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CySEC Fines CommerzBank AG €650,000 For Market Abuse

CySEC Fines CommerzBank AG €650,000 For Market Abuse

The Board of the Cyprus Securities and Exchange Commission (CySEC) stated in a recent announcement that their investigation of the Cyprus Popular Bank (CPB) and Commerzbank AG had resulted in imposing a cumulative fine of €650.000 to Commerzbank AG.


The investigation was in relation to the structured bonds ISIN XS0345364227 and XS0345364656 for the period between 1 January 2008 – 15 March 2013, issued by Commerzbank AG and invested in by CPB.  


The findings of the investigation were that the CPB and Commerzbank AG used the structured product with ISIN XS0345364227 as a vehicle in order for Commerzbank AG to act as a surrogate of CPB in a disguised manner and acting in concert to manipulate the market in relation to CPB’s shares on 4, 5, 6, 14, 15, 18, 19, 20, 21, 26 and 27 April 2011 and 6 and 30 May 2011.


The acquisition of CPB shares took place in a way that ensured the share price fixing at certain levels in accordance with their daily target. The placing of orders was likely to give misleading signals in relation to CPB shares, as such orders did not correspond to investors’ interest but to fictitious demand that was covertly created by the issuer of the shares. These transactions undertaken by Commerzbank AG as a surrogate for the CPB corresponded in many cases to a significant proportion of the total daily volume of transactions in relation to the CPB shares.



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