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14 wphg

§ 14 WpHG Befugnisse zur Sicherung des Finanzsystems

  1. (4) BaFin exercises the powers conferred on it by subsection (1) in conjunction with Regulation (EC) No. 648/2012 where this is necessary to perform its functions and monitor compliance with the obligations defined in Regulation (EC) No. 648/2012.
  2. (2) 1The information contained in the report under subsection (1) may only be used by BaFin for the performance of its functions. 2BaFin may not make the identity of any person making a report under subsection (1) available to anyone other than public authorities. 3This does not affect BaFin’s right under section 123.
  3. (7) BaFin must maintain an internal database of the employees to be notified under subsections (1), (4) and (5), the complaints made about them under subsection (1) and the orders relating to their activity under subsection (6).

(1) Clients within the meaning of this Act are any natural or legal persons for whom investment services enterprises provide or arrange investment services or ancillary investment services.(1) The parties obliged to reimburse costs to BaFin under section 11 (1) sentence 1 in the version of this Act of 26 July 1994 (Federal Law Gazette I page 1749) can also provide evidence of the volume of transactions in securities and derivatives for the period until the end of 1996 and for 1997 on the basis of the number of transactions reported under section 9 in 1996 and 1997, respectively.(2) 1BaFin exercises the powers conferred on it by subsection (1) sentence 1 in conjunction with Regulation (EC) No. 236/2012 where this is necessary to perform its functions and monitor compliance with the obligations defined in Regulation (EC) No. 236/2012. 2For the purposes of Article 9(4) sentence 2 of Regulation (EU) No. 236/2012, BaFin supervises the corresponding Federal Gazette website.(5) The operator of a multilateral or organised trading facility can require an issuer to provide reference data relating to its financial instruments where this is necessary to fulfil the requirements of Article 4 of Regulation (EU) No. 596/2014.

WpHG - nichtamtliches Inhaltsverzeichni

2009/12/14. WKN 843002 ISIN DE0008430026. Correction to our release according to Section 26, para. 1 of the German Securities Trading Act (WpHG) dated 9 December 2009: BlackRock Financial Management, Inc., BlackRock Holdco 2, Inc., and BlackRock, Inc., each New York, USA, informed us on 10 December 2009 of the following correction of their. DGAP-PVR: Delivery Hero SE: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution Delivery Hero SE 30.07.2018 / 14:09 Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG (9) This is without prejudice to the provisions on international judicial assistance in criminal cases.(15) MTF issuers within the meaning of this Act are issuers of financial instruments 1. whose registered office is in Germany and that have requested or approved admission of their financial instruments to trading on a multilateral trading facility in Germany or in another Member State of the European Union (Member State) or another signatory state to the Agreement on the European Economic Area, provided that these financial instruments are only traded on multilateral trading facilities, with the exception of issuers whose financial instruments are not admitted to trading in Germany, but only in another Member State or another signatory state to the Agreement on the European Economic Area, if they are subject in that other country to the requirements of Article 21 of Directive 2004/109/EC, or 2. whose registered office is not in Germany and that have requested or approved admission of their financial instruments to trading on a multilateral trading facility in Germany, provided that these financial instruments are only traded on multilateral trading facilities in Germany.

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In­ter­na­tion­al

(5) 1The investment services enterprise must appoint an officer with responsibility for ensuring that the investment services enterprise complies with its obligations regarding the safeguarding of client financial instruments and funds. 2The officer can carry out additional duties in addition to the above.(1) If an issuer whose financial instruments have been admitted to trading on a trading venue in Germany or who has applied for the financial instruments to be admitted to trading on a regulated market or multilateral trading facility in Germany publishes untrue inside information that directly relates to that issuer in a disclosure under Article 17 of Regulation (EU) No. 596/2014, that issuer is liable to compensate a third party for losses arising from the fact that the third party relied on the accuracy of the inside information, if that third party 1. bought the financial instruments after publication and still owns the financial instruments when it becomes known that the information was inaccurate or 2. bought the financial instruments before publication and sells them before it becomes known that the information was inaccurate. Covestro AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution 29.03.2018 / 14:02 Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement (3) 1The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements relating to the appropriate organisation under subsection (1) sentence 1. 2The Federal Ministry of Finance may delegate this authority to BaFin by way of a statutory order.

Fassung § 14 WpHG a

(5) 1Any publication under subsection (1) must be deleted five years after being published. 2By way of derogation from sentence 1, personal data must be deleted as soon as its publication is no longer necessary.(2) BaFin must provide annually aggregated information regarding all administrative penalties and measures in connection with supervision imposed under Parts 9 and 11 to the European Securities and Markets Authority. § 12 Adressaten einer Maßnahme wegen möglichen Verstoßes gegen Artikel 14 oder 15 der Verordnung (EU) Nr. 596/2014 § 13 Sofortiger Vollzug § 14 Befugnisse zur Sicherung des Finanzsystems § 15 Produktintervention § 16 Wertpapierrat § 17 Zusammenarbeit mit anderen Behörden im Inlan

(4) The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements governing the content, nature, language, scope and format of the notification under subsection (1).1An investment services enterprise that acts as a general clearing member for other persons must have in place effective systems and controls to ensure that the clearing services are only provided to persons who are suitable and meet clear criteria that have been defined in advance by the investment services enterprise. 2It must impose appropriate requirements on those persons to reduce risks to the investment services enterprise and to the market. 3There must be a written agreement between the investment services enterprise and the relevant person regarding the rights and obligations arising from the provision of that service.

