The Luxembourg Financial Sector Supervisory Commission announced on Monday 13 November that it has imposed a €30,000 penalty on Adler Group SA for failing to publish the audited financial report for 2022, thereby not complying with the regulatory financial reporting standards.
Acting as the regulatory authority responsible for enforcing the Transparency Law, established on 11 January 2008 to set transparency requirements for securities issuers, the CSSF levied the administrative fine on Adler Group due to its failure to publish its audited annual financial report by the year-end deadline of 31 December 2022.
The regulator stated that the imposed fine reflects non-compliance with the provisions of the Transparency Law. Adler Group has the right to contest this decision at the administrative court within a three-month period. By making this administrative fine public, the CSSF underscores its commitment to transparency and regulatory compliance in the financial sector, stated the press release.
A representative of Adler declined to make any comment.