BaFin imposes €620,000 administrative fines on VARTA AG for MAR and WpHG disclosure breaches
German issuers on organised markets must disclose inside information without undue delay and publish half-yearly reports within three months — BaFin fined VARTA AG €620,000 for failing both
Change
On 23 June 2026 the Federal Financial Supervisory Authority (BaFin) imposed administrative fines totalling €620,000 on VARTA AG for failing to disclose inside information without undue delay under Article 17(1) of the Market Abuse Regulation (MAR) and for failing to publish its 2024 half-yearly financial report under the German Securities Trading Act (WpHG).
Why it matters
BaFin penalised VARTA AG for two distinct disclosure failures that bind all German issuers on organised markets. Failing to publish inside information without undue delay breaches Article 17(1) MAR, which BaFin may sanction with a fine of up to €2.5 million or 2% of total turnover. Failing to publish the half-yearly financial report within three months of the reporting-period end — together with the required prior announcement of when and where the report will be available — breaches the WpHG, which BaFin may sanction with a fine of up to €10 million or 5% of total revenue. The action signals BaFin's readiness to fine both an ad-hoc disclosure lapse and a periodic-reporting lapse in a single case.
Implications
- — Issuer disclosure and compliance teams at German issuers on organised markets must publish inside information without undue delay under Article 17(1) MAR — BaFin fined VARTA AG for a delay and can impose up to €2.5 million or 2% of total turnover for such a breach.
- — Corporate-reporting teams at German issuers on organised markets must publish the half-yearly financial report within three months of the reporting-period end and issue the report-availability announcement before the report itself — BaFin fined VARTA AG for a missed half-yearly report and can impose up to €10 million or 5% of total revenue under the WpHG.
Who is affected
- — Issuer disclosure and compliance teams at German issuers on organised markets
- — Corporate-reporting teams at German issuers on organised markets