§ 2 WpHG - Einzelnor

(2) The investment services enterprise must, when establishing its execution policy, take into account all relevant criteria for obtaining the best possible result, in particular the prices of the financial instruments, the costs related to the execution of the order, the speed, likelihood of the execution and settlement of the order as well as the size and nature of the order, and weight the criteria taking into consideration the characteristics of the client, the client order, the financial instrument and the execution venue. Das Wertpapierhandelsgesetz (WpHG) verpflichtet Aktionäre und Personen, die Zugriff auf Stimmrechte haben, dem Emittenten und der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) unverzüglich mitzuteilen, wenn sie durch Erwerb oder Veräußerung von Aktien oder anderen Finanzinstrumenten oder in sonstiger Weise 3 %, 5 %, 10 %, 15 %, 20 %, 25 %, 30 %, 50 % oder 75 % der Stimmrechte an. (13) 1BaFin can apply for the seizure of assets to the extent necessary for enforcing prohibitions and requirements contained in subsection (6) section 1 numbers 3, 4 and 6, and in Regulation (EU) No. 596/2014. 2Measures under sentence 1 must be ordered by the judge. 3The Local Court in Frankfurt am Main is the competent court. 4The judicial order can be appealed; sections 306 to 310 and 311a of the Code of Criminal Procedure apply, with the necessary modifications.

(6) The Federal Ministry of Finance may delegate this authority to BaFin by way of a statutory order.(1) If insolvency proceedings are initiated over the assets of anyone obliged to perform an action under this Act, the insolvency administrator must support the debtor in fulfilling its duties under this Act, in particular by providing the necessary funds from the assets involved in the insolvency proceedings. Siltronic AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution Siltronic AG 09.03.2020 / 14:12 Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG (5) A consolidated tape provider must have a whistleblower system in place in application of section 25a (1) sentence 6 number 3 of the Banking Act, with the necessary modifications. HELLA GmbH & Co. KGaA: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution 18.07.2019 / 09:2

(9) 1The domestic issuer must publish the information under subsection (8) without undue delay, but at the latest three trading days after its receipt in accordance with section 26 (1) sentence 1 1st half-sentence in the version of this Act of 5 April 2011 (Federal Law Gazette I page 538) and communicated to the Company Register within the meaning of section 8b of the Commercial Code without undue delay, but not before its publication, for storage. 2The domestic issuer must notify BaFin of the publication at the same time it is published.(2) The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements governing the content, nature, language, scope and format of the publication under subsection (1) sentence 1.

(2) 1An approved publication arrangement must disseminate information efficiently and consistently in a way that ensures fast access to the information on a non-discriminatory basis. 2The information must be published in a format that facilitates the consolidation of the information with similar data from other sources.(3) 1The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements governing the content, nature, scope and format of the notifications to be provided under subsection (1) sentences 1 and (2) and the permitted data media and transmission channels, and on the format, content, scope and presentation of the publication under subsection (1) sentence 2. 2The Federal Ministry of Finance may delegate this authority to BaFin by way of a statutory order.(4) 1BaFin can issue guidelines under which it can assess, in accordance with Directive 2014/65/EU and Delegated Directive (EU) 2017/593, in standard cases whether the requirements of this Part have been met. 2The Deutsche Bundesbank and the central associations of the economic sectors concerned must be consulted before the guidelines are issued. 3The guidelines must be published in the Federal Gazette.

(10) 1The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements relating to the record-keeping obligations and the suitability of the media to be used under subsections (1) to (7). 2The Federal Ministry of Finance may delegate this authority to BaFin by way of a statutory order.(3) An operator of an organised trading facility may engage in dealing on own account, other than matched principal trading as defined in section 2(29), only with regard to sovereign debt instruments for which there is not a liquid market.(37) An approved publication arrangement within the meaning of this Act means an undertaking that publishes trade reports within the meaning of Articles 20 and 21 of Regulation (EU) No. 600/2014 on behalf of investment services enterprises.

(8) 1Any persons who, on 1 February 2012, hold financial instruments or other instruments within the meaning of section 25a (1) in the version of this Act of 5 April 2011 (Federal Law Gazette I page 538) that give their holder, based on their terms, the right to acquire 5 per cent of more of the issued shares with voting rights attached of an issuer whose home country is the Federal Republic of Germany, are required to notify the issuer and, at the same time, BaFin without undue delay, but no later than within 30 trading days, the proportion of voting rights they hold in accordance with section 25a (2), corresponding to section 25a (1), including in conjunction with a statutory order under section 25a (4), in each case in the version of this Act of 5 April 2011 (Federal Law Gazette I page 538). 2Section 24 in the version of this Act of 24 March 1998 (Federal Law Gazette I page 529) applies, with the necessary modifications. 3Aggregation with the investments under section 21 in the version of this Act of 21 December 2007 (Federal Law Gazette I page 3089), section 22 in the version of this Act of 12 August 2008 (Federal Law Gazette I page 1666) and section 25 in the version of this Act of 5 April 2011 (Federal Law Gazette I page 538) applies.(5) 1If there is any significant change in the deliverable supply or open interest in a derivative or any other significant change on the market, BaFin must reset the position limits in accordance with subsections (1) to (4). 2Operators of trading venues must inform BaFin of significant changes on their trading venue as specified in sentence 1.

