German Act Implementing the European Directive amending the Transparency Directive

Corporate Update

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The German Act Implementing the European Directive amending the Transparency Directive has been adopted by the German Bundestag on October 1, 2015 and passed the German Bundesrat on November 6, 2015. It is expected that the Act will be announced and enter into force until November 27, 2015 at the latest.

The Act aims at harmonizing the transparency requirements regarding issuers of securities at a regulated market. In this Client Alert we inform on selected changes regarding the transparency and publication obligations pursuant to the German Securities Trading Act and the German Ordinance on Disclosure of Securities Trading and Insider Dealing, which are of significant importance for investors and issuers at a regulated market.

This publication is available in German only.