On 22 February 2017, the Securities Supervision (Wertpapieraufsicht) directorate of the Federal Financial Supervisory Authority (Bundesanstalt für FinanzdienstleistungsaufsichtBaFin) published Guidelines on the Imposition of Fines in Administrative Offence Proceedings for Breaches of the Provisions of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) – the WpHG Administrative Fine Guidelines II. In exercising its discretionary powers BaFin lays down guidelines by which it proceeds against natural and legal persons in assessing the legal criteria for the imposition of a fine in accordance with section 17 of the Act on Regulatory Offences (Gesetz über Ordnungswidrigkeiten OWiG). The WpHG Administrative Fine Guidelines II are addressed to all market participants falling under the scope of the WpHG.

Please find here a short summary in German language.