Law On Securities Trading

Original Language Title: Gesetz über den Wertpapierhandel

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Securities Trading Act (Securities Trading Act-WpHG)

Non-official table of contents

WpHG

Date of issue: 26.07.1994

Full quote:

" Securities Trading Act in the version of the Notice of 9. September 1998 (BGBl. 2708), as defined by Article 3 of the Law of 3. July 2015 (BGBl. I p. 1114) "

:Recaught by Bek. v. 9.9.1998 I 2708;
as last amended by Art. 2 para. 37 G v. 1.4.2015 I 434
Note:Change by Art. 3 G v. 3.7.2015 I 1114 (No 28) in a textual, documentary yet non-exhaustive

See the menu under Notes
for details on the stand. Article 1 also provides for the implementation of Directive 88 /627/EEC of the Council of the European Communities of 12 June 1991. 1 December 1988 on the information to be published in the case of the acquisition or disposal of a significant shareholding in a listed company (OJ L 327, 28.12.1988, p. EC No L 348/62) and Directive 89 /592/EEC of the Council of the European Communities of 13 June 1992. November 1989 on the coordination of the rules on insider dealing (OJ 1989 L 327, p. EC No L 334/30).

Footnote

(+ + + Text evidence from: 1.8.1994 + + +)
(+ + + For application d. § 11 (F 2000-12-21) cf. Section 42 (2) WpHG idF
d. Art. 4 (34) (b) (b) G v. 22.4.2002 I 1310 + + +)
(+ + + For application d. § § 31 (1) to (9) and 11, 31a, 31b, 31d, 33a, 34,
34a (3), 36. § 51 (4) KAGB + + +)
(+ + + For application, see § 17 (3) (F 2014-12-10) + + +)
(+ + + Official notes of the norm-provider on EC law:
Implementation of the
EWGRL 627/88 (CELEX NO: 388L0627)
EWGRL 592/89 (CELEX No: 389L0592)
Implementation of the
EGRL 6/2003 (CELEX Nr: 32003L0006)
EGRL 124/2003 (CELEX Nr: 32003L0124)
EGRL 125/2003 (CELEX Nr: 32003L0125)
ERL 72/2004 (CELEX Nr: 32004L0072) V v. 28.10.2004 I 2630
Implementation of the
EGRL 43/2006 (CELEX Nr: 32006L0043) cf. G v. 25. 5.2009 I 1102 + + +)

The G was defined as article 1 G 4110-4/1 v. 26.7.1994 I 1749 of the Bundestag, with the consent of the Bundesrat, decided. In part, the G is gem. Article 20, first sentence, of this G entered into force on 1 August 1994, and the other is G gem. Article 20, second sentence, entered into force on 1 January 1995. unofficial table of contents

content overview

Section 1
Scope, definitions
§ 1 Scope
§ 2Definitions
§ 2a Exceptions
§ 2bHome State choice
Section 2
Bundesanstalt für Finanzdienstleistungsaufsicht
§ 3 (omitted)
§ 4Tasks and powers
§ 4a Powers to secure the financial system
§ 4bProduct intervention
§ 5Securities Council
§ 6Cooperation with other authorities in the country
§ 7Cooperation with competent bodies abroad
§ 7a Cooperation with the European Securities and Markets Authority
§ 7bCooperation with the European Commission within the framework of the European Securities and Markets Authority Energy Economics Act
§ 8Duty of Confidentiality
§ 9 Reporting requirements
§ 10Display of suspicionary cases
§ 11 Insolvency Administrator's obligation
Section 3
Insider Monitoring
§ 12Insiderpapiere
§ 13Insider information
§ 14Prohibition of insider trading
§ 15Communication, publication and transmission of insider information to the business register
§ 15a Notice of transactions, publication and transmission to the business register
§ 15bGuidance of Insider Directories
§ 16Recording obligations
§ 16a Monitoring the business of the Federal Employment Agency
§ 16bRetention of connection data
Section 3a
Rating Agencies
§ 17Responsibility within the meaning of Regulation (EC) No 1060/2009
 
Section 3b
OTC derivatives and Transaction register
§ 18Monitoring of the clearing of OTC derivatives and oversight of transactions registers
§ 19Non-financial counterparty obligations
§ 20Compliance Check of certain obligations of Regulation (EU) No 648/2012
Section 4
Monitoring market manipulation monitoring
§ 20aMarket manipulation ban
§ 20b(omitted)
Section 5
Communication, publication and transmission of changes in the voting rights to the business register
§ 21 Reporting obligation for the reporting party
§ 22Voting rights
§ 23Non-consideration of voting rights
§ 24Communication by Group companies
§ 25Financial instruments and other instruments ' participation obligations
§ 25aCo-participation obligations in the holding of other financial instruments and other instruments
§ 26 Publication requirements of the issuer and the transmission to the business register
§ 26aPublication of the total number of Voting rights and transmission to the business register
§ 27Proof of shareholdings with shared interests
§ 27aParticipation requirements for holders of essential shareholdings
§ 28 Legal loss
§ 29Bundesanstalt Policies
§ 29a Liberation
§ 30Trading Days
Section 5a
Required information for the perception of rights from securities
§ 30aObligations of issuers to holders of securities
§ 30bPublication of Communications and transmission via remote data transfer
§ 30cChanges to the issuer's legal basis
§ 30dRules applicable to issuers from the European Union and the European Economic Area
§ 30e Publication of additional information and transmission to the business register
§ 30fLiberation
§ 30gDispute Exclusion
Section 5b
Blank sales and stores in derivatives
§ 30h Monitoring of short selling
§ § 30i and 30j(omitted)
Section 6
Behavioral, organizational, transparency obligations
§ 31General behavior rules
§ 31aCustomers
§ 31bShops with appropriate counterparties
§ 31cEditing from customer orders
§ 31dbenefits
§ 31e Provision of investment services and ancillary securities services via another investment service company
§ 31f Operation of a multilateral trading system
§ 31gPre-and post-trade transparency for multilateral trading systems
§ 31hPublication obligations of investment service companies after trading
§ 32 Systematic internalization
§ 32aPublish Quotes by systematic Internalisers
§ 32bDetermination of the standard market size and tasks of the Federal Institute
§ 32cExecution of customer orders through systematic internalisers
§ 32dAccess to Quotes, Terms and Conditions for Systematic Internalization
§ 33Organizational Obligations
§ 33aBest possible execution of customer orders
§ 33bEmployees and Employee Stores
§ 34Record and retention obligation
§ 34a Distinct Asset Retention
§ 34bFinancial Instruments Analysis
§ 34cDisplay duty
§ 34dUse of employees in investment advice, as a sales representative, or As Compliance Officer
§ 35Monitoring Reporting and Behavior Rules
§ 36Reporting and Code of Conduct Review
§ 36aCompany, organized markets and multilateral trading systems based in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area
§ 36b Advertising of the investment service providers
§ 36cHonorary Investment Advisor Register
§ 36dhonorary investment advice labels
§ 37 Exceptions
§ 37a(omitted)
Section 7
Liability for false and forged capital market information
§ 37bDamage due to failure to publish insider information without delay
§ 37c Damage due to publication of untrue insider information
Section 8
Financial Schedule Stores
§ 37d(omitted)
§ 37eExclusion of the effort according to § 762 of the Civil Code
§ 37f (omitted)
§ 37gForbidden Financial Futs
Section 9
Arbitration Agreements
§ 37h Arbitration Agreements
Section 10
Markets in financial instruments with headquarters outside the European Union
§ 37iPermission
§ 37jPermission to be refused
§ 37kUnpermission
§ 37lUntersagung
§ 37m(omitted)
Section 11
Monitoring of business degrees, publication from financial reports
Subsection 1
Monitoring company accounts
§ 37nAudit of company degrees and -report
§ 37oOrder of an audit of the accounts and investigative powers of the Federal Institute
§ 37pPowers of the Federal Institute in the case of recognition of a test site
§ 37qResult The examination of the Federal Institute or the Examination Office
§ 37rCommunications to other bodies
§ 37sInternational Cooperation
§ 37tAppeal procedure
§ 37ucomplaint
  Subsection 2
Publication and submission of financial reports to the business register
§ 37v Annual Financial Report
§ 37wHalf-yearly financial report
§ 37x Intermediate management
§ 37yConsolidated Financial Statements
§ 37zExceptions
Section 12
Strait and BußMoney rules
§ 38Penal rules
§ 39Bußmonetary rules
§ 40Managing authority responsible
§ 40aBundesanstalt involvement and communications in criminal matters
§ 40b Notice of measures
Section 13
Transitional provisions
§ 41Initial notification and publication obligations
§ 41aTransitional regulation for the notification and publication obligations for the home state election
§ 42 Transitional system for the reimbursement of expenses according to § 11
§ 42aTransitional system for the prohibition of uncovered short selling in shares and certain debt securities in accordance with § 30h
§ 42bTransitional regulation for the notification and publication obligations for holders of Net short selling positions according to § 30i
§ 42cTransitional arrangements for the prohibition of credit derivatives according to § 30j
§ 42dTransitional system for the use of employees according to § 34d
§ 42e Transition regulation for essential investor information
§ 43Transitional system for the limitation of the limitation of claims pursuant to § 37a
§ 44Transitional arrangements for foreign organized markets
§ 45 Application specification for Section 11
§ 46Application specification for the Transparency alignment law enforcement act
§ 47Application determination for § 34
§ 48 Transitional rules to the EMIR Execution

Section 1
Scope, definitions

Non-Official Table of Contents

§ 1 Scope

(1) This law shall apply to the provision of investment services and securities ancillary services, exchange and off-exchange trading in financial instruments, the marketing, distribution and sale of financial instruments and structured deposits, the conclusion of financial futsal transactions, Financial analysis as well as changes in the voting rights of shareholders in listed companies.(2) The provisions of the third and fourth sections, as well as § § 34b and 34c, shall also apply to acts and omissions carried out abroad, provided that they concern financial instruments traded on a domestic exchange. .(3) The provisions of the third and fourth sections, as well as sections 34b and 34c, shall not apply to transactions relating to monetary or monetary policy reasons or to public debt management by the European Central Bank, to which: the Federal Government, one of its special assets, a country, the Deutsche Bundesbank, a foreign country or its central bank, or any other organization responsible for such operations, or persons acting on behalf of the latter, are made. Non-official table of contents

§ 2 Definitions

(1) Securities within the meaning of this Act, even if no documents are issued on them. , all genera of transferable securities, with the exception of payment instruments, which are tradable in their manner on the financial markets, in particular
1.
Shares,
2.
Other shares in domestic or foreign legal entities, partnerships, and other companies, in so far as they are similar to shares, and certificates representing shares,
3.
Debt,
a)
in particular gift certificates and bearer bonds, and order bonds, as well as Certificates representing debt securities,
(b)
other securities entitling or credited to the acquisition or sale of securities under points 1 and 2 of this Article Cash payment determined as a function of securities, currencies, interest rates or other income, goods, indices or measures of measurement
(1a) Money market instruments within the meaning of this Act are all genera of Claims which are not covered by paragraph 1 and which are normally traded on the money market, with the exception of payment instruments.(2) Derivatives within the meaning of this Act are
1.
as a purchase, exchange or otherwise. Fixed transactions or warrants which are to be fulfilled in a delayed manner and whose value is derived directly or indirectly from the price or measure of a basic value (forward transactions) with respect to the following basic values:
a)
securities or money market instruments,
b)
Forex or Invoice Units,
c)
Interest rates or other returns,
d)
Indices of the basic values of letters a, b or c, other financial indices, or financial metrics, or
e)
Derivate;
2.
Commodities, Cargo sets, Emission Permissions, Climate- or other physical variables, inflation rates or other economic variables or other assets, indices or measured values as basic values, provided that they are
a)
to be met by cash compensation or to give a party the right to a cash balance without this right being justified by default or other termination event,
b)
on an organized market or in a multilateral trading system, or
c)
in accordance with the provisions of Article 38 (1) of Commission Regulation (EC) No 1287/2006 of 10 June 2006. August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council on recording obligations for investment firms, the reporting of transactions, market transparency, the admission of financial instruments to trading and certain terms within the meaning of this Directive (OJ L 327, 22. EU No 1) Characteristics of other derivatives and intended for non-commercial purposes and which do not satisfy the requirements of Article 38 (4) of this Regulation,
and provided that they do not constitute a bargain within the meaning of Article 38 (2). Regulation (EC) No 1287/2006;
3.
financial differential transactions;
4.
as a purchase, Exchange or other warranted transactions or warrants which are to be fulfilled in a delayed manner and are used for the transfer of credit risks (credit derivatives);
5.
futures with reference to the basic values referred to in Article 39 of Regulation (EC) No 1287/2006, provided that they satisfy the conditions set out in point 2.
(2a) (omitted) (2b) Financial instruments within the meaning of this Act are securities within the meaning of paragraph 1, shares in investment assets within the meaning of Article 1 (1) of the Capital Investment Code, money market instruments within the meaning of paragraph 1a, and derivatives referred to in paragraph 2, Rights to subscription of securities and asset investments within the meaning of Section 1 (2) of the German Capital Investment Act, with the exception of shares in a cooperative within the meaning of § 1 of the Cooperative Act and name bonds issued by an agreed fixed term, a fixed, fixed positive interest rate at which the invested capital, without taking into account interest, is returned to the full nominal value at the time of maturity , and shall be issued by a CRR credit institution within the meaning of Article 1 (3d), first sentence, of the Banking Act, which has been granted a permit pursuant to Article 32 (1) of the Banking Act, if the capital paid on it is in the case of the Insolvency proceedings on the assets of the institution or the liquidation of the institution shall not be repaid after the satisfaction of all non-subordinated creditors.(2c) Goods within the meaning of this Act are fungible economic goods which can be delivered, including metals, ores and alloys, agricultural products and energy such as electricity.(3) Investment services within the meaning of this Act are
1.
the acquisition or sale of Financial instruments in their own name for foreign invoice (financial commission business),
2.
the
a)
Continuous offering of purchase or sale of financial instruments in an organized market or in a multilateral trading system at self-made prices,
b)
frequent organized and systematic operation of trading on own account outside of a organized market or a multilateral trading system by offering a system accessible to third parties in order to do business with them,
c)
Ancreation or diversion of financial instruments for your own account as a service to others or
d)
Buy or sell financial instruments for your own account as a direct or indirect participant in a domestic organized market or a multilateral trading system by means of a high frequency algorithmic trading technique, which is characterized by the use of infrastructures aimed at minimizing latency, by the decision of the system to initiate, the generation, the Forwarding or carrying out a contract without human intervention for individual transactions or orders and by a high under-day division in the form of orders, quotes or cancellations, even without service to others (proprietary trading)
3.
the purchase or disposal of financial instruments in foreign name for foreign invoice (final placement),
4.
brokerage deals on the purchase and sale of financial instruments (investment mediation),
5.
the acquisition of financial instruments at their own risk of placing or taking equivalent guarantees (emissions trading),
6.
the placement of financial instruments without a fixed takeover obligation (placement business),
7.
the Management of individual or several assets invested in financial instruments for others with a margin of discretion (financial portfolio management),
8.
the operation of a multilateral system, which brings together the interests of a large number of persons in the purchase and sale of financial instruments within the system and in accordance with established provisions in a manner which would result in a contract for the purchase of such instruments; Financial Instruments (operation of a multilateral trading system),
9.
The submission of personal recommendations to clients or their representatives who are on business with certain financial instruments, provided that the recommendation is based on an examination of the investor's personal circumstances or is presented as appropriate for him and not exclusively through channels of information distribution or for the purposes of The
and disposal of financial instruments for own account, which does not constitute a service to others within the meaning of the first sentence of sentence 1, shall also be disclosed to the public (investment advice. (own business). As regards Articles 9, 31 to 34 and 34b to 36b of this Act as well as Articles 7 and 8 of Regulation (EC) No 1287/2006, the financial portfolio management is the same as the investment management in accordance with Article 1 (1a) sentence 2 no. 11 of the German law. Credit law.(3a) Investment ancillary services within the meaning of this Act are
1.
the safekeeping and administration of financial instruments for other and related services (depository business),
2.
the granting of loans or loans to others for the implementation of investment services, provided that the undertaking granting the loan or the loan is involved in those transactions
3.
the advice of undertakings on the capital structure, industrial strategy, and advice and provision of services in the case of acquisitions and mergers,
4.
Forex stores related to investment services,
5.
Dissemination or disclosure of financial analyses or other information on financial instruments or their issuers, which directly or indirectly contain recommendations for a particular investment decision
6.
Services that are related to the emissions business
7.
Services that are shall relate to a basic value within the meaning of paragraph 2 (2) or (5) and relate to investment services or ancillary securities services.
(4) Investment services undertakings within the meaning of this Act are: credit institutions, financial services institutions and undertakings operating pursuant to Article 53 (1), first sentence, of the Banking Act which provide investment services on their own or together with ancillary investment services on a commercial or a scale basis; which requires a commercial operation in a commercial manner.(5) Organized market within the meaning of this Act is a domestic, or managed by the State, in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area Entities authorised, regulated and supervised multilateral system which shall be responsible for the interests of a large number of persons in the purchase and sale of financial instruments admitted to trading there, within the system and in accordance with the provisions laid down in in a way that leads to a contract for the purchase of these financial instruments.(6) Issuers, for which the Federal Republic of Germany is the country of origin, are
1.
Issuers of Debt instruments with a denomination of less than 1 000 euro or the equivalent in a different currency or shares,
a)
who have their registered office in Germany and whose securities are traded on an organized market in Germany or in another Member State of the European Union or another State party to the Agreement on the European Economic Area, or
b)
which have their registered office in a State that does not have a Member State of the European Economic Area or a Member State of the European Economic Area. The Union is still a State Party to the Agreement on the European Economic Area (third country) and whose securities are traded on an organised domestic market or in another Member State of the European Union or another Member State of the European Union or another Member State of the European Union or another Member State The Contracting State of the Agreement on the European Economic Area shall be admitted if they have chosen the Federal Republic of Germany as the State of origin in accordance with Section 2b (1a); no country of origin has been elected, the issuers of which shall be the securities admitted to trading in an organised domestic market should be treated as if they had chosen the Federal Republic of Germany as the country of origin until they have chosen to make an election
2.
Issuers who do not issue financial instruments within the meaning of point 1 if they are domiciled in the home country or in a third country, and where they have financial instruments for trading on a shall be held in a domestic market, but not in another Member State of the European Union or in a State Party to the Agreement on the European Economic Area,
3.
issuers that do not issue financial instruments in the sense of number 1 and do not fall under number 2,
a)
if they are domiciled in the country and their financial instruments are traded on an organized market, either or exclusively in one or more other Member States of the European Union, or in one or more other Contracting States to the Agreement on the European Economic Area, or
b)
if it is established in in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area, and its financial instruments for trading in an organised market either or exclusively in the territory of the country Or
c)
if they have their registered office in a third country and their financial instruments are trading in an organised domestic market and in one or more of the following countries: other Member States of the European Union or in one or more other States Parties to the Agreement on the European Economic Area
the Federal Republic of Germany, in accordance with the provisions of 2b (1) as a country of origin. The Federal Republic of Germany shall be the State of origin for issuers who fall under (a) but have no choice of country of origin; issuers who fall under (c) but have no choice and whose securities are are admitted to trading on an organized market domestily, until they have made an election, they must be treated as if they had chosen the Federal Republic of Germany as the country of origin.(7) Domestic issuers are
1.
Issuers for which the Federal Republic of Germany is the home country, with the exception of such issuers whose securities are not admitted to the territory of the European Union but only in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area, to the extent that they: in this other State, publication and notification obligations under the conditions laid down in Directive 2004 /109/EC of the European Parliament and of the Council of 15 June 2004, 1 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001 /34/EC (OJ L 197, 21.7.2001, p. EU No 38), and
2.
issuers, for which not the Federal Republic of Germany, but another Member State of the European Union, or another Member State, are subject to The State Party of the Agreement on the European Economic Area is the State of origin, but whose securities are admitted to trading on an organised market only domestiy.
(8) The Member State of origin for the purposes of this Act is
1.
for an investment service provider the Member State in which its principal place of business ,
2.
for an organised market of the Member State in which the organised market is registered or authorised, or, if it is in accordance with the law of the Member State shall be the Member State in which the principal establishment of the organised market is situated.
(9) The host Member State shall be the host Member State within the meaning of this Act: style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
for an investment service provider, the Member State in which it is a branch
i)
2.
for an organised market of the Member State in which it shall take appropriate steps to ensure that the market is organised in accordance with the rules of the in order to facilitate access to trade through its system in that Member State.
(10) For the purposes of this Act, Systematic Internalisers shall be a company which shall, in accordance with the provisions of Article 21 of the Regulation (EC) No 1287/2006 often operates on a regular basis and in an organised and systematic way on own-trade outside of organised markets and multilateral trading systems.(11) A structured deposit is a deposit within the meaning of Section 1 (1), second sentence, point 1 of the Banking Act, which is to be repaid in full at maturity, with the payment of interest or a premium, the interest rate risk or the payment of interest. Premium risk resulting from a formula that depends in particular on
1.
an index or an index combination,
2.
a financial instrument or combination of financial instruments,
3.
a commodity or a combination of financial instruments Combination of goods or other physical or non-physical non-transferable assets, or
4.
an exchange rate or a combination of Exchange rates.
No structured deposits represent variable interest deposits, the proceeds of which are directly linked to a zinc index, in particular the Euribor or the Libor.

Footnote

(+ + + § 2: For application see Section 17 (2) (F 2014-12-10) + + +) Non-official table of contents

§ 2a Exceptions

(1) As an investment service provider, do not apply
1.
Companies that use investment services within the meaning of Section 2 (3) sentence 1 only for their The parent undertaking or its subsidiaries or sister undertakings within the meaning of Article 4 (1) (15) and (16) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013. June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 327, 22.9.2012, p. 1) and Section 1 (7) of the Banking Act,
2.
Companies whose investment service is reserved for others exclusively in the Management of a system of employee participations in the company's own or associated companies,
3.
Companies that only Providing investment services both in number 1 and in point 2,
4.
private and public insurance undertakings,
5.
the public debt management of the federal government, one of its special assets, a country, another Member State of the European Union, or another State Party of the Agreement on the European Economic Area, the Deutsche Bundesbank and other members of the European System of Central Banks, as well as the central banks of the other Contracting States,
6.
Members of the liberal professions who provide investment services only occasionally as part of a term of office as freelancers, and a professional chamber in the form of Members of public law whose professional right does not exclude the provision of investment services,
7.
Companies which are considered to be Investment service for other exclusively investment advice and investment mediation between clients and
a)
Institutes within the meaning of the Banking Act,
b)
Institutes or financial companies based in a other State of the European Economic Area which fulfil the conditions laid down in Article 53b (1), first sentence, or (7) of the Banking Act,
c)
Companies that are on the basis of a legal regulation according to § 53c of the Banking Act,
d)
Capital management companies, externally managed Investment companies, EU management companies or foreign AIF management companies or
e)
offerers or issuers of assets in the sense of the § 1 (2) of the Assets Act
that such investment services are based on shares or shares of domestic investment assets issued by a capital management company, which have a permit in accordance with § 7 or § 97 (1) of the investment law in the up to the 21. The first sentence of Section 345 (2) sentence 1, paragraph 3, second sentence, in conjunction with the first sentence of the first sentence of paragraph 2, or the first sentence of paragraph 4, of the capital investment code, or a permit pursuant to § § 20, 21, shall be valid in force in the period of July 2013. or pursuant to § § 20, 22 of the Capital Investment Code, or to shares or shares in EU investment assets or foreign AIF which may be sold under the Capital Investment Code, or to assets under the terms of Section 1 (2) of the The Company does not have the power to obtain ownership or ownership of funds or shares of customers in the provision of such financial services unless the Company applies for and receives the ownership or ownership of such financial services. a corresponding permit pursuant to Section 32 (1) of the Banking Act; shares or shares in hedge funds within the meaning of Section 283 of the Capital Investment Code shall not be considered as shares in investment assets within the meaning of this provision,
8.
Companies whose investment service is exclusively in the provision of one or more of the following services:
a)
domestic, domestic, or domestic, domestic, or in multilateral trading systems Derivatives are traded (derivatives markets), and in cash markets only to hedge these positions,
b)
proprietary trading within the meaning of § 2 (3) sentence 1, point 2 (a) to c, financial commission business or final placement in derivative markets only for other members of these markets,
c)
Price status as market maker within the meaning of § 23 (4) in the context of own-trade within the meaning of Article 2 (3), first sentence, point (2) (a), for other members of such derivative markets,
provided that the contracts which those undertakings have in these markets or in those trading systems concluding, clearing members of the same markets or trading systems,
9.
Companies that operate on their own in financial instruments, or investment services within the meaning of Article 2 (3) (1) (1), (2) (a) to (c) or (3) to (9) in relation to derivatives within the meaning of Article 2 (2) (2) and (5), provided that
a)
they are not part of a group of companies whose main activity is the provision of Investment services within the meaning of Article 2 (3), first sentence, point 1, point 2 (a) to (c) or (3) to (9), or banking transactions within the meaning of Section 1 (1), second sentence, No. 1, 2, 8 or 11 of the Banking Act,
b)
these investment services at group level are of secondary importance in relation to the main activity and
c)
the investment services within the meaning of § 2 (3), first sentence, point 1, point 2 (a) to (c) or (3) to (9) with regard to derivatives within the meaning of section 2 (2) (2) and (5) only for Customers of their main activity are provided in a factual context with business activities of the main
,
10.
Companies that are the only ones securities service, if they do not operate
a)
in an organised market or In a multilateral trading system, continuously offer the purchase or sale of financial instruments by way of own-trade at self-made prices or
b)
in organised and systematically traded on their own account outside an organised market or a multilateral trading system, by offering a system accessible to third parties in order to deal with them
11.
Companies providing investment services only as part of a different professional activity, without the investment advice should be remunerated separately,
12.
Company, insofar as it is the principal activity of self-dealings and proprietary trading within the meaning of Article 2 (3), first sentence, number 1 2 (a) to (c) with goods or derivatives within the meaning of Article 2 (1) (2) in respect of goods, provided that they do not belong to a group of undertakings whose principal activity is the provision of investment services or the operation of Banking transactions within the meaning of Section 1, Section 1, Sentence 2, No. 1, 2, 8 or 11 of the Banking Act,
13.
Stock exchange carriers or operators of organized markets, which, in addition to the The operation of a multilateral trading system does not provide any other investment services within the meaning of Article 2 (3), first sentence, and
14.
Companies that do not Placement business exclusively for providers or for issuers of investment assets within the meaning of Section 1 (2) of the Property Law.
(2) A company that is a tied agent within the meaning of § 2 para. 10 Article 1 of the Banking Act as an investment service only provides the provision of investment, the placing of financial instruments without a firm takeover obligation or investment advice, does not apply as an investment service company. Its activity shall be attributed to the institution or company for whose account and under its liability it shall carry out its activities.(3) (omitted)

footnote

(+ + + § 2a: For application see § 17 (2) (F 2014-12-10) + + +) Non-official table of contents

§ 2b Election of the

(1) An issuer within the meaning of section 2 (6) (3) (a) to (c) may choose the Federal Republic of Germany as a State of origin if it has not chosen another State as the State of origin within the last three years. The election shall be valid for at least three years, unless the financial instruments of the issuer are not in an organised market in a Member State of the European Union or in another State Party to the Agreement on the European Union. Economic area more admitted to trading. The issuer must publish the election and submit it without delay to the business register pursuant to § 8b of the Commercial Code for storage; at the same time, the issuer must communicate it to the Federal Institute with the publication. The publication shall take effect.(1a) For an issuer within the meaning of Article 2 (6) (1) (b), the Federal Republic of Germany may be elected as the State of origin in accordance with Section 2 (13) (c) of the Securities Prospectus Act, if not already on the basis of an earlier Decision of the issuer has been determined by another State as a country of origin. The issuer must publish the election and submit it without delay to the business register pursuant to § 8b of the Commercial Code for storage; at the same time, the issuer must communicate it to the Federal Institute with the publication. The publication shall take effect.(2) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, make more detailed provisions for the publication of the election of the State of origin pursuant to paragraph 1 or paragraph 1a.

Section 2
Bundesanstalt für Finanzdienstleistungsaufsicht

Non-official table of contents

§ 3

(omitted) unofficial table of contents

§ 4 Tasks and powers

(1) The Federal Financial Supervisory Authority (Bundesanstalt) exercises the supervision in accordance with the provisions of this law. It shall, within the framework of the tasks assigned to it, counteract instances of maladministration affecting the orderly conduct of trading in financial instruments or of investment services or ancillary securities services; or have significant disadvantages for the financial market. It may take orders which are appropriate and necessary to eliminate or prevent such maladministration.(2) The Federal Institute shall monitor compliance with the prohibitions and bids of this law and may take orders which are appropriate and necessary for their enforcement. It may temporarily prohibit trade in individual or several financial instruments or order the suspension of trading in individual or several financial instruments in markets in which financial instruments are traded, in so far as this is the case. Enforcement of the prohibitions and bids of this law, or for the elimination or prevention of maladministration, as referred to in paragraph 1.(3) The Bundesanstalt may request information from any person, the submission of documents and the transfer of copies, as well as the loading and hearing of persons, insofar as this is due to evidence of monitoring compliance with a ban or It is necessary to do this. It may, in particular, require the indication of changes in financial instruments as well as information on the identity of other persons, in particular the contracting entities and persons entitled to or who are entitled to do so. Legal information on information or information, as well as legal confidentiality obligations shall remain unaffected.(3a) The Bundesanstalt may at any time inform about its algorithmic trading and the systems used for such trading by an investment service undertaking which operates algorithmic trading within the meaning of Article 33 (1a) sentence 1. , to the extent that this is necessary on the basis of evidence for monitoring compliance with a prohibition or bid of this law. The Bundesanstalt may, in particular, describe the algorithmic trading strategies, the details of the trading parameters or the trade limits to which the system is subject, the most important procedures for the review of the risks and Demand compliance with § 33 as well as the details of its system verification.(4) During normal working hours, staff of the Federal Institute and the persons appointed by it, to the extent necessary for the performance of their duties, shall enter the land and premises of the persons referred to in paragraph 3. shall allow persons responsible for the information to provide information. Entering outside of this period or when the premises are located in an apartment shall be admissible without consent only and to the extent to be tolerated in so far as to prevent urgent threats to public security and public order , and where the person responsible for providing information is required to provide evidence of a breach of a prohibition or requirement of that law. The fundamental right of Article 13 of the Basic Law is limited to this extent.(5) The Federal Office shall immediately notify the competent public prosecutor's office of facts which justify the suspicion of a criminal offence pursuant to section 38. It may transmit the personal data of the persons concerned, against which the suspicion is directed or which may be considered as witnesses, to the Public Prosecutor's Office, insofar as this is necessary for the purpose of prosecution. The Public Prosecutor's Office decides on the taking of the necessary investigative measures, in particular through searches, in accordance with the provisions of the Code of Criminal Procedure. The powers of the Bundesanstalt pursuant to paragraphs 2 to 4 shall remain unaffected, insofar as this is necessary for the taking of administrative measures or for the performance of requests from foreign bodies pursuant to § 7 para. 2, para. 2b sentence 1 or para. 7 and in so far as the investigation into the investigation of the investigation of the law enforcement authorities or of the courts responsible for criminal matters is not to be provided.(6) The Federal Institute may make a publication or notification, provided for by the provisions of this Act, at the expense of the person liable for the publication, if the obligation to publish or notify is not, not correct, not complete or not in of the prescribed manner.(7) The opposition and the action taken against action taken pursuant to paragraphs 1 to 4 and 6 shall not have suspensive effect.(8) The addressees of measures pursuant to paragraphs 2 to 4, which are carried out by the Federal Institute for a possible breach of a prohibition in accordance with § 14 or § 20a, may be used by persons other than public authorities and those who are responsible for the reasons for their failure to act on the grounds of their own are subject to a statutory duty of confidentiality, do not inform them of these measures or of any investigation proceedings which have been initiated thereupon.(9) The person responsible for providing information may refuse to provide information on such matters, the answer to which he or she himself or one of the members of the civil procedure referred to in Article 383 (1) (1) to (3) of the Risk of Criminal Law It would suspend prosecution or proceedings in accordance with the Code of Administrative Offences. The obligated person shall be informed of his right to refuse the information and shall point out that he is free under the law, at any time, even before his questioning, to question a defence counsel to be elected by him.(10) The Bundesanstalt may only store, modify and use personal data which it has communicated to it for the purpose of carrying out its supervisory tasks and for the purposes of international cooperation in accordance with § 7 of this Regulation.(11) In order to carry out its duties, the Bundesanstalt may also use auditors or experts in investigations or verifications.