DGAP Voting Rights Announcement: Covestro AG Covestro AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution 14.05.2020 / 09:55 Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement (8) 1BaFin can impose a prohibition on the exercise of professional activity for a period of up to two years on a person who works at an undertaking supervised by BaFin if that person has intentionally infringed one of the requirements set out in subsection (6) sentence 1 numbers 1 to 4 and 6 or of an order issued by BaFin that refers to those requirements and continues this behaviour despite being cautioned by BaFin. 2In the case of an infringement of one of the requirements set out in subsection (6) sentence 1 number 5 or of an order issued by BaFin that refers to those requirements, BaFin can ban a person from exercising management functions for a period of up to two years if that person has intentionally infringed the requirement and continues this behaviour despite being cautioned by BaFin.(1) Any notification to BaFin under Article 10(1)(a) of Regulation (EU) No. 648/2012 must be made in written form.(30) Direct electronic access within the meaning of this Act means an arrangement where a member of or participant on or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue, other than the cases specified in Article 20 of Delegated Regulation (EU) 2017/565. 2Direct electronic access also includes arrangements which involve the use by a person of the infrastructure of or any connecting system provided by the member or participant or client to transmit the orders (direct market access) and arrangements where such an infrastructure is not used by a person (sponsored access).1Sections 37w and 37y in the version of the Act Implementing the CSR Directive of 11 April 2017 (Federal Law Gazette I page 802) are applicable for the first time to management reports and group management report relating to financial years beginning after 31 December 2016. 2Sections 37w and 37y in the version in force until 18 April 2017 continue to apply to management reports and group management reports relating to financial years beginning before 1 January 2017.

BaFin - Acts - Securities Trading Ac

Fassungen § 14 WpHG Wertpapierhandelsgeset

(10) 1Before providing investment services other than investment advice or portfolio management, an investment services enterprise must obtain information from the clients regarding their knowledge and experience in respect of transactions in specific types of financial instruments or investment services, where this information is necessary for assessing whether the financial instruments or investment services are appropriate for the clients. 2Where the client order relates to bundles of services or products within the meaning of subsection (9), the investment services enterprise must assess whether the overall bundled package is appropriate for the client. 3If an investment services enterprise considers, on the basis of the information received under sentence 1, that the financial instrument or investment service desired by the client is not appropriate for the client, it must inform the client about this. 4If the investment services enterprise does not obtain the required information, it must inform the client that an appropriateness assessment within the meaning of sentence 1 is not possible. 5Further details regarding appropriateness and the obligations in connection with the appropriateness assessment are governed by Articles 55 and 56 of Delegated Regulation (EU) 2017/565. 6The information under sentences 3 and 4 can be provided in a standardised format.(3) Section 115 also does not apply to undertakings that issue securities as domestic issuers if they already existed as at 31 December 2003 and exclusively issue debt securities admitted to trading on an organised market that are unconditionally and irrevocably guaranteed by the Federal Government, one of the Federal States, or one of the regional or local authorities.(3) 1If BaFin is not the central competent authority for the relevant derivative in the case of subsection (1) sentence 1, the position limit set for this derivative by the central competent authority also applies in Germany. 2In this case, BaFin must notify the central competent authority for this derivative within two months of receipt of the notification that the authority intends setting a position limit if it agrees with the intended position limit. 3If the central competent authority does not comply with a requirement by BaFin to modify the position limit, BaFin must inform the European Securities and Markets Authority of its requirement, including the reasons.

WpHG - Gesetz über den Wertpapierhande

  1. ation of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Notification of Major Holdings 1\. Details of issuer Name: MTU Aero Engines AG Stree
  2. (3) Units in and shares of open-ended investment funds within the meaning of section 1 (4) of the Investment Code (Kapitalanlagegesetzbuch) are to be disregarded when applying the requirements of Parts 6, 7 and 16. 2This only applies to Part 6 unless these relate to special AIFs within the meaning of section 1 (6) of the Investment Code.
  3. ation of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Notification of Major Holdings 1\. Details of issuer Name: Biofrontera AG Street: Hemmelrathe
  4. (2) In the publication, BaFin must state the provision that was infringed and the natural or legal person or association of persons that is responsible for the infringement.

