Insider Business CySEC fines Commerzbank AG €650,000 for market manipulation

CySEC fines Commerzbank AG €650,000 for market manipulation

 

 

The Board of the Cyprus Securities and Exchange Commission (CySEC) completed its investigation regarding the compliance of the now defunct Cyprus Popular Bank (CPB) and Commerzbank AG with the Insider Dealing and Market Manipulation law and decided to impose a cumulative fine of €650.000 to Commerzbank AG.

According to a relevant announcement, the CySEC investigation concerned structured bonds ISINXS0345364227 and XS0345364656 for the period between 1 January 2008 – 15 March 2013.

CySEC decided to impose a cumulative fine of €650,000 on Commerzbank AG, taking the fact that more than eight years have elapsed since the time of the violation into consideration as a mitigating factor. In the case of the CPB, CySEC decided not to impose a fine taking into account that the CPB is under resolution and is under special administration since 2013.

Under these special circumstances the imposition of a fine on the CPB would further burden the financial position of its depositors, bond holders and shareholders, the announcement says.

(CNA)

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