German regulator BaFin is looking into how Deutsche Börse AG disclosed the appointment of Theodor Weimer, the stock exchange operator's incoming CEO, Reuters reported Dec. 1, citing the regulator.
A spokeswoman said the regulator asked for information on the timing of the announcement of the appointment, the newswire wrote, noting that Weimer's appointment had been reported by several outlets before the official disclosure. German publication Wirtschaftswoche reportedly wrote that a delayed disclosure could incur a fine of up to 2% of annual sales, or €48 million.
BaFin is also examining whether the firm potentially misled the public on a probe involving incumbent CEO Carsten Kengeter's alleged insider trading, Reuters wrote. In July, the stock exchange operator said it had been told that prosecutors may drop the probe into Kengeter and that it would pay a €10.5 million fine in total, but a few days later, prosecutors said the investigation remains open.
Kengeter announced in October his intention to step down by 2017-end, with Weimer poised to take over Jan. 1, 2018.
