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German regulator fines Nomura over Commerzbank disclosure breaches - Finance news and analysis from Global Banking & Finance Review
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German regulator fines Nomura over Commerzbank disclosure breaches

Published by Global Banking & Finance Review

Posted on October 20, 2026

1 min read

· Last updated: October 20, 2026

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German Regulator Fines Nomura €320K for Commerzbank Disclosure Violations

Nomura Penalized for Failing to Disclose Voting Rights in Commerzbank

Oct 20 (Reuters) - German financial regulator Bafin said on Tuesday it had fined Japanese investment firm Nomura Holdings €320,000 ($359,000) for failing to disclose voting rights in Commerzbank as UniCredit built its stake in the German lender.

Details of the Violation

• The regulator said Nomura did not submit voting rights notifications relating to Commerzbank in May and June

German Disclosure Laws

• Under German law, shareholders must notify the issuer and the regulator within four trading days if their voting rights reach certain thresholds

Consequences of Non-Compliance

• If a shareholder does not comply, Bafin can impose a fine of up to €10 million or 5% of total revenue

Nomura's Response and Next Steps

• "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

Exchange Rate Information

($1 = 0.8916 euros)

Reporting Credits

(Reporting by Emanuele BerroEditing by Ludwig Burger)

Key Takeaways

  • Nomura missed mandatory voting‑rights filings during UniCredit’s stake build‑up in Commerzbank in May and June, triggering the €320,000 fine (marketscreener.com).
  • Under Germany’s Securities Trading Act (WpHG), shareholders crossing thresholds (e.g. 3%, 5%, 10%) must notify BaFin and the issuer within four trading days (bafin.de).
  • BaFin can impose fines up to €10 million or 5% of a firm’s total revenue for non‑compliance; Nomura may appeal the fine (marketscreener.com).

References

Frequently Asked Questions

Why did BaFin fine Nomura over Commerzbank?
BaFin fined Nomura for failing to disclose voting rights notifications relating to Commerzbank as required by German law.
How much was Nomura fined by BaFin?
Nomura was fined €320,000 ($359,000) by the German financial regulator BaFin.
What law did Nomura breach in the Commerzbank case?
Nomura failed to notify the issuer and the regulator of voting rights changes within four trading days, as required under German law.
Can Nomura appeal the BaFin fine?
Yes, Nomura can appeal the administrative fine order according to BaFin.

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