On 14 January 2026, POL FSA issued position on share transaction obligations. POL FSA issued position on performance of obligations related to transactions in significant blocks of shares in public companies for the parties to the agreement. Main Points The position covers the interpretation of the provisions of the Act on Public Offering on the…
Read more
Germany – BaFin Fines for Failure to Report Voting Rights
On 29 October 2025, GE BaFin imposed fines on six people for failure to comply. GE BaFin imposed fines of €40,000 on each of six individuals, for violating obligation in German Securities Trading Act (WpHG) to notify all voting rights. Case Overview Shareholders must notify the issuer and GE BaFin in four trading days, if…
Read more
Belgium – FSMA Voting Rule Breach Settlement
On 16 September 2025, BEL FSMA issued settlement with Roularta Media Group. BEL FSMA published an amicable settlement agreed with Roularta Mmedia Group NV. Regarding non-compliance with obligation to disclose the total number of voting rights by the end of each calendar month in which the total number of these has changed. Breaches Roularta is…
Read more
Austria – FMA Late Notification of Substantial Shareholding
On 17 July 2025, AUT FMA issued penalties to Kapitalanlagegesellschaft Mbh. AUT FMA imposed penalty LLB Invest Kapitalanlagegesellschaft m.b.H (LLB Invest KAG) for violations of the Austrian Stock Exchange Act 2018 (BorseG 2018). Reporting Failures Late notification of exceeding substantial hareholding thresholds, as required under Section 130 of the Austrian Stock Exchange Act 2018. LLB…
Read more
U.K. – Foreign Shareholding in Newspapers
On 16 July 2025, UK DCMS opened consultation on draft regulations. UK DCMS issued consultation on further changes to the Enterprise Act 2002 (as it will be amended by second set of draft regulations) to clarify scope of exceptions to foreign state intervention regime, and to ensure overall regime works more effectively. Follows May 2025,…
Read more
Germany – BaFin Sets Fine for Substantial Shareholding , Voting Rights Notification Failure
On 13 June 2025, GE BaFin issued €600,000 voting right notification fine. GE BaFin announced it had imposed two fines totalling €600,000 on Innovestica Holdings Inc., in a decision dated 6 June 2024, for voting rights notification violations. The obligation to notify voting rights serves to promotes capital market transparency and strengthens investor confidence in…
Read more