Germany’s Federal Financial Supervisory Authority (BaFin) fined Nomura Holdings Inc. €320,000 for late Commerzbank AG voting-right notices during UniCredit S.p.A.’s takeover offer for the German bank.
BaFin imposed the penalty Oct. 15 and announced it Oct. 20. It said the notices concerned May and June 2026 and described the case as a breach of Nomura’s supervisory duties.
Germany’s Securities Trading Act requires holders to notify both the company and BaFin when their voting rights reach, exceed or fall below specified thresholds. They must do so without undue delay and within four trading days.
A Nomura spokesperson told Reuters that the firm does not discuss its dealings with regulators but takes compliance seriously.
UniCredit said July 8 that it directly held 26.77% of Commerzbank’s outstanding share capital. Shareholders had tendered shares representing another 17.60%, and UniCredit held instruments giving it the right to demand physical delivery of a 3.22% stake. The three components added up to 47.59% of outstanding share capital, a figure that included more than the shares UniCredit held directly.
On Oct. 15, UniCredit said the European Central Bank had authorized it to raise its equity stake beyond 30%. The company expects the remaining regulatory processes and conditions for its offer to be completed around year-end 2026. It expects to hold approximately 50% of Commerzbank’s voting rights at that point.