Footnote

(+ + + § 4: For application see § 17 paragraph 2 (F 2014-12-10) + + +) Non-official table of contents

§ 4a Powers to secure the financial system

(1) The Federal Office may consult with the Deutsche Bundesbank Arrangements which are appropriate and necessary to eliminate or prevent maladministration, which may be detrimental to the stability of the financial markets, or which may undermine confidence in the functioning of the financial markets. In particular, the Federal Institute may temporarily:
1.
trade with single or multiple Prohibit financial instruments, in particular
a)
(omitted)
b)
A ban on the acquisition of rights from currency derivatives within the meaning of Article 2 (2) (1) (b), (d) or (e), the value of which is directly or indirectly from the exchange price of the As far as it is to be expected that the market value of these rights will increase in the event of a decline in the euro, and the acquisition of rights will not serve to hedge own existing or expected currency risks, the prohibition also being applied to the commercial entry can be extended to such transactions,
2.
the suspension of trading in individual or multiple financial instruments Markets where financial instruments are traded.
(2) The Bundesanstalt may order that persons who do business in financial instruments publish their positions in these financial instruments and at the same time the Federal Agency must notify. The Bundesanstalt may make public announcements on its website after sentence 1.(3) § 4 (3), (4), (6), (9) and (10) shall apply accordingly.(4) The measures referred to in paragraphs 1 to 3 shall be limited to a maximum of twelve months. An extension beyond this period of up to twelve more months shall be permitted. In this case, the Federal Ministry of Finance shall submit a report to the German Bundestag within a month after the renewal has been completed. The opposition and the action taken against action taken pursuant to paragraphs 1 to 3 shall not have suspensive effect. Non-official table of contents

§ 4b Product intervention

(1) The Federal Institute can take the following measures:
1.
Prohibition or restriction of the marketing, distribution or sale of
a)
Financial instruments or structured deposits,
b)
Financial instruments or structured deposits with certain characteristics
2.
Prohibition or restriction of a particular type of financial activity or financial practice.
(2) A measure referred to in paragraph 1 may be taken if
1.
facts justify the assumption that
a)
is a financial instrument, a structured deposit, or a Action or practice raises serious concerns for investor protection or a threat to the proper functioning and integrity of financial or commodity markets, or to the stability of the whole financial system or any of its parts within at least one EU Member State, or
b)
a derivative negative impact on the pricing mechanism in the underlying markets
2.
can be countered by a ban or a restriction on sales or sales as referred to in paragraph 1, and
3.
the measure taking into account the risks identified, the level of knowledge of the investors or market participants concerned and the likely impact of the measure
() The Bundesanstalt may already prohibit or limit the restriction referred to in paragraph 1 before the start of the marketing, distribution or sale of a financial instrument or a structured financial instrument. Insert the deposit. The Federal Institute may impose or impose restrictions on the prohibition or restriction on conditions.(4) The Bundesanstalt makes the decision to issue a prohibition or restriction in accordance with paragraph 1 on its website and communicates it to the issuer. The notice and notice must be included:
1.
the details of the ban or restriction,
2.
the time when the measure enters into force, and
3.
the facts on the basis of which the The Federal Institute assumes that the conditions set out in paragraph 2 are fulfilled.
The prohibition or restriction may only refer to the period after the notice.(5) The Bundesanstalt shall abolic a prohibition or restriction as soon as the conditions set out in paragraph 2 are no longer fulfilled. Non-official table of contents

§ 5 Securities Council

(1) A securities council is formed at the Federal Institute. It is made up of representatives of the countries. Membership is not personal. Each country shall send a representative. Representatives of the Federal Ministries of Finance, Justice and Economics and Technology as well as the Deutsche Bundesbank can attend the meetings. The Securities Council may consult experts, in particular in the field of stock exchanges, market participants, business and academia. The Securities Council shall adopt its rules of procedure.(2) The Securities Council shall act in the supervision of the Supervisory Board. He advises the Federal Institute, in particular
1.
in the adoption of legal regulations and the establishment of Guidelines for the supervisory activities of the Federal Institute,
2.
with regard to the impact of supervisory issues on stock exchange and market structures, as well as the competition in the Trading in financial instruments,
3.
in the delimitation of responsibilities between the Federal Institute and the Exchange Supervisory Authorities, as well as on matters relating to Cooperation.
The Securities Council can bring forward proposals for the general development of supervisory practice at the Federal Institute. The Federal Office shall report to the Securities Council at least once a year on supervisory activities, on the further development of supervisory practice and on international cooperation.(3) The securities council shall be convened at least once a year by the President of the Bundesanstalt. It shall also be convened at the request of one third of its members. Each member shall have the right to submit proposals for advice. Non-official table of contents

§ 6 Cooperation with other authorities domestically

(1) The Exchange Supervisory Authorities will be responsible for the organ loan for the Federal Institute for the implementation of urgent measures in the context of the monitoring of the prohibitions of insider trading pursuant to § 14 and the prohibition of market manipulation according to § 20a on the exchanges under its supervision. The details of an administrative agreement between the Federal Government and the listed companies are regulated.(2) The Bundesanstalt, the Deutsche Bundesbank as part of its activities in accordance with the Banking Act, the Bundeskartellamt, the Exchange Supervisory Authorities, the Trade Surveillance Authorities, as part of their activities in accordance with the provisions of the German Federal Financial Supervisory Authority (Bundeskartellamt). The Federal Network Agency and the national cartel authorities, as well as the authorities responsible for the supervision of insurance intermediaries and the companies within the meaning of Article 2a (1) (7), have observations and to communicate findings, including personal data, which are necessary for the performance of their duties.(3) In order to carry out its duties, the Federal Institute shall be entitled to do so pursuant to § 2 (10), § 2c, 24 (1), No. 1, 2, 5, 7 and 10 and (3), § 25b (1) to (3), § 32 (1) sentence 1 and 2 Nos. 2 and 6 (a) and (b) of the German Banking Act (Kreditwesengesetz). Bundesbank to retrieve stored data in automated procedures. For the purpose of data protection control, the Deutsche Bundesbank has the time to log the information that allows the detection of the data records called up and the person responsible for the retrieval. The logged data may only be used for the purposes of data protection control, data protection, or to ensure the proper operation of the data processing system. The historical data must be deleted at the end of the calendar year following storage.(4) Public authorities shall act in an appropriate and transparent way in the publication of statistics which are likely to have a significant impact on the financial markets. In particular, it must be ensured that no information projections of third parties can be generated in this case.

Footnote

(+ + + § 6 para. 2: For the application, see § 17 paragraph 2 (F 2014-12-10) + + +) Non-official table of contents

§ 7 Cooperation with competent bodies abroad

(1) The Federal Institute is responsible for cooperation with the responsible authorities for the monitoring of behaviour and behaviour. Organisational obligations of undertakings providing investment services, financial instruments and markets in which financial instruments or goods are traded, the competent authorities of the European Union and the other Member States of the European Union and the other States Parties to the Agreement on the European Economic Area. Within the framework of its cooperation, the Federal Institute may, for the purpose of monitoring compliance with the prohibitions and bids of this Act and the prohibitions and bids of the States referred to in the first sentence, which comply with the provisions of this Act or the Stock Exchange Act , shall make use of all the powers conferred upon it under this Law, in so far as it is appropriate and necessary to comply with the requests of the bodies referred to in the first sentence. In response to a request from the bodies referred to in the first sentence, it may order the trade under Article 4 (2), second sentence, on a domestic market only if the interests of the investor or the orderly trading on the market in question are concerned. The market will not be significantly endangered. This is without prejudice to the provisions of the Stock Exchange Act concerning the cooperation of the trade monitoring offices with corresponding bodies or stock market management of other States.At the request of the competent authorities referred to in the first sentence of paragraph 1, the Bundesanstalt shall carry out investigations in accordance with Article 15 of Regulation (EC) No 1287/2006 and shall transmit without delay all information to the extent to which such information is available to: supervision of organised markets or other markets in financial instruments, of credit institutions, financial services institutions, capital management companies, externally managed investment companies, EU management companies, foreign AIF management companies, financial undertakings or insurance undertakings, or related administrative or judicial proceedings. When transmitting information, the Bundesanstalt has to inform the addressee that, without prejudice to its obligations under criminal proceedings, it shall only fulfil the information provided, including personal data. of supervisory tasks as set out in the first sentence and for related administrative and judicial procedures.(2a) The Bundesanstalt shall make appropriate arrangements for effective cooperation, in particular with regard to those Member States where the transactions of a domestic exchange are of fundamental importance for the functioning of the financial markets and have the protection of investors in accordance with the provisions of Article 16 of Regulation (EC) No 1287/2006, or where their organised markets have such importance in the domestic market.(2b) The Bundesanstalt may, upon request, allow staff of the competent authorities of other States to take part in the investigations carried out by the Federal Institute. After prior notification to the Bundesanstalt, the competent authorities within the meaning of the first sentence of paragraph 1 shall be empowered, either by themselves or through their agents, to the information required for monitoring compliance with the reporting requirements in accordance with § 9, the Conduct, organizational and transparency obligations pursuant to § § 31 to 34 or corresponding foreign regulations are required by a branch within the meaning of § 53b (1) sentence 1 of the Banking Act, in which the Branch office to be examined. Officials of the European Securities and Markets Authority may take part in investigations in accordance with the first sentence.(3) The Bundesanstalt may refuse to carry out an investigation, the transmission of information or the participation of other competent foreign bodies within the meaning of the first sentence of paragraph 1, if
1.
hereby the sovereignty, security, or public order of the Federal Republic of Germany or
2.
on the basis of the same facts against the persons concerned, a judicial procedure has already been initiated or a
Bundesanstalt does not comply with a request or makes use of its right in accordance with the first sentence, it shall inform the requesting body and the European Securities and Markets Authority without delay, and in the case of a refusal pursuant to sentence 1 (2), to provide detailed information on the judicial procedure or the indisputable decision.(4) The Bundesanstalt shall request the competent authorities referred to in paragraph 1, in accordance with Article 15 of Regulation (EC) No 1287/2006, for the conduct of investigations and the transmission of information necessary for the performance of their tasks. are appropriate and necessary in accordance with the provisions of this Act. It may ask the competent authorities to allow staff from the Federal Institute to take part in the investigations. With the consent of the competent authorities, the Federal Institute may carry out investigations abroad and commission auditors or experts for this purpose; in the case of a branch of a domestic branch, the Federal Institute of Economics and Business Administration shall carry out investigations abroad. An investment service provider in a host Member State by the Bundesanstalt shall be required to provide prior information to the competent authority abroad. If the Bundesanstalt meets undertakings with head offices abroad which are members of domestic organised markets, it shall inform the authorities responsible for the supervision of such undertakings. Where information is provided to the Federal Institute by a body of another State, it may, without prejudice to its obligations in criminal matters, inform the Federal Institute of any infringement of prohibitions under the provisions of this Act relating to: Subject to the implementation of the monitoring tasks referred to in the first sentence of paragraph 2 and the related administrative and judicial procedures. The Bundesanstalt may communicate this information to the bodies referred to in Article 6 (2), having regard to the intended purpose of the notified body, insofar as this is necessary for the performance of its tasks. Any other use of the information shall be permitted only with the consent of the notified body. Except in the case of information relating to insider trading or market manipulation, this consent may be waived in duly justified exceptional cases, provided that such consent is immediately communicated to the issuing body, indicating the reasons for such consent. If a request by the Bundesanstalt pursuant to sentences 1 to 3 is not submitted within a reasonable period of time or if it is rejected without reasonable grounds, the Federal Agency may the European Securities and Markets Authority in accordance with the conditions laid down by the Article 19 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 June 2010. 1 November 2010 on the establishment of a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /77/EC (OJ L 327, 28.12.2009, p. 84), for assistance.(5) If the Bundesanstalt has sufficient evidence of a breach of prohibitions or bids under the provisions of this Act or in accordance with the applicable foreign provisions of the States referred to in the first sentence of paragraph 1, it shall notify the Evidence of the European Securities and Markets Authority and the competent authorities of the State in the territory of the European Securities and Markets Authority and the competent authorities referred to in the first sentence of paragraph 1, in the territory of which the act has been or has taken place, or in the territory of which the act of the offence is the financial instruments concerned are traded on an organised market or are responsible for the prosecution of the infringement under the law of the European Union. If the measures taken by the competent foreign authorities are insufficient or will continue to be in violation of the provisions of this law or against the corresponding foreign regulations, the Federal Agency shall take the following steps: prior information to the competent authorities, all measures necessary for the protection of investors, and shall inform the European Commission and the European Securities and Markets Authority. If the Bundesanstalt receives a corresponding notification from competent foreign bodies, it shall inform the competent foreign authorities and the European Securities and Markets Authority of the results of any investigations which have been initiated thereupon. The Bundesanstalt shall also inform
1.
the competent bodies in accordance with the first sentence and the European Value paper and market surveillance authority on orders for suspension, discontinuation or cessation of trade in accordance with § 4 paragraph 2 sentence 2 of this Act as well as § 3 paragraph 5 sentence 3 number 1 and § 25 paragraph 1 of the Stock Exchange Act as well as
2.
the competent authorities according to sentence 1 within one month of receipt of a notice pursuant to Section 19 (10) of the Stock Exchange Act of the intention of the management of a stock exchange, (
)
rules on international mutual legal assistance in criminal matters shall remain unaffected.(7) The Bundesanstalt may cooperate with the competent authorities of States other than those referred to in paragraph 1 in accordance with paragraphs 1 to 6 and conclude agreements on the exchange of information. The provisions of paragraph 4 (5) and (6) shall apply with the proviso that information transmitted by those bodies shall be used only in accordance with a specific purpose of the transmitting body and shall only be used with the express consent of the transmitting authority. The Deutsche Bundesbank or the Federal Cartel Office may be notified if this is necessary for the performance of its tasks. The fourth sentence of paragraph 4 shall not apply. § 4b of the Federal Data Protection Act applies to the transfer of personal data. The Federal Institute shall inform the European Securities and Markets Authority of the conclusion of agreements as set out in the first sentence.(8) The Federal Ministry of Finance may, for the purposes set out in paragraphs 2, 2a and 4, lay down detailed rules on the transmission of information to foreign bodies by means of a regulation which does not require the consent of the Federal Council, the conduct of investigations at the request of foreign bodies as well as requests from the Federal Institute for foreign bodies to be issued. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority by means of a regulation.

Footnote

(+ + + § 7 with the exception of paragraph 4 sentence 5 to 8: For application see Section 17 (2) (F 2014-12-10) + + +) Non-official table of contents

§ 7a Cooperation with the European Securities and Markets Authority

(1) The Federal Institute shall provide the The European Securities and Markets Authority, in accordance with Article 35 of Regulation (EU) No 1095/2010, shall, on request, immediately provide all the information necessary for the performance of its tasks.2. The Bundesanstalt shall annually send the European Securities and Markets Authority a summary of information on all administrative measures taken in the context of the surveillance referred to in sections 3, 4 and 6; and sanctions imposed.(3) The Federal Institute shall inform the European Securities and Markets Authority of the cancellation of a permit pursuant to Section 4 (4) of the Stock Exchange Act and the cancellation of a permit pursuant to Article 4 (5) of the Stock Exchange Act or after the Regulations of the administrative procedural laws of the Länder. Non-official table of contents

§ 7b Cooperation with the European Commission under the Energy Business Act

The Federal Institute the European Commission, on request, information on transactions in financial instruments, including personal data, which have been communicated to it in accordance with § 9, to the extent that the European Commission has been notified of its omission in accordance with Article 5a (1) of the Energy Economics Act could also be required directly by the companies subject to the obligation to participate and the European Commission needs this information in order to fulfil its tasks described in more detail in the Energy Economic Act. Non-official table of contents

§ 8 Obligation of Confidentiality

(1) The employees of the Federal Institute for Employment and Social Affairs (Bundesanstalt) and those pursuant to Section 4 (3) of the Persons responsible for financial services supervision shall be entitled to the facts which have become known to them in their activities and whose secrecy is in the interest of a pledge or a third party under this law, in particular business and Do not disclose or use any personal information, personal data, or personal data, even if it is no longer in service or has terminated its activities. This shall also apply to other persons who, by means of official reporting, are aware of the facts referred to in the first sentence. In particular, an unauthorized disclosure or use within the meaning of sentence 1 shall not be available if facts are passed on to
1.
law enforcement or courts responsible for criminal and penal matters,
2.
power law or in the public order, with the supervision of exchanges or other markets in which financial instruments are traded, trading in financial instruments or foreign exchange, credit institutions, financial services institutions, Capital management companies, externally managed investment companies, EU management companies or foreign AIF management companies, financial firms, insurance companies, insurance intermediaries, companies within the meaning of § 3.
3.
Central banks in their capacity as monetary authorities, as well as other public authorities, who are responsible for the are entrusted with the supervision of payment systems,
4.
with the liquidation or insolvency proceedings on the assets of an investment service undertaking; an organised market or the operator of an organised market,
5.
the European Central Bank, the European System of Central Banks, which European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the European Banking Authority, the Joint Committee of the European Communities, financial supervisory authorities, the European Systemic Risk Board, or the European Commission,
to the extent that these bodies require the information to carry out their tasks. Persons employed in the posts referred to in points 1 to 4 of the first sentence and persons appointed by these bodies shall be subject to the obligation of confidentiality in accordance with the first sentence of the first sentence. Where a body referred to in the first sentence of the third sentence of paragraph 1 is situated in another State, the facts may be disclosed only if the persons employed at that point and the persons appointed by that body are subject to the provisions of one of the first sentence of 1 are subject to a duty of confidentiality.(2) The provisions of § § 93, 97 and 105 (1), § 111 (5) in conjunction with Section 105 (1) and Section 116 (1) of the Tax Code shall not apply to the persons referred to in the first or second sentence of paragraph 1, insofar as they are active in the implementation of this Act. . They shall apply to the extent that the financial authorities require the knowledge necessary for the implementation of a procedure for a tax offence and related taxation procedures, in the pursuit of which there is a compelling public interest. , and not facts which have been communicated to the persons referred to in the first or second sentence of paragraph 1 by a body of another State within the meaning of the third sentence of paragraph 1, point 2, or persons appointed by that body,

Footnote

(+ + + § 8 with the exception of para. 1, sentences 3 to 5: For application, see § 17 paragraph 2 (F 2014-12-10) + + +) Non-official table of contents

§ 9 Reporting obligations

(1) Investment service providers and branches within the meaning of Section 53b of the Banking Act are obliged to provide the Federal Institute of any business in financial instruments which are responsible for trading in an organised market , or to be included in the regulated market or the free circulation of a domestic stock exchange, to be notified in accordance with paragraph 2 at the latest on the working day following the day of the closing of the business, which is not a Saturday. The obligation laid down in the first sentence shall also apply to the acquisition and sale of rights to the subscription of securities, provided that such securities are to be traded on an organised market or in free circulation, as well as for transactions in shares and shares, and Options in which an application for admission to trading in an organised market or in free circulation, or for inclusion in the regulated market or on the free movement of goods, is made public or has been publicly announced. The obligation under sentences 1 and 2 shall also apply to domestic central counterparties within the meaning of Section 1 (31) of the Banking Act with regard to the transactions they have concluded. The obligation laid down in sentences 1 and 2 shall also apply to undertakings established in a Member State which is not a Member State of the European Union or a State Party to the Agreement on the European Economic Area, and to a domestic Stock exchange is admitted to trading, with respect to the transactions in financial instruments concluded by them on this domestic stock exchange. The obligation laid down in sentences 1 and 2 shall also apply to undertakings having their registered office in another Member State of the European Union or another State Party to the Agreement on the European Economic Area and to a domestic Stock exchange is admitted to trading, but only in respect of the transactions in such financial instruments concluded by them on this domestic stock exchange, which are not admitted to trading in an organised market or regulated in the regulated market Market of a domestic stock exchange.(1a) The obligation laid down in paragraph 1 shall not apply to building societies within the meaning of Article 1 (1) of the Bausparkassengesetz (Bausparkassengesetz) and to undertakings within the meaning of Article 2 (4) of the Banking Act, unless they are to be used on a domestic exchange for participation in the trade, as well as housing companies with savings institutions. The obligation referred to in paragraph 1 shall also not apply to transactions in shares or shares in investment assets within the meaning of Article 1 (1) of the Capital Investment Code, which are subject to a company's obligation to take back the company.(2) The notification shall be transmitted to the Federal Institute by means of remote data transmission, unless the conditions laid down in Article 12 of Regulation (EC) No 1287/2006 are met, under which storage on a data carrier may be carried out. The notification shall contain, for each transaction, at least the information referred to in Article 13 (1), first sentence, in conjunction with Table 1 of Annex I to Regulation (EC) No 1287/2006, to the extent that the Bundesanstalt makes a statement with regard to that information, in accordance with the following: The second sentence of Article 13 (1) of Regulation (EC) No 1287/2006 has been submitted. The message must also include:
1.
Identification tag of the depot owner or the depository, provided that the depository is not obliged to report itself in accordance with paragraph 1,
2.
registration number for contracting entities, provided that it does not comply with the depository '
(3) The Bundesanstalt shall be the competent authority for the purposes of Articles 9 to 15 of Regulation (EC) No 1287/2006. It shall communicate communications pursuant to paragraph 1 within the time limit referred to in Article 14 (3) of Regulation (EC) No 1287/2006 to the competent authority of another Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area if, in that State, the principal market for liquidity purposes is the reported financial instrument within the meaning of Articles 9 and 10 of Regulation (EC) No 1287/2006 or a requirement for a competent authority in accordance with Article 14 (1) (c) of Regulation (EC) No 1287/2006. Sentence 2 shall apply mutagenically to the communications of a branch within the meaning of Section 53b (1) sentence 1 of the Banking Act to the Federal Office if the competent authority of the home Member State has not waived any transmission. A transmission in accordance with the second sentence, also in conjunction with the third sentence, shall be deemed to have been sent to the competent authority in the home Member State if it is sent to another body in agreement with that authority. The provisions of Article 14 (2) and (3) of Regulation (EC) No 1287/2006 shall apply to the content, form and time limit for the transfers referred to in sentences 2 to 4. For the non-automated cooperation of the Bundesanstalt with the competent authority of another Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area in the field of Notification systems pursuant to this provision or similar foreign provisions shall apply to Article 15 of Regulation (EC) No 1287/2006. In order to fulfil the obligations laid down in the second sentence, the Bundesanstalt shall draw up a list of the financial instruments in accordance with Article 11 of Regulation (EC) No 1287/2006 and may, subject to the conditions laid down therein, be able to draw up reference data from domestic exchanges. request. § 7 shall remain unaffected.(4) The Federal Ministry of Finance may, by means of a regulation which does not require the approval of the Federal Council,
1.
more detailed provisions on the content, type, scope and form of the communication and on the permitted volumes and transmission paths,
2.
in addition to the information referred to in paragraph 2, require additional information to the extent that this is due to the special characteristics of the financial instrument which is the subject of the communication, or special conditions on the trading venue where the transaction was carried out, and the additional information required for the performance of the supervisory tasks of the Bundesanstalt is required,
3.
allow the pledges to be made by the stock exchange or by a suitable third party at their expense, and set the details for this,
4.
for shops that have bonds to the object, allow information to be communicated in a summarized form, as referred to in paragraph 2,
5.
in savings banks and credit cooperatives, which are used to execute the business of a Girozentrale or a cooperative central bank or the Central Credit Institute, that the communications provided for in paragraph 1 shall be made by the Girozentrale or the Cooperative Central Bank or the Central Credit Institute, if and to the extent that the purpose pursued by the notice of notification does not
(5) The Federal Ministry of Finance may transfer the authorisation provided for in paragraph 4 by means of a regulation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). unofficial table of contents

§ 10 display of suspicity of suspicity

(1) investment service providers, other credit institutions, Capital management companies and operators of off-the-counter markets in which financial instruments are traded have, in the case of a statement of facts, which justify the suspicion that a deal on financial instruments against a ban or bid pursuant to § 14, § 20a of this Act, or Articles 12, 13 or 14 of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14. March 2012 on short selling and certain aspects of credit default swaps (OJ L 327, 28.3.2012, p. 1), to inform the Bundesanstalt immediately of its failure to notify it. They may not inform other persons, as state bodies and those who are subject to a statutory duty of confidentiality on the basis of their profession, from the advertisement or from any investigation which has been initiated thereupon.(2) The Bundesanstalt shall immediately forward the indications referred to in paragraph 1 to the competent supervisory authorities of those organised markets within the European Union or the European Economic Area, where the financial instruments are: Paragraph 1. The content of an ad referred to in paragraph 1 may only be used by the Federal Institute for the performance of its tasks. Moreover, it may only be used for the purpose of prosecuting criminal offences in accordance with § 38 and for criminal proceedings in respect of a criminal offence punishable by a maximum sentence of more than three years. The Bundesanstalt shall not make the identity of a person indicating the identity of a person referred to in paragraph 1 accessible to any other public authority. The law of the Bundesanstalt pursuant to § 40b shall remain unaffected.(3) Anyone who reimburse an ad in accordance with paragraph 1 shall not be held responsible for this ad, unless the advertisement has been intentionally or grossly negligently untrue.(4) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down detailed provisions on the form and content of an ad referred to in paragraph 1. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a regulation. Non-official table of contents

§ 11 Insolvency Administrator's obligation

(1) About the assets of a person under this Act shall become an act If an insolvency proceedings are initiated, the insolvency administrator shall assist the debtor in the performance of the obligations under this Act, in particular by providing the necessary funds from the insolvency mass.(2) If a provisional insolvency administrator is appointed before the opening of the insolvency proceedings, the insolvency administrator shall assist the debtor in the performance of his duties, in particular by agreeing to the use of the funds by the pledge or, if a general ban on disposal was imposed on the pledge, by providing the funds from the assets it manages.

