Bank of America Corporation: BaFin imposes administrative fine

On 2 August 2022, BaFin imposed an administrative fine amounting to 5,100,000 euros on Bank of America Corporation.

The sanction related to a breach of section 130 (1) of the German Act on Breaches of Administrative Regulations (OrdnungswidrigkeitengesetzOWiG) in conjunction with sections 33 (1) sentence 1, 38 (1) sentence 1 and 39 (1) of the German Securities Trading Act (WertpapierhandelsgesetzWpHG). Bank of America Corporation failed to submit voting rights notifications within the prescribed period.

The company may lodge an appeal against the administrative fine order.

Update (25.08.2022):

The administrative fine order is final and binding.

Source: BAFIN

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