The Austrian Financial Market Authority (FMA) hereby announces that it has imposed a fine of EUR 325,500.00 against Lang & Schwarz AG with registered office in Düsseldorf, Germany, for a breach of the Market Abuse Regulation (MAR, Regulation (EU) 596/2014). In its function as general partner Lang & Schwarz AG conducts the function of market maker at Wiener Börse AG (Vienna Stock Exchange) among other trading venues through Lang & Schwarz TradeCenter AG & Co KG. In this function Lang & Schwarz AG is responsible for ensuring compliance with the relevant regulations. By having concluded 19 fictional transactions (crossings) arising due to negligence, Lang & Schwarz TradeCenter AG & Co KG has committed the offence of market manipulation. The penal order is not final.
Update 08.03.2022:
Lang & Schwarz AG has submitted an appeal to the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) against the FMA’s penal order.
Update 29.07.2022:
The Federal Administrative Court (BVwG) has ended the proceedings with regard to one of the 19 points in the judgement due to the statute of limitations being exceeded, while otherwise upholding the rest of the penal order, with some conditions regarding the issue of attribution. The appeal was upheld with regard to the issue of the amount of the fine, in that the penalty was reduced to EUR 154,184.00.
Update: 11.06.2025
The Supreme Administrative Court (VwGH; Verwaltungsgerichtshof) partially upheld Lang & Schwarz AG’s final right of appeal. The appeal was upheld in relation the fine and the contribution towards the costs of the administrative procedure regarding the contested ruling by the Federal Administrative Court (BVwG; Bundesverwaltungsgericht). One of the original 19 points of the ruling was already dropped due to the statute of limitations having already been exceeded at the time of the ruling by Federal Administrative Court (BVwG; Bundesverwaltungsgericht). The final right of appeal was otherwise dismissed as unjustified. By so doing, the Supreme Administrative Court (VwGH; Verwaltungsgerichtshof) passed down a conclusive ruling regarding the issue of guilt.
Update: 01.08.2025
The Federal Administrative Court (BVwG; Bundesverwaltungsgericht) determined the fine as EUR 150,000 in the second legal instance. The orderly final right of appeal was declared as not being admissible.