Volkswagen fined for breaching market abuse rules over 2023 outlook
Germany's financial regulator Bafin has imposed a monetary penalty on Volkswagen for failing to issue an immediate disclosure of its 2023 earnings forecast, which exceeded market expectations.
The German financial supervisory authority Bafin announced that Volkswagen has been penalised for not adhering to the Market Abuse Regulation. The carmaker's 2023 earnings forecast was substantially above analyst expectations, yet the firm delayed the required ad-hoc disclosure and only published the data in a press statement. Bafin highlighted that insider-relevant information must be released immediately when it could significantly influence share prices.
Volkswagen retains the right to contest the penalty. The regulator also reminded that breaches of these rules may result in fines up to a defined maximum amount.
Why it matters
The fine underscores strict enforcement of disclosure rules that protect investors from unequal information.
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