WpÜG-EN
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Sections
Division 1 General Provisions
Division 2 Competence of the Federal Financial Supervisory Authority
- Section 4 — Tasks and powers
- Section 5
- Section 6
- Section 7 — Cooperation with domestic supervisory authorities
- Section 8 — Cooperation with competent bodies abroad
- Section 9 — Duty of confidentiality
Division 3 Offers to Acquire Securities
- Section 10 — Publication of the decision to make an offer
- Section 11 — Offer document
- Section 11a — European passport
- Section 12 — Liability for the offer document
- Section 13 — Financing of the offer
- Section 14 — Transmission and publication of the offer document
- Section 15 — Prohibition of the offer
- Section 16 — Acceptance periods; convening of the general meeting
- Section 17 — Inadmissibility of a public invitation to make offers
- Section 18 — Conditions; inadmissibility of a reservation of withdrawal or revocation
- Section 19 — Allotment in the case of a partial offer
- Section 20 — Trading book
- Section 21 — Amendment of the offer
- Section 22 — Competing offers
- Section 23 — Publication obligations of the offeror after making the offer
- Section 24 — Cross-border offers
- Section 25 — Resolution of the offeror's general meeting
- Section 26 — Blocking period
- Section 27 — Position statement of the management board and supervisory board of the target company
- Section 28 — Advertising
Division 4 Takeover Offers
- Section 29 — Definitions
- Section 30 — Attribution of voting rights; authorisation to issue statutory instruments
- Section 31 — Consideration
- Section 32 — Inadmissibility of partial offers
- Section 33 — Acts of the management board of the target company
- Section 33a — European non-frustration rule
- Section 33b — European breakthrough rule
- Section 33c — Reservation of reciprocity
- Section 33d — Prohibition of the grant of unjustified benefits
- Section 34 — Application of the provisions of Division 3
Division 5 Mandatory Offers
- Section 35 — Obligation to publish and to make an offer
- Section 36 — Disregard of voting rights
- Section 37 — Exemption from the obligation to publish and to make an offer
- Section 38 — Claim to interest
- Section 39 — Application of the provisions of Divisions 3 and 4
Division 5a Exclusion, Sell-Out Right
- Section 39a — Exclusion of the remaining shareholders
- Section 39b — Exclusion proceedings
- Section 39c — Sell-out right
Division 6 Procedure
- Section 40 — BaFin's investigative powers
- Section 41 — Objection procedure
- Section 42 — Immediate enforceability
- Section 43 — Notification and service
- Section 44 — BaFin's right of publication
- Section 45 — Communications to BaFin
- Section 46 — Coercive measures
- Section 47
Division 7 Legal Remedies
- Section 48 — Admissibility, competence
- Section 49 — Suspensive effect
- Section 50 — Order of immediate enforcement
- Section 51 — Period and form
- Section 52 — Parties to the appellate proceedings
- Section 53 — Compulsory representation by counsel
- Section 54 — Oral hearing
- Section 55 — Principle of investigation
- Section 56 — Appellate decision; duty to refer
- Section 57 — Inspection of files
- Section 58 — Application of provisions of the Courts Constitution Act and the Code of Civil Procedure
Division 8 Sanctions
- Section 59 — Loss of rights
- Section 60 — Provisions on regulatory fines
- Section 61 — Competent administrative authority
- Section 62 — Competence of the Higher Regional Court in court proceedings
- Section 63 — Appeal on points of law to the Federal Court of Justice
- Section 64 — Resumption of proceedings against a fine notice
- Section 65 — Court decision in enforcement