German regulator fines Nomura over Commerzbank disclosure breaches

UniCredit SpA

Tue 10:58

Oct 20 (Reuters) - German financial regulator Bafin said on Tuesday it had fined Japanese investment firm Nomura Holdings 8604.T €320,000 ($359,000) for failing to disclose voting rights in Commerzbank CBKG.DE as UniCredit CRDI.MI built its stake in the German lender.
The regulator said Nomura did not submit voting rights notifications relating to Commerzbank in May and June
Under German law, shareholders must notify the issuer and the regulator within four trading days if their voting rights reach certain thresholds
If a shareholder does not comply, Bafin can impose a fine of up to €10 million or 5% of total revenue
"Whilst we do not comment on the details of our interactions with regulators, the firm takes adherence to regulations seriously," a Nomura spokesperson told Reuters
The company can appeal the administrative fine order, Bafin said
($1 = 0.8916 euros)

(Reporting by Emanuele Berro
Editing by Ludwig Burger)
((Emanuele.Berro@thomsonreuters.com; +48 587696510))