The Austrian Financial Market Authority (FMA) hereby announces that it has imposed a fine of EUR 279,200 against Erste Asset Management GmbH as a legal person for the delayed notification about its underrunning the 4% threshold for holdings in relation to shares of an issuer. The shares in question (shares of Immofinanz AG) were held in funds that were managed by Erste Asset Management GmbH at the time of the offence taken place. The investment fund management company omitted to inform the issuer (Immofinanz AG) in a timely manner about a participation threshold being underrun.
The penal order is not final.
Erste Asset Management GmbH has submitted an appeal to the Federal Administrative Court (Bundesverwaltungsgericht).
Update: 21.12.2021
The Federal Administrative Court (BVwG; Bundesverwaltungsgericht) upheld the appeal to the extent that the fine imposed by the FMA was reduced to EUR 239,200.00.
The orderly final right of appeal was declared not to be permissible. The penal order is final.
Update: 28.01.2022
Erste Asset Management GmbH has submitted an appeal to the Constitutional Court of Austria (VfGH; Verfassungsgerichtshof).
Update: 22.03.2022
The Constitutional Court of Austria (VfGH; Verfassungsgerichtshof) has rejected to handle Erste Asset Management GmbH’s appeal.