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German regulator fines Wirecard €1.5M over late earnings disclosure

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German regulator fines Wirecard €1.5M over late earnings disclosure

The German Financial Supervisory Authority, Bafin, fined financial technology firm Wirecard AG €1.52 million over the late disclosure of its financial report for the first half of 2018, the regulator announced Sept. 23.

The fine was imposed on April 15 and was due to breaches of the German Securities Trading Act and the German Act of Breaches of Administrative Regulations, Bafin said.

Wirecard had not disclosed the complete first-half report within the required period and had also failed to announce in a timely manner the date and the website on which the financial report would be publicly available, according to the regulator's statement.