§ 1 WpHG - Einzelnor

(1) Subject to subsections (2) to (4), subsidiaries within the meaning of this Part mean undertakings 1. that are classified as subsidiaries as defined in section 290 of the Commercial Code or 2. over which significant influence can be exercised, regardless of their legal form or registered office.(3) 1The position limits set under sections 54 and 55 do not apply to positions for which BaFin or the competent authority of another Member State has established on application that they are held by a non-financial entity and that they are objectively measurable in reducing risks directly related to commercial activity. 2More detailed requirements relating to positions qualifying as reducing risks and the method under sentence 1 are contained in Articles 7 and 8 of Delegated Regulation (EU) 2017/591. (4) The Federal Ministry of Finance can, by way of a statutory order, adopt more detailed requirements governing the timing, content and format of the notification to be submitted under subsection (1) sentence 2 as well as the maintenance of a public register of the notifying undertakings. 2The Federal Ministry of Finance may delegate this authority to BaFin by way of a statutory order. (4) 1If the auditor’s attestation report identifies deficiencies, the corporation must provide the attestation report to BaFin without delay. 2If the auditor finds that the management failed to make a corresponding notification to BaFin in a year prior to the audit period, the auditor must notify BaFin of this without delay. 3BaFin must notify the Chamber of German Public Auditors (Wirtschaftsprüferkammer) of any facts indicating that the auditor has infringed professional duties. 4Section 110 (1) sentence 2 applies, with the necessary modifications. Text § 14 WpHG a.F. Wertpapierhandelsgesetz in der Fassung vom 01.11.2007 (geändert durch Artikel 1 G. v. 16.07.2007 BGBl. I S. 1330

Law & Reg­u­la­tion

(28) A close link within the meaning of this Act means a situation in which two or more natural or legal persons are linked by: 1. participation in the form of ownership, direct or by way of control, of 20 per cent or more of the voting rights or shares of an undertaking; 2. control in the form of a relationship between a parent undertaking and a subsidiary in all the cases referred to in Article 22(1) and (2) of Directive 2013/34/EU, or a similar relationship between any natural or legal person and an undertaking; any subsidiary of a subsidiary is also considered to be a subsidiary of the parent undertaking that is at the head of those undertakings; 3. a permanent link of both or all of persons to the same third person by a control relationship.(48) A PRIP within the meaning of this Act means a product defined in Article 4 number 1 of Regulation (EU) No. 1286/2014.(1) 1With the exception of the conditions under Article 42(3) and (4) of Regulation (EU) No. 600/2014, BaFin has the powers under Article 42 of Regulation (EU) No. 600/2014 under the conditions specified in that Article, with the necessary modifications, for investment products as defined in section 1 (2) of the Capital Investment Act. 2BaFin can take measures under sentence 1 and Article 42 of Regulation (EU) No. 600/2014 in respect of any party, to the extent that the Regulation is not directly applicable.(8) An investment services enterprise that provides portfolio management or independent fee-based investment advice must adopt appropriate policies to ensure that any monetary inducements received by any third party or a person acting on behalf of a third party in relation to portfolio management or independent fee-based investment advice is allocated and transferred to each individual client.

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§ 2 WpHG Begriffsbestimmungen - dejure

  1. 1Before executing orders relating to financial instruments within the meaning of the first subparagraph of Article 2(1) of Regulation (EU) No. 596/2014 or behaviour or transactions within the meaning of sentence 1 of the second subparagraph of Article 2(1) of Regulation (EU) No. 596/2014, investment services enterprises as well as undertakings whose registered office is in Germany that are admitted to trading on a German stock exchange are required to establish and record, in the case of natural persons the name, date of birth and address, and in the case of companies the name and address of the principals and the persons or companies acquiring rights or incurring liabilities from the transactions. 2The information recorded under subsection (1) must be kept for a period of at least six years. 3Section 257 (3) and (5) of the Commercial Code applies, with the necessary modifications, to the retention of the records.
  2. (11) In the context of its cooperation for the purposes of supervising of supervising compliance with the prohibitions and requirements under Regulation (EU) No 596/2014 as well as the prohibitions and requirements of the equivalent foreign provisions of other signatory states to the Agreement on the European Economic Area or of third countries, BaFin can make use of all powers conferred upon it under this Act in order to comply with the relevant requests of competent authorities in the countries concerned.
  3. Tag der Erstellung: 14.02.2020 Auszug aus dem Unternehmensregister Subject: Bayerische Motoren Werke Aktiengesellschaft: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution Details of issuer Name: Bayerische Motoren Werke Aktiengesellschaf
  4. Voting rights pursuant to sec. 21, 22 WpHG: 0.04% (equals 65,700 voting rights) 8. Detailed information on financial/other instruments pursuant to sec. 25 WpHG:-Munich, 14 May 2013 The Board of Management. Topics. Risks Solutions for Industrial Clients Solutions for Insurers Careers Investor Relations Media Relation

(PDF) Schadenersatz bei Verletzung von § 14 WpHG

(2) 1A consolidated tape provider must disseminate information under subsection (1) efficiently and consistently in a way that ensures fast access to the information on a non-discriminatory basis. 2The information must be published in a format that is easily accessible and utilisable for market participants.(3) 1The obligation under Article 26(1) to (3) and (6) and (7) of Regulation (EU) No. 600/2014 in conjunction with Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87 of 31 March 2017, page 449), as amended, applies, with the necessary modifications, to central counterparties in Germany as defined in section 1 (31) of the Banking Act in respect of information they have because of the transactions they have entered into. 2This information comprises details to be reported in accordance with Annex I Table 2 Fields 1 to 4, 6, 7, 16, 28 to 31, 33 to 36 and 38 to 56 of Commission Delegated Regulation (EU) 2017/590. 3The other fields must be populated in such a way that they comply with the technical validation rules defined by the European Securities and Markets Authority.

