Germany's BaFin fined Nomura Holdings, Inc. approximately €320,000 for failing to properly file a report concerning voting rights in Commerzbank during May and June of the offer period.
Germany's Federal Financial Supervisory Authority, BaFin, announced on the 20th that it would fine Nomura Holdings, Inc. €320,000 (approximately ¥57 million). The fine concerns an improper filing relating to voting rights in Commerzbank.
UniCredit of Italy is pursuing the acquisition of Commerzbank, and Nomura Holdings, Inc. is alleged to have failed to finalise and submit its voting rights filing by the deadline during May and June of the offer period.
Under Germany's Securities Trading Act, when voting rights reach a specified percentage, a report must be submitted to the issuer and the authorities within 4 trading days. Even when a filing has been submitted, it is considered a violation if corrections are required.
Nomura Holdings, Inc. has reportedly engaged in swap transactions and other dealings involving Commerzbank shares with UniCredit. BaFin explained that the voting rights reporting requirement helps ensure transparency in the capital markets, while Nomura Holdings, Inc. commented that it takes regulatory compliance seriously.