Section 3
Insider Monitoring

Non-official Table of Contents

§ 12 Insiderpapers

Insider papers are financial instruments,
1.
which is admitted to trading on a domestic stock exchange or into the regulated market or in the
2.
in another Member State of the European Union or another Contracting State of the Agreement on the European Union Economic space for trading in an organised market is authorised or
3.
the price of which is directly or indirectly price of financial instruments as specified in point 1 or 2
The admission to trading in an organised market or inclusion in the regulated market or in the free movement shall be the same if the application for admission or inclusion is made or has been publicly announced. Unofficial table of contents

§ 13 Insider Information

(1) Insider information is a concrete piece of information about circumstances that are not known to the public, which relate to one or more issuers of insider securities or to insider securities themselves, and which are likely to have a significant influence on the market price of insider securities in the event of their public disclosure. Such suitability shall be given if a permanent investor would take the information into account in his investment decision. Circumstances within the meaning of the first sentence shall also apply to those in which it is likely that it is reasonable to assume that they will enter into the future. Insider information is, in particular, also information about circumstances that are not known to the public within the meaning of the sentence 1, which are
1.
referring to orders from other people about the purchase or sale of financial instruments or
2.
Derivatives according to § 2 para. 2 no. 2 relating to goods, and in which market participants would expect that they would receive this information in accordance with the permitted practice in the relevant markets.
(2) An evaluation that is created solely on the basis of publicly known circumstances, it is not insider information, even if it can significantly influence the course of insider documents. Non-official table of contents

§ 14 Prohibition of insider trading

(1) It is forbidden,
1.
using insider information Insiderpapiere for your own or foreign invoice, or for a acquire or sell others,
2.
to communicate insider information to another person or to make it available to another person,
3.
to recommend to another on the basis of insider information the purchase or disposal of insider papers, or otherwise to do so in other ways
(2) The trade in treasury shares in the context of repurchase programmes and measures to stabilise the price of financial instruments do not in any event constitute a breach of the prohibition in paragraph 1, provided that these are in accordance with the conditions laid down in paragraph 1. of the provisions of Commission Regulation (EC) No 2273/2003 of 22 June 2003. 1 December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council-derogations for repurchase programmes and price stabilisation measures (OJ L 327, 30.12.2003, p. EU No L 336 p. 33). The provisions of Regulation (EC) No 2273/2003 shall apply mutaly to financial instruments which are included in the free movement or regulated market. Non-official table of contents

§ 15 Communication, publication, and transmission of insider information to the business register

(1) The domestic issuer of financial instruments shall immediately publish insider information relating directly to it; it shall also immediately, but not before its publication, publish it to the business register within the meaning of Section 8b of the A commercial code for storage. For the purposes of this provision, a domestic issuer shall also be deemed to have been subject to an application for authorisation in respect of the financial instruments of which it is not subject. Insider information shall directly affect the issuer in particular if it relates to circumstances which have occurred in its field of activity. Any person acting as an issuer or as a person acting on his behalf or on his behalf shall, within the limits of his power, notify or make available to other insider information shall, at the same time, publish it in accordance with the first sentence, and to the To submit business registers for storage within the meaning of Section 8b of the Commercial Code, unless the other is legally bound by confidentiality. If the notification or making available of the insider information in accordance with the fourth sentence is unwittingly, the publication and the transmission shall be made without delay. Metrics that are used in a publication must be common in business transactions and allow comparison with the most recently used measures.(2) Other information which does not appear to satisfy the conditions set out in paragraph 1 shall not be published, including in connection with information provided for in paragraph 1, which is subject to publication. Untrue information published in accordance with paragraph 1 shall be corrected without delay in a publication referred to in paragraph 1, even if the conditions set out in paragraph 1 are not met.(3) The issuer shall be exempt from the obligation to publish in accordance with the first sentence of paragraph 1 as long as the protection of its legitimate interests requires no misconduct to the public, and the issuer shall be subject to the confidentiality of the Insider information can be guaranteed. The publication must be obtained without delay. Paragraph 4 shall apply accordingly. The issuer shall communicate the reasons for the exemption together with the notification referred to in the first sentence of paragraph 4 of the Bundesanstalt, indicating the date of the decision on the postponing of the publication.(4) The issuer shall have the information to be published pursuant to paragraph 1 or 2 sentence 2 prior to publication
1.
the management of the domestic organized markets where the financial instruments are admitted to trading,
2.
the management of domestic organized markets where derivatives are traded on the financial instruments, and
3.
der Bundesanstalt
to report. The sixth sentence of paragraph 1, as well as paragraphs 2 and 3, shall apply accordingly. The management may use the information provided to it in accordance with the first sentence before publication only for the purpose of deciding whether to suspend or discontinue the determination of the exchange price. The Bundesanstalt may allow issuers who have their head office abroad to make the notification in accordance with the first sentence of the publication at the same time as the publication, if this makes the decision of the management of the suspension or suspension of the determination of the Stock exchange price is not affected.(5) A publication of inside information in a manner other than that referred to in paragraph 1 in conjunction with a legal regulation referred to in the first sentence of paragraph 7 shall not be made before the publication referred to in the first sentence of paragraph 1, the first sentence, or the fifth sentence or the second sentence of paragraph 2, or the second sentence of paragraph 2. . At the same time as the publications referred to in the first sentence of paragraph 1, the fourth sentence or the second sentence of paragraph 5 or the second sentence of paragraph 2, the domestic issuer must inform the management of the organised markets and the Bundesanstalt covered by the first and second sentence of the first paragraph of paragraph 4; This obligation shall not apply to the extent that the Bundesanstalt has authorised, in accordance with the fourth sentence of paragraph 4, the notification referred to in the first sentence of paragraph 4 at the same time as the publication.(6) If the issuer violates the obligations laid down in paragraphs 1 to 4, he shall be bound by another only under the conditions laid down in § § 37b and 37c for the compensation of the damage arising therefrom. Claims for damages based on other legal bases shall remain unaffected.(7) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, adopt more detailed provisions on
1.
the minimum content, type, language, scope, and form of the publication referred to in the first, fourth and fifth sentences of paragraph 1, and the second sentence of paragraph 2,
2.
the minimum content, type, language, scope, and form of a notification under paragraph 3, sentence 4, paragraph 4, and paragraph 5, sentence 2, and
3.
The legitimate interests of the issuer and the guarantee of confidentiality in accordance with paragraph 3.
The Federal Ministry of Finance may authorise the authorization of the issuer by means of a regulation to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). Non-official table of contents

§ 15a Notice of transactions, publication and transmission to the business register

(1) Persons who are Issuers of shares perform managerial tasks, have their own business with shares of the issuer, or financial instruments relating thereto, in particular derivatives, the issuer and the federal institution within five working days. The obligation laid down in the first sentence shall also be the responsibility of persons who are closely related to such a person. The obligation under sentence 1 shall apply only to issuers of such shares, which are
1.
on a domestic exchange are admitted to trading or
2.
are admitted to trading on a foreign organized market, provided that the issuer has its registered office in the country or is authorized to trade in a foreign organized market. Shares of an issuer with a registered office outside the European Union and the European Economic Area, for which the Federal Republic of Germany is a State of origin within the meaning of the Securities Prospectus Act.
an organised market shall be the same if the application for admission has been made or has been publicly announced. The obligation laid down in the first sentence shall not apply as long as the total amount of the business of a person with managerial responsibilities and the persons in a close relationship with that person as a whole amount to EUR 5,000 by the end of the calendar year is not achieved.(2) Persons with managerial responsibilities within the meaning of the first sentence of paragraph 1 shall be personally liable partners or members of a management, administrative or supervisory body of the issuer, as well as other persons who regularly have access to Insider information have and are authorized to make substantial business decisions.(3) Persons within the meaning of the first sentence of paragraph 1 who are closely related to the persons referred to in paragraph 2 shall be their spouses, registered partners, dependent children and other relatives who are members of the Persons who have been living in the same household for at least one year at the time of the completion of the reporting business. Legal entities in which persons referred to in paragraph 2 or in the sentence 1 perform managerial duties shall also be deemed to be persons within the meaning of the second sentence of paragraph 1. The second sentence shall also include legal persons, companies and entities which are directly or indirectly controlled by a person within the meaning of paragraph 2 or sentence 1 who have been established in favour of such a person or whose economic interests largely correspond to those of such a person.(4) A domestic issuer shall immediately publish the information referred to in paragraph 1 and, at the same time, inform the Federal Agency of its publication; it shall also forward it without delay, but not before its publication, to the Business registers within the meaning of Section 8b of the Commercial Code for storage. In accordance with Article 15 (1), second sentence, the public announcement of an application for admission shall be equivalent to an application for admission.(5) The Federal Ministry of Finance may adopt detailed rules on the minimum content, type, language, scope and form of the notification referred to in paragraph 1 and paragraph by means of a regulation which does not require the approval of the Bundesrat. The first sentence of paragraph 4 and the publication referred to in paragraph 4. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a regulation. Non-official table of contents

§ 15b Management of Insider Directories

(1) Issuers pursuant to § 15 (1) sentence 1 or sentence 2 and on their behalf or for Persons acting on their behalf shall have lists of persons working for them and having access to insider information in accordance with their intended purpose. These directories must be updated immediately and transmitted to the Federal Agency upon request by the person who is required to make a pledge after the first sentence. The persons held in the directories shall be informed by issuers of the legal obligations arising from access to insider information, as well as the legal consequences of infringements. Persons acting on behalf of or on behalf of the issuer shall not be subject to the persons referred to in Article 323 (1) sentence 1 of the Commercial Code.(2) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, adopt more detailed provisions on
1.
Scope and shape of directories,
2.
the data contained in the directories,
3.
the update and data maintenance for the directories,
4.
the period over which the Directories must be kept and
5.
Time limits for the destruction of the directories.
The Federal Ministry of Finance may authorise the authorization Ordinance transferred to the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority). Non-official table of contents

§ 16 recording obligations

investment service companies and domestic companies that have a registered office in a In the case of natural persons, the name, the date of birth and the address, in the case of a company, the company shall have the name, date of birth and address in the case of natural persons, prior to the execution of orders which have been subject to insider securities and the address of the adjudicating entity and of the persons or undertakings entitled to do so, and to record and record the information. Records in accordance with the first sentence shall be kept for at least six years. For the storage, § 257 (3) and (5) of the Commercial Code shall apply accordingly. Non-official table of contents

§ 16a Monitoring of the business of the employees of the Federal Labour Office

(1) The Federal Institute must provide adequate information internal control procedures, which are liable to counteract infringements of the prohibitions pursuant to § 14 of the Federal Labour Office.(2) The service manager or the person appointed by him may require the provision of information and the presentation of documents relating to transactions in insider documents by the employees of the Federal Labour Office, which they are responsible for for their own account or for foreign accounts. or have finished for another. § 4 (9) shall apply. Employees who have or may have knowledge of insider information in their business operations are obliged to do business in insider documents which they have concluded for their own account or for another account or for another, to report immediately to the service supervisor or to the person appointed by him in writing. The service manager or the person appointed by him shall determine the employees referred to in sentence 3. Non-official table of contents

§ 16b Connection data retention

(1) The Bundesanstalt may be a member of an investment service provider, and by a domestic undertaking which is admitted to trading on a domestic stock exchange, and by an issuer of insider securities and associated companies which have their registered office in the country or whose domials are registered in the domestic market; securities on a domestic stock exchange are admitted to trading or are included in the regulated market or free circulation, in writing for a given group of persons the retention of already existing connection data on the Telecommunications traffic, if there is evidence of a breach of § 14 or § 20a in respect of these persons of the concrete company. The fundamental right of Article 10 of the Basic Law is limited to this extent. The persons concerned must be notified in accordance with § 101 (4) and (5) of the Code of Criminal Procedure. On the basis of the first sentence, the Bundesanstalt cannot require the retention of connection data to be collected in the future.(2) The time limit for the retention of the already existing data shall be no more than six months from the date of receipt of the request. If the retention of the connection data via the telecommunications traffic is no longer required to check the suspicion of a breach of a prohibition pursuant to § 14 or § 20a, the Federal Institute shall immediately inform the consant of the obligation to retain the data in question in To inform and to immediately destroy the documents available for this purpose. The obligation to destroy the existing data without delay shall also apply to the retention obligation.

Section 3a
Rating Agencies

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§ 17 jurisdiction within the meaning of Regulation (EC) No 1060/2009

(1) The Federal Agency is the competent authority within the meaning of Article 22 of Regulation (EC) No 1060/2009. 1060/2009 of the European Parliament and of the Council of 16 9 September 2009 on credit rating agencies (OJ L 196, 27.7.2009 1), as last amended by Regulation (EU) No 462/2013 (OJ L 302, 15.11.2013, p. 1). 1), as amended, as amended by the Commission.(2) In the case of investment services undertakings, the Federal Agency shall be the competent authority within the meaning of Article 25a of Regulation (EC) No 1060/2009, as amended, in accordance with this law, as far as these undertakings are concerned in the provision of Investment services or securities ancillary services.(3) Unless otherwise provided for in Regulation (EC) No 1060/2009 as amended or the acts adopted on its basis, § § 2, 2a, 4, 6 (2), § 7, with the exception of paragraph 4, sentence 5 to 8, § 8 with The derogation from the third sentence of the first sentence of paragraph 1 for the exercise of supervision by the Bundesanstalt in accordance with paragraphs 1, 2 and 5 shall apply accordingly.(4) objection and action taken against measures taken by the Bundesanstalt in accordance with paragraphs 1 and 2, also on the basis of or in conjunction with Regulation (EC) No 1060/2009, as amended or on the basis of acts adopted on its basis; have no suspensive effect.(5) Admission applicant within the meaning of Section 2 (11) and the provider within the meaning of Section 2 (10) of the Securities Prospectus Act, which shall submit an application for the approval of a prospectus within the meaning of the Securities Prospectus Act for a public offer or the Admission to trading of structured financial instruments within the meaning of Article 8b or Article 8c of Regulation (EC) No 1060/2009 as amended or an issue within the meaning of Article 8d of Regulation (EC) No 1060/2009 in the shall, in each case, place at the Bundesanstalt and, at the same time, be the issuer of this structured financial instrument or issue, the Bundesanstalt shall, together with the position of the approval request, attach a declaration to the effect that it shall: comply with the applicable obligations arising out of Articles 8b, 8c or 8d of Regulation (EC) No 1060/2009, as amended. The effectiveness of the approval request remains unaffected by the proper delivery of this declaration.

Section 3b
OTC Derivatives and Transaction Register

Non-official Table of Contents

§ 18 Monitoring of the clearing of OTC derivatives and oversight of trade repositories

(1) The Federal Institute is without prejudice to § 6 of the German Banking Act (Kreditwesengesetz) under this Act, the rules laid down in Articles 4, 5 and 7 to 13 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 May 2012 shall be the responsibility of the Member States. July 2012 on OTC derivatives, central counterparties and trade repositories (OJ C 139, 30.4.2012, p. 1), unless otherwise indicated in § 3 (5) or § 5 (6) of the Stock Exchange Act. The Bundesanstalt shall be the competent authority within the meaning of Article 62 (4), Article 63 (3) to (7), Article 68 (3) and Article 74 (1) to (3) of Regulation (EU) No 648/2012. Unless otherwise provided for in Regulation (EU) No 648/2012, the provisions of Sections 1 and 2 of this Act, with the exception of § § 9 and 10, shall apply mutatily.(2) The Bundesanstalt exercises the powers conferred on it in accordance with the first sentence of paragraph 1 in conjunction with Regulation (EU) No 648/2012, insofar as this is for the performance of its tasks and the monitoring of compliance with the provisions of Regulation (EU) No 648/2012 regulated obligations.(3) If the Bundesanstalt is acting as the competent authority in accordance with the first sentence of paragraph 1 or exercises the powers referred to in paragraph 2, the documents to be submitted shall be in German language and, at the request of the Federal Institute, in addition to the English language. creating and presenting them. The Federal Institute may allow the documents to be produced and submitted exclusively in English.(4) The Bundesanstalt may request information from companies, the submission of documents and the release of copies, to the extent that this is necessary for the monitoring of compliance with the requirements of paragraph 1. Statutory information and non-disclosure rights as well as legal confidentiality obligations remain unaffected.(5) Opposition and action against measures taken by the Bundesanstalt pursuant to paragraphs 2 and 4, including in conjunction with Regulation (EU) No 648/2012, do not have suspensive effect. Unofficial table of contents

§ 19 Contributor to non-financial counterparties

(1) A communication pursuant to Article 10 (1) (a) of the Regulation (EU) No 648/2012 in relation to the Federal Institute requires the written form.(2) If a non-financial counterparty within the meaning of Article 2 (9) of Regulation (EU) No 648/2012 is to be cleared because the conditions set out in Article 10 (1) (b) of Regulation (EU) No 648/2012 are met, it shall have the following: to notify the Federal Agency in writing without delay.(3) As proof within the meaning of Article 10 (2) of Regulation (EU) No 648/2012, the certificate of an auditor, a sworn accountant or an accounting and accounting firm shall apply. Non-official table of contents

§ 20 Examination of compliance with certain obligations of Regulation (EU) No 648/2012

(1) Capital companies that do not small capital companies within the meaning of Article 267 (1) of the Commercial Code are still financial counterparties within the meaning of Article 2 (8) of Regulation (EU) No 648/2012 and which in the past fiscal year are either
1.
OTC derivatives within the meaning of Article 2 (7) of Regulation (EU) No 648/2012 with a Total nominal volume of more than 100 million euros, or
2.
more than 100 OTC derivative contracts have been received by a suitable auditor within nine months after the end of the financial year, and allow them to certify that they have appropriate systems to comply with the requirements laid down in Article 4 (1), (2) and (3), second subparagraph, Article 9 (1) to (4), Article 10 (1) to (3) and Articles 11 (1) to 10, 11 (1) and (12) of Regulation (EU) No 648/2012, as well as Article 19 (1) and (2) of this Act. For the purposes of calculating the threshold set out in points 1 and 2 of the first sentence, account shall not be taken of any such transactions which, as intra-group transactions, are subject to the exception of Article 4 (2) of Regulation (EU) No 648/2012, or to the transactions of The requirements of Article 11 (3) of Regulation (EU) No 648/2012 are exempt.
The obligations set out in the first sentence shall not apply to such companies which are subject to the audit obligations under Section 57 of the Insurance Supervisors Act or the Audit obligations under Section 29 of the Banking Act are subject to the requirements of the German Banking Act.(2) Suitable auditors within the meaning of the first sentence of paragraph 1 shall be auditors, sworn accountants and auditing and accounting firms which have sufficient knowledge of the subject of the audit. The capital company shall appoint the auditor no later than 15 months after the beginning of the financial year to which the examination extends.(3) The auditor must sign the certificate and, within nine months of the end of the financial year to which the examination extends, to submit the certificate to the legal representatives and the supervisory board in the event that the capital company is responsible for the . Prior to the delivery of the certificate to the Supervisory Board, the Executive Board shall be given the opportunity to comment. In the certificate, the auditor shall report on the results of the examination in writing. If the examiner is aware of serious infringements of the requirements of paragraph 1 during the examination, he shall inform the Federal Institute without delay. Section 323 of the Commercial Code shall apply accordingly.(4) If the certificate of the examiner contains the determination of defects, the capital company shall forward the certificate immediately to the Federal Institute. If an auditor finds that the management has not sent a corresponding transfer to the Federal Office in a financial year that is before the examination period, he must immediately inform the Federal Institute of this. The Bundesanstalt der Wirtschaftsprüferkammer (Bundesanstalt der Wirtschaftsprüferkammer) shall transmit facts which indicate the existence of an infringement of professional duties by the auditor. The second sentence of Article 37r (1) shall apply accordingly.(5) The obligations laid down in paragraph 1 in conjunction with paragraphs 2 to 4 shall also apply to open trading companies and to limited partnerships within the meaning of Section 264a (1) of the Commercial Code. Section 264a (2) of the Commercial Code shall apply accordingly.(6) The Federal Ministry of Finance may, in agreement with the Federal Ministry of Justice, lay down detailed rules on the nature, scope and date of the examination referred to in paragraph 1, in agreement with the Federal Ministry of Justice, by means of a regulation which does not require the approval of the Bundesrat. on the nature and scope of the certificates referred to in paragraph 3, to the extent necessary for the performance of the tasks of the Bundesanstalt, in particular in order to ensure compliance with the obligations and requirements referred to in the first sentence of paragraph 1, and to to obtain uniform documents. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by legal regulation in agreement with the Federal Ministry of Justice.

Section 4
Monitoring of the prohibition of the Market Manipulation

Non-official table of contents

§ 20a Ban on market manipulation

(1) It is forbidden,
1.
To provide incorrect or misleading information about circumstances that might be used to evaluate a Financial instruments, or to conceal such circumstances contrary to existing legislation, where the information or the conspirade is appropriate, on the domestic market price or on the market price of a financial instrument or on the price of a financial instrument in an organised market in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area,
2.
To do business or to issue purchase or sales orders that are suitable, incorrect or misleading signals for supply, demand or stock exchange or market price of financial instruments, or an artificial price level, or
3.
other acts of deception that are appropriate on the domestic market Exchange or market price of a financial instrument or the price of a financial instrument in an organised market in another Member State of the European Union or in another State Party to the Agreement on the European Union Effect an Economic Area.
Sentence 1 applies to financial instruments
1.
on a domestic exchange, admitted to trading or being included in the regulated market or in free circulation, or
2.
in another Member State of the European Union or in a the other Contracting State of the Agreement on the European Economic Area shall be admitted to trading in an organised market.
The admission to trading in an organised market or the inclusion in the regulated market or in the Free circulation shall be the same if the application for admission or inclusion has been made or has been announced publicly.(2) The prohibition provided for in the first sentence of paragraph 1 shall not apply where the act is compatible with the permissible market practice on the organised market in question or in the free movement in question and the trade has legitimate grounds for doing so. Only practices which can reasonably be expected on the relevant market and which are accepted by the Federal Institute as permissible market practice within the meaning of this provision shall be considered as permissible market practice. A market practice is not already inadmissible because it has not been explicitly recognised before.(3) The trade in treasury shares in the context of repurchase programmes and measures to stabilise the price of financial instruments do not in any event constitute a breach of the prohibition in the first sentence of paragraph 1, provided that these are in accordance with the conditions laid down in the Commission Regulation (EC) No 2273/2003 of 22 June 2003 1 December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council-derogations for repurchase programmes and price stabilisation measures (OJ L 327, 30.12.2003, p. EU No L 336 p. 33). The provisions of Regulation (EC) No 2273/2003 shall apply mutaly to financial instruments which are included in the free movement or regulated market.(4) Paragraphs 1 to 3 shall apply in accordance with
1.
Goods within the meaning of Section 2 (2c),
2.
Emission permissions as defined in Section 3 (3) of the Greenhouse Gas Emissions Trading Act (GHG) and
3.
foreign means of payment within the meaning of § 51 of the Stock Exchange Act,
on a domestic stock exchange or a comparable market in another Member State of the European Union or in another Contracting State of the Agreement on the European Economic Area.(5) The Federal Ministry of Finance may adopt more detailed provisions on
1.
Circumstances that are significant for the valuation of financial instruments
2.
false or misleading signals for supply, demand or exchange or market price of financial instruments or the existence of an artificial price level,
3.
the existence of a other deception,
4.
acts and omissions which in no event constitute a breach of the prohibition of paragraph 1, sentence 1, and
5.
Actions that are considered to be allowed market practice and the procedure for the recognition of a permissible market practice.
The Federal Ministry of Finance can authorise the Ordinance transferred to the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority). It shall adopt the rules in agreement with the exchange supervisory authorities of the countries.(6) In the case of journalists who act in the exercise of their profession, the existence of the conditions laid down in the first sentence of paragraph 1 shall be assessed, taking into account their professional rules, unless those persons are out of the incorrect or Misleading information, directly or indirectly, benefits or gains profits. Unofficial Table Of Contents

§ 20b

(omitted)

Section 5
Communication, Publication, and Transmission of changes in the voting rights to the business register

Non-official table of contents

§ 21 Reporting obligations of the reporting subject

(1) Who by acquisition, disposal or other means 3 percent, 5 percent, 10 percent, 15 percent, 20 percent, 25 percent, 30 percent, 50 percent or 75 percent of the voting rights belonging to him Shares in an issuer for which the Federal Republic of Germany is the country of origin, reaches, exceeds or falls below (reporting requirements), this shall immediately have the issuer and, at the same time, the Federal Institute, no later than within four trading days in compliance with Section 22 (1) and (2). In the case of certificates representing shares, the obligation to provide a notification shall only apply to the holders of the certificates. The period of the sentence 1 shall begin at the time when the notifiable person is aware of it or has had to have, in the circumstances, that his share of the voting rights has reached, exceeds or falls below those thresholds. It shall be presumed that the notifying party is aware of two trading days after reaching, exceeding or falling below those thresholds.(1a) When the shares are admitted to trading in an organised market for the first time, 3% or more of the voting rights in an issuer in respect of which the Federal Republic of Germany is the country of origin shall be subject to this issuer and to the issuer of the issuer's rights. The Bundesanstalt shall make a communication in accordance with the first sentence of paragraph 1. The second sentence of paragraph 1 shall apply accordingly.(2) For the purposes of this Section, domestic issuers and issuers for which the Federal Republic of Germany is the home country are only those whose shares are admitted to trading on an organised market.(3) The Federal Ministry of Finance may adopt detailed provisions on the content, type, language, scope and form of the notification referred to in the first sentence of paragraph 1 and paragraph 1, by means of a regulation which does not require the approval of the Bundesrat. 1a. Non-official table of contents

§ 22 Invoice of voting rights

(1) The voting rights of the voting rights in accordance with § 21 (1) and (1a) Voting rights for shares of the issuer for which the Federal Republic of Germany is the country of origin, equal to,
1.
that belong to a subsidiary of the reporting party,
2.
that belong to a third party and from it for
3)
3.
which the notifying party has transferred to a third party as a security, unless the third party is responsible for the exercise of the Voting rights arising from these shares shall have the power to exercise the voting rights independently of the notifiers ' instructions,
4.
on those in favour of the Notifiers have ordered a usufruction,
5.
which the notifiable person can acquire through a declaration of intent,
6.
who are entrusted to the reporting person or from which he can exercise the voting rights as an authorized representative, provided that he exercise the voting rights from these shares at his own discretion if no specific instructions of the shareholder are available.
For the allocation in accordance with the first sentence of the first sentence of 1 to 6, the reporting obligation shall be equal to the reporting obligation of the reporting party. Voting rights of the subsidiary shall be attributed to the reporting person in full.(2) Voting rights of a third party from shares of the issuer for which the Federal Republic of Germany is the country of origin shall also be attributed to the reporting person at the full rate with which the reporting person or his subsidiary conduct his conduct in A reference to such an issuer shall be subject to an agreement or any other form of agreement, with the exception of agreements in individual cases. A concerted practice requires that the reporting person or his subsidiary and the third party agree on the exercise of voting rights or with the aim of a lasting and significant change in the entrepreneurial spirit. Alignment of the issuer in any other way. Paragraph 1 shall apply mutas to the calculation of the voting rights of the third party.(3) subsidiaries are undertakings which are regarded as subsidiaries within the meaning of Section 290 of the Commercial Code or to which a dominant influence can be exercised without the legal form or the seat being important.(3a) For the purposes of the allocation under this provision, an investment service undertaking shall be deemed to be subject to the following conditions in respect of the holdings managed by it in the framework of an investment service in accordance with Article 2 (3), first sentence, No. 7 Conditions shall not be considered as subsidiaries within the meaning of paragraph 3:
1.
Investment services undertakings shall not exercise the voting rights associated with the shares in question only on the basis of instructions issued in writing or through electronic means, or shall take appropriate measures to ensure that: ensure that the financial portfolio management is independent of other services and under conditions to which Directive 2009 /65/EC of the European Parliament and of the Council of 13 June 2009 on the European Parliament and of the Council of the European Parliament and of the Council of the European Parliament July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 196, 27.7.2009, p. 32) is equivalent to the version in force in each case,
2.
the investment service undertaking shall exercise the voting rights independently of the Notifiable persons,
3.
The notifiable person shall inform the Federal institution of the name of this investment service provider and the competent authority responsible for its supervision. the authority or the absence of such an authority and
4.
the notifiable person shall declare to the Bundesanstalt that the conditions set out in point 2 have been met.
However, an investment service undertaking shall be considered to be a subsidiary within the meaning of paragraph 3 for the purposes of this provision where the notifiable person or any other subsidiary of the reporting party, for its part, shares shares in the is held by the investment service undertaking and the investment service undertaking does not, at its discretion, the voting rights associated with such holdings, but only on the basis of direct or indirect shares of the shares held by the investment service undertaking, indirect instructions given to him by the reporting person or by any other subsidiary of the reporting person.(4) If, in the case referred to in the first sentence of paragraph 1, a power of atonation is granted only for the exercise of the voting rights for a general meeting, it is sufficient for the fulfilment of the notification obligation pursuant to Article 21 (1) and (1a) in conjunction with the first sentence of paragraph 1, first sentence, No. 6, if the notification is given only in the case of full power. The notification shall include the indication of when the general meeting will take place and the extent to which the voting rights share will be attributed to the authorised representative after the completion of the authorisation or the exercise of the exercise of the voting rights.(5) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down detailed provisions on the circumstances under which, in the case of paragraph 3a, an independence of the investment services undertaking shall be given by the reporting person and by means of electronic means which may be used to give instructions within the meaning of paragraph 3a. Unofficial Table Of Contents

§ 23 Non-consideration of voting rights

(1) Voting rights from shares of an issuer for which the Federal Republic of Germany Germany is the country of origin, remain unaccounted for in the calculation of the voting rights, if its holder
1.
a company based in one of the Member States of the European Union or in another State Party to the Agreement on the European Economic Area, which is investment services,
2.
holds or intends to hold the shares in question in the trading stock, and that share does not account for more than 5% of the shares in the stock market. Voting rights and
3.
ensures that the voting rights from the shares in question are not exercised and are not used in any other way to the management of the voting rights. of the issuer.
(2) Voting rights from shares of an issuer for which the Federal Republic of Germany is the country of origin shall not be taken into account in the calculation of the voting rights, provided that
1.
the shares in question for the purpose of billing and settlement of transactions for no more than three trading days, even if the shares are also traded outside an organized market, or
2.
one with the custody of shares the voting rights of the held shares may only be exercised on the basis of instructions given in writing or via electronic means.
(3) Voting rights of shares held by the members of the European system of Central banks in the performance of their duties as monetary authorities are provided or made available, remain in the calculation of the voting rights in the issuer, for which the Federal Republic of Germany is the country of origin is not taken into account in so far as the transactions are short-term transactions and the voting rights are not exercised in the shares in question. The first sentence shall apply, in particular, to the voting rights of shares transferred to or from a member within the meaning of the first sentence for security, and for voting rights in shares held by the member as a deposit or in the framework of a pension or a pension business, or A similar arrangement against liquidity for monetary policy purposes, or within a payment system, or provided by it.(4) For the reporting thresholds of 3 per cent and 5 per cent, voting rights from such shares of an issuer for which the Federal Republic of Germany is the country of origin shall not be taken into account, which shall be acquired or sold by a person who shall be offers a market permanently to buy or sell financial instruments by way of own-trade at self-made prices (Market Maker), if
1.
this person in their capacity as market makers,
2.
they are an admission pursuant to § 32 (1) sentence 1 in conjunction with Section 1 (1a) sentence 2 no. 4 of the Banking Act ,
3.
does not engage in the management of the issuer and does not exercise any influence on it to buy the shares in question or the price of the
4.
immediately, within four trading days at the latest, notify the Federal Office of its shares as a market in respect of the shares in question. The
may also submit the notice on the date on which it intends to act as a market maker in respect of the shares in question,
the person may also submit the notice of the disclosure at the time when the person intends to act as a market maker in respect of the shares in question. .(5) Voting rights of shares which are not taken into account in the calculation of the voting rights in accordance with paragraphs 1 to 4 may not be exercised with the exception of paragraph 2 (2).(6) The Federal Ministry of Finance may, by means of a regulation which does not require the approval of the Federal Council, be able to
1.
set a lower maximum time for holding the shares under paragraph 2 no. 1,
2.
Provisions adopted on the non-consideration of the voting rights of a market maker in accordance with paragraph 4 and
3.
more detailed provisions on electronic aids, with which instructions pursuant to paragraph 2 (2) may be issued.
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§ 24 Communication by group companies

the reporting person to a group for which a consolidated financial statements must be drawn up in accordance with § § 290, 340i of the Commercial Code, the notice of notification pursuant to section 21 (1) and (1a) may be made by the parent company or, if the parent company is itself a subsidiary undertaking, by its parent undertaking. Non-official table of contents

§ 25 Obligations to participate in the holding of financial instruments and other instruments

(1) Any person who directly or indirectly Financial instruments or other instruments giving the holder the right to unilaterally within the framework of a legally binding agreement with voting rights and already issued shares of an issuer, for which the Federal Republic of Germany Germany of the State of origin is to acquire, this shall, on reaching, exceeding or falling below the thresholds referred to in Article 21 (1) sentence 1, with the exception of the threshold of 3 per cent, in accordance with § 21 (1) sentence 1 without delay to the issuer and at the same time to inform the Federal Institute. § § 23 and 24 shall apply accordingly. A aggregation with the participations in accordance with § § 21 and 22 shall take place; financial instruments and other instruments, each falling under § 22 (1) sentence 1, point 5, shall be taken into account in the calculation only once.(2) In the case of a number of the financial instruments referred to in paragraph 1 or other instruments relating to shares of the same issuer, the person liable to participate must be subject to the voting rights arising from those shares.(2a) A notification obligation pursuant to paragraph 1 shall not apply in so far as the number of voting rights in shares for which an offer to acquire on the basis of an offer under the Securities Acquisition and Takeover Act has been accepted in accordance with Article 23 (1) of the Securities acquisition and acquisition law is to be disclosed.(3) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, adopt detailed provisions on the content, type, language, scope and form of the notification referred to in paragraph 1. Non-official table of contents

§ 25a Obligations to participate in the holding of other financial instruments and other instruments

(1) Those who are directly or indirectly indirectly holds financial instruments or other instruments which are not already covered by § 25 and which enable their owner or a third party to have shares of a voting rights linked to voting rights and which are already issued in accordance with their design Issuers, for which the Federal Republic of Germany is the country of origin, shall, on reaching, exceeding or falling below the thresholds referred to in Article 21 (1), first sentence, with the exception of the threshold of 3 per cent, in accordance with § 21 The first sentence of paragraph 1 shall be notified immediately to the issuer and to the Bundesanstalt at the same time. A permit within the meaning of sentence 1 is given, in particular, if
1.
is the opposite side of the owner exclude or reduce the risks arising from these instruments by holding shares within the meaning of the first sentence, or
2.
the financial instruments or any other Instruments shall grant a right to acquire shares within the meaning of the first sentence or establish an acquisition obligation in respect of such shares.
In the case of option transactions or similar transactions, the exercise shall be subject to the exercise of such rights. A permit within the meaning of the sentence 1 shall not be granted if the shareholders of a offeree company within the meaning of Article 2 (3) of the German Securities Acquisition and Takeover Act as part of an offer under the Securities Acquisition Act and the Takeover Act for the acquisition of shares. A notification obligation pursuant to sentence 1 shall not apply in so far as the number of voting rights in shares for which an offer to acquire on the basis of an offer has been accepted under the Securities Acquisition and Takeover Act, in accordance with Article 23 (1) of the Securities acquisition and acquisition law is to be disclosed. § 24 shall apply accordingly. An aggregation with the participations in accordance with § § 21, 22 and 25 shall take place.(2) The amount of the share of the voting rights referred to in paragraph 1 shall be determined by the number of shares referred to in the first sentence of paragraph 1, the acquisition of which shall be made possible by the holder or a third party on the basis of the financial instrument or other instrument. If the financial instrument or other instrument does not contain any information in this respect, the proportion of voting rights to be communicated shall be determined by the number of shares required by the counterparty at the time of acquisition of the financial instruments. or other instruments for the full protection thereof; in the calculation of the required number of shares, a delta factor shall be equivalent to the second sentence of Article 308 (4) of the Solvency Regulation, with an amount of 1 - Where various of the financial instruments and other instruments referred to in paragraph 1 relate to shares of the same issuer, the person liable to participate shall be subject to the voting rights arising from those shares.(3) In calculating the amount of the share of the voting rights to be included, such financial instruments or other instruments shall not be taken into account by a company established in a Member State of the European Union or in another Member State. The State Party to the Agreement on the European Economic Area which provides investment services in so far as it is within the framework of the continuous and repeated issuance of the undertaking to a large number of customers have arisen.(4) The Federal Ministry of Finance may adopt more detailed provisions on
1.
the content, the type, the language, the scope, the form of the communication, and the calculation of the voting rights in accordance with paragraph 2,
2.
Exceptions to the notification obligation in respect of financial instruments or other instruments referred to in paragraph 1, in particular with regard to such instruments, which are provided by companies that investment services within the meaning of the first sentence of Article 2 (3) shall be held in the stock or held by those undertakings for the purpose of carrying out transactions for customers or which are exclusively for the purpose of invoicing and Handling of transactions for a maximum of three trading days.
The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation. Non-official table of contents