Pub­li­ca­tions & da­ta

(2) As part of its assigned responsibilities, BaFin monitors compliance with the prohibitions and requirements of this Act, the statutory orders adopted on the basis of this Act, the European legislative acts specified in section 1 (1) number 8, including the Commission delegated and implementing acts adopted on the basis of those legislative acts. It can issue orders that are appropriate and necessary for ensuring their implementation. 3In particular, it can publish warnings on its website where this is necessary for it to perform its functions under this Act. 4It can temporarily prohibit trading in individual or multiple financial instruments or order the suspension of trading in individual or multiple financial instruments on markets on which financial instruments are traded to the extent necessary for enforcing the prohibitions and requirements of this Act, Regulation (EU) No. 596/2014 or Regulation (EU) No. 600/2014, or for eliminating or preventing undesirable developments as set out in subsection (1); for this purpose, it can also issue orders to a legal entity under public law or a stock exchange. 5It can suspend the marketing or sale of financial instruments or structured deposits where the investment services enterprise has not developed or applied an effective product approval process under section 80 (9) or otherwise failed to comply with section 80 (1) sentence 2 number 2 or section 80 (9) to (11).(4) 1If different instruments specified in subsection (1) are referenced to shares of the same issuer, the voting rights attaching to those shares must be aggregated. 2Long positions may not be netted with short positions.Authorisation must be denied if 1. there is evidence indicating that the management is not reliable, 2. direct market access is to be granted to trading participants whose registered office is in Germany and that fail to meet the requirements of section 19 (2) of the Stock Exchange Act, 3. the home country fails to meet standards of market supervision or investor protection equivalent to those under German law, or 4. information sharing with the authorities responsible for supervising the market in the home country is not guaranteed.

§ 16 WpHG Wertpapierrat - dejure

(5) 1An investment services enterprise that is not authorised to conduct deposit business within the meaning of section 1 (1) sentence 2 no. 5 of the Banking Act must, without undue delay, pass on for safe custody securities that they accept in connection with an investment service or ancillary investment service to a credit institution authorised to conduct safe custody business in Germany or to an institution whose registered office is outside Germany and that is authorised to conduct safe custody business and at which the client is granted a legal status equivalent to that under the Safe Custody Act. 2Subsection (2) sentence 6 applies, with the necessary modifications.(28) The Federal Ministry of Finance is authorised, to the extent necessary to enforce legislative acts adopted by the European Union, to designate the offences that can be punished as an administrative under subsection (2) number 16 by way of a statutory order not requiring the consent of the Bundesrat.(1) 1Without prejudice to section 61, compliance with the obligations under this Part and the obligations arising under Delegated Regulation (EU) 2017/565, Delegated Regulation (EU) 2017/571 and under the delegated regulation adopted in accordance with Article 61(5) of Directive 2014/65/EU, as amended, must be reviewed by a suitable auditor on at least an annual basis. 2Section 89 (1) sentences 4 and 6, subsection (2) sentences 1 and 2, subsections (3) and (4) apply, with the necessary modifications.(4) 1The investment services enterprise must take all reasonable steps to record relevant telephone conversations and electronic communications made with, sent from or received by devices provided by the investment services enterprise to its employees or contractors, or whose use by employees or contractors has been accepted or permitted by the investment services enterprise. 2Telephone conversations and electronic communications that must be recorded under subsection (3) sentence 1 may only be made on privately owned devices or private electronic communications of employees if the investment services enterprise can record them with the consent of the employee or copy them to its own data storage device after the end of the conversation.(5) Any agreement that reduces or waives in advance claims by an issuer against members of its board of management due to claims asserted against the issuer under subsection (1) is invalid.

DGAP-PVR: HUGO BOSS AG: Release according to Article 40

(3) 1If the client funds are held at a credit institution, an equivalent institution whose registered office is in a third country or a money market fund that belongs to the same group as the investment services enterprise, the funds deposited with that undertaking or a community of such undertakings may not exceed 20 per cent of all client funds of the investment services enterprise. 2BaFin can allow the investment services enterprise to exceed the limit under sentence 1 on application if it demonstrates that the requirement under sentence 1 is disproportionate in light of the nature, scale and complexity of it activities, in light of the level of protection offered by the custodians under sentence 1 and in light of the small balance of client funds held by the investment services enterprise. 3The investment services enterprise must review the assessment conducted under sentence 2 and must communicate its initial assessment and the revised assessments to BaFin on an annual basis for review.(6) 1For each investment service that executes client orders, an investment services enterprise must identify separate charges that only reflect the cost of executing the transaction. 2The provision of any other inducement or service by the same investment services enterprise to another investment services enterprise whose registered office is in the European Union must be subject to a separately identifiable charge. 3The provision of any other inducement or service under sentence 2 and the charges for them may not be influenced or conditioned by levels of payment for investment services that execute client orders.(1) 1BaFin can, in consultation with the Deutsche Bundesbank, issue orders that are appropriate and necessary for eliminating or preventing undesirable developments that may be detrimental to the stability of financial markets or undermine confidence in the proper functioning of the financial markets. 2In particular, BaFin may temporarily 1. suspend trading in individual or multiple financial instruments, in particular a ban on buying rights attached to currency derivatives within the meaning of section 2 (2) number 1 b), d) or e) where the value of the derivatives is derived directly or indirectly from the exchange rate of the euro, to the extent that it is expected that the market value of such rights will decrease when the euro exchange rate appreciates, and if buying such rights is not used to hedge existing or expected own currency risks; such a ban may also extend to legal obligations to enter into such transactions, 2. order the suspension of trading in individual or multiple financial instruments on markets on which financial instruments are traded, or 3. order markets on which financial instruments are traded, with the exception of stock exchanges as defined in section 2 of the Stock Exchange Act, to close or remain closed, or order systematic internalisers stop operating. 3BaFin can also issue orders under sentence 2 numbers 1 and 2 to a legal entity under public law or a stock exchange.

