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Stock exchanges & markets

Listed companies and market participants must comply with various regulations under the Securities Trading Act (WertpapierhandelsgesetzWpHG); BaFin is responsible for monitoring whether they do so.

Insider trading and market manipulation are prohibited. The obligations incumbent on companies include having to publish ad hoc notifications and regular financial reports and having to report directors' dealings and market participants' voting rights notifications.

Supervision of listed companies should not be confused with supervision of exchanges; for supervision of the individual stock exchanges in Germany is the responsibility of the stock exchange supervisory authorities of the Federal States. These supervisory authorities oversee whether trading on the exchanges is conducted in a proper manner in accordance with the Exchange Act (Börsengesetz). The main focus of stock exchange supervision is on the pricing process and on collaboration with the trade surveillance units. The authorities are also responsible for supervising any multilateral trading systems operated by exchanges (off-exchange trading). Multilateral trading systems that are operated by credit or financial services institutions, on the other hand, are subject to supervision by BaFin. BaFin also performs stock exchange regulatory functions at the international level.

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