BaFin Fines Nomura Holdings Over Commerzbank Disclosure Failures
Germany's financial regulator fined Nomura Holdings 320,000 euros for failing to disclose voting rights in Commerzbank during a hostile takeover bid by UniCredit.
The Federal Financial Supervisory Authority (BaFin) fined Nomura Holdings 320,000 euros for failing to disclose voting rights in Commerzbank on time. The regulator determined that the violations occurred in May and June 2026, coinciding with a hostile takeover bid for the German bank by UniCredit.
Under German regulations, shareholders are required to notify both the issuer and BaFin within four trading days when voting rights cross specific thresholds. Nomura was among the shareholders that tendered shares to UniCredit during the acquisition process.
In a related development, UniCredit has secured takeover approval from the European Central Bank and currently holds a 47.6% stake in Commerzbank.
