Während es in Frankreich bis 100 Mio geht, sind in DE nur lächerliche 500K als Strafe drin.
"Germany
Section 120 (6) no. 1, (6) no. 2 , (6) no. 3, (6) no. 4, (13) in conjunction with section 120 (24) of
the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) contains the following
administrative sanctions in case of infringements of the SSR:
1. Intentional or reckless violations of the duty to notify BaFin due to Articles 5(1), 7(1),
8(1) each in conjunction with Article 9(1)(1) or Article 10 will be punished by a fine up to
EUR 200.000;
2. Intentional or reckless violations of the duty to disclose net short positions due to Article
6(1) each in conjunction with Article 9(1)(1) or Article 10 will be punished by a fine up
to EUR 200.000;
3. Intentional or reckless violations of the restrictions on short selling due to Articles 12(1)
and 13(1) will be punished by a fine up to EUR 500.000;
4. Intentional or reckless violations of the restrictions on sovereign credit default swaps
due to Article 14(1) will be punished by a fine up to EUR 500.000;
5. Intentional or reckless violations of decrees due to Article 18(2) sentence 2 and 3 and
Articles 19(2), 20(2), 21(1) or 23(1) will be punished by a fine up to EUR 50.000.
Finally, according to sec. 17(4) of the German Act on Breaches of Administrative Regulations
(Gesetz über Ordnungswidrigkeiten – OWiG) BaFin is always empowered to absorb any profit of
the offence, even if the profit exceeds the provided maximum fine."
www.esma.europa.eu/sites/default/files/...s_and_sanctions.pdf