Germany’s financial regulator Bafin has decided to fine automotive group Volkswagen 1.2 million euros, equivalent to SEK 13.4 million, for violating the EU Market Abuse Regulation, MAR. This is stated in a press release.
The background is that Volkswagen’s forecast for the 2023 financial year was significantly above market expectations. The information should therefore have been disclosed immediately through a special stock exchange announcement. Instead, the company published the information in a regular press release.
According to Bafin, this constitutes a breach of the obligation to disclose inside information immediately. For such violations, the authority may impose fines of up to 2.5 million euros or 2 percent of the company’s total turnover.
