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WpHG-EN 🇩🇪

WpHG-EN · 166 sections

Part 1
Scope of Application, Definitions▸

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

Part 2
Federal Financial Supervisory Authority▸

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

Part 3
Market Abuse Supervision▸

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

Part 4
Credit Rating Agencies▸

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

Part 5
OTC Derivatives and Trade Repositories▸

Section 30Supervision of the clearing of OTC derivatives and supervision of trade repositories Section 31Authorisation to issue statutory instruments on the notification obligations under Regulation (EU) No 648/2012 Section 32Examination 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 32aCompetence within the meaning of Regulation (EU) 2019/1238

Part 5b
Crowdfunding Service Providers▸

Section 32bCompetence of the Bundesanstalt under Regulation (EU) 2020/1503 Section 32cLiability for particulars in the key investment information sheet under Article 23 of Regulation (EU) 2020/1503 Section 32dLiability for particulars in the platform-level key investment information sheet under Article 24 of Regulation (EU) 2020/1503 Section 32eOther provisions relating to claims under sections 32c and 32d Section 32fSupervision 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 33Notification obligations of the person subject to notification; authorisation to issue statutory instruments Section 34Attribution of voting rights Section 35Status as a subsidiary undertaking; authorisation to issue statutory instruments Section 36Voting rights not taken into account Section 37Notification by the parent undertaking; authorisation to issue statutory instruments Section 38Notification obligations on the holding of instruments; authorisation to issue statutory instruments Section 39Notification obligations on aggregation; authorisation to issue statutory instruments Section 40Publication obligations of the issuer, and transmission to the company register Section 41Publication of the total number of voting rights, and transmission to the company register Section 42Evidence of notified holdings Section 43Notification obligations for holders of significant holdings Section 44Loss of rights Section 45Guidelines of the Bundesanstalt Section 46Exemptions; authorisation to issue statutory instruments Section 47Trading days

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

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

Part 8
Short Selling and Transactions in Derivatives▸

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

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

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

Part 10
Organisational Obligations of Data Reporting Services Providers▸

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

Part 11
Conduct Obligations, Organisational Obligations, Transparency Obligations▸

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

Part 12
Liability for False or Omitted Capital-Market Information▸

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

Part 13
Financial Forward Transactions▸

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

Part 14
Arbitration Agreements▸

Section 101Arbitration agreements

Part 15
(repealed)▸

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

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

Chapter 1 · Monitoring of corporate financial statements

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

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

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

Part 17
Criminal and Regulatory-Fine Provisions▸

Section 119Criminal provisions Section 119aCriminal provisions Section 120Regulatory-fine provisions; authorisation to issue statutory instruments Section 120aRegulatory-fine provisions relating to Delegated Regulation (EU) No 149/2013 Section 120bRegulatory-fine provisions relating to Delegated Regulation (EU) 2017/2154 Section 120cRegulatory-fine provisions relating to Regulation (EU) 2019/1238 Section 120dRegulatory-fine provisions relating to Regulation (EU) 2020/1503 Section 120eRegulatory-fine provisions relating to Regulation (EU) 2022/2554 Section 121Competent administrative authority Section 122Participation of the Bundesanstalt and communications in criminal matters Section 123Publication of measures Section 124Publication of measures and sanctions for breaches of transparency obligations Section 125Publication 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 126Publication 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 127Initial notification and publication obligations Section 128Transitional provision for the notification and publication obligations concerning the choice of home state Section 129Section 129 Section 130Transitional 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 130aApplication provision for section 32a(1), first sentence Section 131Transitional provision for the limitation of claims for damages under section 37a in the version of this Act in force until 4 August 2009 Section 132Application provision for the Transparency Directive Implementation Act Section 133Application provision for section 34 in the version of this Act in force until 2 January 2018 Section 134Application provision for the Act Implementing the Transparency Directive Amending Directive Section 135Transitional provisions relating to Regulation (EU) No 596/2014 Section 136Transitional provision relating to the CSR Directive Implementation Act Section 137Transitional provision for breaches of sections 38 and 39 in the version of this Act in force until the end of 1 July 2016 Section 138Transitional provision relating to Directive 2014/65/EU on markets in financial instruments Section 138aTransitional provision relating to Regulation (EU) No 600/2014 Section 139Transitional provisions relating to the Act on the Further Implementation of the EU Prospectus Regulation and Amending Financial Market Acts Section 140Transitional 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 141Transitional provision relating to the Act to Strengthen Financial Market Integrity Section 142Transitional provisions relating to the Crowdfunding Accompanying Act Section 143Transitional provision relating to the Future Financing Act

Part 3 · Market Abuse Supervision › Section 28

Section 28

(repealed)

← Previous Section 27 Record-keeping obligations Next → Section 29 Competence within the meaning of Regulation (EC) No 1060/2009

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