Section 2 Definitions

(13) 1The investment services enterprise must periodically review its product approval arrangements to ensure that they are resilient and appropriate and to take appropriate steps to implement any necessary changes. 2It must ensure that its compliance function established under Article 22(2) of Delegated Regulation (EU) 2017/565 monitors the development and regular review of the product approval arrangements and identifies at an early stage any risks that requirements for the product monitoring process will not be fulfilled.(6) 1All information, including marketing communications, addressed by investment services enterprises to their clients must be fair, clear and not misleading. 2Marketing communications must be clearly identifiable as such. 3This is without prejudice to section 302 of the Investment Code and section 15 of the Securities Prospectus Act.(4) The requirement set out in section 43 of the Banking Act applies, with the necessary modifications, except that the entry in the register of independent fee-based investment advisers under section 93 replaces the authorisation under section 32 of the Banking Act.(12) 1The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements for the purposes stated in subsections (2), (3) and (7) relating to the provision of information to foreign authorities, the conduct of investigations at the request of foreign authorities as well as requests by BaFin to foreign authorities. 2The Federal Ministry of Finance may delegate this authority to the Federal Financial Supervisory Authority by way of a statutory order.

CURIOSITA' DI OGNI GENERE: Il significato del tuo nomeamanecer, la cotinuación

(9) Section 63 (1), (3) to (7) and (9), section 64 (1) and sections (69), (70) and (82) apply, with the necessary modifications, to transactions concluded on an organised trading facility.(2) 1Sections 93, 97 and 105 (1), section 111 (5) in conjunction with section 105 (1) and section 116 (1) of the Fiscal Code only apply to the persons specified in subsection (1) sentences 1 and 2 to extent that the tax authorities need the information for instituting tax offence proceedings and the associated taxation procedure. 2However, the provisions of sentence 1 are not applicable if they relate to facts 1. that were notified to the persons specified in subsection (1) sentence 1 or sentence 2 by an authority of another country within the meaning of subsection (1) sentence 3 number 2 or by persons authorised by that authority, or 2. that become known to persons employed by BaFin because they are involved in supervising institutions that are directly supervised by the European Central Bank, in particular in joint supervisory teams under Article 2 number 6 of Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (OJ L 141 of 14 May 2014, page 1), and that are confidential under the rules of the European Central Bank.(9) 1An investment services enterprise that manufactures financial instruments for sale must maintain, operate and review a process for the approval of each financial instrument and significant adaptations of existing financial instruments before the financial instrument is marketed or distributed to clients (product approval process). 2The process must ensure that an identified target market of end clients within the relevant category of clients is defined for each financial instrument. 3All relevant risks to the target market must be assessed. 4The process must also ensure that the intended distribution strategy is consistent with the identified target market under sentence 2.(1) 1BaFin can exempt domestic issuers whose registered office is in a third country from the obligations under sections 48, 49 and 50 (1) sentence 1 numbers 1 and 2 if those issuers are subject to equivalent requirements of a third country or if they have committed to complying with those rules. 2BaFin must notify the European Securities and Markets Authority about the exemption.

§ 14 WpHG, Befugnisse zur Sicherung des Finanzsystems

BaFin - Circulars - Circular 4/2010 (WA) - MaCom

(4) 1Measures under subsections (1) to (3) are limited to a maximum of twelve months. 2This period may be extended by up to a further twelve months. 3In this case, the Federal Ministry of Finance will submit a report to the Bundestag within one month of the beginning of the extension. 4Objections and appeals against measures under subsections (1) to (3) do not have any suspensory effect. (1) 1The stock exchange supervisory authorities act on behalf of BaFin in implementing urgent measures as part of monitoring compliance with the prohibition of insider dealing under Article 14 of Regulation (EU) No. 596/2014 and the prohibition of market manipulation under Article 15 of Regulation (EU) No 596/2014 on the stock exchanges that they supervise. 2The further details are governed by an administrative agreement between the Federal Government and the Federal States that supervise stock exchanges.(40) A data reporting services provider within the meaning of this Act means 1. an approved publication arrangement, 2. a consolidated tape provider or 3. an approved reporting mechanism.

