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WpHG-EN In force since 1 January 2022

Securities Trading Act
WpHG-EN · official text on eucite.com in-house translation

🇩🇪 Auf Deutsch lesen (original text)

This English text is a careful, terminology-researched translation prepared by eucite.com — not an official government translation. The German original linked above is the legally authoritative text.

Sections

Part 1 Scope of Application, Definitions

• Section 1 — Scope of application
• Section 2 — Definitions
• Section 2a — Unreliability of sanctioned persons
• Section 3 — Exemptions; authorisation to issue statutory instruments
• Section 4 — Choice of home state; authorisation to issue statutory instruments
• Section 5 — Publication of the home state; authorisation to issue statutory instruments

Part 2 Federal Financial Supervisory Authority

• Section 6 — Tasks and general powers of the Bundesanstalt
• Section 7 — Disclosure of communications data
• Section 8 — Transmission and disclosure of market-related data; authorisation to issue statutory instruments
• Section 9 — Reduction and restriction of positions or open exposures
• Section 10 — Special powers under Regulation (EU) No 1286/2014, Regulation (EU) 2016/1011, Regulation (EU) 2019/2088, Regulation (EU) 2020/852 and Regulation (EU) 2020/1503
• Section 10a — Special powers under Regulation (EU) 2022/2554
• Section 11 — Notification of facts constituting a criminal offence
• Section 12 — Addressees of a measure on account of a possible breach of Article 14 or 15 of Regulation (EU) No 596/2014
• Section 13 — Immediate enforcement
• Section 14 — Powers to safeguard the financial system
• Section 14a — Powers to enforce sanctions measures
• Section 15 — Product intervention
• Section 16 — Securities Council
• Section 17 — Cooperation with other domestic authorities
• Section 18 — Cooperation with competent bodies abroad; authorisation to issue statutory instruments
• Section 19 — Cooperation with the European Securities and Markets Authority
• Section 20 — Cooperation with the European Commission under the Energy Industry Act
• Section 21 — Duty of confidentiality
• Section 22 — Reporting obligations
• Section 23 — Notification of cases of suspicion
• Section 24 — Obligation of the insolvency administrator
• Section 24a — Authorisation to issue statutory instruments
• Section 24b — Notifications to the central European access point

Part 3 Market Abuse Supervision

• Section 25 — Application of Regulation (EU) No 596/2014 to commodities and foreign means of payment
• Section 26 — Transmission of inside information and of managers' transactions; authorisation to issue statutory instruments
• Section 27 — Record-keeping obligations
• Section 28

Part 4 Credit Rating Agencies

• Section 29 — Competence within the meaning of Regulation (EC) No 1060/2009

Part 5 OTC Derivatives and Trade Repositories

• Section 30 — Supervision of the clearing of OTC derivatives and supervision of trade repositories
• Section 31 — Authorisation to issue statutory instruments on the notification obligations under Regulation (EU) No 648/2012
• Section 32 — Examination of compliance with certain obligations under Regulation (EU) No 648/2012 and Regulation (EU) No 600/2014

Part 5a Pan-European Personal Pension Product (PEPP)

• Section 32a — Competence within the meaning of Regulation (EU) 2019/1238

Part 5b Crowdfunding Service Providers

• Section 32b — Competence of the Bundesanstalt under Regulation (EU) 2020/1503
• Section 32c — Liability for particulars in the key investment information sheet under Article 23 of Regulation (EU) 2020/1503
• Section 32d — Liability for particulars in the platform-level key investment information sheet under Article 24 of Regulation (EU) 2020/1503
• Section 32e — Other provisions relating to claims under sections 32c and 32d
• Section 32f — Supervision and examination of the obligations of crowdfunding service providers under Regulation (EU) 2020/1503 and Regulation (EU) 2022/2554; authorisation to issue statutory instruments

Part 6 Notification, Publication and Transmission of Changes in Voting-Rights Holdings to the Company Register

• Section 33 — Notification obligations of the person subject to notification; authorisation to issue statutory instruments
• Section 34 — Attribution of voting rights
• Section 35 — Status as a subsidiary undertaking; authorisation to issue statutory instruments
• Section 36 — Voting rights not taken into account
• Section 37 — Notification by the parent undertaking; authorisation to issue statutory instruments
• Section 38 — Notification obligations on the holding of instruments; authorisation to issue statutory instruments
• Section 39 — Notification obligations on aggregation; authorisation to issue statutory instruments
• Section 40 — Publication obligations of the issuer, and transmission to the company register
• Section 41 — Publication of the total number of voting rights, and transmission to the company register
• Section 42 — Evidence of notified holdings
• Section 43 — Notification obligations for holders of significant holdings
• Section 44 — Loss of rights
• Section 45 — Guidelines of the Bundesanstalt
• Section 46 — Exemptions; authorisation to issue statutory instruments
• Section 47 — Trading days

