BaFin Fines Nomura Over Commerzbank Reporting Lapses

The regulatory action centers on a series of derivative transactions, specifically a total return swap involving UniCredit. Through these instruments, Nomura at times held access to over 8 percent of Commerzbank shares. While the regulator did not challenge the legality of the underlying transactions, it penalized the bank for seven incorrectly filed notifications that required retroactive correction on June 17. Under German law, investors must disclose ownership threshold changes within four trading days; Nomura’s failure to maintain accurate filings triggered the fine, which remains significantly lower than the statutory maximum of 10 million euros.

Simultaneously, UniCredit is sharpening its own operational focus. The Italian lender confirmed plans to repatriate securities services currently managed by Société Générale, affecting 54 employees in Milan and Turin who will transition to UniCredit by early 2027. This shift aims to consolidate securities processing across Italy and Germany. Furthermore, UniCredit intends to reduce its debt load by executing an early repayment of a 1 billion euro green senior bond on November 15, 2026, a year ahead of its original maturity date.