Section 3 Exemptions; power to issue statutory orders

(8) 1The records under subsections (3) and (6) must be kept for a period of five years to the extent they are necessary for the purposes designated in those subsections. 2They must be deleted or destroyed after the end of the period stipulated in sentence 1. 3Their deletion or destruction must be documented. 4Where BaFin becomes aware before the end of the period stipulated in sentence 1 of circumstances that require the records to be kept beyond the maximum period stipulated in sentence 1, in particular to preserve evidence, BaFin can prolong the maximum period for keeping the records stipulated in sentence 1 by up to two years.(25) Unless Parts 6 and 16 contain specific requirements, a parent undertaking within the meaning of this Act means a parent undertaking within the meaning of Article 2(9) and Article 22 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29 June 2013, page 19).(6) An approved publication arrangement must have a whistleblower system in place in application of section 25a (1) sentence 6 number 3 of the Banking Act, with the necessary modifications.(14) Domestic issuers mean 1. issuers whose home country is the Federal Republic of Germany, with the exception of issuers whose securities are not admitted to trading in Germany but only in another Member State of the European Union or another signatory state to the Agreement on the European Economic Area, to the extent that they are subject in that state to the disclosure and notification requirements under Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ EU no. L 390 page 38), and 2. issuers whose home country is not the Federal Republic of Germany but another Member State of the European Union or another signatory state to the Agreement on the European Economic Area and whose securities are only admitted to trading on an organised market in Germany.

§ 1 WpHG Anwendungsbereich - dejure

(1) 1If an investment services enterprise provides investment advice, in addition to the information required by section 63 (7), it must inform clients in good time and in a comprehensible form before it provides investment advice about 1. whether or not the advice is provided on an independent basis (independent fee-based investment advice); 2. whether the advice is based on a broad or on a more restricted analysis of different types of financial instruments and, in particular, whether the range is limited to financial instruments provided or issued by providers or issuers with close links with the investment services enterprise or with which there are any other legal or economic relationships that are so close as to pose a risk of impairing the independent basis of the investment advice provided, and 3. whether the investment services enterprise will provide the client with a periodic assessment of the suitability of the recommended financial instruments. 2Section 63 (7) sentence 2 and, if the conditions set out there are met, the exemption under section 63 (8) apply, with the necessary modifications.(10) Subject to section 26e of the Stock Exchange Act, trading venues and systematic internalisers must make public without charge information relating to the quality of execution of transactions on at least an annual basis for each financial instrument subject to the trading volume under Article 23 or Article 28 of Regulation (EU) No. 600/2014.

Veröffentlichte Angebotsunterlagen (§ 14 WpÜG) - BaFi

Stimmrechtsanteil aufgrund von (Finanz-/sonstigen) Instrumenten nach § 25a WpHG: 4,70 % (entspricht 8.135.140 Stimmrechten) davon mittelbar gehalten: 1,43 % (entspricht 2.480.150 Stimmrechten) Stimmrechtsanteil aufgrund von (Finanz-/sonstigen) Instrumenten nach § 25 WpHG: 0,14 % (entspricht 237.351 Stimmrechten (2) 1A trading venue in Germany that provides reports under Article 26(1) of Regulation (EU) No. 600/2014 on behalf of an investment services enterprise must have security mechanisms in place that guarantee the security and authentication of the means of transfer of information and that prevent data corruption, unauthorised access and the information becoming known, thus maintaining the confidentiality of the data at all times. 2The trading venue must maintain adequate resources and have back-up facilities in place in order to offer and maintain its related services at all times.(1) BaFin supervises the requirements of this Act. Under the terms of the functions assigned to it, BaFin counteracts undesirable developments that could impair the orderly conduct of trading in financial instruments or the provision of investment services, ancillary investment services or data reporting services, or that could result in serious disadvantages for the financial market. 3It can issue orders that are appropriate and necessary for eliminating or preventing such undesirable developments.(9) 1The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements relating to 1. the content, nature, language, scope and form of the notifications under subsections (1), (4) or (5), 2. the expertise and reliability under subsection (1) sentence 1, subsections (2), (3), (4) sentence 1, in each case in conjunction with section 96, and subsection (5) sentence 1, and 3. the content of the database under subsection (7) and the storage period for the entries, including the relevant procedures. 2The statutory order under sentence 1 can stipulate in particular that the relevant investment services enterprise will be granted write access to the database entries that are to be created for the enterprise under subsection (7) and that it will be given the responsibility for these entries being correct and up to date. 3The Federal Ministry of Finance may delegate the authority to BaFin by way of a statutory order not requiring the consent of the Bundesrat.

(3) Unless stipulated otherwise in Regulation (EU) No. 1060/2009, as amended, or the legislative acts adopted on the basis of that Regulation, sections 2, 3, 6 to 13, 17 (2), section 18 (with the exception of subsection 7 sentences 5 to 8), section 21 (with the exception of subsection (1) sentences 3 to 5) apply, with the necessary modifications, to the exercise of supervision under subsections 1, 2 and 5.(5) The operator of a multilateral trading facility is not allowed to execute client orders against proprietary capital or to engage in matched principal trading as defined in section 2 (29).(1) 1The rights and obligations governed in this Part and in Articles 14 to 26 of Regulation (EU) No. 600/2014 must be applied, with the exception of section 63 (2), sections 72 to 78, 80 (1) to (6) and (9) to (13), sections 81, 84 to section 87 (1) sentences 2 to 4 and subsections (3) to (8), with the necessary modifications, to branches and tied agents whose registered office or ordinary residence is in Germany within the meaning of section 53b of the Banking Act to provide investment services. 2An undertaking whose registered office is in another Member State of the European Union or another signatory state to the Agreement on the European Economic Area that provides investment services alone or together with ancillary investment services and that intends to establish a branch within the meaning of section 53b of the Banking Act in Germany, must be informed by BaFin within the period specified in section 53b (2) sentence 1 of the Banking Act about the reporting requirements under section 22 and about the rights and obligations applicable to branches under sentence 1.