§ 26 Publication obligations of the issuer and the transfer to the business register

(1) A domestic issuer has Information pursuant to § 21 (1) sentence 1, (1a) and § 25 (1) sentence 1, as well as the first sentence of Article 25a (1) or the corresponding provisions of other Member States of the European Union or of other States Parties to the Agreement on the European Union The Economic Area shall be published immediately, no later than three trading days after receipt of the notification; it shall also forward it without delay, but not prior to its publication, to the Business Register within the meaning of Section 8b of the Commercial Code for storage. Where, in respect of treasury shares, a domestic issuer reaches or falls below either itself or through a person acting in its own name but on behalf of that issuer the threshold of 5 per cent or 10 per cent by acquisition, In accordance with the provisions of the first sentence of Article 21 (1), including in conjunction with a legal regulation pursuant to article 21 (3), sentence 1 shall apply in accordance with the provisions of the first sentence of the first sentence of the first sentence of Article 21 (1) of the German Act. , and the publication shall be made no later than four trading days after reaching, exceeding or falling below those thresholds; if the Federal Republic of Germany is the country of origin, the issuer shall also: Threshold of 3 percent.(2) At the same time as the publication referred to in the first and second sentences of paragraph 1, the domestic issuer must notify the Federal Office of the said sentence.(3) The Federal Ministry of Finance may adopt more detailed provisions on
1.
the content, type, language, scope, and form of the publication referred to in paragraph 1, set 1 and
2.
the content, type, language, scope, and form of the message referred to in paragraph 2.
Non-official table of contents

§ 26a Publication of the total number of voting rights and transmission to the business register

A domestic issuer has the total number of voting rights at the end in any calendar month in which the right to vote or acceptance of voting rights has occurred, in the manner provided for in the first sentence of Article 26 (1), including in conjunction with a regulation pursuant to paragraph 3 (1), and at the same time the Bundesanstalt pursuant to Article 26 (2), also in conjunction with a legal regulation pursuant to paragraph 3 (2), to communicate the publication. It shall also transmit the information without delay, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code for storage. Non-official table of contents

§ 27 Proof of shareholding in participating interests

Anyone who has issued a communication pursuant to § 21 (1), (1a) or § 25 (1) must be informed of If the Federal Institute or the issuer for which the Federal Republic of Germany is the State of origin, require proof of the existence of the participation in the notified body. Non-official table of contents

§ 27a Participation obligations for holders of essential participations

(1) A reporting obligation in the sense of § § 21 and 22, of the the threshold of 10% of the voting rights of shares or a higher threshold shall be reached or exceeded, the issuer for which the Federal Republic of Germany is a State of origin must have the objectives pursued with the acquisition of the voting rights and the The origin of the funds used for the acquisition shall be communicated within 20 trading days of the arrival or exceeding of these thresholds. A change in the objectives referred to in the first sentence shall be notified within 20 trading days. In respect of the objectives pursued by the acquisition of voting rights, the reporting person shall indicate whether
1.
the investment to implement strategic goals or to achieve trade gains,
2.
it within the next twelve months further voting rights are intended to be acquired by acquisition or otherwise,
3.
it is an influence on the occupation of administrative, management and supervisory bodies of the issuer; and
4.
a major change in the structure of the company's capital, in particular with regard to: the ratio of equity and debt financing and the dividend policy is sought.
With regard to the origin of the funds used, the reporting person must indicate whether it is a property or a foreign agent to be used by the notifiable person. Financing of the acquisition of voting rights has been included. A notification obligation pursuant to sentence 1 shall not exist if the threshold has been reached or exceeded on the basis of an offer within the meaning of Section 2 (1) of the German Securities Acquisition and Takeover Act. Furthermore, the obligation to provide notification shall not apply to capital management companies and to foreign management companies and investment companies within the meaning of Directive 2009 /65/EC, which is subject to an Article 56 (1), first sentence, of Directive 2009 /65/EC where an investment limit of 10 per cent or less has been established, and where a notification requirement does not exist even if an Article 57 (1), first sentence, and (2) of Directive 2009 /65/EC corresponds to that requirement possible exception in the case of exceeding of fixed limit values.(2) The issuer shall publish the information received or the fact that the obligation to communicate pursuant to paragraph 1 has not been fulfilled in accordance with § 26 (1) sentence 1 in conjunction with the legal regulation pursuant to Article 26 (3) (1).(3) The statutes of an issuer having its registered office in Germany may provide that paragraph 1 shall not apply. Paragraph 1 shall also not apply to issuers having their head offices abroad, whose statutes or other provisions provide for non-application.(4) The Federal Ministry of Finance may adopt detailed provisions on the content, nature, language, scope and form of the communications referred to in paragraph 1 by means of a regulation which does not require the consent of the Federal Council. Non-official table of contents

§ 28 loss of rights

Rights from shares that belong to a reporting party or from which it has voting rights pursuant to § 22 (1) 1 or 2 shall not apply for the time for which the notification obligations under Section 21 (1) or (1a) are not fulfilled. This does not apply to claims under Section 58 (4) of the German Stock Corporation Act (AktG) and § 271 of the German Stock Corporation Act (AktG) if the communication has not been deliberately failed and has been collected. If the amount of the voting rights is affected, the period after sentence 1 shall be extended by six months in the event of a deliberate or grossly negligent breach of the notification obligations. Sentence 3 shall not apply if the deviation at the level of the voting rights indicated in the preceding incorrect notification amounts to less than 10 per cent of the actual voting rights and no notification of reaching, exceeding or exceeding the voting rights. If one of the thresholds referred to in § 21 falls below the threshold level. Non-official table of contents

§ 29 Guidelines of the Federal Institute

The Federal Institute may establish guidelines for the rule Assess whether the conditions for a notification subject to a notification or an exemption from the notification obligations pursuant to section 21 (1) are given. The guidelines are to be published in the Federal Gazette. Non-official table of contents

§ 29a exemptions

(1) The Bundesanstalt may be domiciled in a third country from the obligations of § 26. (1) and (26a), in so far as these issuers are subject to equivalent rules of a third country or subject to such rules. The Federal Institute shall inform the European Securities and Markets Authority of the granted exemption. Sentence 1 shall not apply to the obligations of these issuers in accordance with Section 26 (1) and (26a) on the basis of communications pursuant to Section 25a.(2) Issuers to which the Federal Institute has granted an exemption pursuant to paragraph 1 shall have to provide information on circumstances which correspond to those of § 21 (1) sentence 1, (1a), § 25 (1) sentence 1, § 26 (1) sentence 1 and 2 and § 26a and which according to the shall be made available to the public in accordance with the provisions of the first sentence of Article 26 (1), including in conjunction with a decree-law pursuant to paragraph 3, and at the same time the Bundesanstalt shall be published . The information shall also be transmitted immediately, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code for storage.(3) For the allocation of the voting rights in accordance with section 22, a company having its registered office in a third country shall be deemed to be entitled to an admission to the financial portfolio management pursuant to Article 32 (1) sentence 1 in conjunction with Section 1 (1a) sentence 2 No. 3 of the Banking Act, if it would have its registered office or its head office in the country, with respect to the shares managed by it under the financial portfolio management, not as a subsidiary within the meaning of section 22 (3). This assumes that
1.
meets requirements with respect to its independence, which are for those for Investment service companies according to § 22 (3a), also in conjunction with a legal regulation pursuant to § 22 (5), are equivalent,
2.
the reporting party of the Federal institution shall communicate the name of this company and the competent authority responsible for its supervision, or the absence of such an entity, and
3.
to the notifiable person The Federal Office declares that the conditions set out in point 1 are fulfilled.
(4) The Federal Ministry of Finance is authorized to provide more detailed provisions on the Equivalence of rules of a third country and the exemption of issuers under paragraph 1 and undertakings in accordance with paragraph 3. Non-official table of contents

§ 30 Trading Days

(1) For the calculation of the notification and publication periods referred to in this section, the following shall be deemed to be: Trading days all calendar days which are not Sundays, Sundays, or at least in one country national legally recognised holidays.(2) The Bundesanstalt provides a calendar of trading days on the Internet at its address.

Section 5a
The information necessary for the exercise of rights of securities

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§ 30a Obligations of issuers to holders of securities

(1) Issuers for which the Federal Republic of Germany Germany is the country of origin, must ensure that
1.
all holders of the approved securities shall be treated equally under the same conditions;
2.
all institutions and information held by the holders of the securities admitted to the exercise of their rights, are publicly available in the country;
3.
Data on holders of admitted securities protected from knowledge by unauthorised persons ,
4.
for the entire duration of the approval of the securities, at least one financial institution shall be designated as a paying agency domestiy in which all necessary measures are taken in respect of the securities, in the event of the securities being given at this point, free of charge;
5.
in the case of eligible shares of each the person entitled to vote, together with the invitation to the Annual General Meeting or after the invitation to the Annual General Meeting, shall, upon request in text form, send a form for the issuing of a full power for the Annual General Meeting;
6.
in the case of eligible debt securities as defined in Section 2 (1) (3) with the exception of securities which are also covered by Section 2 (1) (2) or which are subject to at least a conditional right reasons for the acquisition of securities pursuant to section 2 (1) (1) or (2), any person entitled to vote, together with the invitation to the creditor assembly or after the invitation to the creditor meeting, on request, in good time in writing, form a form for the (
)
issuer of approved debt instruments within the meaning of paragraph 1 (6), for which the Federal Republic of Germany is the country of origin, may: To hold a meeting of creditors in each Member State of the European Union or in any other State Party to the Agreement on the European Economic Area. This requires that in the State all the facilities and information necessary for the exercise of the rights are available to the holders of the debt securities and that only holders of the following debt instruments are invited to the meeting of the creditors:
1.
Debt titles with a minimum denomination of 100 000 euros or the equivalent in a different currency, or
2.
Outstanding debt instruments with a minimum denomination of EUR 50 000 or the equivalent in a different currency on the date of issue if the debt securities are already in place before the 31. (3) For the purposes of the Agreement on the European Economic Area, December 2010 shall be admitted to trading in an organised domestic market or in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area.
(3) The provisions of paragraph 1 (1) (1) to (5) and Section 30b (3) (1) are the same as the holders of the shares representing the shares of the shares represented. Non-official table of contents

§ 30b Publication of communications and transmission by means of data transmission

(1) The issuer of authorized shares for which the Federal Republic of Germany is the country of origin must
1.
Convening of the Annual General Meeting, including the agenda, the total number of shares and voting rights at the time of the convening of the Annual General Meeting and the rights of the shareholders with regard to the participation in the Annual General Meeting and
2.
Communications on the distribution and disbursement of dividends, the issuance of new shares and the agreement or exercise of exchange, reference, resettlement and repayment. and drawing rights
are published immediately in the Federal Gazette. To the extent that a corresponding publication in the Federal Gazette is also required by other regulations, a one-off publication is sufficient.(2) The issuer of eligible debt within the meaning of Article 30a (1) (6), for which the Federal Republic of Germany is the country of origin, must
1.
the place, time and agenda of the creditors ' meeting and notices on the right of debt holders to participate, as well as
2.
Communications on the exercise of exchange, drawing and dismissal rights as well as on interest payments, repayments, the draw and the previously announced or
immediately published in the Federal Gazette (Bundesanzeiger). The second sentence of paragraph 1 shall apply accordingly.(3) Without prejudice to the publication requirements referred to in paragraphs 1 and 2, issuers for which the Federal Republic of Germany is the country of origin may submit information to holders of approved securities by way of data transmission, if the resulting costs are not imposed on the holders of securities in breach of the principle of equal treatment in accordance with Article 30a (1) (1) and
1.
in the case of eligible shares
a)
the
b)
The choice of the type of remote data transmission not from the registered office or residence of the shareholders or of the persons to whom voting rights in the cases are
c)
precautions for the safe identification and addressing of shareholders or of those exercising voting rights or instructions
d)
the shareholders or in the cases of § 22 (1), first sentence, no. 1, 3, 4 and 2, the exercise of the exercise of Persons entitled to vote have expressly consented to the transmission through the transmission of data or have not objected to a request in text form for consent within a reasonable period of time and which, as a result, shall be deemed to have been granted. Do not revoke consent at a later date
2.
in the case of approved debt instruments within the meaning of § 30a (1) no. 6
a)
has agreed to a creditor assembly,
b)
the choice of the type of remote data transfer does not depend on the seat or residence of the debt holders or their agents,
c)
Precautions for the safe identification and addressing of the debt holders have been made,
d)
The debt holders have expressly consented to the transmission through the transmission of data or a request in text form for consent not within an appropriate No later than the period of validity of the agreement, the agreement shall not be revoked at a later date

footnote

(+ + + § 30b para. 3 No. 1 (1) (1)). a: For the first time, see § 46 (3) + + +) Non-official table of contents

§ 30c Changes in the legal basis of the issuer

The issuer of authorized securities for which the Federal Republic of Germany Germany is the country of origin, it must amend its statutes or other legal bases which affect the rights of the holders of securities, the Federal Institute and the Admissions Office of the domestic or foreign countries. organised markets in which its securities are admitted to trading, immediately following the decision to submit the draft amendment to the decision-making body which is to decide on the amendment, but at the latest at the time of the convening of the decision-making body. Non-official table of contents

§ 30d Rules applicable to issuers from the European Union and the European Economic Area

The provisions of § § § § § § § § § § § § § § 30a to 30c shall also apply to issuers for which the Federal Republic of Germany, but another Member State of the European Union or State Party to the Agreement on the European Economic Area, is the country of origin, where: their securities are admitted to trading on a domestic organised market and their country of origin does not provide for them in accordance with § § 30a to 30c. Non-official table of contents

§ 30e Publication of additional information and transmission to the business register

(1) A domestic agent must be
1.
any change in the rights associated with the approved securities, and
a)
in the case of eligible shares of the rights, the securities issued by the issuer itself with derivative securities (b)
in the case of other securities as shares, if they provide for the right of exchange or acquisition of the shares of the issuer,
b)
the equipping of these securities, in particular interest rates, or the related terms and conditions, to the extent that the rights attaching to the securities are indirectly affected,
c)
in the case of securities that grant creditors an exchange or subscription right to shares, any changes in the rights associated with the shares to which the exchange or subscription rights are Subscription right
2.
The inclusion of bonds with the exception of sovereign debt securities within the meaning of Section 37 of the Stock Exchange Act and those for them , provided that it is not an international public body belonging to at least one Member State of the European Union or of another State Party to the Agreement on the European Economic Area, or not only issue securities guaranteed by the federal government, and
3.
information published in a third country and the information provided for the Public opinion in the European Union and the European Economic Area,
immediately publish this publication and at the same time inform the Federal Institute of this publication. It shall also transmit this information without delay, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code for storage.(2) The Federal Ministry of Finance is authorized to adopt detailed provisions on the minimum content, type, language, scope and form of publication by means of a decree law which does not require the consent of the Federal Council. the communication referred to in the first sentence of paragraph 1. Non-official table of contents

§ 30f Liberation

(1) The Federal Institute may be subject to the obligations under the § § § § § § § § § § § § § § § § § § § § § § § § § § § The provisions of paragraphs 1 and 2 of the first sentence of Article 30e (1) and (2) of the first sentence of paragraph 1 (1) and (2) of the first sentence of paragraph 1 of this Article shall be exempted if such issuers The Federal Institute shall inform the European Securities and Markets Authority of the granted exemption.(2) Issuers to which the Bundesanstalt has granted an exemption pursuant to paragraph 1 shall have to provide information on circumstances within the meaning of Article 30e (1), first sentence, No. 1 and 2, which shall be made available to the public in accordance with the equivalent rules of a third country shall publish in accordance with Section 30e (1) in conjunction with a legal regulation pursuant to Section 30e (2) and communicate the publication at the same time to the Federal Institute; they must also immediately, but not before, the information send the publication to the business register for storage within the meaning of Section 8b of the Commercial Code.(3) The Federal Ministry of Finance is authorized to lay down detailed provisions on the equivalence of rules of a third country and the exemption of issuers pursuant to paragraph 1 by means of a regulation which does not require the approval of the Bundesrat. to the Commission. Non-official table of contents

§ 30g Exclusion of challenge

The appeal of a general assembly decision cannot be based on a violation of the

Section 5b
Short Selling and Derivatives Transactions

Non-official table of contents

§ 30h Monitoring of short selling

(1) The Bundesanstalt is the competent authority within the meaning of Regulation (EU) No 236/2012. Article 15 (5a) of the Stock Exchange Act remains unaffected. Unless otherwise provided for in Regulation (EU) No 236/2012, the provisions of Sections 1 and 2 of this Act shall apply, with the exception of § 7 (4) sentence 5 to 8, § 8 (1) sentence 3 and § 9, mutah.(2) The Bundesanstalt exercises the powers conferred on it pursuant to the first sentence of paragraph 1 in conjunction with Regulation (EU) No 236/2012, insofar as this is for the performance of its tasks and the monitoring of compliance with the provisions of Regulation (EU) No 236/2012. regulated obligations. For the purposes of the second sentence of Article 9 (4) of Regulation (EU) No 236/2012, the Bundesanstalt shall supervise the relevant Internet pages of the Federal Gazette.(3) Opposition and action against measures taken by the Bundesanstalt in accordance with paragraph 2, including in conjunction with Regulation (EU) No 236/2012, do not have suspensive effect.(4) The Federal Ministry of Finance may, by means of a regulation which does not require the approval of the Federal Council, more detailed provisions on
1.
Art, Scope and the form of notices and publications of net short selling positions in accordance with Articles 5 to 8 of Regulation (EU) No 236/2012,
1a.
Supervision of the website of the Federal Gazette for the purposes of Article 9 (4) sentence 2 of Regulation (EU) No 236/2012 as well as
2.
Art, scope and the form of communications, transfers and notifications pursuant to Article 17 (5), (6) and (8) to (10) of Regulation (EU) No 236/2012
The Federal Ministry of Finance may authorise the authorisation of the first sentence of sentence 1 by means of a regulation without the consent of the Federal Council, to the Federal Agency. unofficial table of contents

§ § 30i and 30j (omitted)

Section 6
Behavioral requirements, Organizational Obligations, Transparency Obligations

Non-official Table of Contents

§ 31 General Code of Conduct

(1) Investment services firm is required to
1.
Investment services and securities ancillary services with the necessary expertise, care and conscientiousness in the interest of its clients,
2.
to avoid To make an effort to confront conflicts of interest and to clearly state the general nature and origin of conflicts of interest before carrying out business transactions for customers, provided that the organisational arrangements according to § 33 (1) sentence 2 (3) are not sufficient, in order to avoid the risk of impairment of customer interests at reasonable discretion.
(2) All information, including promotional messages made available to clients by investment service providers, must be reputable, is clear and not misleading. Advertising messages must be clearly identifiable as such. § 302 of the Capital Investment Code and Section 15 of the Securities Prospectus Act remain unaffected. Where information on financial instruments or their issuers is provided, which directly or indirectly contains a general recommendation for a particular investment decision, style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
the investment services companies comply with the requirements of § 33b (5) and (6) and § 34b (5), also in connection with a legal regulation according to § 34b (8) or comparable foreign regulations, or
2.
the information if it is not Compliance with point 1 as a financial analysis or the like, or as an objective or independent explanation of the points contained in the recommendation, is clearly marked as an advertising message and provided with an indication that they do not comply with all legal requirements to ensure the impartiality of financial analyses and that they are not subject to a ban on trade prior to the publication of financial analyses.
(3) Investment services undertakings shall be required to provide customers with information in a timely and comprehensible manner that is appropriate to ensure that customers have reasonable discretion to the nature and risks of the offered services. or the types of financial instruments or investment services requested by them, and may make their investment decisions on that basis. The information can also be made available in a standardised form. The information must refer to
1.
the investment service provider and its Services,
2.
the types of financial instruments and proposed investment strategies, including associated risks,
3.
execution places and
4.
Cost and incitation costs.
§ § 293 to 296, 297, 303 to 307 of the The capital investment code shall remain unaffected.(3a) In the case of investment advice, a short and easy-to-understand information sheet on any financial instrument to which an information sheet is available must be made available to the customer in good time before the conclusion of a transaction through financial instruments. Purchase recommendation. The information provided in the information leaflets referred to in the first sentence may not be incorrect or misleading and shall be compatible with the particulars of the prospectus. The information sheet is replaced by
1.
in the case of shares or shares in UCITS or in open Audience-AIF the essential investor information in accordance with § § 164 and 166 of the Capital Investment Code,
2.
in the case of shares or shares in closed audience-AIF the Basic investor information according to § § 268 and 270 of the capital investment code,
3.
for EU-AIF and foreign AIF the essential investor information according to § 318 (5) of the capital investment code,
4.
in the case of EU UCITS, the main investor information that is available in German pursuant to Article 298 (1), second sentence, of the German capital investment code. language,
5.
in the case of domestic investment assets in the sense of the investment law in the up to the 21. The latest version of the Investment Act, which is valid for the period referred to in Section 345 (6) sentence 1 of the Capital Investment Code, is in force in July 2013, which is the main investor information in accordance with Section 42 (2) of the Investment Act in the period up to 21. In the case of foreign investment assets within the meaning of the investment law in the period up to and including 21 July 2013,
6.
The main investor information required pursuant to Article 137 (2) of the Capital Act may be further distributed for the period referred to in Article 345 (8), second sentence, or § 355 (2), second sentence, of the Capital Act of the Capital of the Capital of Europe. Investment law in the up to the 21.
in the case of assets under the terms of Section 1 (2) of the German Asset Management Act (Assets Act),
asset investment information sheet shall be published in force in July
. in accordance with Section 13 of the Assets Act, in so far as the provider of the assets is obliged to draw up such an information sheet, and
8.
in the case of certified old-age pension and basic rents contracts within the meaning of the old-age pension certification act, the individual product information sheet according to § 7 (1) of the Old-age pension schemes and, in addition, the essential investor information referred to in paragraphs 1, 3 or 4, provided that they are shares in the collective investment undertakings referred to in points 1, 3 or 4 .
(4) An investment service provider providing investment advice or financial portfolio management must obtain from the customer all information on the knowledge and experience of the clients in relation to transactions with certain the types of financial instruments or investment services, the investment objectives of the clients and their financial circumstances, which are necessary in order to provide the client with a financial instrument suitable for them or a suitable financial instrument for them; to be able to recommend investment services. The adequacy is assessed according to whether the specific transaction recommended to the customer or the specific investment service in the financial portfolio management is in accordance with the investment objectives of the client concerned, who are the customer is able to understand its investment objectives financially and the customer with his knowledge and experience is able to understand the investment risks that can be gained from this. If the investment service provider does not obtain the necessary information, it may not recommend a financial instrument in connection with investment advice or do not make a recommendation in relation to a financial portfolio management.(4a) An investment service undertaking providing the investment services referred to in the first sentence of paragraph 4 may only recommend to its customers financial instruments and investment services provided for the purposes of the information obtained in respect of the Customers are suitable. The appropriateness shall be assessed in accordance with the second sentence of paragraph 4.(4b) An investment service undertaking providing investment advice shall be obliged to inform customers in good time before the consultation and before the conclusion of the consultation contract, in a timely and comprehensible manner, on whether the investment advice is available as a Honorary investment advice is provided or not. If the investment advice is not provided as an honorary investment advice, the customer is to be informed as to whether benefits in connection with the investment advice may be accepted and retained by third parties.(4c) An investment service undertaking providing investment advice as an honorary investment advice
1.
must have a sufficient number of its recommendations on the basis of the Market offered financial instruments that
a)
are sufficiently scattered with regard to their nature and their provider or issuer, and
b)
not limited to providers or issuers who are closely connected to the investment services company or to which in some other way are economic interconnections; the same shall apply to financial instruments the provider or issuer of which is the investment service provider itself
2.
Reward investment advice solely by the customer. In connection with the Honorary Investment Advisory Service, no non-monetary benefits may be accepted by a third party who is not a customer of this service or who has been commissioned by the customer to do so. Monetary benefits may only be accepted if the recommended financial instrument or a financial instrument which is appropriate in the same way is not available without assistance. In this case, monetary benefits are to be returned to the customer immediately upon receipt and undiminished value. Provisions relating to payment of taxes and duties shall remain unaffected.
The requirements for investment advice shall also apply.(4d) In recommending financial statements in financial instruments based on a fee-based investment advice, the provider or issuer of which is the investment service provider itself or a provider or issuer of such an investment service undertaking, Where there is a connection or other economic interdependence, the investment service provider must inform the client in good time before the recommendation and in an intelligible form, by means of
1.
the fact that it itself is the provider or issuer of the financial instruments
2.
the fact that a close connection or other economic interdependence with the offeror or issuer, as well as
3.
the existence of an own profit interest or the The interest of an issuer or a supplier of an issuer or a provider that is connected or economically interlinked with the transaction.
An investment service provider shall not be able to conclude a business transaction based on its Honorary Investment Advisory Service. run as a business with the customer at a fixed or determinable price for your own account (fixed price business). Excluded are fixed-price transactions in financial instruments, the offeror or issuer of which is the investment service company itself.Prior to the provision of investment services other than the investment services referred to in paragraph 4 for the execution of client orders, an investment service undertaking shall have information from the clients on the knowledge and experience of the clients in relation to To obtain transactions with certain types of financial instruments or investment services where such information is necessary to assess the adequacy of financial instruments or investment services for the clients, . Adequacy shall be assessed according to whether the customer has the necessary knowledge and experience to be able to assess the risks associated with the nature of the financial instruments, investment services appropriately. Where an investment service undertaking takes the view, on the basis of information received in accordance with the first sentence, that the financial instrument requested by the client or the investment service is not appropriate for the client, it shall have the customer to be pointed out. If the investment service undertaking does not obtain the necessary information, it shall inform the customer that it is not possible to assess the appropriateness of the sentence in the sentence 1. The information referred to in the third sentence and the information provided for in the fourth sentence may be given in a standardised form.(5a) An investment service provider has, prior to the mediation of the conclusion of the contract on a property investment within the meaning of section 2a of the property law of the customer, a self-disclosure of its assets or income to that extent from the customer , as required in order to be able to verify whether the total amount of the assets of the same issuer acquired by the customer does not exceed:
1.
10 000 Euro, provided that the investor in question has a freely available asset in the form of bank deposits and financial instruments of at least EUR 100 000 , or
2.
the two-fold amount of the average monthly net income of each investor, but not more than 10 000 euros.
not, if the total amount of the assets of the same issuer acquired by the customer, which is not a capital company, does not exceed EUR 1 000. An investment service undertaking may only mediate a conclusion of a contract relating to an investment in assets within the meaning of Section 2a of the Capital Investment Act if it has verified that the total amount of the assets of the same issuer, which is the same as that of the A customer who is not a capital company shall be acquired in excess of EUR 1 000 or the amounts referred to in the first and second sentence of the first subparagraph.(6) In so far as the information referred to in paragraphs 4, 5 and 5a is based on information provided by the customer, the investment service undertaking shall not be responsible for the accuracy or incompleteness of the information provided by its customers, unless the information provided by the client is not Incompleteness or inaccuracy of the customer's information is known to him or is unknown as a result of gross negligence.7. The obligations referred to in paragraph 5 shall not apply to the extent that the investment service undertaking
1.
Provision of the customer's financial commission business, own-trade, termination or investment mediation in respect of shares admitted to trading in an organised or equivalent market, money market instruments, Debt securities and other securitised debt instruments in which a derivative is not embedded shall provide the relevant shares in investment assets or other non-complex financial instruments to the requirements of Directive 2009 /65/EC and
2.
notifies the customer that no adequacy check is made within the meaning of paragraph 5. The information may be provided in a standardised form.
(8) Investment service providers must report to their clients in an appropriate manner on the transactions carried out or the financial portfolio management provided.(9) In the case of professional customers within the meaning of Article 31a (2), the investment service undertaking shall be entitled, within the limits of its obligations under paragraph 4, to assume that it shall be deemed to be responsible for the products, operations or services for which it is deemed to be: professional customers, who have the necessary knowledge and experience to understand the risks associated with the transactions or financial portfolio management, and that they may be able to deal with the business or the financial portfolio management. Financial portfolio management is financially sustainable according to their investment objectives. An information sheet referred to in the first sentence of paragraph 3a, or a document referred to in the third sentence of paragraph 3a, shall not be made available to professional customers within the meaning of Article 31a (2).(10) Paragraph 1 (1) and paragraphs 2 to 9, and Articles 31a, 31b, 31d and 31e, shall also apply to undertakings established in a third country which provide investment services or ancillary securities services to clients who have their habitual residence or its management in the territory of the country, unless the investment service or the ancemiation of securities, including the ancemials related thereto, is exclusively in a non-member country is provided.(11) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down more detailed provisions
1.
about the type, scope, and form of the disclosure referred to in paragraph 1 (2),
2.
to type, content-based design, Time and data medium of the information necessary for the customer pursuant to paragraphs 2 and 3, the first sentence of paragraphs 1 to 3, the first sentence of paragraphs 4b and 4d,
2a.
in agreement with the Federal Ministry of Food, Agriculture and Consumer Protection, on the content and structure of the information sheets within the meaning of the first sentence of paragraph 3a and of the manner in which they are made available,
3.
about the type of information to be inked by customers under paragraphs 4 and 5,
3a.
to the request in accordance with the first sentence of paragraph 4c (1), the recommendation in the framework of the fee investment advice shall be based on a sufficient number of financial instruments offered on the market,
4.
to assign other financial instruments to the non-complex financial instruments as referred to in paragraph 7, no. 1,
5.
about the type, content, time and volume of the reporting requirements in accordance with paragraph 8.
The Federal Ministry of Finance can grant authorisation by means of a legal regulation to the Federal Institute.

