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Erscheinung:15.12.2015 | Topic Measures Publication of administrative fines and securities supervision measures

With the entry into force of the German Act Implementing the Transparency Directive Amending Directive (Transparenzrichtlinie-Änderungsrichtlinie-Umsetzungsgesetz – TRL-ÄndRL-UmsG) on 25 November 2015 and pursuant to the newly added section 40c of the German Securities Trading Act (WertpapierhandelsgesetzWpHG), the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht BaFin) is now obliged to publish on its website any measures taken and sanctions imposed in reponse to contraventions of transparency requirements.

On its website, BaFin must also inform the public of any corresponding sanctions imposed by the Federal Office of Justice (Bundesamt für Justiz). Similar obligations apply in the area of banking supervision.

Given ongoing legislative procedures in securities supervision, particularly the planned Act Amending Financial Market Regulations (Finanzmarktnovellierungsgesetz – FimanoG), a significant increase in the scope of the publication requirements in the WpHG is expected. In addition, certain measures published and sanctions imposed will also have to be notified to the European Securities and Markets Authority (ESMA) in the future.

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