(Telestock) – CONSOB has applied against ING BANK, Milan branch (Italian branch, active under mutual recognition, of ING BANK) sanction administrative fine of 60,000 euros.
The Authority, in the course of its supervisory activity, has detected the failure to comply by ING of the obligation to immediately report to CONSOB thesuspicious activity of constituting abuse (or attempted abuse) of privileged information (STOR) carried out, through him, by one of his clients through transactions to purchase shares of an issuer connected to a company of which he was a senior representative, carried out between 8 and 17 February 2022, a few days before the news of the promotion of a mandatory public purchase offer on the remaining shares of said issuer was released at a price per share much higher than the market price and, as a result of which, said client made huge profits upon his subsequent adherence to the OPA.