Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
On 22 January 2025, the Federal Financial Supervisory Authority (BaFin) ordered Valour Digital Securities Limited to comply with the financial reporting requirements under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). In case the company fails to comply with this order, BaFin also threatened to impose coercive fines in the amount of 57,500 euros.
The notice is immediately enforceable but not yet final and binding.
Background information: financial reporting requirements
Companies such as Valour Digital Securities Limited that are domiciled in a third country and that issue securities that are traded on an organised market in Germany must prepare annual financial reports as at the end of each financial year. This information must be made publicly available no later than four months after the end of each financial year.
Before publication, companies must publish an announcement informing the public and BaFin about the date from which and the website on which the information will be available.
Valour Digital Securities Limited contravened these requirements since it failed to publish an annual financial report for the financial year 2023 as legally required minimum components are missing. The company also failed to publish an announcement in respect of this.
The announcement by BaFin is also set out by law and is based on section 124 of the WpHG.