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Stand:updated on 25.01.2021 | Topic Managers' transactions Database of securities transactions

Notifications of managers’ transactions pursuant to Article 19 of the MAR

The database includes securities transactions which were published no more than a year ago, and lists the names of the notifying persons and the publishing issuers as well as individual items of information about the transactions and their publication.

Notes on the database

Before going to the database of securities transactions subject to the notification requirement, please note the following information:

  • Transactions in securities of issuers are only listed in the database if BaFin is the competent authority for receiving the notifications.
  • Transactions which have been notified to BaFin and published on a voluntary basis are also included, although the legally prescribed notification threshold has not been exceeded.
    In individual cases, it may therefore take several days or weeks until transactions can be input into BaFin’s database.
  • The primary storage location is the company register (www.unternehmensregister.de). BaFin is only able to include data in its database if the administrative proceedings relating to the notification have been concluded. This means that it can sometimes take several days or weeks before transactions can be included in BaFin's database.
  • The database is updated on a daily basis. BaFin has compiled the information with all due care and attention. Nevertheless, no liability can be assumed for the completeness and accuracy of the information.

All complete notifications pursuant to the provisions of Article 19 of the Market Abuse Regulation (EU) No. 596/2014 (MAR) will be included in the database within approximately 1 to 2 working days following the conclusion of the abovementioned administrative proceedings. The transactions are available in the database for 12 months from their initial publication.

Legal bases

Since 1 July 2002, pursuant to section 15a of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG), transactions in the securities of a listed company concluded by the members of the company’s board of management and supervisory board and/or by their respective family members must be notified to the competent authority and published by the company without undue delay.

The provisions of section 15a of the WpHG were amended significantly when the Investor Protection Improvement Act (Anlegerschutzverbesserungsgesetz) entered into force on 30 October 2004.

Since the Market Abuse Regulation became applicable on 3 July 2016, the legal requirements relating to managers’ transactions have been regulated in Article 19 of the MAR.

The publication of these transactions is an important step towards preventing insider dealing and market manipulation. In addition, knowledge of such transactions is of great importance to the market, since these transactions give indications as to the company management’s assessment of the future prospects of the business.

Notification requirements

Under Article 19 of the MAR, persons discharging managerial responsibilities must notify the issuer and the competent authority of every transaction conducted on their own account relating to the shares or debt instruments of that issuer or to derivatives or other financial instruments linked thereto promptly and no later than three business days after the date of the transaction.

The notification requirement also applies to spouses, registered civil partners, dependent children and other relatives who have lived in the same household as the person discharging managerial responsibilities for at least one year. The same applies to legal persons, trusts (such as foundations) or partnerships closely associated with persons discharging managerial responsibilities.

Proprietary business is subject to the notification requirement once a total amount of €5,000 has been reached by the end of the calendar year. BaFin has raised the threshold from €5,000 to €20,000 by way of a general administrative act, effective as of 1 January 2020.

For more information about the notification requirements see also the website about Directors`Dealings.

Publication requirements

The issuer is responsible for ensuring that transactions subject to the notification requirement are published by media suitable for the dissemination of the information throughout the European Union within two working days after the issuer receives a notification to this effect from the person discharging managerial responsibilities or a person closely associated with them. In addition, the issuer is required to forward the published information to the company register (www.unternehmensregister.de), where it will be stored.

Straight to database

Notifications pursuant to Article 19 MAR (managers transactions)

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