The German Federal Financial Supervisory Authority (BaFin) today announced it imposed a fine of €250,000 on Amundi S.A.

The fine was imposed for a breach of supervisory duties in connection with violations of the German Securities Trading Act (WpHG). Amundi S.A. failed to submit voting rights notifications in a timely manner between July and August 2025.

Shareholders must notify the issuer and BaFin within four trading days if their voting rights reach certain thresholds.

The obligation to report voting rights serves to ensure transparency in the capital market. This is intended to strengthen investor confidence in the functioning of the German stock market. It is a key instrument for informing the capital market in a timely manner about significant changes in shareholdings and for creating clarity regarding the ownership and influence structures of listed companies. At the same time, it serves to promote well-informed investment decisions and the early identification of potential corporate takeovers.

If those subject to reporting requirements fail to notify the issuer and BaFin in a timely manner when their shareholdings exceed, fall below, or reach certain thresholds, they violate Sections 33 et seq. of the German Securities Trading Act (WpHG). BaFin can impose a fine for this – either for each individual violation or for a breach of supervisory duties. For legal entities, the maximum fine is €10 million or up to 5% of total revenue.

In the present case, a breach of supervisory duties was penalized. This means that the company had not implemented sufficient organizational measures to prevent or significantly hinder the violations.