Follow-up obligations Regulated Market

Follow-up obligations Regulated Market

Inside information in English / Facts of relevance to prices

As a Prime Standard issuer you must always publish all inside information in English as well. This additional requirement for Prime Standard issuers is intended to create equal opportunities specifically for non-German-speaking investors as well.

Briefly, you have to do the following:

  • Publish disclosures pursuant to Sect. 26 WpHG or to comparable provisions simultaneously
  • also in English

Sect. 56 of the Exchange Rules of the Frankfurter Wertpapierbörse (BörsO FWB) demands that all issuers in the Prime Standard publish their disclosures pursuant to Sect. 26 of the German Securities Trading Act (WpHG), or pursuant to comparable provisions if Sect. 26 WpHG is not applicable to the issuer, simultaneously in English.

Sect. 56 BörsO FWB is linked to the so-called ad-hoc requirements of Sect. 26 WpHG or of comparable provisions. Generally, resulting from Sect. 26 WpHG all domestic issuers of financial instruments are obliged to disclose their inside information. Jointly with Sect. 3 et seq. of the German Securities Trading Reporting and Insider List Regulation (WpAIV) Sect. 26 WpHG defines the inside information and determines in what language, at what time and in what way it has to be disclosed. The competent authority for the interpretation and supervision of the aforementioned regulations is the German Federal Financial Supervisory Authority (BaFin). You can find helpful explanations regarding the so-called ad-hoc publicity pursuant to the WpHG in the Issuer Guideline of the BaFin.

In the scope of these explanations, only the questions resulting from Sect. 56 BörsO FWB will be discussed.