Notification obligations on the holding of instruments; authorisation to issue statutory instruments

(1) The notification obligation under section 33(1) and (2) applies correspondingly, on reaching, exceeding or falling below the thresholds referred to in section 33(1), first sentence, other than the 3 percent threshold, to direct or indirect holders of instruments that
1. confer on the holder either
a) an unconditional right, on maturity, to acquire shares, carrying voting rights, already issued of an issuer for whom the Federal Republic of Germany is the home state, or
b) a discretion as to that person's right to acquire those shares, or
2. relate to shares within the meaning of number 1 and have an economic effect comparable to the instruments referred to in number 1, whether or not they confer an entitlement to physical delivery. Sections 36 and 37 apply correspondingly.
(2) Instruments within the meaning of subsection (1) may in particular be:
1. transferable securities,
2. options,
3. futures contracts,
4. swaps,
5. forward-rate agreements, and
6. contracts for differences.
(3) The number of voting rights relevant for the notification obligation under subsection (1) must be calculated by reference to the full nominal number of shares underlying the instrument. Where the instrument provides exclusively for cash settlement, the number of voting rights must, by way of derogation from the first sentence, be calculated on a delta-adjusted basis, whereby the nominal number of underlying shares is multiplied by the delta of the instrument. The details of the calculation are determined by Delegated Regulation (EU) 2015/761, as amended from time to time. For instruments relating to a basket of shares or an index, the calculation is likewise determined by the regulatory technical standards under the third sentence.
(4) Where several of the instruments referred to in subsection (1) relate to shares of the same issuer, the voting rights arising from those shares must be aggregated. Long positions may not be netted against short positions.
(5) The Federal Ministry of Finance may, by statutory instrument not requiring the consent of the Bundesrat, adopt further provisions on the content, nature, language, scope and form of the notification under subsection (1). The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Bundesanstalt, insofar as the nature and form of the notification under subsection (1), in particular the use of an electronic procedure, is concerned.