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Announcement: The FMA imposes a sanction against a private person for delayed notification about a proprietary trade

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The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 18,000 on a management board member of an issuer. Proceedings were concluded under the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The reason is a breach against the Market Abuse Regulation (MAR, Regulation (EU) 596/2014). The management board member specifically failed to submit the compulsory notifications to the FMA and the issuer about their proprietary trading activity (Directors’ Dealings notification) within three business days following the date on which the transaction was conducted. The penal order is final.