Deutsche Börse AG could face a penalty should German regulators find that the company did not provide adequate information to the public when searching for a new CEO, Reuters reported.

Bafin is investigating whether it should have made clear that it was narrowing its search down to two candidates just three days before the official announcement was made in November 2017, a spokeswoman for the regulator told the newswire.

German law requires listed companies to disclose information that could impact share prices in a timely manner in order to prevent insider trading. Failure to do so can result in firms incurring a fine of up to 2% of annual revenues.

Deutsche Börse was seeking a new CEO to replace Carsten Kengeter, who had been accused of insider trading.