-dom(.)group. BaFin suspects the company of conducting banking business without the required authorisation. The company is furthermore suspected of making an unauthorised public offer of securities without a prospectus. Under the German Securities Prospectus Act (Wertpapierprospektgesetz - WpPG), a prospectus is required for an offer...
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On 16 December 2025, BaFin imposed two administrative fines amounting to €560,000 on flatexDEGIRO Bank AG. The company had contravened obligations under the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG). At the beginning of 2022, flatexDEGIRO Bank AG advertised free investment services on two of its websites without clearly indicating that a processing fee would be charged on a regular basis. flatexDEGIRO Bank AG adapted its practices to comply with the legal requirements in ...
BaFin imposed €560,000 in administrative fines on flatexDEGIRO Bank AG on December 16, 2025, for misleading marketing of investment services that advertised free offerings without clearly disclosing mandatory processing fees. This enforcement action underscores BaFin's strict interpretation of fair and transparent marketing requirements under the German Securities Trading Act (WpHG) and demonstrates that even corrective action taken by firms does not eliminate regulatory penalties for past violations.
What Changed
- The enforcement action clarifies BaFin's expectations regarding fair and clear marketing communications for investment services:
- Investment services providers must explicitly and unambiguously disclose all material costs, including processing fees, when advertising services as "free"
- Marketing materials must present both benefits and risks of services in a balanced manner, with relevant risks highlighted alongside advantages
- These obligations apply across all marketing channels, including company websites
- The requirements are grounded in the WpHG and further specified in EU regulations and MiFID II guidance
The violation centered on flatexDEGIRO's failure to clearly indicate that regular processing...
Suggested Considerations
- *For flatexDEGIRO Bank AG (already completed):
- Modify marketing materials to clearly and explicitly disclose all material costs and fees
- Ensure balanced presentation of benefits and risks across all marketing channels
- *For all investment services providers (preventive compliance):
- *Audit marketing materials across all channels (websites, social media, advertisements, promotional materials) to identify any claims of "free" or "no-cost" services that lack explicit fee disclosures
Key Dates
– flatexDEGIRO Bank AG violated WpHG requirements by advertising free services without disclosing processing fees
– flatexDEGIRO adapted its practices to comply with legal requirements
– BaFin imposed two administrative fines totaling €560,000
– BaFin publicly announced the enforcement action
Compliance Impact
Urgency: HIGH
AI-generated analysis. May contain errors or omissions — verify with the
original BaFin source
before acting. Full disclaimer.
Broker DealerBankFintech
The Federal Financial Supervisory Authority BaFin warns against offers, in particular offers to purchase shares and alleged pre-IPO shares, which are purportedly brokered by Ambassador. According to information available to BaFin, Ambassador Management GmbH, supposedly based in Frankfurt am Main, Ambassador Financial Group Ltd. and Ambassador Global Systems LLC are providing financial or investment services without the required authorisation. According to the current state of knowledge, there...
BankWealth ManagerFintech
The Financial Supervisory Authority BaFin has issued warnings regarding offerings found on websites maxfuledge(.)com and trading-area.maxfuledge-v2(.)com/auth/register. Based on its investigations, the purportedly London or Singapore-based trading platform MaxFulEdge offers unauthorised financial services, securities transactions, and cryptocurrency-related services. The platform promotes its offerings through supposed customer service representatives (maja.weis(at)maxfuledge.team and sophia....
BankFintechCrypto Exchange