Part 7 Information Necessary for the Exercise of Rights Attached to Securities

• Section 48 — Obligations of issuers towards holders of securities
• Section 49 — Publication of notifications, and transmission by electronic remote data transmission
• Section 50 — Publication of additional particulars, and transmission to the company register; authorisation to issue statutory instruments
• Section 51 — Exemption
• Section 52 — Exclusion of contestation

Part 8 Short Selling and Transactions in Derivatives

• Section 53 — Supervision of short selling; authorisation to issue statutory instruments

Part 9 Position Limits and Position Management Controls for Commodity Derivatives, and Position Reporting

• Section 54 — Position limits and position management controls
• Section 55 — Position limits for derivatives traded Europe-wide
• Section 56 — Application of position limits
• Section 57 — Position reporting; authorisation to issue statutory instruments

Part 10 Organisational Obligations of Data Reporting Services Providers

• Section 58 — Whistleblowing procedure
• Section 59 — Supervision of the organisational obligations
• Section 60 — Examination of the organisational obligations; authorisation to issue statutory instruments

Part 11 Conduct Obligations, Organisational Obligations, Transparency Obligations

• Section 63 — General rules of conduct; authorisation to issue statutory instruments
• Section 63a — Special conduct and information rules for the use and dissemination of research and issuer-funded research
• Section 64 — Special rules of conduct in providing investment advice and financial portfolio management; authorisation to issue statutory instruments
• Section 64a — Form of client communication
• Section 65 — Self-disclosure in the brokering of the conclusion of a contract for an investment asset within the meaning of section 2a of the Assets Investment Act
• Section 65a
• Section 65b — Sale of subordinated eligible liabilities and relevant capital instruments to retail clients
• Section 66 — Exemptions for real-estate consumer credit agreements
• Section 67 — Clients; authorisation to issue statutory instruments
• Section 68 — Transactions with eligible counterparties; authorisation to issue statutory instruments
• Section 69 — Handling of client orders; authorisation to issue statutory instruments
• Section 70 — Inducements and fees; authorisation to issue statutory instruments
• Section 71 — Provision of investment services and ancillary investment services through another investment services undertaking
• Section 72 — Operation of a multilateral trading facility or an organised trading facility
• Section 73 — Suspension of trading and exclusion of financial instruments
• Section 74 — Special requirements for multilateral trading facilities
• Section 75 — Special requirements for organised trading facilities
• Section 76 — SME growth markets; authorisation to issue statutory instruments
• Section 77 — Direct electronic access
• Section 78 — Acting as a general clearing member
• Section 79 — Notification obligation of systematic internalisers
• Section 80 — Organisational obligations; authorisation to issue statutory instruments
• Section 81 — Managers
• Section 82 — Best execution of client orders
• Section 83 — Recording and retention obligation
• Section 84 — Safeguarding of client assets and financial collateral; authorisation to issue statutory instruments
• Section 85 — Investment strategy recommendations and investment recommendations; authorisation to issue statutory instruments
• Section 86 — Notification obligation
• Section 87 — Deployment of staff in investment advice, as distribution officers, in financial portfolio management or as compliance officers; authorisation to issue statutory instruments
• Section 88 — Supervision of reporting obligations and rules of conduct
• Section 89 — Examination of reporting obligations and rules of conduct; authorisation to issue statutory instruments
• Section 90 — Undertakings, regulated markets and multilateral trading facilities having their seat in another Member State of the European Union or in another state party to the Agreement on the European Economic Area
• Section 91 — Undertakings having their seat in a third country
• Section 92 — Advertising by investment services undertakings
• Section 93 — Register of independent fee-based investment advisers; authorisation to issue statutory instruments
• Section 94 — Designations relating to independent fee-based investment advice
• Section 95 — Exemptions
• Section 96 — Structured deposits

Part 12 Liability for False or Omitted Capital-Market Information

• Section 97 — Damages for failure to publish inside information without delay
• Section 98 — Damages for the publication of untrue inside information

