With reference to Current Report No. 35/2017 on the administrative proceedings initiated by the Polish Financial Supervision Authority (the Commission), the Management Board of X-Trade Brokers Dom Maklerski S.A. (Issuer, Company) informs that on 18 September 2018 the Company was informed, that a fine in the amount of PLN 9.9 million pursuant to Article 167.2.1 in connection with Article 167.1.1 of the Act on Trading in Financial Instruments, was imposed on the Company in connection with the violation of the law, in particular in the area of providing brokerage services to the Company’s clients.
In the Company’s opinion, the imposition of a fine on the Issuer for the violation indicated by the Commission is unjustified and not confirmed in the facts. The Commission refused to carry out the evidence requested by the Company (including the expert’s opinion) and did not include the reports of independent experts submitted by the Company. Acting in the interest of the Company and its shareholders, as well as being guided by the welfare of its clients, the Company intends to appeal against the supervisor’s decision.
Legal basis: Article 17 paragraph 1 MAR – inside information.
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