Erscheinung:12.08.2011 | Topic Financial analyses BaFin unable to contact authors of financial analyses
All natural and legal persons who, in the exercise of their profession or as part of their business activities, are responsible for producing or communicating financial analyses (Finanzanalysen) must, pursuant to section 34c of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG), notify BaFin of this without undue delay.
The following are not covered by the notification requirement:
- investment services enterprises, asset management companies (Kapitalanlagegesellschaften) and investment stock corporations (Investmentaktiengesellschaften), since these undertakings are already known to BaFin;
- the individual analysts employed by an undertaking subject to the notification requirement; and
- journalists, if they are subject to comparable self-regulation.
BaFin has published a notification form regarding the notification requirements pursuant to section 34c WpHG. If BaFin receives information that a company or a person is producing or communicating financial analyses (Finanzanalysen) without notifying BaFin of such activities, BaFin sends out requests for information in order to monitor compliance with the obligations pursuant to section 34b and section 34c WpHG.
With immediate effect, BaFin will publish the names of companies that it has been unable to contact at their given addresses or at addresses that BaFin was able to uncover. This is because BaFin is unable to conclusively determine if publications by the companies constitute financial analyses (Finanzanalysen) within the meaning of section 34b (1) sentence 1 WpHG, or if the companies comply with the competence, transparency and organisational requirements for their preparation and publication specified by law.