Footnote

(+ + + § 31 Abs 1 to 9 and below). 11: For use, see Section 51 (4) sentence 2 and § 54 para. 4 sentence 2 KAGB + + +) Non-official table of contents

§ 31a customers

(1) Customers within the meaning of this law are all natural or legal Persons for which investment service undertakings provide investment services or ancillary securities services or services.(2) Professional customers within the meaning of this Act are customers where the investment service undertaking can assume that they have sufficient experience, knowledge and expertise to make their investment decisions and to adequately assess the risks involved. Professional customers within the meaning of sentence 1 are
1.
Companies that are considered as
a)
securities service provider,
b)
other approved or overseen financial institutions,
c)
insurance companies,
d)
collective investment organisms and their Management companies,
e)
Pension funds and their management companies,
f)
Company within the meaning of § 2a (1) No. 8,
g)
stock exchange trader and Commodity derivatives trader,
h)
other institutional investors whose principal activity is not covered by points (a) to (g),
in Germany or abroad. or are responsible for acting on the financial markets;
2.
not within the meaning of point 1 of the companies responsible for admittance or supervision, which: Exceed at least two of the following three characteristics:
a)
20.000.000 Euro Balance sheet total,
b)
40.000.000 Euro sales revenue,
c)
2.000.000 Euro Own resources;
3.
national and regional governments and public debt management bodies;
4.
Central banks, international and state-of-the-art institutions such as the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank and others comparable international organisations;
5.
other institutional investors, other than those referred to in point 1, who are responsible for admission to the public sector, or which are responsible for the of the investment in financial instruments, and entities that operate the securitisation of assets and other financing operations.
They shall be related to all financial instruments, investment services, and Ancillary securities services are considered to be professional clients.(3) Private customers within the meaning of this Act are customers who are not professional customers.(4) Suitable counterparties shall be undertakings within the meaning of paragraph 2 (1) (a) to (f), the bodies referred to in paragraph 2 (3) and (4), and undertakings within the meaning of Section 2a (1) (12). The appropriate counterparties shall be equal to
1.
Company within the meaning of paragraph 2 (2), based in the In- or abroad,
2.
Company established in another Member State of the European Union or of another State Party to the Agreement on the European Union An economic area which, in accordance with the law of the home Member State, acts as an appropriate counterparty within the meaning of the first sentence of Article 24 (3) of Directive 2004 /39/EC of the European Parliament and of the Council of 21 June 2004 on the 1 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (OJ L 136, 31.5.2000, p. EU No L 145 p. 1, 2005 No 18) should be considered in the version in force,
if they have agreed to be treated as an appropriate counterparty for all or individual transactions.(5) An investment service undertaking may, notwithstanding paragraphs 2 and 4, classify appropriate counterparties as professional customers or private customers and professional customers as private customers. The investment service undertaking shall inform its clients of a change in the classification.(6) A professional customer may agree with the investment service company a classification as a private client. The agreement on the modification of the classification shall be subject to the written form. If the amendment is not intended to cover all investment services, ancillary securities services and financial instruments, this should be expressly laid down. An investment service undertaking shall indicate to professional clients within the meaning of the second sentence of the second sentence of paragraph 2 and paragraph 7 at the beginning of a business relationship that they are classified as professional clients and that the possibility of Change of classification according to sentence 1. Has an investment service provider clients before the 1. The classification according to the first sentence of paragraph 2 shall be based on an evaluation procedure, which shall be based on the expertise, experience and knowledge of the customers referred to in the first sentence of paragraph 2. November 2007. These customers shall be informed of the requirements of the classification referred to in paragraphs 2, 5 and 6 and the possibility of amending the classification referred to in the fourth sentence of paragraph 6.(7) A private customer may be classified as a professional client on request or by establishing the investment service company. The change in the classification shall be based on an assessment by the investment services undertaking as to whether the customer is able, on the basis of his experience, knowledge and expertise, in general or in respect of a particular type of to make an investment decision and to assess adequately the risks associated with it. A change to the classification shall only be considered if the private customer satisfies at least two of the three following criteria:
1.
The customer has an average of ten in the market where the financial instruments are to be considered as a professional customer during the last year Transactions carried out significantly in the quarter;
2.
The customer has bank balances and financial instruments worth more than 500,000 euros;
3.
The customer has exercised a profession on the capital market for at least one year, the knowledge of the relevant business, investment services, and securities ancillary services.
The investment service provider must inform the private client in writing that the change to the classification no longer applies to the protection provisions of this law for private customers. shall apply. The customer must confirm in writing that he has taken note of this notice. Where a professional customer within the meaning of the first sentence or the second sentence of the second sentence of paragraph 2 does not inform the investment service provider of any changes which may affect his or her classification as a professional client, the investment service provider shall state the reasons for that Incorrect classification shall not be subject to a breach of duty of the investment service undertaking.(8) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down more detailed provisions concerning the requirements for classification as referred to in paragraph 2 (2), the procedure and the organisational arrangements the investment service undertaking shall, in the event of a change in the classification referred to in paragraph 5 and the criteria, the procedure and the organisational arrangements, in the event of a change or maintenance of the classification referred to in paragraphs 6 and 7. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a regulation.

Footnote

(+ + + § 31a: For application see Section 51 (4) sentence 2 and § 54 para. 4 sentence 2 KAGB + + +) unofficial table of contents

§ 31b transactions with appropriate counterparties

(1) investment service providers who are the financial commission business, the investment and final placement and the private trading as well as the direct related securities ancillary services to suitable counterparties are not subject to the requirements of section 31 (3) 2, 3, and 5 to 7, as well as § § 31c, 31d and 33a. Sentence 1 shall not apply provided that the appropriate counterparty has agreed with the investment service provider for all or for individual transactions, to be treated as a professional client or as a private customer.(2) The Federal Ministry of Finance may, by means of a decree law which does not require the consent of the Federal Council, lay down detailed provisions on the form and content of an agreement referred to in the second sentence of paragraph 1 and the manner in which the agreement is approved in accordance with Section 31a (4) sentence 2. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation.

Footnote

(+ + + § 31b: For application see Section 51 (4) sentence 2 and § 54 para. 4 sentence 2 KAGB + + +) Non-official table of contents

§ 31c Processing of customer orders

(1) An investment service provider must: appropriate precautions to be taken to
1.
Customer orders immediately and in proportion to others to execute customer orders and the trading interests of the investment service provider or to forward them to third parties,
2.
comparable customer orders of the the order in which they are received or forwarded to a third party for the purpose of execution, subject to prevailing market conditions or any other interest of the customer,
3.
to ensure that customer funds and customer financial instruments are correctly accounted for,
4.
at the Merging customer orders with other customer orders or with orders for own account of the investment service provider to safeguard the interests of all customers involved,
5.
to ensure that information related to unexecuted customer orders is not misused
6.
Each customer concerned about the merger of the orders and related risks and any affected private customer immediately about all major problems known to him in the case of the execution of orders.
(2) Limited customer orders in respect of shares admitted to trading on an organised market cannot be executed immediately on the basis of the market conditions, the Investment service providers shall immediately disclose these orders in such a way as to make them easily accessible to other market participants, provided that the customer does not give any other instruction. The obligation laid down in the first sentence shall be deemed to have been fulfilled if the orders have been or are passed on to an organised market or a multilateral trading system which complies with the requirements of Article 31 of Regulation (EC) No 1287/2006. The Bundesanstalt may repeal the obligation set out in the first sentence in respect of such contracts which substantially exceed the normal market value of the market.(3) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down detailed rules on the obligations under paragraphs 1 and 2 sentence 1 and on the conditions under which the Federal Institute of Finance The obligation laid down in the third sentence of paragraph 2 may be waited. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation. Non-official table of contents

§ 31d grants

(1) An investment service provider may have to do so in connection with the provision of Investment services or ancillary investment services do not accept any grant from third parties or grant them to third parties who are not customers of this service, unless
1.
The application is designed to improve the quality of the service provided to the customer. , and in the interests of the customer in the sense of § 31 (1) no. 1, the proper provision of the service is not contrary to and
2.
Existence, Art and the extent of the grant or, where the scope has not yet been determined, the manner in which it is calculated, the customer shall be more comprehensive, more accurate and more appropriate before the provision of the investment service or the ancecrial service of the securities in question; clearly disclosed.
A benefit within the meaning of the first sentence is not available if the investment service provider accepts it from a third party who has been appointed by the client to do so, or if the investment service provider adopts the same of such third parties.(2) Benefits within the meaning of this provision are commissions, fees or other cash benefits, as well as all monetary value benefits.3. The disclosure referred to in paragraph 1 (2) may take the form of a summary of the essential elements of the agreements on grants, provided that the investment service undertaking offers the client details of the details of the agreement and on demand.(4) (3) (5) Fees and charges which enable or are necessary for the provision of investment services and which, in their manner, are not likely to endanger the performance of the obligation under Section 31 (1), first sentence, No. 1 excluded from the prohibition in accordance with paragraph 1.

footnote

(+ + + § 31d: For application, see Section 51 (4) sentence 2 and Section 54 (4) sentence 2 KAGB + + +) Non-official table of contents

§ 31e Provision of investment services and ancillary securities services via a Other investment services undertaking

shall give an investment service undertaking, through another investment service undertaking, an order to provide investment services or ancillary investment services to a client; , the receiving undertaking shall be responsible for the performance of the investment service or the ancesian securities service in accordance with the provisions of this Section:
1.
the accepting investment service company is not obligated to provide customer information and To verify the completeness and accuracy of the customer instructions sent to him by the other investment service provider,
2.
Receiving investment services undertakings shall be entitled to rely on recommendations in respect of the investment service or by-service provision of securities to the customer in accordance with the requirements of the other investment service undertaking with the statutory provisions.
Non-official table of contents

§ 31f Operation of a multilateral trading system

(1) The The operator of a multilateral trading system is obliged to
1.
Access to To establish trade participants in the multilateral trading system, which provide for at least the requirements for participation in the exchange trading pursuant to Article 19 (2) and (4) sentence 1 of the Stock Exchange Act; § 19 (4) sentence 2 of the Stock Exchange Act applies corresponding,
2.
Regulations for the inclusion of financial instruments, the orderly conduct of trade and pricing, the use of -related reference prices and the contractual handling of transactions concluded, and the rules on trade and pricing shall not allow the operator any margin of discretion,
3.
to have adequate control procedures to monitor compliance with the regulations specified in point 2 and to monitor compliance with § § 14 and 20a,
4.
To ensure that prices in the multilateral trading system are in accordance with the regulations of § 24 (2) of the Stock Exchange Act,
5.
To ensure that the records of the contracts awarded and completed operations in the multilateral trading system are fully monitored by the Bundesanstalt ensures,
6.
taking into account the nature of users and the traded financial instruments, all for the use of the multilateral trading system to publicly disclose the necessary and appropriate information,
7.
for the excessive use of the multilateral trading system, in particular by: a disproportionate number of order entries, changes and deletions to require separate charges; the level of such charges shall be such as to ensure that excessive use and associated adverse effects on system stability or the market integrity is effectively countered,
8.
appropriate precautions to be taken to ensure a proper pricing even in the event of significant price fluctuations ; appropriate arrangements are in particular short-term changes to the market model and short-term volatility interruptions, taking into account static or dynamic price corridors or limit systems of the Price-fixing of trading participants,
9.
to ensure and monitor that the trading participants have an appropriate relationship between their Ensure order entries, changes and deletions and the transactions actually executed (order transaction ratio) in order to avoid risks to orderly trading in the multilateral trading system; the The order-transaction ratio is to be determined in each case for a financial instrument and on the basis of the numerical volume of the respective orders and transactions within one month, and it is particularly appropriate to have an appropriate Order-transaction ratio if it is economically comprehensible due to the liquidity of the financial instrument concerned, the concrete market situation or the function of the acting company,
10.
to set an appropriate size of the smallest possible price change for the financial instruments traded in order to negatively impact on market integrity and liquidity , in particular, when determining the minimum size, account should be taken, in particular, of the fact that it does not affect the pricing mechanism and the objective of an appropriate order transaction ratio within the meaning of point 9; and
11.
Regulations for the identification of the orders generated by the algorithmic trading within the meaning of Article 33 (1a), first sentence, by the trading participants and the Identification of the trading algorithms used for this purpose.
(2) Issuers whose financial instruments have been included in trade in a multilateral trading system without their consent cannot do so shall be obliged to publish information relating to these financial instruments for this multilateral trading system.(3) The operator of a multilateral trading system shall inform the Federal Institute of serious breaches of the trade rules and disturbances of market integrity; in the case of evidence of a breach of § 14 or § 20a, the Bundesanstalt shall be responsible for the operation of the Bundesanstalt. to be informed immediately and to be fully supported in their investigations.(4) The operator of a multilateral trading system shall notify the Federal Agency without delay if, in the case of a financial instrument traded on its multilateral trading system, a significant fall in prices within the meaning of Article 23 of the Regulation (EU) No 236/2012.(5) The operator of a multilateral trading system shall inform the Bundesanstalt immediately in writing of the receipt of requests for access pursuant to Articles 7 and 8 of Regulation (EU) No 648/2012. The Bundesanstalt can
1.
under the conditions referred to in Article 7 (4) of Regulation (EU) No 648/2012 the conditions for the operator of a multilateral trading system to prohibit access to a central counterparty within the meaning of that Regulation, and to
2.
under the the conditions referred to in Article 8 (4) of Regulation (EU) No 648/2012 prohibit the operator of a multilateral trading system from granting access to a central counterparty within the meaning of that Regulation.
(6) Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down detailed rules for the collection and the level of the charges referred to in paragraph 1 (7), in order to determine an appropriate relationship between Order entries, changes and deletions, and the transactions actually carried out in accordance with paragraph 1 (9), for the determination of an appropriate size of the minimum price change referred to in paragraph 1 (10), and for the determination of the rules applicable to: adopt the marking and identification referred to in paragraph 1, point 11. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a regulation. Non-official table of contents

§ 31g Pre-and post-trading transparency for multilateral trading systems

(1) The operator of a multilateral trading system Trading system shall have the price of the most limited purchase order and the lowest limited sales order for shares and shares representing shares and shares in the system which are admitted to trading on an organized market and to publish the volume negotiable at these prices continuously during the normal business hours on reasonable commercial terms.(2) The Bundesanstalt may, in accordance with Chapter IV, Section 1 of Regulation (EC) No 1287/2006, allow operators of multilateral trading systems to make exceptions to the obligation referred to in paragraph 1.(3) The operator of a multilateral trading system shall publish the market price, the volume and the date of transactions concluded in accordance with paragraph 1 on reasonable commercial terms and as far as possible on a real-time basis.(4) The Bundesanstalt may, in accordance with Chapter IV, Section 3 of Regulation (EC) No 1287/2006, permit a delayed publication of information in accordance with paragraph 3, depending on the nature and scope of the transactions completed. The operator of a multilateral trading system shall be required to publish a delay in accordance with the first sentence.(5) The details of the publication obligations referred to in paragraphs 1, 3 and 4 shall be governed by Chapter IV, sections 1, 3 and 4 of Regulation (EC) No 1287/2006. Non-official table of contents

§ 31h Publication obligations of investment service providers after trading

(1) Investment services undertakings which do business in the framework of investment services in accordance with Article 2 (3), first sentence, no. 1 to 4, with certificates representing shares and shares admitted to trading on an organised market outside of a or a multilateral trading system, the volume, the market price and the date on which such transactions are concluded shall be subject to appropriate commercial conditions and, as far as possible, to Real-time basis to be published.(2) The Bundesanstalt may, in accordance with Chapter IV, Section 3 of Regulation (EC) No 1287/2006, permit a delayed publication of information referred to in paragraph 1, depending on the scope of the transactions concluded. The investment service undertaking shall publish a delay in accordance with the first sentence.(3) The details of the publication requirements referred to in paragraphs 1 and 2 shall be governed by Chapters IV, sections 3 and 4 of Commission Regulation (EC) No 1287/2006. Non-official table of contents

§ 32 Systematic internalization

The § § 32a to 32d apply to systematic internalisers as far as they are awarded contracts in Share shares and shares admitted to trading on an organized market to the standard market size. Detailed rules shall be laid down in Chapters III and IV of Section 2 and 4 of Regulation (EC) No 1287/2006. A market within the meaning of these rules shall apply to a share of all orders executed in the European Union in respect of this class of shares, with the exception of those which, in comparison with the normal market size for those shares, enter into force. large volume. Non-official table of contents

§ 32a Publishing of Quotes by systematic internalisers

(1) A systematic internaliser in the sense of the § 32 Sentence 1 is obliged to publish, on a regular basis and continuously during the normal trading hours, the purchase and sale offers (Quotes) which are binding on reasonable commercial terms and conditions for the shares of the shares offered by the company. provided there is a liquid market for this purpose. If there is no liquider market, it is obliged to publish quotes on request from its customers in accordance with the rate of sentence 1. The prices of the published quotes must reflect the prevailing market conditions.(2) The systematic internaliser may determine the number of shares of the shares or the value (size) calculated on a sum of money for its bid or sale offers in the share classes to which it publishes quotations. The purchase and selling prices per share in a quota must reflect prevailing market conditions.(3) The systematic internaliser may update the quotes it publishes at any time and, in the event of exceptional market circumstances, withdraw.(4) The details of the publication requirements referred to in the first and second sentences of paragraph 1 shall be governed by the provisions of Section 2 and Article 4 of Chapter IV of Regulation (EC) No 1287/2006. Non-official table of contents

§ 32b Determination of the standard market size and tasks of the Federal Institute

(1) The Federal Agency shall determine the standard market size within the meaning of § 32, first sentence, on the basis of the average value of the transactions carried out on the market, at least once a year, the classes for the classes of shares, which are those of the liquidity aspects of the classes the most important domestic market.(2) The Bundesanstalt shall publish the classes determined in accordance with paragraph 1 on its website and forward it to the European Securities and Markets Authority. Non-official table of contents

§ 32c Execution of customer orders through systematic internalisers

(1) A systematic internaliser in the sense of § 32 sentence 1 shall be obliged to execute orders on the price published at the time of receipt of the order. The execution of orders for private customers must comply with the requirements of § 33a.(2) The systematic internaliser may carry out the orders of professional customers to a price other than the price referred to in the first sentence of paragraph 1, if the order execution is
1.
at a better price, which is within a published, market-oriented bandwidth, and the volume of the contract exceeds EUR 7 500,
2.
of a portfolio business shall be in at least ten different securities, part of a portfolio or
3.
is subject to other conditions than those applicable to the applicable market price.
(3) The systematic Internalisers only publish a quota or if its largest quota is below the standard market size, it can execute a customer order that is above the size of its quota and below the standard market size, even in so far as it is than this exceeds the size of its quota, if the execution is carried out at the quoted price. Paragraph 2 shall remain unaffected.(4) Where the systematic internaliser has published quotas for different sizes, it may, in accordance with paragraphs 1 to 3, carry out a customer order between those quantities at one of the prices quoted.(5) The systematic internaliser is obliged to establish an appropriate size of the smallest possible price change in the financial instruments traded in order to reduce negative effects on market integrity and liquidity; The determination of the minimum size after the first half-sentence shall be taken into account, in particular, by the fact that it does not affect the price-finding mechanism. Non-official table of contents

§ 32d Access to Quotes, Terms and Conditions for Systematic Internalisation

(1) A systematic internaliser in the The meaning of Section 32, first sentence, shall be granted in an objective and non-discriminatory manner to access to the quotes it has published. He has the right to regulate the access granted in a clear manner in his terms and conditions.(2) The terms and conditions may also provide for
1.
to record and continue a Business relationship with customers may be rejected, provided that this is due to economic considerations, in particular the customer's creditworthiness, the counterparty risk or the conduct of the business,
2.
The execution of a customer's work orders can be limited in a non-discriminatory manner, provided that this is necessary to reduce the risk of default, and
3.
taking into account the requirements of § 31c, the total number of orders to be executed simultaneously by multiple customers can be limited in a non-discriminatory manner, if the number or volume of orders is significantly above the standard.
unofficial table of contents

§ 33 organizational requirements

(1) An investment service provider must comply with the organisational obligations laid down in Article 25a (1), (2) and (25e) of the Banking Act. In addition,
1.
must set appropriate principles, maintain resources, and set up procedures, designed to ensure that the investment services company itself and its employees comply with the obligations of this Act, in particular by establishing a durable and effective compliance function , which can carry out its duties independently;
2.
take reasonable steps to ensure the continuity and regularity of investment services; and securities ancillary services;
3.
shall, in the long term, take effective measures to ensure that appropriate measures are taken to prevent conflicts of interest in the provision of such services. Investment services or ancillary investment services between itself, including its employees, and those directly or indirectly related to it by means of control within the meaning of Article 4 (1) (37) of Regulation (EU) No 575/2013 to identify connected persons and undertakings and to their customers or between their customers and to avoid impairment of customer interests;
3a.
within the framework of the arrangements referred to in point 3, principles or objectives which directly or indirectly affect the turnover, volume or income of the transactions recommended in the context of investment advice (distribution requirements), and monitor that customer interests are not compromised;
4.
Effective and transparent procedures for the appropriate and prompt handling of complaints by private customers, and document any complaint and the measures taken to remedy the situation;
5.
ensure that the management and the Supervisory bodies shall receive, at reasonable intervals, at least once a year, reports of the staff responsible for compliance with the adequacy and effectiveness of the principles, means and procedures referred to in paragraph 1, which shall, in particular: indicate whether appropriate measures are taken to remedy any breach of this law by the investment service undertaking or its employees or to eliminate the risk of such infringement ,
6.
monitor and regularly assess the appropriateness and effectiveness of the organizational measures taken under this section, as well as the necessary Measures to eliminate inadequacies.
Within the framework of the arrangements to be adopted in accordance with the second sentence of point 1, the investment service undertaking shall be required to provide the type, scope, complexity and risk content of its business, as well as the nature and Take into account the range of investment services offered by him.An investment service undertaking shall, in addition, comply with the provisions referred to in this paragraph if it conducts trading in financial instruments in such a way as to ensure that a computer algorithm automatically makes the individual order parameters which is not a system that is used only to forward orders to one or more trading venues or to confirm orders (algorithmic trading). The order parameters referred to in the first sentence shall be, in particular, decisions on whether the contract is to be initiated, the date, price or quantity of the contract, or the order after its submission with restricted or none at all. human participation. An investment service company that operates algorithmic trading must have systems and risk controls that ensure that
1.
Its trading systems are resilient, have sufficient capacity and are subject to reasonable trade thresholds and trade limits;
2.
Avoiding the transmission of defective work orders or the functioning of the system that causes or contributes to disruptions on the market ,
3.
Its trading systems cannot be used for a purpose that is contrary to European and national rules against market abuse or to the The rules of the trading venue to which it is connected.
An investment service provider that operates algorithmic trading must also have effective emergency measures to deal with unforeseen disruptions in its trade systems, and ensure that its systems are fully tested and properly monitored. It must also ensure that any modification of a computer algorithm used for trading is documented.(2) In the event of outsourcing of activities and processes as well as financial services, an investment service provider must comply with the requirements of Section 25b of the Banking Act. The outsourcing must not change the legal relationships of the company to its customers and its obligations to the customers according to this section. The outsourcing shall not alter the conditions under which the investment service company has been granted a permit under Section 32 of the Banking Act.(3) An investment service undertaking may only outsource the financial portfolio management for private customers within the meaning of Article 31a (3) to a company established in a third country if
1.
the offload company is allowed or registered for this service in the third country, and is supervised by an authority that maintains a sufficient cooperation agreement with the Federal Institute, or
2.
the swap agreement at the The Federal Agency shall publish on its website a list of the foreign supervisory authorities with which it is responsible for an appropriate period of time.
The cooperation agreement referred to in the first sentence of sentence 1, and the conditions under which it does not normally objected to the offsetting agreements referred to in the first sentence of the first sentence of paragraph 2, including an explanatory statement, which makes it necessary to comply with the conditions laid down in the first sentence. in accordance with paragraph 2.(3a) An investment service company may only provide investment advice as an honorary investment advice if it exclusively provides fee-based investment advice or if it organises the honorary investment advice organisational, functional and personal from the rest of the investment advice. Investment services undertakings shall, within the meaning of point 3a of paragraph 1 of paragraph 1 of this Article, be responsible for the provision of remuneration advice in such a way as to prevent conflicts of interest arising from customer interests. An investment service company providing fee-based investment advice must indicate on its website whether the fee investment advice is offered at the head office and in which domestic branch offices.(4) The Federal Ministry of Finance may adopt detailed provisions concerning the organisational requirements laid down in the second sentence of paragraph 1 and paragraph 3a by means of a regulation which does not require the approval of the Bundesrat. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation. Non-official table of contents

§ 33a Best possible execution of customer orders

(1) An investment service provider that orders its customers for the purchase or sale of financial instruments within the meaning of section 2 (3) sentence 1 no. 1 to 3, must be
1.
take all reasonable precautions, in particular, set the order execution principles and review at least annually to achieve the best possible result for its customers and
2.
ensure that each individual customer order is executed in accordance with these principles.
(2) In drawing up the principles of execution, investment services undertakings shall have all the relevant criteria to achieve the best possible outcome, in particular the prices of the financial instruments relating to the execution of the contract. costs, speed, probability of execution and execution of the contract, as well as the scope and nature of the contract, and the criteria, taking into account the characteristics of the customer, the customer's order, the Financial instruments and the execution place.(3) If the investment service company carries out orders from private customers, the execution principles must include arrangements for the best possible outcome to be based on the total remuneration. The total fee shall be the price of the financial instrument and all the costs associated with the execution of the order. Where an order for a financial instrument may be carried out in accordance with the execution principles of the investment service undertaking in a number of competing places, the costs shall also include the commission's own commissions or fees, which shall be: Investment service provider shall be charged to the customer for an investment service. The investment services undertakings shall not structure or charge their commissions in such a way as to cause unjustified unequal treatment of the execution places.(4) If the investment service undertaking carries out an order in accordance with an express customer statement, the obligation to achieve the best possible result shall be deemed to be fulfilled in accordance with the scope of the instruction.(5) The order execution principles must
1.
The various execution places in Reference to each class of financial instruments and the determining factors for the selection of an execution place,
2.
at least the execution places where the investment service provider can consistently achieve the best possible results in the execution of client orders,
. Where the implementation principles referred to in paragraph 1 (1) also permit the execution of a contract outside organised markets and multilateral trading systems, the investment service undertaking shall separate its customers from that circumstance. and to obtain their express consent in general or in relation to any transaction before the customer orders are executed at these execution places.(6) The investment service provider must
1.
clients prior to the initial provision of To provide investment services with respect to its execution principles and to obtain its consent to these principles,
2.
its private clients expressly to: indicate that, in the case of a customer statement, the investment service provider carries out the order in accordance with the customer statement and is not obliged to carry out the contract in accordance with its order execution principles on the to perform the best possible result,
3.
to notify its customers of any significant changes to the arrangements referred to in paragraph 1 (1) without delay.
(7) Investment service providers must be able to submit to a customer on request that their order has been executed in accordance with the execution principles.(8) Paragraphs 1 to 7 of the following paragraphs shall apply to investment services undertakings which transfer orders from their customers to third parties for execution or carry out financial portfolio management without carrying out the orders or decisions themselves. Accordingly,
1.
within the framework of the reasonable precautions to be taken into account, in the case of the execution of the order referred to in paragraphs 2 and 3,
2.
the principles to be determined in accordance with paragraph 1 (1) shall apply in respect of each group of: Financial instruments shall identify the bodies entrusted to the investment service undertaking with the execution of its decisions or to which it forwards the orders of its clients for execution; the investment service undertaking ensure that the undertakings it has selected make provision for it to fulfil its obligations under this paragraph,
3.
within the framework of of its obligations laid down in paragraph 1 (2), the investment service undertaking shall, at least once a year, review its principles and regularly monitor whether the bodies responsible for the performance of the contracts are in accordance with the requirements of the
Federal Ministry of Finance may, by means of a regulation which does not require the approval of the Federal Council, adopt detailed provisions on minimum requirements for the Federal Ministry of Finance. Establishment of the principles of implementation referred to in paragraphs 1 to 5, the principles referred to in paragraph 8 (2) and the review of the arrangements referred to in paragraphs 1 and 8, and the nature, scope and volume of information on the Implementing principles referred to in paragraph 6. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a regulation.

