World News

Germany’s BaFin fines BlackRock for late filing of voting rights

FRANKFURT (Reuters) – The German financial markets watchdog BaFin said on Tuesday it had fined BlackRock Investment Management (UK) Ltd <BLK.N> 744,000 euros ($809,000) for failure to file voting rights notifications in a timely way.

Investors are required to inform regulators within four trading days if they cross certain stake thresholds, such as 3% and 5% of a company.

BlackRock said it first identified and reported the error to BaFin. It involved the period between August and October 2018.

“BlackRock accepts the fine BaFin announced today and is pleased this matter is resolved,” the money manager said.

The fine was imposed on April 8, BaFin said.

(Reporting by Hans Seidenstuecker; Writing by Tom Sims; editing by David Evans and Sandra Maler)