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Notification 15a WpHG

Publication and Notification of Transactions

(1) Persons undertaking executive functions for share-issuing entities must notify the issuer and the Federal Institute for Financial Services Supervision within five working days of any personal transactions with issuer shares or related financial instruments, particularly derivatives. The obligation of Clause 1 also applies to persons closely connected with said management persons. The obligation of Clause 1 applies only to those issuers that are:

  1.  Licensed to trade by the domestic stock exchange or

  2.  Licensed to trade on an organised market in another member state of the European Union or another contractual state subject to the European Economic Area Agreement.


License to trade on an organised market also exists if the request for licensing has been filed or publicly announced. The obligation of Clause 1 does not apply in cases where the total sum of transactions of a person with executive functions and those persons closely connected to said executive person does not exceed € 5,000 by the end of the calendar year.


(2)
Persons with executive functions in the sense of Paragraph 1 Clause 1 are personally liable partners or members of management, administrative or supervisory organs of the issuer, together with any other persons with regular access to insider information who are authorised to make fundamental company decisions.


(3) Persons in the sense of Paragraph 1 Clause 2 who are closely connected with the persons cited in Paragraph 2 are considered to be their spouse, registered life partner, dependent children and other relatives who have lived in the same household as the person cited in Paragraph 2 for at least one year at the time the transaction engendering the notification obligation is concluded. Legal persons for which persons discharge managerial responsibilities within the meaning of subsection (2) or sentence 1 are also deemed parties within the meaning of subsection (1) sentence 2. Clause 2 also includes legal entities, companies and organisations that are supervised directly or indirectly by a person in the sense of Paragraph 2, founded in favour of said person or whose financial interests match those of such a person to a large extent.


(4) The issuer must publish any notification sent in accordance with Paragraph 1 immediately upon receipt. He must forward this publication to the Federal Institute for Financial Services Supervision immediately.


(5) The Federal Ministry for Finance may issue more detailed conditions on the minimum content, type, scope and form of the notification as described in Paragraph 1 and of the publication as described in Paragraph 4 via executive regulation that does not require the consent of the Federal Council. The Federal Ministry for Finance may transfer responsibility for the authorisation via executive regulation to the Federal Institute for Financial Services Supervision.

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