Footnote

(+ + + § 33a: For application see Section 51 (4) sentence 2 and § 54 para. 4 sentence 2 KAGB + + +) unofficial table of contents

§ 33b employee and employee business

(1) employee of a Investment service companies are
1.
the members of the governing bodies that are personally responsible for members and comparable persons, the managing directors as well as the tied agents within the meaning of § 2 (10) sentence 1 of the Banking Act,
2.
the members of the managing bodies, the personally liable partners and comparable persons, as well as the managing directors of the tied agents,
3.
all natural persons whose investment service company or its contractually bound intermediary in the provision of investment services, in particular based on a work, business, or service relationship, and
4.
all natural persons who are involved in a swap agreement shall be directly involved in the provision of services to the investment services undertaking or to its tied agents for the purpose of providing investment services.
(2) 6 are stores with a financial instrument by labor
1.
for your own account,
2.
for the account of persons with whom they are closely related within the meaning of Section 15a (3) sentence 1, of underage stepchildren or persons, to whose business success the Employee has an at least indirect interest, which is not in a fee or commission to run the business, or
3.
outside the scope of tasks assigned to them for their own or foreign account.
(3) Investment service providers must use appropriate means and procedures for the purposes of a conflict of interest, employees whose activities are subject to a conflict of interest or who, by virtue of their activity, may have access to insider information in accordance with § 13 or to any other confidential information relating to customers or such transactions effected with or for customers,
1.
doing a labor business that
a)
could violate a specification of this section or § 14, or
b)
connected to the abuse or violation of confidential information,
2.
outside of your intended job as employee, recommend a business to another through financial instruments, which is the employee business
a)
the requirements of number 1 or paragraph 5, no. 1, or no. 2, or
b)
against § 31c para. 1 no. 5
or any other to such a store,
3.
Without prejudice to the prohibition in accordance with § 14 (1) no. 2, outside of its intended activity as an employee, make available to another opinion or information in the consciousness, that the other is likely to be tempted to
a)
doing a business that is Employee business fulfilled the conditions set out in point 1 or in paragraph 5 (1) or (2), or in breach of § 31c (1) no. 5, or
b)
a third party Recommend the business referred to in point (a) or to guide it to such a business
4) The organisational arrangements referred to in paragraph 3 shall at least be designed to ensure that
1.
all employees covered by paragraph 3 are the restrictions on employee business and the precautions of the investment service undertaking referred to in paragraph 3,
2.
the investment service provider shall be aware of any employee business of an employee in the sense of the (3)
3.
as part of offload agreements, paragraph 3 can be immediately informed either by the employee's display or by another setting procedure
in accordance with Section 25b of the Banking Act, the employees ' operations of persons referred to in paragraph 1 (4), which satisfy the conditions set out in paragraph 3, are documented by the offload undertaking and are carried out by the investment services company
4.
the investment service provider shall be required to carry out all of the employee transactions, of which it is informed in accordance with point 2 or number 3, and all of the staff transactions, (
)
organisational arrangements of investment service companies which are responsible for their own responsibility or on the responsibility of a member of their group of companies. In addition, financial analyses of financial instruments within the meaning of section 2 (2b) or of their issuers, which are to be disseminated among their customers or in public or which are likely to be disseminated, must also be carried out in order to: be designed to ensure that
1.
employees who make the content and probable A schedule of financial analyses of financial instruments within the meaning of § 2 (2b) or their issuers, which are neither published nor accessible to customers, and whose recommendation third parties are not already available on the basis of publicly available information expect, for own account or for the account of third parties, including the investment service undertaking, no transactions with financial instruments to which the financial analysis relates or related financial instruments, before the beneficiaries of the financial analysis or investment recommendations have had sufficient opportunity for a reaction, unless the employees act in their capacity as market makers in good faith and in the usual framework or in execution a non-self-initiated customer order,
2.
in cases not covered in point 1, employees who are involved in the preparation of financial analyses of financial instruments in the Pursuant to Section 2 (2b) or their issuers, only in exceptional cases and with the prior consent of the legal department or the compliance function, a staff business shall be involved in financial instruments to which the financial analyses relate, or related financial instruments, contrary to the current recommendations.
(6) The obligations of paragraph 5 shall also apply to investment service undertakings which publicly disseminate financial analyses prepared by a third party or pass them on to their customers unless
1.
the third party that creates the financial analysis belongs to not to the same group of companies and
2.
the investment services company
a)
does not significantly change the recommendations contained in the financial analysis,
b)
sets the Financial analysis is not considered to be created by it, and
c)
establishes that for the originator of the financial analysis provisions shall apply that meet the requirements of paragraph 5 (
(7) The exception of paragraphs 3 and 4 is a staff business
1.
within the scope of the financial portfolio management, if no contact is made before the respective business degree between the portfolio walter and the employee or the employee for whose account the latter is acting,
2.
with shares in investment assets that are
a)
corresponding to the requirements of Directive 2009 /65/EC, as amended or
b)
domestiously, in another Member State of the European Union or of another State Party to the Agreement on the European Economic Area , and must have the same high level of risk-spreading if the employee or another person for whom the investment is traded are not involved in the management of the investment property.
name="BJNR174910994BJNE004707140 " />Non-official Table of Contents

§ 34 Record and retention obligation

(1) An investment service provider must, without prejudice to Recording obligations under Articles 7 and 8 of Regulation (EC) No 1287/2006, on the investment services and ancillary services provided by it, and on the transactions which it has carried out, create records of the kind referred to in The Federal Agency shall enable the verification of compliance with the obligations laid down in this Section.2. The investment service undertaking shall draw up records of agreements with customers setting out the rights and obligations of the parties and the other conditions to which the investment service undertaking shall be responsible Investment services or ancillary securities services to the client. In the case of the first-time provision of an investment service for a private client which is not investment advice, the record in accordance with sentence 1 shall be subject to the conclusion of a written framework agreement which shall have at least the essential rights and Obligations of the investment service company and of the private customer. Rights and obligations normalised or agreed in other documents or legal texts may be included in the framework agreement by reference. The framework agreement must be made available to the private customer in paper form or on another durable medium. A durable medium is any medium which allows the customer to store the information intended for him in such a way that he can view the information for a period of time which is reasonable for its purpose and can reproduce it unchanged.(2a) An investment service undertaking shall make a written record of any investment advice provided to a private client. The protocol must be signed by the person who carried out the investment advice; a copy is immediately available to the customer after the investment advice has been completed, in any case before a business transaction based on the advice of the client, in paper form or on another durable medium. If the customer chooses to provide investment advice and financial statements of communications that do not permit the transfer of the protocol before the business is concluded, the investment service provider must make a copy of the protocol to the customer immediately upon completion of the investment advice. In such a case, the financial statements may be made at the express request of the customer prior to receipt of the protocol, if the investment service provider is to the customer in the event that the protocol is not correct or not complete, expressly concedes a right to withdraw from the business based on the advice within one week of access to the Protocol. The customer must be informed about the right of withdrawal and the time limit. If the investment service provider denies the right to resign after sentence 4, it must prove the accuracy and completeness of the protocol.(2b) The customer may require the investment service undertaking to issue a copy of the protocol referred to in paragraph 2a.(3) All records required under this Section shall be kept for at least five years from the date of their preparation. Records relating to the rights and obligations of the investment service undertaking and its clients and other conditions to which investment services and ancillary securities services are provided shall be kept at least for the duration of the Store your business relationship with the customer. In exceptional circumstances, the Bundesanstalt may set longer retention periods for individual or all records, if this is due to exceptional circumstances, taking into account the nature of the financial instrument or the business for the Monitoring activity of the Federal Institute is required. The Bundesanstalt may also require compliance with the retention period provided for in the first sentence for the case that the authorization of an investment service undertaking shall end before the end of the period referred to in the first sentence.(4) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, adopt more detailed provisions relating to the recording requirements and the suitability of data carriers in accordance with paragraphs 1 to 2a. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a legal regulation.(5) The Bundesanstalt shall publish on its website a list of the minimum records to be drawn up by the investment services undertakings in accordance with this law in conjunction with a legal regulation referred to in paragraph 4.

Footnote

(+ + + § 34: For application, see Section 51 (4) sentence 2 and Section 54 (4) sentence 2 KAGB + + +) Non-official table of contents

§ 34a separate assets custody

(1) An investment service company that has does not have permission for the deposit business within the meaning of Section 1 (1) sentence 2 no. 1 of the Banking Act, has customer funds which it receives in connection with an investment service or an ancesial service provision, immediately separate from the funds of the undertaking and from other customer funds on trust accounts with such credit institutions, undertakings within the meaning of Section 53b (1) sentence 1 of the Banking Act or similar institutions with registered offices in a Third country, authorised to operate the deposit business, to keep a central bank or a qualified money market fund until the funds are used for the purpose agreed. The customer may, by means of individual contract agreements, grant a different instruction regarding the separation of the customer's money if he has been informed of the protection waking followed by the separation of the customer funds. In order to maintain a qualified money market fund, the investment service undertaking shall obtain the prior consent of the customer. The investment service undertaking shall disclose to the depositary institution prior to the safekeeping that the funds are subject to fiduciary duties. It shall immediately inform the customer of the institution and the account in which the customer funds are held and whether the institution in which the customer funds are held, a facility for securing the claims of depositors and investors, and to what extent the customer's funds are secured by this facility.(2) An investment service undertaking without a permit to operate the custodian business within the meaning of Section 1 (1), second sentence, point 5 of the Law on credit has securities it has in connection with an investment service or an investment service. In the case of a credit institution which is authorised to operate the depository transaction in the country, or an institution with a registered office abroad, which is authorised to operate the depository business, and which is entitled to operate the securities depository business, and in which the To give customers a legal status equivalent to that provided for by the Depository Act, to be forwarded to the customer for safekeeping. The first sentence of paragraph 1 shall apply accordingly.The investment service undertaking shall be required to forward to each customer, at least once a year on a durable medium, a list of the funds and financial instruments which are kept for him under paragraph 1 or paragraph 2. .(4) An investment service undertaking shall only be entitled to use financial instruments which it deems in accordance with the provisions of paragraph 2 or the provisions of the depositary act for customers only under precisely defined conditions to which the customer has expressly agreed in advance. Taking into account or on behalf of another customer, in particular through agreements on securities financing operations in accordance with Article 2 (10) of Regulation (EC) No 1287/2006. Where the financial instruments are held on collection depots with a third party, the express consent of all other customers of the collection depot or systems and control facilities with which the financial instruments are to be used shall be additionally required for the purposes of the first sentence of the first sentence. Limitation of use to financial instruments for which consent is given in accordance with the first sentence. In the case of private customers, the consent must be documented in accordance with sentences 1 and 2 by the customer's signature or in a similar manner. In the cases referred to in the second sentence, the investment service undertaking shall be required to take account of clients on the basis of which the financial instruments are used and on the number of financial instruments used by each individual customer with the consent of the latter. Records which allow for a clear and accurate allocation of the losses incurred in the context of the use.(5) The Federal Ministry of Finance may, by means of a decree law which does not require the approval of the Federal Council, provide for the protection of funds or securities entrusted to an investment service undertaking by the Federal Council for the protection of funds or securities entrusted to an investment service company. the extent of the obligations referred to in paragraphs 1 to 4 and the requirements for qualified money market funds as referred to in paragraph 1. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a regulation.

Footnote

(+ + + § 34a para. 3: For application see Section 51 (4) sentence 2 and § 54 (4) sentence 2 KAGB + + +) Non-official table of contents

§ 34b Analysis of financial instruments

(1) Persons who are involved in the course of their professional or professional activities. To provide information on financial instruments or their issuers, which shall, directly or indirectly, make a recommendation for a given investment decision and which shall be made available to an unspecified group of persons (Financial analysis), are committed to the necessary expertise, care and conscientiousness. Financial analysis may only be passed on or made public if it is created and presented properly and
1.
the identity of the person responsible for sharing or disseminating the financial analysis, and
2.
Circumstances or relationships that create conflicts of interest among the creators, the legal entities responsible for the creation or the companies associated with them ,
can be disclosed together with the financial analysis.(2) A summary of a financial analysis drawn up by a third party may be disclosed only if the content of the financial analysis is rendered clear and non-misleading, and in the summary to the initial document and to the place of departure. where the disclosure referred to in the second sentence of paragraph 1, which is linked to the initial document, is directly and easily accessible, provided that such information has been publicly disseminated.(3) Financial Instruments within the meaning of paragraph 1 are only those which are
1.
for trading on a domestic on the market or in the regulated market or free movement, or
2.
in another Member State of the European Union or another Member State State Party to the Agreement on the European Economic Area admitted to trading in an organised market.
Admission to trading in an organised market or inclusion in the regulated market or in the regulated market or in the regulated market or in the Free circulation shall be the same if the application for admission or inclusion has been made or has been announced publicly.(4) The provisions of paragraphs 1, 2 and 5 shall not apply to journalists, provided that they are subject to self-regulation, including effective control mechanisms, comparable to the provisions of paragraphs 1, 2 and 5 and § 34c.(5) Companies that create or distribute financial analyses in accordance with the first sentence of paragraph 1 must be organised in such a way that conflicts of interest within the meaning of the second sentence of paragraph 1 are as low as possible. In particular, they must have adequate control procedures capable of counteracting infringements of the obligations referred to in paragraph 1. In the case of investment services undertakings which, on their own responsibility or on the responsibility of a member of their group of companies, create or make financial analyses which are disseminated among their customers or in the public sphere , the first sentence shall also apply in respect of financial analyses of financial instruments within the meaning of Section 2 (2b), which are not covered by paragraph 3, or whose issuers are likely to be disseminated. Sentence 3 shall not apply to investment service undertakings within the meaning of Section 33b (6).(6) (omitted) (7) The powers of the Bundesanstalt in accordance with § 35 shall apply in respect of compliance with the obligations referred to in paragraphs 1, 2 and 5. § 36 shall apply mutatily if the financial analysis is drawn up by an investment service undertaking, made available to others or disseminated publicly.(8) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down detailed provisions on the proper preparation and presentation of financial analyses, on circumstances or relationships, which In the event of conflicts of interest, they may give reasons for their disclosure and the appropriate organisation referred to in paragraph 5. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a regulation. Non-official table of contents

§ 34c Display obligation

Other persons as investment service providers, investment companies, or Investment companies which are responsible for the preparation of financial analyses or their transfer in the performance of their profession or in the course of their business activities shall immediately notify this in accordance with sentence 3 of the Federal Agency. The cessation of the activities referred to in the first sentence shall also be indicated. The ad must contain the name or company and address of the person who is subject to the complaint. The taxable person shall continue to indicate whether, in the case of undertakings connected with him, there are facts which may justify conflicts of interest. Changes in the displayed data and facts are to be reported within four weeks of the Federal Institute. The exception provision of section 34b (4) shall apply accordingly. Non-official table of contents

§ 34d Use of employees in investment advice, as a sales representative, or as a compliance officer

(1) Investment service providers may only entrust an employee with investment advice if the employee is knowledgeable and has the reliability required for the activity. The investment services company must be the Bundesanstalt
1.
the employee and,
2.
where the investment service undertaking has a sales representative within the meaning of paragraph 2, which is based on the organisation of the An investment service provider for the sales representative directly responsible for the employee
, before the employee receives the activity in accordance with the first sentence. If the conditions indicated by the investment service provider change in accordance with the second sentence, the new circumstances shall be notified immediately to the Federal Office. In addition, if one or more complaints within the meaning of § 33 (1) sentence 2 (4) are levied against the investment service provider on the basis of the employee's activity, the Bundesanstalt is
1.
each complaint,
2.
the name of the employee on the basis of which the complaint is made, and,
3.
if the Investment services company has several branches, branches or other organisational units, the branch, branch or organisational unit which is assigned to the employee or for which it is predominantly or as a rule the activity to be displayed in accordance with the first sentence,
.(2) An investment service company may entrust an employee with the design, implementation or supervision of sales specifications within the meaning of section 33 (1), second sentence, point 3a only (sales representative) if he is knowledgeable. and the reliability required for the operation. The investment service provider must indicate to the Federal Office of the employees before the staff takes up the activity in accordance with the first sentence. If the conditions indicated by the investment service provider change in accordance with the second sentence, the new circumstances shall be notified immediately to the Federal Office.(3) An investment service company may only assume responsibility for the compliance function within the meaning of section 33 (1) sentence 2 (1) and for the reports to the management pursuant to § 33 (1) sentence 2 (5). if it is knowledgeable and has the reliability required to carry out the activity. The investment service provider must display the employee to the Bundesanstalt before the employee receives the activity in accordance with the first sentence. If the conditions indicated by the investment service provider change in accordance with the second sentence, the new circumstances shall be notified immediately to the Federal Office.(4) Late facts that result in an employee
1.
not or no longer the Without prejudice to its powers under Section 4, the Bundesanstalt may prohibit the investment service company from using the employee in the activity shown, without prejudice to its powers under Section 4 of the first sentence of the first subparagraph of paragraph 1, the first sentence of paragraph 2, or the first sentence of paragraph 3. as long as it does not comply with the legal requirements, or
2.
has failed to comply with the provisions of this section, their compliance with the implementation of the The Federal Institute may, without prejudice to its powers in accordance with § 4
a)
, be aware of the activities of the Federal Institute of Investment service provider and employee warn or
b)
prohibit the investment service company for a period of up to two years, the Employees in the displayed activity shall be used
TheInstitute may make indisputable arrangements within the meaning of sentence 1 on its Internet site publicly known, unless this publication would be suitable for: to harm the legitimate interests of the company. The public notice referred to in the second sentence shall be published without the name of the employee concerned being named. The opposition and the action taken against measures taken in accordance with the first sentence shall not have suspensive effect.(5) The Bundesanstalt shall carry out an internal database through the staff to be displayed in accordance with paragraphs 1 to 3 and the appellants referred to in paragraph 1 assigned to them, and the arrangements referred to in paragraph 4.(5a) Paragraphs 1 to 5 shall not apply to those employees of an investment service undertaking which are solely in a branch within the meaning of Section 24a of the Banking Act or in several such branches are active.(6) The Federal Ministry of Finance may comply with the requirements of
1.
the content, type, language, scope, and shape of the screens according to paragraphs 1, 2, or 3,
2.
the expertise and reliability referred to in the first sentence of paragraph 1, the first sentence of paragraph 2, and the third sentence of paragraph 3, and
3.
Rules the contents of the database in accordance with paragraph 5 and the duration of storage of the entries
, including the respective procedure. The legal regulation referred to in the first sentence may, in particular, provide for the granting of a written access to the database referred to in paragraph 5 to the investment service undertaking concerned and to the relevant investment services undertaking in accordance with the provisions of paragraph 5. The responsibility for the correctness and up-to-dateness of these entries is transferred. The Federal Ministry of Finance can transfer the authorization to the Federal Institute by means of a regulation without the consent of the Federal Council. Non-official table of contents

§ 35 Monitoring of reporting requirements and rules of conduct

(1) The Bundesanstalt can monitor compliance with the requirements of the this section of the regulated obligations of the investment services undertakings, the undertakings associated with them, the branches within the meaning of Section 53b of the Banking Act, the undertakings with which a swap agreement is concluded in the Pursuant to Section 25b of the Banking Act, there was or existed, and other third persons or companies who were on the holding were also carried out exams without special occasion.(2) The Bundesanstalt may, in order to monitor compliance with the obligations laid down in this Section, require information and the submission of documents also by undertakings established in a third country to provide investment services to customers , who have their habitual residence or management in the territory of the country, unless the investment service, including ancillary investment services related thereto, is not exclusively in a non-member country is provided.(3) The opposition and the action taken against measures taken pursuant to paragraphs 1 and 2 shall not have suspensive effect.(4) The Bundesanstalt may establish guidelines according to which it is subject to the conditions laid down in Directive 2004 /39/EC and Commission Directive 2006 /73/EC of 10 June 2004 on the application of the Directive. August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council as regards the organisational requirements for investment firms and the conditions for the performance of their activities and the definition of such undertakings of certain terms for the purposes of the said Directive (OJ L 327, 28. EU No 26) for the rule-case as to whether the requirements of this section are met. The Deutsche Bundesbank and the leading associations of the business circles concerned are to be consulted before the adoption of the directives. The guidelines are to be published in the Federal Gazette. Unofficial table of contents

§ 36 Examination of reporting requirements and rules of conduct

(1) Without prejudice to § 35, compliance with reporting requirements is subject to § 9, the disclosure requirements in accordance with § 10, the obligations provided for in this section and the obligations arising from Regulation (EC) No 1287/2006 and Article 17 (2) in conjunction with the first subparagraph of Article 4 (1) and Article 5a (1) of Regulation (EC) No 1060/2009 in the relevant version, to be examined once a year by an appropriate auditor. In the case of credit institutions operating the depository business within the meaning of Article 1 (1), second sentence, of the Banking Act, and in the case of financial services institutions, which are the limited depositary business within the meaning of the second sentence of Article 1 (1) (2) of the Banking Act In addition, the auditor has to pay special consideration to these transactions; this examination has also been based on compliance with Section 128 of the German Stock Corporation Act (AktG) and Section 135 of the German Stock Corporation Act (AktG) on the exercise of the to extend voting rights. The Federal Institute may, on request from the annual examination, with the exception of the examination of compliance with the requirements of § 34a, also in connection with a legal regulation pursuant to § 34a, para. 5, completely or partially abate, insofar as this is from special Reasons, in particular due to the nature and scope of the transactions operated. In each case, the investment service undertaking shall appoint the auditor at the latest at the end of the financial year to which the examination extends. In the case of credit institutions which are members of a cooperative examination board or are examined by the examination office of a savings bank and giro association, the examination is carried out by the competent examination board or the competent examination office, in so far as the latter provides for national law in respect of the latter. Suitable auditors are also auditors, sworn accountants and auditing and accounting firms that have sufficient knowledge of the subject of the audit. The examiner must submit an audit report immediately after the completion of the examination of the Bundesanstalt and the Deutsche Bundesbank. To the extent that examinations are carried out in accordance with sentence 4 of cooperative examination associations or examination offices of savings banks and giro associations, the examination boards or examination bodies have the examination report only at the request of the Federal Institute for Examination (Bundesanstalt) or to the Deutsche Bundesbank.(2) Before issuing the examination order of the Bundesanstalt, the investment service provider shall have to notify the auditor. The Federal Office may, within one month after receipt of the notification, request the appointment of another auditor if this is necessary for the purpose of reaching the examination purpose; objection and counterclaim against this have no suspensive effect. The rates 1 and 2 shall not apply to credit institutions which are members of a cooperative examination board or are audited by the examination office of a savings bank and giro association.(3) The Bundesanstalt may make provisions on the content of the audit to be taken into consideration by the auditor in relation to the investment service provider. In particular, it may set priorities for the tests. In the event of a serious breach of the obligations to be complied with in accordance with the first sentence of paragraph 1, the auditor shall inform the Federal Institute without delay. The Federal Institute may take part in the examinations. To this end, the Federal Institute shall be notified in good time of the start of the examination(4) The Bundesanstalt may carry out the examination in accordance with paragraph 1, even without special occasion, instead of the examiner himself or through agents. The investment service undertaking shall be informed in good time.(5) The Federal Ministry of Finance may, by means of a regulation which does not require the consent of the Federal Council, lay down detailed rules on the nature, scope and time of the examination referred to in paragraph 1, in so far as this is necessary for the performance of the tasks of the Federal Council. The Bundesanstalt is required, in particular to counteract instances of maladministration in financial instruments, in order to ensure compliance with the obligations of the examination referred to in the first sentence of paragraph 1 and to ensure uniform documents for that purpose. for the first time. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a legal regulation.

footnote

(+ + + § 36: For application see Section 51 (4) sentence 2 and § 54 (4) sentence 2 KAGB + + +) Non-official table of contents

§ 36a Companies, organized markets and multilateral trading systems based in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area

(1) The rights and obligations provided for in this Section are with the exception of § 31 (1) (2), § § 31f, 31g, 33 Paragraphs 1 to 3 and 4, § § 33b, 34a and 34b (5) and § § 34c and 34d on branches within the meaning of Section 53b of the Banking Act, which provide investment services accordingly. An undertaking established in another Member State of the European Union or in another Contracting State of the Agreement on the European Economic Area, the investment services alone or together with ancillary securities services , and which intends to establish a branch within the meaning of Section 53b of the Banking Act, the Federal Office shall, within the time limit specified in Section 53b (2) sentence 1 of the Banking Act, apply to the reporting obligations after § 9 and the rights and obligations applicable to the branch in accordance with the first sentence of the second subparagraph.(2) The Bundesanstalt may require the branch to make changes to the measures taken to comply with the obligations applicable to it, provided that the changes are necessary and proportionate to the Bundesanstalt's examination of the provisions of the To ensure compliance with the obligations. If the Bundesanstalt finds that the company does not comply with the obligations applicable to its branch in accordance with the first sentence of paragraph 1, it shall require the company to fulfil its obligations within a period to be determined by the Bundesanstalt. . If the undertaking fails to comply with the request, the Bundesanstalt shall take all appropriate measures to ensure the fulfilment of the obligations and shall inform the competent authorities of the home Member State of the nature of the measures taken Measures. If the undertaking concerned does not remove the defect, the Bundesanstalt may, after informing the competent authority of the home Member State, take all measures to prevent or to penalise further infringements. To the extent necessary, the Federal Institute may prohibit the undertaking concerned from carrying out new domestic operations. The Bundesanstalt shall immediately inform the European Commission and the European Securities and Markets Authority of measures taken in accordance with the provisions of sentences 4 and 5.(3) If the Bundesanstalt finds that a company within the meaning of the second sentence of paragraph 1, which has established a branch in the territory of the country, is subject to the provisions of this Act or to foreign nationals other than those referred to in the first sentence of paragraph 1 of this Act It shall inform the competent body of the home Member State thereof in accordance with the conditions laid down in Article 7 (5) sentence 1. If the measures taken subsequently are insufficient by the competent authority of the home Member State, or if, for other reasons, the undertaking continues to contravene the other provisions of this Section, they are in the interests of investors, or the proper functioning of the market is at risk, the Bundesanstalt shall, after having informed the competent authority of the home Member State, take all necessary measures to ensure the protection of investors and the proper functioning of the Markets to be guaranteed. Paragraph 2, sentences 4 to 6 shall apply accordingly.(4) Paragraph 3 shall apply mutatily to an undertaking established in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area, the investment services or services; securities ancillary services, by means of the cross-border provision of services, to customers who have their habitual residence or management in the territory of the country where the undertaking is in breach of the provisions of this Section or any relevant foreign legislation.(5) Paragraph 3 shall apply mutationally to operators of organised markets and multilateral trading systems, with the proviso that, for measures taken by the Bundesanstalt vis-à-vis such an operator, infringements of the provisions of this Section, the Stock Exchange Act or corresponding foreign legislation, and that the measures referred to in the second sentence of paragraph 3 may also include, in particular, prohibit the operator of the organised market or the multilateral trading system, its system to make it accessible to members of the country.(6) The Bundesanstalt shall inform the undertakings or markets concerned of the measures taken pursuant to paragraphs 2 to 5, stating the reasons.(7) In the cases referred to in the second sentence of paragraph 2, the first sentence of paragraph 3, the first sentence of paragraph 3 and paragraph 5, the Bundesanstalt may request assistance from the European Securities and Markets Authority in accordance with Article 19 of Regulation (EU) No 1095/2010. Non-official table of contents

§ 36b Advertising of the investment services companies

(1) In order to avoid instances of malpractice in the advertising of investment services and securities ancillary services, the Bundesanstalt may prohibit the investment service companies from certain types of advertising. An instance of maladministration is in particular the case where the investment service provider
1.
does not or does not adequately address the Risks related to investment services,
2.
acquires the security of an asset, although the repayment of the asset is not or is not fully secured. ,
3.
provides advertising with information, in particular on costs and earnings, as well as on the behaviour of third parties, by means of which the appearance of the advertising appears in a misleading manner of a particularly advantageous tender,
4.
advertising with misleading information on the powers of the Federal Institute under this Act or on the powers of the for the supervision of the competent authorities in other Member States of the European Economic Area or third countries.
(2) The general measures referred to in paragraph 1 shall be the leading associations of the economic groups concerned and of the to listen to consumer protection. Non-official table of contents

§ 36c Register of Honorary Investment Advisers

(1) The Bundesanstalt is running a public Honorary investment advisory register of all investment service providers who wish to provide investment advice as fee investment advice.(2) The Bundesanstalt has to enter an investment service provider on request in the Honorary Investment Consultant Register if it is
1.
a permission in accordance with § 32 of the Banking Act or a branch of a company pursuant to § 53b (1) sentence 1 and 2 or paragraph 7 of the Banking Act ,
2.
may provide investment advice within the meaning of Section 2 (3), first sentence, point 9, and
3.
the Bundesanstalt proves that it is in a position to meet the requirements of § 33 (3a).
The examination as referred to in paragraph 2 Point 3 shall be carried out by the competent examination body or the competent examination body in the case of credit institutions which are members of a cooperative examination board or are audited by the examination office of a Savings Banks and Giro Association, in so far as the latter provides for the country's law in respect of the latter. Suitable auditors are also auditors, sworn accountants and auditing and accounting firms that have sufficient knowledge of the subject of the audit.(3) The Federal Office shall delete the registration in the Honorary Investment Consulate Register if
1.
Investment service companies waived for registration with the Bundesanstalt or
2.
the permission of an investment service company in accordance with § 32 of the Banking Act as a whole or the permission to obtain the investment advice is extinguished or revoked.
(4) The Federal Office may delete the registration if an investment service company has a lasting effect against the The provisions of Section 31 (4c) and (4d) or 33 (3a) or the regulations or orders issued for the implementation of these provisions have been in breach of the provisions of this Regulation.(5) An investment service company that does not wish to provide the fee investment advice is required to indicate this to the Federal Office.(6) The Federal Ministry of Finance is authorized to adopt more detailed provisions by means of a decree law which does not require the approval of the Federal Council
1.
the content of the Honorary Investment Advisor register,
2.
on the institutions ' participation obligations at the Management of the Honorary Investment Consultancy Register and
3.
for the proof referred to in the first sentence of paragraph 2, point 3.
(7) The Federal Ministry of Finance may authorise the Ordinance transferred to the Federal Institute. Non-official table of contents

§ 36d Labels for honorary investment advice

(1) The designations "Honorary Investment Advisor", "Honorary Investment Consultant", "Honorary investment advice" or "Honorary Adviser", "Honorary Adviser", "Honorary Management Consultancy", also in different spelling or a name in which these words are included, may, unless otherwise specified by law, In the company, as an addition to the Company, for the name of the business purpose or for advertising purposes only securities service providers, which are registered in the Honorary Investment Consulate Register in accordance with § 36c.(2) Paragraph 1 shall not apply to undertakings which have the names referred to in that paragraph in a context which excludes the appearance that they provide investment services. In the case of domestic operations, investment services undertakings having their head office abroad may, in the course of their activities, lead the names referred to in paragraph 1 in the firm, as an addition to the firm, to the name of the business purpose or for advertising purposes, if they are to be used for the purpose of guiding of this designation in their State of State and they shall be complementary to the name of the name pointing to their Member State of the State of the host Member State.(3) In cases of doubt, the Bundesanstalt shall decide whether an investment service undertaking is authorized to lead the names referred to in paragraph 1. It shall inform the register court of its decisions.(4) The provisions of § 43 of the Banking Act shall be applied accordingly, with the proviso that the registration in the Honorary Investment Consulate Register according to § 36c shall enter the place of the permit pursuant to Section 32 of the Banking Act. Non-official table of contents

§ 37 Exceptions

§ 31 (1) (1) and (2) to (8), as well as § § 31c, 31d and 33a shall not apply to transactions that are on organised markets or in multilateral trading systems between investment service undertakings or between them and other members or participants of such markets or systems. However, if a transaction is completed within the meaning of the sentence 1 in the execution of a customer order, the investment service provider must, however, have to comply with the obligations of section 31 (1) (1) and (2) to (8) as well as § § 31c, 31d and 33a with regard to the customer . unofficial table of contents

§ 37a (omitted)

-

section 7
liability for false and failure Capital Market Information

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§ 37b damages due to failure to publish immediate publication of Insider Information

(1) The issuer of financial instruments admitted to trading on a domestic stock exchange shall immediately publish insider information directly affecting him, he shall be a third party to the To replace the damage caused by the omission, if the third party
1.
The financial instruments are acquired after omission and if the insider information becomes known, the financial instruments are still holders of the financial instruments or
2.
the financial instruments before
() In accordance with the provisions of paragraph 1, it is not possible to claim who proves that the omission is not based on intent or gross negligence.(3) The claim referred to in paragraph 1 shall not apply where the third party knew of the insider information in the case of paragraph 1 (1) in the case of the acquisition or in the case of paragraph 1 (2) in the case of the sale.(4) Any further claims which may be levied under civil law provisions on the basis of contracts or intentional unauthorised acts shall remain unaffected.(5) An agreement to discontinue or enact claims by the issuer against board members for the use of the issuer in advance pursuant to paragraph 1 shall be ineffective. Non-official table of contents

§ 37c damages due to publication of untrue insider information

(1) Published by the issuer of Financial instruments admitted to trading on a domestic stock exchange, in a notice pursuant to § 15, an untrue insider information directly affecting him, he is obliged to a third party to compensate for the damage thereby incurred, that the third party trusts the accuracy of the insider information when the third party
1.
Financial instruments shall be acquired after publication and in the case of the notification of the inaccuracy of the insider information, he or she shall be the holder of the financial instruments or
2.
The financial instruments are acquired prior to publication and sold prior to the inaccuracy of the insider information.
(2) Paragraph 1 is not eligible for , who proves that he has not known the inaccuracy of insider information and that the ignorance is not based on gross negligence.(3) The claim referred to in paragraph 1 shall not apply where the third party knew the inaccuracy of the insider information in the case referred to in paragraph 1 (1) in the case of the acquisition or in the case of paragraph 1 (2) of the divestment.(4) Any further claims which may be levied under civil law provisions on the basis of contracts or intentional unauthorised acts shall remain unaffected.(5) An agreement that discounted or enacted claims by the issuer against board members on the basis of the use of the issuer pursuant to paragraph 1 in advance is ineffective.

Section 8
Financial Schedule Stores

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§ 37d (omitted)

- A non-official table of contents

§ 37e Exclusion of income in accordance with § 762 of the Civil Code

Against claims from financial futs where at least one contract part is The undertaking shall be responsible for the conclusion of, or the conclusion of, the conclusion of, or the acquisition, sale or transfer of, the commercial or the extent to which a commercial establishment is established in a commercial manner. The objection of Section 762 of the Civil Code cannot be levied. Financial transactions within the meaning of sentence 1 and § § 37g and 37h are the derivatives within the meaning of § 2 para. 2 and warrants. unofficial table of contents

§ 37f (omitted)

- unofficial Table of contents

§ 37g Forbidden Financial Transactions

(1) Without prejudice to the powers of the Bundesanstalt pursuant to Section 4b, the Federal Ministry of Finance may prohibit or restrict financial transactions by means of a legal regulation, to the extent that this is not the case. is required to protect investors.(2) A financial transaction transaction which is contrary to a legal regulation as referred to in paragraph 1 (outlawed financial transaction) is void. Record 1 applies accordingly to
1.
ordering a security for a forbidden Financial terminal business,
2.
an agreement by which the one part for the purpose of carrying out a debt from a prohibited financial terminal business to the other part in relation to a liability, in particular for a debt ratio,
3.
the granting and acceptance of orders for the purpose of the conclusion of prohibited Financial futs,
4.
Associations for the purpose of disclosing prohibited financial futs.

