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Act on the Implementation of the Transparency Directive Amending Directive to take effect in near future


24 November 2015

New notification duties to be observed  

​The German Act on the Implementation of the Transparency Directive Amending Directive (Umsetzungsgesetz zur Transparenzrichtlinie-Änderungsrichtlinie) is due to take effect in the coming days, as soon as it has been published in the Federal Gazette (Bundesgesetzblatt). The Act effects amendments to the German Securities Trading Act (Wertpapierhandelsgesetz; WpHG) and the Ordinance on Securities Notification and Insider Registers (Wertpapierhandelsanzeige- und Insiderverzeichnisverordnung; WpAIV) in particular. The new statutory requirements will have an impact for many capital market participants, and thus affect both issuers and investors. For the most part they are effective immediately, since only a limited number of transitional regulations are included. The new transparency requirements are accompanied by much stricter penalties in case of violations.

The key amendments affect the following:

  • Publication of the home member state
  • New notification requirements relating to major voting rights holdings in issuers
  • Use of mandatory notification form
  • Voluntary group voting rights notifications
  • Publication of total number of voting rights
  • Extended loss of rights on breach of voting rights notification duties
  • Publication of holdings notifications

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