The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 60,200 against a retail investor. Specifically, the retail investor conducted market manipulation in breach of Article 15 of Regulation (EU) No. 596/2014 (MAR) by means of actual trades. By concluding securities transactions, the retail investor committed the offence of market manipulation as the relevant buy orders were given with the objective of stabilising the share price and in particular to increase the share price. The purpose of Article 15 MAR is to protect investors, promote market integrity and to increase capital market confidence. The penal order is not final.
Update: 31.03.2025
The retail investor has lodged an appeal to the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) against the FMA’s penal order.
Update: 19.09.2025
In its ruling dated 12.09.2025, the Federal Administrative Court (BVwG; Bundesverwaltungsgericht) reduced the fine imposed to EUR 34,400. The orderly final right of appeal was declared not to be permissible. The penal order is final.