Section 9
Arbitration Agreements

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§ 37h Arbitration Agreements

Arbitration agreements on future Legal disputes arising from investment services, ancillary securities or financial transactions shall be binding only if both parties are merchants or legal entities under public law. name="BJNR174910994BJNG001202377 " />

Section 10
Markets in Financial Instruments Headquarters outside the European Union

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§ 37i Permission

(1) Markets in financial instruments with registered offices abroad that are not organized markets or multilateral trading systems within the meaning of this Act, or their operators require the written Permission of the Bundesanstalt if it grants direct market access via an electronic trading system to trading participants domicated in Germany. The permit application must contain:
1.
The name and address of the management of the market or of the Operator,
2.
Information required to assess the reliability of the management,
3.
a business plan that includes the type of market access envisaged for the trading participants, the organizational structure and the internal control procedures of the market
4.
Name and address of an authorized agent in Germany,
5.
Indication of the authorities responsible for monitoring the market and its trading participants, and their monitoring and intervention skills,
6.
Indication of the type of financial instruments to be traded on direct market access by the trading participants, and
7.
Name and address of the financial instruments The Federal Ministry of Finance shall determine, by means of a regulation, the Federal Ministry of Finance for the purpose of providing direct access to the market.
Further information on the information and documents required in accordance with the second sentence shall be determined by the Federal Ministry of Finance, who do not require the approval of the Bundesrat. The Federal Ministry of Finance can transfer the authorization to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) by means of a regulation.(2) The Federal Institute may grant permission, subject to conditions, which must comply with the purpose of this Act. Before granting permission, the Federal Institute shall give the Exchange Supervisory Authorities of the Länder an opportunity to comment on the application within four weeks.(3) The Bundesanstalt has the permission to make known in the Federal Gazette.(4) (omitted) unofficial table of contents

§ 37j refusal of permission

permission is to fail if
1.
Facts that show that the business line is not reliable ,
2.
The purpose of direct market access is to be granted to trading participants domicated in the country who do not fulfil the conditions laid down in Section 19 (2) of the Stock Exchange Act
3.
The supervision of the market or the investor protection in the home state is not equivalent to German law or
4.
The exchange of information with the authorities of the home state responsible for monitoring the market does not appear to be guaranteed.
Unofficial Table of Contents

§ 37k Waiver of permission

(1) The Federal Office may grant permission except in accordance with the provisions of the Repeal the Administrative Procedures Act, if
1.
become aware of the facts that result in the failure of the Permission according to § 37j would be justified, or
2.
the market or its operator sustainably against provisions of this law or those for the implementation of this law
() The Federal Agency shall make the repeal of the permit in the Federal Gazette known. Non-official table of contents

§ 37l Untersagung

The Federal Institute may be a trading participant domestically, the investment services in Germany , to carry out orders for customers via an electronic trading system of a foreign market, if these markets or their operators have direct access to the market via this electronic trading system Grant a trading system without permission. unofficial table of contents

§ 37m (omitted)

-

section 11
Monitoring of business degrees, Publication of financial reports

Subsection 1
Enterprise terminations monitoring

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§ 37n Examination of company accounts and reports

The Federal Institute has the task to comply with the provisions of this section and subject to § 342b paragraph 2, set 3, Nos. 1 and 3 of the Commercial Code, to determine whether the annual accounts and the related management report or the consolidated financial statements and the related group management report, as well as the condensed financial statements and the related interim management report, are: Undertakings whose securities are admitted to trading on the regulated market within the meaning of Article 2 (1) on a domestic exchange, the statutory provisions, including the principles of proper accounting or the other by law approved accounting standards.

Footnote

(+ + + § 37n: For the first time, see § 46 (1) + + +) Non-official table of contents

§ 37o Ordering of an audit of the accounts and investigative powers of the Bundesanstalt

Bundesanstalt) (1) The Bundesanstalt arranges an audit of the accounts, insofar as concrete evidence of a breach of accounting rules , the order does not exist if a public interest in the clarification does not appear to exist. The Federal Institute may also arrange an audit of the accounts without special occasion (sample-type examination). The scope of the individual test is to be determined in the examination order. Only the latest annual financial statements and the related management report or the last approved consolidated financial statements and the related group management report, as well as the recently published abbreviated financial statements and the related financial statements, are audited. Interim management report; without prejudice to this, the Federal Institute may, in the case of § 37p (1) sentence 2, examine the conclusion which has been the subject of the examination by the inspection body within the meaning of Section 342b (1) of the German Commercial Code (Examination Office). If the Bundesanstalt orders an audit of the accounts after it has received a report from the audit office pursuant to section 37p (1) sentence 2 no. 1, it may be aware of its order and the reason pursuant to section 37p (1) sentence 2 no. 1 in the Federal Gazette (Bundesanzeiger) . Sentence 2 shall not apply to the examination of the abbreviated conclusion and the related interim report.(2) An audit of the annual financial statements and of the associated management report by the Federal Institute shall not take place as long as a lawsuit is pending for invalidity pursuant to Section 256 (7) of the German Stock Corporation Act (AktG). If a special examiner has been appointed in accordance with Section 142 (1) or (2) or Section 258 (1) of the German Stock Corporation Act, an examination shall likewise not take place, insofar as the subject matter of the special examination, the examination report or a court decision on the final findings of the special examiners according to § 260 of the German Stock Corporation Act (AktG).(3) In the course of the examination, the Federal Office of the Examination Office, as well as other facilities and persons, may serve.(4) The company within the meaning of § 37n, the members of its organs, its employees and its auditors shall, upon request, have the Federal Institute and the persons who serve the Federal Institute in the performance of their duties To provide information and to submit documents to the extent necessary for the examination; the obligation to provide information for auditors is limited to facts which have become known to them in the course of the final examination. The first sentence shall also apply to the subsidiaries to be included in the consolidated financial statements in accordance with the provisions of the Commercial Code. § 4 (9) shall apply mutas to the right to refuse to provide information and to have the obligation to be required to be informed.(5) The information and presentation of documents referred to in paragraph 4 shall be provided by the staff of the Bundesanstalt or the persons appointed by it, insofar as this is necessary for the performance of their duties, during normal working hours. Allow entry of their land and business premises. § 4 (4) sentence 2 shall apply accordingly. The fundamental right of inviolability of the home (Article 13 of the Basic Law) is restricted to this extent.

Footnote

(+ + + § 37o (1) sentence 4: For the first application, see: § 46 (1) + + +) Non-official table of contents

§ 37p Powers of the Bundesanstalt in the case of recognition of a test site

(1) According to Section 342b (1) of the Commercial Code, a test site is recognized, so Sample-type tests are carried out only on the initiative of the test site. In addition, the Bundesanstalt shall not be granted the powers pursuant to § 37o unless
1.
Reports that a company refuses to participate in an audit or does not agree with the outcome of the audit, or
2.
significant doubts about the Correctness of the examination results of the inspection body or the proper conduct of the examination by the test site.
At the request of the Bundesanstalt, the test centre has to explain the result and the performance of the test and to submit a review report. Without prejudice to the second sentence, the Bundesanstalt may at any time draw upon the examination if it has also carried out or carried out an examination in accordance with Section 44 (1) sentence 2 of the Banking Act or Section 83 (1) (2) of the Insurance Supervision Act and the tests relate to the same subject.(2) The Federal Institute may request the initiation of an examination under the conditions laid down in § 37o (1) sentence 1 of the Federal Institute for the Investigation of the Federal Republic of Germany.(3) The Federal Institute shall inform the Examination Office of communications pursuant to section 142 (7), section 256 (7) sentence 2 and section 261a of the German Stock Corporation Act if the audit body intends or initiates the examination of a company affected by the notification. . Non-official table of contents

§ 37q Result of the examination of the Federal Institute or Examination Office.

(1) The examination by the Federal Agency that the The Federal Institute shall determine the error in error.(2) The Bundesanstalt shall require the company to make known the error detected by the Bundesanstalt or the audit body in agreement with the company, together with the essential parts of the statement of reasons for the determination. The Federal Institute shall, if there is no public interest in the publication, shall issue an order in accordance with the first sentence. At the request of the company, the Federal Institute may cancel an order in accordance with the first sentence if the publication is liable to harm the legitimate interests of the company. The notice has to be published immediately in the Federal Gazette and either in a national stock exchange register or via an electronically operated information distribution system, which is the case with credit institutions, in accordance with § 53 (1) sentence 1 of the Credit law companies, other companies that have their registered office in Germany and which are admitted to trading on a domestic stock exchange, and insurance companies are widely used.(3) The Federal Institute shall notify the company of any objections to the examination by the Federal Institute. Non-official table of contents

§ 37r Communications to other bodies

(1) The Bundesanstalt has facts that are suspected of being a criminal offence. the accounting of a company to indicate to the authority responsible for the prosecution. It may transmit to these authorities personal data of the persons concerned who are suspected or who are considered to be witnesses.(2) Facts which can be concluded by the auditor on the existence of an infringement of professional duties shall be forwarded to the Federal Institute of Auditors ' Association. The competent exchange supervisory authority shall transmit facts which indicate the existence of a breach of the company's rules on exchange law. The second sentence of paragraph 1 shall apply accordingly. Non-official table of contents

§ 37s International Cooperation

(1) The Federal Office is responsible for cooperation with the offices abroad, which responsible for the investigation of possible breaches of accounting rules by undertakings whose securities are admitted to trading on an organised market. In order to fulfil this task, it may transmit information to these bodies in accordance with the provisions of section 7 (2) sentence 1 and 2, also in conjunction with paragraph 7. Section 37o (4) and (5) shall apply in such a way as to ensure that the powers regulated there are applicable to all undertakings covered by the cooperation referred to in the first sentence, and to all undertakings included in the consolidated financial statements of such a Companies are involved.(2) The Bundesanstalt may cooperate with the competent authorities of Member States of the European Union or of States Parties to the Agreement on the European Economic Area in order to achieve uniform enforcement of international law to ensure that accounting rules can be guaranteed across borders. To that end, it may also make available to those bodies the text of decisions taken by them or by the investigating body in individual cases. The text of the decisions may only be made available in an anonymized form.(3) International cooperation by the Bundesanstalt in accordance with paragraphs 1 and 2 shall be carried out in consultation with the examination office. Non-official table of contents

§ 37t Appeal procedure

(1) The legality and appropriateness of the dispositions are before the appeal is filed, which the Federal Institute shall adopt in accordance with the provisions of this section, to verify in an opposition procedure. Such a review shall not be necessary if the notice of remedy or the notice of opposition contains a complaint for the first time. § § 68 to 73 and 80 (1) of the Administrative Court Rules shall apply mutationally to the opposition proceedings, insofar as nothing deviating from this section is regulated.(2) The opposition to measures taken by the Bundesanstalt pursuant to § 37o (1) sentence 1, 2 and 5 as well as (4) and (5), section 37p (1) sentence 3 and 4, as well as (2) and § 37q (1) and (2) sentence 1, does not have suspensive effect. Non-official table of contents

§ 37u Complaint

(1) The complaint against injunctions of the Bundesanstalt pursuant to this section is the subject of the complaint. The appeal does not have suspensive effect.(2) § § 43 and 48 (2) to (4), § 50 (3) to (5) and § § 51 to 58 of the German Securities Acquisition and Takeover Act shall apply accordingly.

Subsection 2
Publication and transmission of Financial reports to the business register

Footnote

(+ + + Ushn. 2 (§ § 37v to 37z): For the first application, see Section 46 (1) + + +) Non-official table of contents

§ 37v Annual Financial Report

(1) A company that acts as a In order to conclude each financial year, the domestic issuer has to draw up an annual financial report and make it available to the public no later than four months after the end of each financial year, if it does not is required to comply with the commercial rules governing the disclosure of the accounting documents referred to in paragraph 2. In addition, any undertaking which, as a domestic issuer, must issue securities before the date on which the accounting documents referred to in paragraph 2 are available for the first time to the public shall publish a notice on that the date on which the accounting documents referred to in paragraph 2 and on which Internet address are publicly available in addition to their availability in the business register. The company shall communicate the notice simultaneously with its publication of the Bundesanstalt and forward it without delay, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code. Storage. It shall also, without delay but not before publication of the notice referred to in the second sentence, submit the accounting documents referred to in paragraph 2 to the business register for storage, unless the transmission is carried out in accordance with § 8b Paragraph 2, point 4, in conjunction with paragraph 3, first sentence, of the Commercial Code.(2) The annual financial report shall have at least
1.
in accordance with the national law of the host Member State of the Company set up and audited annual financial statements,
2.
the management report,
3.
a the requirements of § 264 (2) sentence 3, § 289 (1) sentence 5 of the Commercial Code and
4.
a certificate of the auditor chamber according to § 134 (2a) of the auditor's order for the registration of the auditor or a confirmation of the auditor's chamber in accordance with Section 134 (4) sentence 8 of the Public Accountants ' Regulations on the waiver of the obligation to enter the auditor.
(3) The Federal Ministry of Finance, in agreement with the Federal Ministry of Justice, may adopt more detailed provisions in accordance with the provisions of the law, which do not require the approval of the Federal Council. style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
the minimum content, type, language, scope, and form of publication referred to in paragraph 1 2,
2.
the minimum content, type, language, scope, and form of the message referred to in paragraph 1 sentence 3,
3.
how long the information under paragraph 2 must remain generally accessible in the business register, and when to delete it.

Footnote

(+ + + Usect. 2 (§ § 37v to 37z): For the first application, see Section 46 (1) + + +) Non-Official Table of Contents

§ 37w Half-yearly Financial Report

(1) A company that in the form of shares or debt securities within the meaning of Article 2 (1), the domestic issuer shall draw up a half-yearly financial report for the first six months of each financial year, and shall immediately, no later than two months after the end of the to make the reporting period available to the public, unless the admitted securities are debt securities falling within the terms of Article 2 (1) (2) or which are at least conditional on the acquisition of securities. in accordance with Article 2 (1) (1) or (2). In addition, before the half-yearly financial report is available to the public for the first time, the company must publish a notice of the date and the Internet address of the report, in addition to the date on which the report is published. is publicly available for its availability in the business register. The company shall communicate the notice simultaneously with its publication of the Bundesanstalt and forward it without delay, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code. Storage. It shall also submit the half-yearly financial report to the business register for storage immediately, but not before the publication of the notice referred to in sentence 2.(2) The half-yearly financial report shall have at least
1.
a truncated degree,
2.
an interim management report and
3.
one of the requirements of § 264 (2) sentence 3, § 289 para. 1 sentence 5 of the Trade Code Declaration
to be included.(3) The shortened financial statements shall contain at least a condensed balance sheet, a condensed profit and loss account and an annex. The abbreviated financial statements shall apply to the accounting principles applicable to the annual accounts. If, in the case of disclosure to the position of the annual financial statements, a separate financial statements within the meaning of section 325 (2a) of the German Commercial Code, the abbreviated conclusion is the international accounting standards and regulations.(4) The interim report shall indicate at least the important events of the reporting period in the issuer ' s enterprise and its effects on the condensed financial statements, as well as the main opportunities and risks for the period covered by the report the following six months of the financial year. Furthermore, in the case of a company that shares shares as a domestic issuer, the principal transactions of the issuer with related persons are to be disclosed; the information may instead be included in the annex to the half-yearly financial report.(5) The shortened conclusion and the interim management report may be subject to a verifiable review by a statutory auditor. The rules governing the appointment of the auditor shall be applied in accordance with the prudence of the auditor. The review must be made in such a way as to rule out the possibility of a conscientious exercise of the profession in such a way that the shortened conclusion and the interim management report are essentially contrary to the accounting principles to be applied. The auditor has to summarize the results of the review in a certificate on the half-yearly financial report, which is to be published with the half-yearly financial report. If the condensed financial statements and the interim management report have been examined in accordance with Section 317 of the Commercial Code, the endorsement or endorsement shall be reproduced in full and with the half-yearly financial report on . If the condensed financial statements and the interim management report have not been subjected to a pruferous review or have been examined in accordance with Section 317 of the Commercial Code, this should be stated in the half-yearly financial report. § 320 and § 323 of the Commercial Code shall apply accordingly.(6) The Federal Ministry of Finance, in agreement with the Federal Ministry of Justice, may adopt more detailed provisions by means of a regulation which does not require the approval of the Federal Council. style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
the content and review review of the semi-annual financial report,
2.
the minimum content, type, language, scope, and form of the publication referred to in paragraph 1 sentence 2,
3.
the minimum content, type, language, scope, and form of the message referred to in paragraph 1, sentence 3, and
4.
how long the half-yearly financial report must remain generally accessible in the business register and when it is to be deleted.

Footnote

(+ + + Usect. 2 (§ § 37v to 37z): For the first application, see Section 46 (1) + + +)
(+ + + § 37w (3) sentence 2: For the application, see § 46 (2) + + + +) Non-official Table of contents

§ 37x Management of the Management Board.

(1) A company that orders shares as a domestic issuer has a period of between ten weeks after the beginning and six weeks before the end of the first and second half of the to provide an interim communication between the management of the public and the general public. In addition, the company must first publish a notice of the date and under which Internet address the management of the management shall be published in addition to its availability in the business register is accessible. The company shall communicate the notice simultaneously with its publication of the Bundesanstalt and forward it without delay, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code. Storage. It shall also, without delay, but not before the publication of the notice referred to in sentence 2, transmit the management of the management to the business register for storage.(2) The interim communication shall contain information on the period between the beginning of the respective half of the financial year and the date on which the intermediate communication is available to the public within the meaning of the first sentence of paragraph 1 ; this information shall enable the assessment to be made of the development of the issuer ' s business activities in the three months prior to the end of the notification period. The interim communication shall explain the main events and transactions of the notification period in the issuer ' s undertaking and its effects on the issuer ' s financial position, as well as the financial situation and the business result of the issuer. to describe issuers in the notification period.(3) If a quarterly financial report is drawn up and published in accordance with the provisions of section 37w (2) (1) and (2), (3) and (4), the obligation pursuant to paragraph 1 shall not be required. The quarterly financial report shall be transmitted immediately, but not prior to its publication to the business register. If the quarterly financial report is subjected to a review by a statutory auditor, § 320 and § 323 of the Commercial Code shall apply accordingly.(4) The Federal Ministry of Finance, in agreement with the Federal Ministry of Justice, may adopt more detailed provisions in accordance with the provisions of the law, which do not require the approval of the Bundesrat, style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
the minimum content, type, language, scope, and form of publication referred to in paragraph 1 2 and
2.
the minimum content, the type, language, scope and form of the message referred to in paragraph 1 sentence 3.

footnote

(+ + + Usect. 2 (§ § 37v to 37z): For the first application, see § 46 (1) + + +) Non-official table of contents

§ 37y Consolidated Financial Statements

Is a parent company Obligated to draw up a consolidated financial statements and a group management report, § 37v to § 37x shall apply with the following condition:
1.
The annual financial report also has audited the audited, in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19. July 2002 on the application of international accounting standards (OJ L 136, 31.7.2002, p EC No 1), the consolidated financial statements, the group management report, a declaration corresponding to the provisions of section 297 (2) sentence 3, section 315 (1) sentence 6 of the German Commercial Code and a certificate issued by the Chamber of Auditors pursuant to § 134 (2a) to include the auditor's order on the registration of the auditor or a confirmation of the auditor's chamber pursuant to § 134 (4) sentence 8 of the Code of Auditors on the waiver of the requirement to enter.
2.
The legal representatives of the parent company have to prepare the half-yearly financial report for the parent company and the entirety of the subsidiaries to be included in the parent company and to be published. § 37w (3) shall apply accordingly if the parent company is obliged to draw up the consolidated financial statements in accordance with the international accounting standards and regulations referred to in § 315a (1) of the Commercial Code.
3.
The information given in section 37x (2) sentence 2 in the interim communication of a parent company has to be found on the parent company and the entirety of the subsidiaries to be included. .

Footnote

(+ + + Ushn. 2 (§ § 37v to 37z): For the first application, see Section 46 (1) + + +)
(+ + + § 37y No. 2: For application see § 46 (2) + + + +) Non-official Table of contents

§ 37z Exceptions

(1) § § 37v to 37y are not applicable to companies that are exclusively
1.
for trading in an organized market. issued debt securities with a minimum denomination of EUR 100 000 or the equivalent of another currency equivalent to the issue date, or
2.
outstanding already before the 31. (c) a debt instrument approved in December 2010 on an organised market in the territory of the country or in another Member State of the European Union or another State Party to the Agreement on the European Economic Area, with a
theprovided for in the first sentence shall not apply to issuers of securities within the meaning of section 2 (1) (2).(2) § 37w shall not apply to credit institutions which, as domestic issuers, issue securities if their shares are not admitted to an organised market and have continuously or repeatedly issued only debt securities whose shares are subject to a Total nominal value of EUR 100 million has not been reached and for which no prospectus has been published in accordance with the Securities Prospectus Act.(3) § 37w shall likewise not apply to undertakings which, as domestic issuers, issue securities when they are at 31. It has already existed and only issued debt instruments admitted to trading on an organised market which are guaranteed and irrevocably guaranteed by the Federation, by a country or by one of its territorial authorities.(4) The Bundesanstalt may be subject to the requirements of Sections 37v to 37y, even in conjunction with a legal regulation pursuant to Section 37v (3), Section 37w (6) or § 37x (4), of a company established in a third country which is entitled to securities as domestic issuer. , in so far as these issuers are subject to equivalent rules of a third country or subject to such rules. The Federal Institute shall inform the European Securities and Markets Authority of the granted exemption. However, the information to be compiled in accordance with the rules of the third country is in accordance with § 37v (1) sentence 1 and 2, § 37w (1) sentence 1 and 2 and § 37x (1) sentence 1 and 2, respectively also in conjunction with a legal regulation pursuant to § 37v para. 3, § § 37v (3) § § 37v (1) 37w (6) or § 37x (4), to be made available to the public, to be published and communicated to the Federal Institute at the same time. The information shall also be transmitted immediately, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code for storage. The Federal Ministry of Finance may, by means of a regulation which does not require the approval of the Bundesrat, adopt detailed provisions on the equivalence of rules of a third country and the exemption of undertakings as set out in the first sentence.(5) By way of derogation from paragraph 4, undertakings established in a third country shall be subject to the drawing up of their annual accounts in accordance with articles 37v and 37w before the financial year, which shall be the same as the one on or after the first. 1 January 2007, with the exception of the annual accounts of undertakings as referred to in Article 9 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 June 2002 on the July 2002 on the application of international accounting standards (OJ L 136, 31.7.2002, p EC No 1).

Footnote

(+ + + Ushen. 2 (§ § 37v to 37z): For the first application, see § 46 (1) + + +)

Section 12
Criminal and Penal Regulations Section

unofficial table of contents

§ 38 criminal law

(1) imprisonment of up to five years or a fine is punishable by a person who is
1.
contrary to § 14 para. 1 no. 1 an insider paper acquires or sells or
2.
a)
as a member of the Executive or supervisory body, or as personally liable partner of the issuer or a company affiliated with the issuer,
b)
on the basis of of its participation in the capital of the issuer or of a company affiliated with the issuer,
c)
on the basis of his or her profession, or of his/her work or mission; as specified or
d)
due to the preparation or commission of a criminal
insider information and is used to Insider information is an intentional act referred to in § 39 para. 2 no. 3 or 4.(2) Likewise, it shall be punished who is committing an intentional act referred to in § 39 (1) No. 1 or No. 2 or (2) No. 11, thereby committing
1.
on the domestic stock exchange or market price of a financial instrument, a commodity within the meaning of § 2 para. 2c, an emission entitlement within the meaning of § 3 point 3 of the Greenhouse gas emission trading law or a foreign means of payment within the meaning of Section 51 of the Stock Exchange Act,
2.
on the price of a financial instrument on a organised in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area, or
3.
on the price of a commodity within the meaning of § 2 para. 2c, an emission allowance within the meaning of § 3 (3) of the Greenhouse Gas Emissions Trading Act or a foreign payment agent within the meaning of Section 51 of the Stock Exchange Act, in a market comparable to that of a domestic exchange in another Member State of the European Union or in another State Party to the Agreement on the European Union Economic space
.(2a) It is also punishable who is against Regulation (EU) No 1031/2010 of the Commission of 12 June 2010. on the timing and administrative procedures and other aspects of the auctioning of greenhouse gas emission allowances in accordance with Directive 2003 /87/EC of the European Parliament and of the Council establishing a system for trade in Greenhouse gas emission allowances in the Community (OJ L 327, 30.4.2004 1), by means of
1.
contrary to the first subparagraph of Article 38 (1), including in the case of Connection with paragraph 2 or Article 40, setting, changing or retracting a bid, or
2.
as a person referred to in the second subparagraph of Article 38 (1), including in connection with Paragraph 2,
a)
continues to insider information contrary to Article 39 (a), or
b)
contrary to Article 39, point (b), recommends the setting, modification or withdrawal of a bid, or a different person is tempted to do so
Paragraphs 1 and 2a shall be punishable by an attempt.(4) Where the offender is reckless in the cases referred to in paragraph 1 (1) or (2a) (1), the penalty shall be a custodial sentence of up to one year or a fine.(5) A foreign prohibition shall be equal to a prohibition rule referred to in paragraph 1 (1) or (2) in conjunction with Article 39 (2) (3) or (4) or in paragraph 2 in conjunction with Article 39 (1) (1) or (2) or (2) (2). Non-official table of contents