Part 13 Financial Forward Transactions

• Section 99 — Exclusion of the defence under section 762 of the Civil Code
• Section 100 — Prohibited financial forward transactions

Part 14 Arbitration Agreements

• Section 101 — Arbitration agreements

Part 15 (repealed)

• Section 102
• Section 103
• Section 104
• Section 105

Part 16 Monitoring of Corporate Financial Statements, Publication of Financial Reports

Chapter 1 Monitoring of corporate financial statements

• Section 106 — Examination of corporate financial statements and reports
• Section 107 — Initiation of an examination of financial reporting, and investigative powers of the Bundesanstalt
• Section 108
• Section 109 — Result of the Bundesanstalt's examination
• Section 109a — Exchange of information, exemption from duties of confidentiality
• Section 110 — Notifications to other bodies
• Section 111 — International cooperation
• Section 112 — Objection procedure
• Section 113 — Appeal
• Section 113a — Evaluation

Chapter 2 Publication and transmission of financial reports to the company register

• Section 114 — Annual financial report; authorisation to issue statutory instruments
• Section 115 — Half-yearly financial report; authorisation to issue statutory instruments
• Section 116 — Payment report; authorisation to issue statutory instruments
• Section 117 — Consolidated financial statements
• Section 118 — Exemptions; authorisation to issue statutory instruments

Part 17 Criminal and Regulatory-Fine Provisions

• Section 119 — Criminal provisions
• Section 119a — Criminal provisions
• Section 120 — Regulatory-fine provisions; authorisation to issue statutory instruments
• Section 120a — Regulatory-fine provisions relating to Delegated Regulation (EU) No 149/2013
• Section 120b — Regulatory-fine provisions relating to Delegated Regulation (EU) 2017/2154
• Section 120c — Regulatory-fine provisions relating to Regulation (EU) 2019/1238
• Section 120d — Regulatory-fine provisions relating to Regulation (EU) 2020/1503
• Section 120e — Regulatory-fine provisions relating to Regulation (EU) 2022/2554
• Section 121 — Competent administrative authority
• Section 122 — Participation of the Bundesanstalt and communications in criminal matters
• Section 123 — Publication of measures
• Section 124 — Publication of measures and sanctions for breaches of transparency obligations
• Section 125 — Publication of measures and sanctions for breaches of Regulation (EU) No 596/2014, Regulation (EU) 2015/2365, Regulation (EU) 2016/1011 and Regulation (EU) 2022/2554
• Section 126 — Publication of measures and sanctions for breaches of provisions of Parts 9 to 11 and of Regulation (EU) No 600/2014

Part 18 Transitional Provisions

• Section 127 — Initial notification and publication obligations
• Section 128 — Transitional provision for the notification and publication obligations concerning the choice of home state
• Section 129
• Section 130 — Transitional provision for the notification and publication obligations of holders of net short positions under section 30i in the version of this Act of 6 December 2011 (Federal Law Gazette I, p. 2481)
• Section 130a — Application provision for section 32a(1), first sentence
• Section 131 — Transitional provision for the limitation of claims for damages under section 37a in the version of this Act in force until 4 August 2009
• Section 132 — Application provision for the Transparency Directive Implementation Act
• Section 133 — Application provision for section 34 in the version of this Act in force until 2 January 2018
• Section 134 — Application provision for the Act Implementing the Transparency Directive Amending Directive
• Section 135 — Transitional provisions relating to Regulation (EU) No 596/2014
• Section 136 — Transitional provision relating to the CSR Directive Implementation Act
• Section 137 — Transitional provision for breaches of sections 38 and 39 in the version of this Act in force until the end of 1 July 2016
• Section 138 — Transitional provision relating to Directive 2014/65/EU on markets in financial instruments
• Section 138a — Transitional provision relating to Regulation (EU) No 600/2014
• Section 139 — Transitional provisions relating to the Act on the Further Implementation of the EU Prospectus Regulation and Amending Financial Market Acts
• Section 140 — Transitional provision relating to the Act on the Further Implementation of the Transparency Directive Amending Directive with regard to a Single Electronic Format for Annual Financial Reports
• Section 141 — Transitional provision relating to the Act to Strengthen Financial Market Integrity
• Section 142 — Transitional provisions relating to the Crowdfunding Accompanying Act
• Section 143 — Transitional provision relating to the Future Financing Act