§ 39 BußMoney Provisions

(1) Contrary to the law, who is
1.
contrary to § 20a, paragraph 1, sentence 1 no. 2, also in conjunction with paragraph 4, each in conjunction with a Regulation pursuant to the first sentence of paragraph 5, no. 2 or 5, of a transaction or a purchase order issued,
2.
contrary to § 20a (1) sentence 1 no. 3, also in 3.
3.
contrary to § 31g (1), a publication does not provide for a publication,
a legal regulation pursuant to paragraph 5, sentence 1, no. 3, an act of deception. not correct, not complete or not in good time,
4.
contrary to § 32d paragraph 1 sentence 1, access not granted,
5.
contrary to § 34b (1) sentence 2 in conjunction with a legal regulation pursuant to paragraph 8, sentence 1, a financial analysis is passed on or is published publicly or
6.
contrary to § 34b para. 2 in conjunction with a legal regulation pursuant to the first sentence of paragraph 8, a summary of a financial analysis is passed on.
(2) Administrative dismise Intentionally or recklessly
1.
in violation of § 4 para. 8 or § 10 para. 1 sentence 2 a person in knowledge
1a.
is an enforceable order in accordance with § 4b paragraph 1,
2.
contrary to
a)
§ 9 para. 1 sentence 1, also in Connection with sentence 2, also in conjunction with sentence 3, 4 or 5, also in conjunction with a legal regulation pursuant to paragraph 4 (1) or (2),
b)
§ 10 para. 1 Sentence 1, also in conjunction with a legal regulation pursuant to the first sentence of paragraph 4,
c)
§ 15 (3) sentence 4, subsection 4, sentence 1 or para. 5 sentence 2, also in conjunction with a Regulation pursuant to paragraph 7, first sentence, no. 2,
d)
§ 15a (1) sentence 1, also in conjunction with sentence 2, para. 4, sentence 1, also in conjunction with a legal regulation pursuant to paragraph 5 sentence 1,
e)
§ 21 (1) sentence 1 or 2 or (1a), also in conjunction with a legal regulation pursuant to section 21 (3),
f)
§ 25 para. 1 sentence 1, also in conjunction with a legal regulation pursuant to § 25 (3), or § 25a, paragraph 1, sentence 1, also in conjunction with a legal regulation pursuant to § 25a paragraph 4,
g)
§ 26 para. 2, also in conjunction with a legal regulation pursuant to § 26 para. 3 no. 2,
h)
§ 26a sentence 1,
i)
§ 29a paragraph 2 sentence 1,
j)
§ 30c, also in conjunction with § 30d,
k)
§ 30e paragraph 1 sentence 1, also in conjunction with a Ordinance pursuant to Section 30e (2),
l)
§ 30f paragraph 2,
m)
(omitted)
n)
§ 37v para. 1 sentence 3, also in conjunction with § 37y, also in conjunction with a legal ordinance according to § 37v para. 3 no. 2,
o)
§ 37w para. 1 sentence 3, also in conjunction with § 37y, also in conjunction with a legal ordinance according to § 37w para. 6 no. 3,
p)
§ 37x para. 1 sentence 3, also in conjunction with § 37y, also in conjunction with a legal ordinance pursuant to § 37x para. 4 no. 2, or
q)
§ 37z para. 4 sentence 2
a notice not, not correct, not complete, not in the prescribed manner or not in time,
3.
contrary to § 14 para. 1 No. 2 an insider information is communicated or made accessible,
4.
contrary to § 14 Abs. 1 No 3 recommends the purchase or disposal of an insider's paper or otherwise lends it to
5.
contrary to
a)
§ 15 para. 1 sentence 1, also in conjunction with sentence 2, § 15 para. 1 sentence 4 or 5, respectively in connection with a legal regulation according to paragraph 7, first sentence, no. 1,
b)
§ 15a (4) sentence 1 in conjunction with a legal regulation pursuant to para. 5 sentence 1,
c)
§ 26 para. 1 sentence 1, also in conjunction with sentence 2, in conjunction with a legal regulation pursuant to § 26 paragraph 3 no. 1, or contrary to § 26a sentence 1 or § 29a para. 2 sentence 1,
d)
§ 30b (1) or (2), also in conjunction with § 30d,
e)
§ 30e paragraph 1 sentence 1 in connection with a legal regulation according to § 30e paragraph 2 or contrary to § 30f paragraph 2,
f)
(omitted)
g)
§ 37v paragraph 1 sentence 2 in conjunction with a legal regulation pursuant to § 37v paragraph 3 no. 1, also in connection with § 37y, or contrary to § 37z para. 4 sentence 2,
h)
§ 37w paragraph 1 sentence 2 in conjunction with a legal regulation pursuant to § 37w paragraph 6 no. 2, also in conjunction with § 37y, or
i)
§ 37x paragraph 1 sentence 2 in conjunction with a legal regulation pursuant to § 37x para. 4 no. 1, also in conjunction with § 37y
a publication not correct, not correct fully, not in the prescribed manner or not in due time, or not, or not, or does not recover in time,
6.
contrary to § 15 (1) sentence 1, § 15a (4) Sentence 1, § 26 (1) sentence 1, § 26a sentence 2, § 29a paragraph 2 sentence 2, § 30e paragraph 1 sentence 2, § 30f para. 2, § 37v para. 1 sentence 3, § 37w para. 1 sentence 3 or § 37x para. 1 sentence 3, also in connection with § 37y, or contrary to § 37z paragraph 4 sentence 3, one information
7.
contrary to § 15, Section 5, Sentence 1, a notice of publication,
8.
style="font-weight:normal; font-style:normal; text-decoration:none;"> contrary to § 15b (1) sentence 1 in conjunction with a legal regulation referred to in the first sentence of paragraph 2, no. 1 or 2, a list is not, not correct or not complete
9.
contrary to § 15b (1), second sentence, the directory is not or not submitted in due time,
10.
counter
a)
§ 16 sentence 1 or
b)
§ 34 (1) or (2) sentence 1 or second sentence 2, each in conjunction with a legal regulation pursuant to § 34 para. 4 sentence 1,
a record not, not Correct, not complete or not prepared in time,
10a.
contrary to § 17, paragraph 5, sentence 1, a statement not included in that statement,
10b.
contrary to § 19, paragraph 2, a communication does not or does not make it in time,
10c.
contrary to § 20, paragraph 1 Sentence 1 does not or does not allow the facts to be examined and certify in good time,
10d.
contrary to § 20 (4) sentence 1, a certificate not or not submitted in good time,
11.
contrary to § 20a (1) sentence 1 no. 1, also in conjunction with paragraph 4, or a legal regulation pursuant to paragraph 5 sentence 1 no. 1, makes an indication or conceals a circumstance,
12.
contrary to § 30a (1) No. 2, also in conjunction with paragraph 3 or § 30d, does not ensure that facilities and information in the In the case of the public,
13.
contrary to § 30a (1) no. 3, also in conjunction with paragraph 3 or § 30d, does not ensure that data is available prior to the information protected by unauthorised persons,
14.
contrary to § 30a (1) no. 4, also in conjunction with paragraph 3 or § 30d, not ensuring that a place mentioned there is determined ,
14a.
(dropped)
14b.
(dropped)
15.
contrary to § 31 para. 1 no. 2, a conflict of interest is not, not correct, not complete or not timely,
15a.
contrary to
a)
§ 31 paragraph 3a sentence 1 in (b
§ 31 (3a) sentence 3 in conjunction with the first sentence of the first sentence of the second sentence of the second sentence of Article 31 (3) of the Regulation. Investor information or
c)
§ 31 (3a) sentence 4 in conjunction with sentence 1 of a fortune investment information sheet
not correct, not complete, or does not provide in due time,
16.
contrary to § 31 (4) sentence 3 a financial instrument recommends or in connection with a financial portfolio management a financial instrument Recommendation,
16a.
contrary to § 31 (4a) sentence 1, recommend a financial instrument or an investment service,
16b.
contrary to § 31 (4c), sentence 1, point 2, sentence 2, a non-monetary grant,
16c.
contrary to § 31 In the fourth sentence of the first sentence of the second sentence of paragraph 4c (4), a monetary grant shall not be returned, not in full or in time,
16d.
contrary to § 31 (4d) sentence 1, an information not correct, not complete or not in good time,
16e.
contrary to § 31 (4d) sentence 2, a business degree as a fixed-price business
17.
contrary to § 31 (5) sentence 3 or 4, a note or information is not available or does not exist in time,
17a.
contrary to § 31 paragraph 5a sentence 3, a contract conclusion,
17b.
contrary to § 31d paragraph 1 sentence 1 accepts or grants a grant,
17c.
contrary to § 33 (1) sentence 2, point 1, also in conjunction with a legal regulation pursuant to § 33 (4), a Compliance function not set up,
17d.
contrary to § 33 (1) sentence 2, point 4, also in conjunction with a legal regulation pursuant to § 33 (4), a so-called " Procedure does not comply with or does not carry out a documentation mentioned there,
18.
contrary to § 33a, paragraph 5, sentence 2 or paragraph 6, no. 1 or 2, an indication or an information does not or does not exist in time or does not obtain consent or consent in good time,
19.
contrary to § 33a, paragraph 6, no. 3, no communication correctly or not completely,
19a.
contrary to § 34 (2a) sentence 1 in conjunction with a legal regulation pursuant to § 34 (4) sentence 1, a protocol not, not correctly, not fully or not in good time,
19b.
contrary to § 34 (2a) sentence 2, a copy of the protocol does not, not complete, not in the
19c.
contrary to § 34 (2a) sentences 3 and 5 in conjunction with a legal regulation pursuant to § 34 (4) of the German law Sentence 1 a copy of the protocol not, not complete, not to be sent in the prescribed manner or not in time,
20.
contrary to § 34 para. 3 sentence 1 a Record not or not at least five years,
21.
contrary to § 34c, sentence 1, 2 or 4, an indication not, not correct, not complete, or not in a timely manner,
22.
contrary to § 34d (1) sentence 1, paragraph 2 sentence 1 or paragraph 3 sentence 1, in connection with a legal regulation pursuant to § 34d (6) sentence 1 number 2, assigned an employee with an activity referred to there,
23.
contrary to
a)
§ 34d paragraph 1 sentence 2 or sentence 3, paragraph 2 sentence 2 or sentence 3 or paragraph 3 sentence 2 or sentence 3, each also in connection with a legal regulation pursuant to § 34d (6) sentence 1, point 1, or
b)
§ 34d paragraph 1 sentence 4 in conjunction with a legal regulation pursuant to § 34d paragraph 6 set 1 (1) (1)
an indication not, not correct, not fully or not reimbursed in good time,
23a.
contrary to § 36d (1), a Title leads,
24.
contrary to § 37v paragraph 1 sentence 4, § 37w para. 1 sentence 4 or § 37x para. 1 sentence 4, also in connection with § 37y, an annual financial report including the declaration in accordance with § 37v (2) no. 3 and the registration certificate or confirmation pursuant to § 37v (2) no. 4, a half-yearly financial report including the declaration pursuant to § 37w (2) no. 3 or an interim communication not or not transmitted in time or
25.
a directly applicable provision in delegated acts of the European Union, which Regulation (EC) No 1060/2009 of the European Union European Parliament and Council of 16 9 September 2009 on credit rating agencies (OJ L 196, 27.7.2009 1), as last amended by Regulation (EU) No 462/2013 (OJ L 302, 15.11.2013, p. 1). 1), as amended in each case, is contrary to the scope of this Act, in so far as a legal regulation pursuant to paragraph 6 of this Article applies to a certain amount of the fine (
)
to the provisions of Article 7 or Article 8 of Commission Regulation (EC) No 1287/2006 of 10 June 2006, which is contrary to Article 7 or Article 8 of Regulation (EC) No 1287/2006. August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council on recording obligations for investment firms, the reporting of transactions, market transparency, the admission of financial instruments to trading and certain terms within the meaning of this Directive (OJ L 327, 22. EU No 1), a record is not produced, not correct, not complete or not in time.(2b) In breach of Regulation (EC) No 1060/2009, the person acting as a person acting for an investment service provider shall be in breach of Regulation (EC) No 1060/2009 by intentionally or recklessly
1.
a rating used against Article 4 (1) subparagraph 1,
2.
contrary to Article 5a (1), do not ensure that the investment service company carries out its own credit risk assessments,
3.
contrary to article 8c, paragraph 1, an order is not granted correctly,
4.
contrary to Article 8c (2) ensure that the credit rating agencies in charge fulfil the conditions set out therein or
5.
contrary to the second sentence of Article 8d (1), a Documentation is not properly carried out.
(2c) Contrary to Regulation (EU) No 1031/2010, if it is intentional or reckless,
1.
as the person referred to in article 40
a)
contrary to Article 39, point (a) insider information, or
b)
contrary to Article 39 Point (b) recommends the setting, modification or withdrawal of a bid or another person is tempted to do so
2.
contrary to Article 42 (1) sentence 2 3.
3.
contrary to Article 42 (2), no information, not to be provided in good time, not in full or in good time,
in full or in time correctly or not within five working days or
4.
contrary to Article 42 (5) the authority is not, not correct, not complete or not in good time .
(2d) is in breach of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 June 2012. March 2012 on short selling and certain aspects of credit default swaps (OJ L 327, 28.3.2012, p. 1.) by intentionally or recklessly
1.
contrary to Article 5 (1), Article 7 (1) or Article 8 (1), also in conjunction with the first subparagraph of Article 9 (1) or Article 10, not making a notification, not correct, not complete or not in good time,
2.
contrary to Article 6 (1), also in conjunction with Article 9 (1), first subparagraph, or Article 10, a detail not, not correct, not complete or not in good time ,
3.
contrary to Article 12 (1) or Article 13 (1), a share or a public debt is sold empty,
4.
contrary to Article 14, paragraph 1, a transaction, or
5.
contrary to Article 15 (1) ensures that it has a procedure referred to therein.
(2e) is in breach of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 November 2012. July 2012 on OTC derivatives, central counterparties and trade repositories (OJ C 139, 30.4.2012, p. 1), by intentionally or recklessly
1.
contrary to Article 4 (4) (1) 1 and 3 an OTC derivative contract not or not in the prescribed manner cleart,
2.
as the operator of a multilateral trading system within the meaning of section 31f (1) , contrary to Article 8 (1), in conjunction with the first subparagraph of paragraph 4, the trade data shall not be available, not correct, not complete, not in the prescribed manner or not in good time,
3.
contrary to article 9, paragraph 1, sentence 2, not making a message, not correct, not complete or not timely,
4.
contrary to Article 9, paragraph 2, a record is not kept or not at least five years,
5.
contrary to Article 10, paragraph 1, point (a), does not make a notice or does not make it in time,
6.
Article 11 (1) does not ensure that there is a procedure or a provision referred to there,
7.
contrary to the first sentence of Article 11 (2), the value of the outstanding contracts, not determined correctly or not in good time,
8.
contrary to Article 11 (3), no risk management described there
9.
contrary to the provisions of Article 11 (4), it does not ensure that appropriate and adequate capital adequacy is required to cover the risks referred to therein; , or
10.
contrary to the first sentence of Article 11 (11), the information on exemption from the requirements of Article 11 (3) is not, or is not correct, published.
(3) Contrary to the law, who intentionally or negligently acts as
1.
full-drawable arrangement according to
a)
§ 4 para. 3 sentence 1,
b)
§ 34d Paragraph 4 Set 1 Number 1 or Number 2 letter b,
c)
§ 36b para. 1,
d)
§ 37o paragraph 4 sentence 1 or § 37q paragraph 2 sentence 1
,
2.
contrary to § 4 para. 4 sentence 1, or 2 or § 37o (5) sentence 1 not permitted or not tolerated,
3.
contrary to § 33 (3) sentence 1 no. 2, outsourced a portfolio management,
4.
contrary to § 34a, Paragraph 1, Sentence 1, also in conjunction with a legal regulation pursuant to § 34a, Paragraph 5, Sentence 1, Customer Money is not kept in the prescribed manner,
5.
contrary to § 34a, paragraph 1, sentence 3, also in conjunction with a legal regulation pursuant to § 34a (5) sentence 1, the customer's consent is not or not timely ,
6.
contrary to § 34a, paragraph 1, sentence 4, also in conjunction with a legal regulation pursuant to § 34a (5) sentence 1, a fiduciary deposit is not
7.
contrary to § 34a, paragraph 1, sentence 5, also in conjunction with the second sentence of paragraph 2, also in conjunction with a legal regulation pursuant to § 34a (5) sentence 1, the Customers are not informed, not right or not in good time,
8.
contrary to § 34a, paragraph 2, sentence 1, also in conjunction with a legal regulation pursuant to § 34a (5) sentence 1, a security does not or does not forward it in time for safekeeping,
9.
contrary to § 34a, paragraph 4, sentence 1, also in conjunction with sentence 2, also in connection with sentence 2. with a regulation pursuant to § 34a, paragraph 5, sentence 1, of a security,
10.
contrary to § 36, paragraph 1, sentence 4, an auditor, or not in time, ordered,
11.
contrary to § 36, paragraph 2, sentence 1, an indication not, not correct, not fully or not timely, or
12.
contrary to § 37v (1) sentence 1, § 37w (1) sentence 1 or § 37x (1) sentence 1, also in conjunction with § 37y, an annual financial report, a half-yearly financial report, or a Interim communication shall not be made available or shall not be made available in good time.
(3a) Contrary to Regulation (EU) No 236/2012, it shall be in breach of Regulation (EU) No 236/2012 by intentionally or negligently taking a fully-fledgable order under Article 18 (2). The second or second sentence of Article 19, Article 19 (2), Article 20 (2) or Article 21 (1) or Article 23 (1) shall be contrary to the provisions of Article 19 (2).(4) In the cases referred to in points 1 and 2 of paragraph 1, point 2 (e) and (f), (5) (a), (7) and (11), the administrative offence may be subject to a fine of up to one million euro, in the cases referred to in paragraph 2 (1a) and (2). Points (g) to (i) and (2d) (3) to (5) and (14a) and (14b) and (2) (5), (8) and (9), with a fine of up to five hundred thousand euros, in the cases referred to in points 3 and 5 of paragraph 1, of paragraph 2 (1), (2) (a), c and n to q, points 3, 4 and 5 (c) to (i), points 6, 16a, 17a, 17c, 17d, 18, 22 and 25, paragraph 2b, points 1 and 2 of paragraph 2d, point 1, 3 and 4 of paragraph 2e, and point 1 (b), (3) and (12) of paragraph 3, with a a fine of up to two hundred thousand euros, in the cases referred to in paragraph 2 (2) (d), (5) (b), (10a) to (10d), (12) to (14) and (16), (16b), (16c) and (17b), (2) (2), (6) and (7), and (3) (1) (c), Fines of up to one hundred thousand euro and, in other cases, a fine of up to fifty thousand euro.(5) The provisions of paragraph 2 (2) (a), (10) (b), (15), (16), (18) to (21), (2a) and (3) (1) (c), (3), (10) and (11), in each case in conjunction with paragraph 4, shall also apply to the authorisable persons Investment management within the meaning of section 2 (3) sentence 3.(6) The Federal Ministry of Finance shall be authorized, in so far as this is necessary for the enforcement of the acts of the European Union, to designate, by means of a regulation without the consent of the Federal Council, the facts which are deemed to be an administrative offence. may be punished in accordance with paragraph 2, point 25. Non-official table of contents

§ 40 Competent Administrative Authority

Administrative authority within the meaning of Section 36 (1) (1) of the Act on The Bundesanstalt is in disorderly conditions. Non-official table of contents

§ 40a Participation of the Federal Institute and Communications in Criminal Matters

(1) The Public Prosecutor's Office informs the Federal Institute for the initiation of an investigative procedure, which relates to offences in accordance with § 38. If experts are required in the investigation procedure, expert members of the Federal Institute may be consulted. The Federal Institute shall be notified of the indictation and of the request for the order of a criminal order. If the public prosecutor's office is to stop the proceedings, it has to hear the Bundesanstalt.(2) The court shall inform the Federal institution of the date of the main trial in a proceeding concerning the offences referred to in § 38.(3) On request, the Federal Institute shall be granted access to the file, unless the interests of the person concerned are contrary to the protection of the person concerned or the investigation success of the investigation is endangered.(4) In criminal proceedings against holders or directors of investment service undertakings or their legal representatives or persons liable to be personally liable for criminal offences to the detriment of customers at or in connection with the operation of the Furthermore, in the case of the collection of the public action of the Bundesanstalt (Bundesanstalt), the investment services company, and in criminal proceedings concerning the offences referred to in Article 38, are style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
the indictment or a transcript that is in its place,
2.
the request for a penalty order and
3.
the final decision with the justification
; if an appeal has been filed against the decision, the decision shall be communicated with reference to the appeal lodged. In proceedings for negligently committed offences, the transfers specified in paragraphs 1 and 2 shall be made only if decisions or other measures taken by the Federal Institute are required immediately from the point of view of the agency.(5) In the case of criminal proceedings, if otherwise, facts are known which indicate maladministration in the business operations of an investment service provider and are aware of the facts from the point of view of the notified body for measures taken by the Federal Institute for Security and Enforcement of the Investment Services (Bundesanstalt) in accordance with this law, the court, the law enforcement authority or the law enforcement authority shall also communicate these facts to the extent that it is not clear to the agency that it is notified that the interests of the person concerned are worthy of protection Predominant. In doing so, account must be taken of how secure the findings to be transmitted are. Unofficial table of contents

§ 40b Announcement of measures

(1) The Bundesanstalt can take any action that may be unquestionable due to breaches of the law. Any prohibition or bidding of this law shall be made public on its Internet site, insofar as this is appropriate and necessary for the elimination or prevention of maladministration pursuant to § 4 (1) sentence 2, unless this publication the financial markets would seriously endanger or result in disproportionate damage to the parties involved. Orders pursuant to § 4 (2) sentence 2 shall be published immediately by the Federal Institute on its website.(2) In the same time as the publication referred to in the first sentence of paragraph 1 or the second sentence of paragraph 1, the Bundesanstalt shall inform the European Securities and Markets Authority of its publication.(3) The Bundesanstalt shall immediately disclose to the public without delay on its website any unquestionable measures it has taken on the grounds of non-compliance with Article 4 (1) of Regulation (EC) No 1060/2009, unless this publication is published in the following: the financial markets would seriously endanger or result in disproportionate damage to the parties involved.(4) The Bundesanstalt shall immediately disclose to the public any incontestable decision pursuant to Section 39 (2e) on its Internet site, unless such publication would seriously endanger the financial markets or become a will cause disproportionate damage to the parties involved. The notice may not contain any personal data.

Section 13
Transitional Provisions

Non-official table of contents

§ 41 Transitional rules for notification and publication obligations

(1) A company within the meaning of Section 9 (1) sentence 1, which is 1. In the first subparagraph of Article 9 (1) of Regulation (EC) No 189/97, the first subparagraph of Article 9 (1) of Regulation (EC) No 2010/06/97 shall be published in the 1 February 1998.(2) Wem on 1. April 2002, taking into account Section 22 (1) and (2) five percent or more of the voting rights of a listed company, the Company and the Federal Institute shall immediately, within seven calendar days at the latest, have the same amount of voting rights. of its voting rights, stating its address, in writing; the communication shall specify the voting rights to be allocated separately for each of the statuesof the condition of the credit. An obligation under the first sentence shall not exist, provided that the first sentence is 1. January 2002 and before 1 January 2002 A communication pursuant to section 21 (1) or (1a) has already been made in April 2002.(3) The Company shall publish notices pursuant to paragraph 2 within one month of access in accordance with the provisions of Section 25 (1) Sentence 1 and 2, Section 2, and shall immediately send a receipt to the Federal Office of the publication of the publication.(4) The obligations under paragraphs 2 and 3 are to be applied in accordance with § § 23, 24, 25 (3) sentence 2, Abs 4, § § 27 to 30.(4a) Who is 20 years old? January 2007, also taking into account § 22 in the pre-19. The issuer, for which the Federal Republic of Germany is the country of origin, holds a share of the voting rights in respect of shares which reaches the threshold of 15, 20 or 30 per cent, which is in excess of or below the threshold of 15, 20 or 30 percent. no later than 20. Report on the voting rights in March 2007. That does not apply if he is already before the 20. The content of the communication is addressed in accordance with Article 21 (1), including in conjunction with a legal regulation as referred to in paragraph 2. Who on the 20? In January 2007 on the basis of the allocation in accordance with § 22 (1) sentence 1 no. 6, a proportion of the voting rights in an issuer for which the Federal Republic of Germany is the country of origin of 5 per cent or more shall be granted to the issuer at the latest by the 20. March 2007. This does not apply if it is already before the 20. In January 2007, a communication with equivalent information was sent to the issuer and the shares of the voting rights did not already apply to the issuer in accordance with Section 22 (1) sentence 1 No. 6 in the prior to the 20th. The content of the communication is addressed in accordance with Article 21 (1), also in conjunction with a legal regulation as referred to in paragraph 2. Who's 20. January 2007 Financial Instruments within the meaning of § 25 in the preceding 1. The issuer of the Federal Republic of Germany shall be required to comply with the date of application of the provisions of the European Parliament and of the Council of 19 March 2009. In March 2007, the share of the voting rights would be high if, instead of the financial instruments, it held the shares which could be acquired under the legally binding agreement, unless its voting rights share was less than 5 percent. This does not apply if it is already before the 20. The content of the communication is addressed in accordance with Article 25 (1) of the first paragraph of Article 25 (1) of the EC-law. The European Securities Trading Act of March 2009, also in conjunction with Sections 17 and 18 of the Securities Trading Display and Insider Directory Ordinance, in the prior to the 1. March 2009. Where a domestic issuer receives a notification in accordance with the first, third or fifth sentences, it shall be required to do so by no later than 20 years at the latest. Article 26 (1) sentence 1, also in conjunction with a legal regulation pursuant to paragraph 3, published in April 2007. It shall also transmit the information without delay, but not prior to its publication, to the business register within the meaning of Section 8b of the Commercial Code for storage. At the same time, it must inform the Bundesanstalt pursuant to Section 26 (2), also in conjunction with a legal regulation pursuant to paragraph 3 (2), with the publication according to sentence 7 of this article. § § 23, 24, 27 to 29 and 29a (3) shall apply mutas to the obligations laid down in the first sentence of the first sentence of the first sentence of the first sentence of the Section 29a (1) and (2) shall apply mutatily to the obligations laid down in the fourth sentence.(4b) Who, also taking into account § 22, holds a share of the voting rights as well as financial instruments within the meaning of § 25, must achieve or exceed the thresholds applicable to § 25, which he/she is responsible for on the 1. March 2009 solely on the basis of the amendment of § 25 with effect from 1. March 2009 by aggregation in accordance with § 25 (1) sentence 3 reached or exceeded, not communicated. Such a notice shall not be issued until any of the thresholds in force for § 25 are reached, exceeded or fallen below. Participation obligations in accordance with § 25 in der bis zum 1. The provisions of the third sentence of March 2009, which are not correct, are not fulfilled in full or in the prescribed manner, are to be complied with in accordance with the third sentence of Article 25 (1).(4c) Those who, taking into account Section 22, also hold a share of the voting rights associated with shares, must reach or exceed the thresholds applicable to § 21, which he/she shall be entitled to August 2008 solely by the allocation of voting rights on the basis of the recast version of Section 22 (2) with effect from 19. It will not be communicated or exceeded in August 2008. Such a notice shall not be issued until any of the thresholds in force for § 21 are reached, exceeded or fallen below. The sentences 1 and 2 shall apply to the notification obligation in accordance with Section 25 accordingly, with the proviso that the thresholds applicable to Section 25 are decisive.(4d) Those on 1. February 2012, financial instruments or other instruments within the meaning of section 25a, paragraph 1, which enable the holder to comply with the rights of the holder on the basis of their design, 5 per cent or more of the shares of a voting rights relating to voting rights and already issued Issuers for which the Federal Republic of Germany is the country of origin shall immediately acquire, at the latest within 30 trading days, the issuer and at the same time the Federal institution the amount of its voting rights in accordance with Art. 25a In accordance with Article 25a, paragraph 1, also in conjunction with a legal regulation pursuant to Section 25a, paragraph 4, to be communicated. § 24 shall apply accordingly. An aggregation with the participations in accordance with § § 21, 22 and 25 shall take place.(4e) The domestic issuer shall publish the information referred to in paragraph 4d without delay, but no later than three trading days after their access in accordance with Article 26 (1), first sentence, first sentence 1, and the business register within the meaning of Section 8b of the Commercial Code without delay, but not prior to their publication for storage. At the same time as the publication has to be communicated to the Federal Institute of the Federal Office.(5) Contrary to the law, who intentionally or recklessly acts
1.
contrary to paragraph 4a, sentence 7. Publication not correct, not complete, not completed in the prescribed manner or not in time,
2.
contrary to paragraph 4a, sentence 8 Information not or not transmitted in time,
3.
contrary to paragraph 4a, sentence 1, 3, 5 or 9, or paragraph 4d, sentence 1, a communication not, not correct, not correct fully, not in the prescribed manner or not in time,
4.
contrary to the first sentence of paragraph 4e 1, publication not, not correct, not complete, is not carried out in the prescribed manner or in a timely manner.
(6) In the cases referred to in paragraph 5, the administrative offence may be punishable by a fine of up to two hundred thousand euros. Non-official table of contents

§ 41a Transitional regulation for the notification and publication obligations for the home state election

(1) An issuer in the The meaning of Article 2 (6) (1) (b), for which the Federal Republic of Germany is 30. As of June 2012, the country of origin of the European Union is, in fact, immediately after the 30 It must be communicated immediately to the Business Register pursuant to Section 8b of the German Commercial Code; at the same time as the Federal Agency has published it, Section 2b (1a) shall apply accordingly.(2) An issuer within the meaning of Article 2 (6) (3) (a) to (c), of the Federal Republic of Germany as a result of Section 2b (1) of this Regulation, in the preceding paragraph 1. The publication of the election as a country of origin, published in July 2012 and published the election, must be published without delay after 30 years of publication. The Federal Institute of Germany (Bundesanstalt). Non-official table of contents

§ 42 Transitional rules for the reimbursement of expenses pursuant to § 11

(1) The first sentence of Article 11 (1), as amended by the Law of 26 July 1994 (BGBl. 1749) for the reimbursement of costs incurred by the Federal Agency for the period up to the end of 1996, it is also possible to provide proof of the level of transactions in transferable securities and derivatives on the basis of the number of transactions carried out in 1996 and 1997, on the basis of the number of transactions carried out in 1997. in accordance with § 9 of the notified transaction.(2) § 11 shall be for the period up to 30 years. April 2002, in the period up to the day before the entry into force of the Law on the Integrated Financial Services Supervision of the 22. April 2002 (BGBl. 1310), to apply to the costs incurred by the Federal Supervisory Authority for the trading of securities. Non-official table of contents

§ 42a Transitional arrangements for the prohibition of uncovered short selling in shares and certain debt instruments in accordance with § 30h

Excluded from the prohibition of § 30h are stores that are already before the 27. It was concluded in July 2010, provided that these were not prohibited on the basis of a different arrangement. Non-official table of contents

§ 42b Transitional rules for the notification and publication obligations for holders of net short selling positions according to § 30i

(1) Anyone who is on the 26th March 2012 Holder of a net short selling position in accordance with § 30i (1) sentence 1 in the amount of 0.2 per cent or more, shall be held at the end of the next trading day of the Federal Institute in accordance with Section 30i (3), also in conjunction with a legal regulation pursuant to § § 30i (3) 30i (5). The owner of a net short selling position pursuant to § 30i (1) sentence 2 of 0.5 per cent or more shall, in addition to the notification referred to in the first sentence of sentence 1, also have it within the period of sentence 1 pursuant to Article 30i (3), also in conjunction with a Ordinance pursuant to § 30i (5), published in the Federal Gazette (Bundesanzeiger); such an obligation does not exist, if prior to the 26. A similar communication has already been issued in March 2012.(2) Contrary to the law, who intentionally or recklessly acts
1.
contrary to the first sentence of the first sentence of paragraph 1, a communication not correct, not complete, not in the prescribed manner or not in time, or
2.
contrary to paragraph 1 sentence 2, first half-sentence Publication not correct, not complete, not in the prescribed manner or not in a timely manner.
(3) The administrative offence may, in the cases referred to in paragraph 2, be subject to a fine of up to two hundred thousand euros. can be punished. Non-official table of contents

§ 42c Transitional regime for the prohibition of credit derivatives according to § 30j

The prohibition of § 30j is not a business, which serve to smooth positions in a credit derivative within the meaning of Section 30j (1) (1), from which the collateral taker is already before the 27. July 2010 Rights and obligations are growing as well as doing business in pre-27. Credit Linked Notes issued in July 2010. Non-official table of contents

§ 42d Transitional rules for the use of employees according to § 34d

(1) An investment service company may be
1.
Labor within the meaning of § 34d paragraph 1 sentence 1, which is 1. In November 2012, the investment advisory service is responsible for the non-compliance with the requirements of § 34d (1) sentence 1 in conjunction with Article 34d (6) of the regulation,
2.
Sales representative within the meaning of § 34d, paragraph 2, sentence 1, which is 1. They are not responsible for the requirements of § 34d (2) sentence 1 in connection with the legal regulation pursuant to § 34d (6), and
3.
Compliance Officer within the meaning of Section 34d (3) sentence 1, which is 1. They are not responsible for the requirements of § 34d (3) sentence 1 in connection with the legal regulation pursuant to § 34d (6),
until 31 November 2012. May 2013 be used for this particular activity.(2) An investment service provider must
1.
the employees within the meaning of paragraph 1 1,
2.
Sales representative within the meaning of paragraph 1, point 2, and
3.
Compliance officers as referred to in paragraph 1 (3),
immediately, as soon as they meet the relevant requirements of § 34d (1) sentence 1, paragraph 2, sentence 1 or the first sentence of paragraph 3. The second sentence of Section 34d (1), the second sentence of paragraph 2, or the second sentence of paragraph 3, shall apply mutatily to the advertisements. Non-official table of contents

§ 42e Transitional rules for essential investor information

§ 31, paragraph 3a, in the beginning of the first paragraph of this article. As amended in July 2011, a purchase recommendation for EU investment shares shall be applied only if the relevant investor information is drawn up in accordance with the rules of the respective country of origin and from which the relevant investor information is provided by the EU investment company has been published in accordance with Article 122 (1), second sentence, of the investment law, but at the latest from 1. July 2012. Up to this date, Section 31 (3) sentence 4 shall apply in the up to 30 years. The Commission will continue to apply the current version to the distribution of the respective EU investment shares in force in June 2011. Non-official table of contents

§ 43 Transitional rules for the limitation of replacement claims in accordance with § 37a

§ 37a in der bis zum 4. August 2009 applies to claims made in the period of 1 January 2009. 1 April 1998 to the end of the 4. They were created in August 2009. Non-official table of contents

§ 44 Transitional rules for foreign organized markets

(1) Organized markets, which are granted permission in accordance with § 37i and on the 1. The Federal Office of the Federal Republic of Germany (Bundesanstalt) has granted a direct market access to trading participants established in Germany via an electronic trading system in July 2002. December 2002, and a request for permission by 30 June 2002. June 2003.(2) Organised markets, which must submit an ad according to § 37m and which shall be on the 1. The Federal Institute for Trade and Research (Bundesanstalt) has granted direct access to the market for trading participants established in Germany via an electronic trading system, and the intention to maintain access to the market by 31 July 2002 is to be maintained by the Federal Institute by 31 July 2002. December 2002. Non-official table of contents

§ 45 Application Determination to Section 11

The provisions of Section 11 in the of the 21. December 2004, the current version of the Financial Regulation applies for the first time to financial statements of the financial year, which is 31 December 2004. December 2004 or later. The Federal Institute shall carry out the tasks assigned to it in Section 11 from the first. July 2005. Non-official table of contents

§ 46 Application provision for the transparency policy implementation act

(1) § 37n and § 37o (1) sentence 4 as well as the Provisions of Section 11 Subsection 2 in the 20. January 2007, the current version of the Financial Report will be applied for the first time on financial reports of the financial year, which will be published after 31 December 2007 December 2006.(2) On issuers, of which only debt securities are trading in an organised market within the meaning of Article 4 (1) (14) of Directive 2004 /39/EC of the European Parliament and of the Council of 21 June 2004 on the April 2004 on Markets in Financial Instruments (OJ C 139, 30.4.2004 EU No 1) in a Member State of the European Union or in another State Party to the Agreement on the European Economic Area, and to issuers whose securities are admitted to trading in a third country; and to this end since the financial year, which is before the 11. The International Accounting Standards Act, which began in September 2002, has established internationally recognised accounting standards, and Articles 37w (3), second sentence, and 37y (2) of the International Accounting Standards Act (2), January 2007, with the proviso that the issuer should apply for the period before 31 January 2007. It may apply the accounting principles of the previous year's financial statements for financial years beginning in December 2007.(3) § 30b (3) (1) (a) in the 20. January 2007, the current version will be applied for the first time on the basis of information published after the 31 December 2007. It will be forwarded in December 2007.(4) (omitted) unofficial table of contents

§ 47 Application provision for § 34

§ 34 in the 5. The current version of August 2009 will be applied for the first time to investment advice after 31 December 2009. It will be carried out in December 2009. Non-official table of contents

§ 48 Transitional provisions on the EMIR Execution Act

§ 20, paragraph 1, in the from the 16. February 2013 will be the first to apply to the financial year, which will be published after the 16. February 2013 begins.

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