BaFin - General principles for filing notifications under

(5) 1An investment services enterprise must understand the financial instruments it offers or recommends. 2It must assess the compatibility of the financial instruments with the needs of the clients to whom it provides investment services, also taking account of the identified target market as referred to section 80 (9), and ensure that financial instruments are offered or recommended only when this is in the interest of the client.(4) 1BaFin may exempt an undertaking whose registered office is in a third country and that issues securities as a domestic issuer from the requirements of sections 114, 115 and 117, including in conjunction with a statutory order under section 114 (3) or section 115 (6), if those issuers are subject to equivalent requirements of a third country or if they have committed to complying with such requirements. 2BaFin must notify the European Securities and Markets Authority about the exemption. 3However, the information to be prepared under the provisions of a third country must be made available to the public, published and simultaneously notified to BaFin in the manner specified in section 114 (1) sentences 1 and 2 and section 115 (1) sentences 1 and 2, in each case in conjunction with a statutory order under section 114 (3) or section 115 (6). 4The information must also be communicated to the Company Register within the meaning of section 8b of the Commercial Code without undue delay, but not before its publication, for storage. 5The Federal Ministry of Finance may, by way of a statutory order not requiring the consent of the Bundesrat, adopt more detailed requirements governing the equivalence of third country requirements and the exemption of undertakings under subsection (1).(1) 1In applying the position limits set under sections 54 and 55, all positions are taken into account that are held by a natural or legal person or an association of persons either individually or in the aggregate at group level. 2More detailed requirements on calculating positions are contained in Articles 3, 4 and 9 to 20 of Delegated Regulation (EU) 2017/591.

Wertpapierhandelsgesetz - dejure

(7) More detailed information about the organisational requirements set out in subsections (1) to (6) is contained in Commission Delegated Regulation (EU) 2017/571 of 2 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services providers (OJ L 87 of 31 March 3 2017, page 126), as amended.(10) 1BaFin may cooperate with the competent authorities of countries other than those specified in subsection (1) in accordance with subsections (1) to (9) and conclude agreements providing for information sharing. 2Subsection (7) sentences 5 and 6 applies on condition that information provided by these authorities may only be used for the purpose intended by the authority providing the information and may only be communicated to the Deutsche Bundesbank or the Federal Cartel Office with the express consent of the authority providing the information, to the extent that this is necessary for the performance of their functions. 3Subsection (7) sentence 8 does not apply. 4Section 4b of the Federal Data Protection Act (Bundesdatenschutzgesetz) applies to the communication of personal data. 5BaFin must notify the European Securities and Markets Authority about the conclusion of agreements under sentence 1.(2) If it provides or extends a guarantee as defined in Articles 1 and 2(1) of Commission Delegated Regulation (EU) No. 285/2014 of 13 February 2014 supplementing Regulation (EU) No. 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on direct, substantial and foreseeable effect of contracts within the Union and to prevent the evasion of rules and obligations (OJ L 85 of 21 March 2014, page 1), as amended, a domestic financial counterparty as defined in Article 2 number 8 of Regulation (EU) No. 648/2012 is required to ensure by means of suitable measures, in particular contractual arrangements and controls, that third country participating in guaranteed OTC derivative contracts do not infringe the provisions of Regulation (EU) No. 648/2012 applicable to those guaranteed OTC derivative contracts.Addressees of measures under section 6 (2) to (13) and sections 7 to 9 that are taken by BaFin in response to a possible infringement of a prohibition under Article 14 or 15 of Regulation (EU) No 596/2014 are prohibited from informing persons other than state agencies and such persons who, by virtue of their profession, are subject to a statutory obligation of confidentiality, of these measures or of any investigations initiated against them.

(1) 1An undertaking that issues securities as a domestic issuer is required to prepare a report on payments or consolidated report on payments in application of sections 341r to 341v of the Commercial Code, with the necessary modifications, and to make it publicly available no later than six months after the end of the reporting period if 1. the undertaking or one of its subsidiaries within the meaning of section 341r number 1 of the Commercial Code is active in the extractive industry or in the logging of primary forests within the meaning of section 341r number 2 of the Commercial Code, and 2. section 341q of the Commercial Code does not apply to that undertaking. 2In the case of an undertaking within the meaning of sentence 1 whose registered office is in another Member State of the European Union or in another signatory state to the Agreement on the European Economic Area, the provisions of national law enacted by its home state to transpose Chapter 10 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182 of 29 June 2013, page 19) apply in the place of sections 341s to 341v of the Commercial Code.(5) 1The obligations under subsection (1) in conjunction with subsections (2) to (4) also apply to general (commercial) partnerships and limited partnerships within the meaning of section 264a (1) of the Commercial Code. 2Section 264a (2) of the Commercial Code applies, with the necessary modifications. DGAP Post-admission Duties announcement: Deutsche Bank AG / Law amendment of securities according to § 50 Para. 1, No. 1 of the WpHG [the German Securities Trading Act] Deutsche Bank AG: Release according to Article 50 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution 18.05.2020 / 14:00 Dissemination of a Post-admission Duties announcement. 30 May 2017 Correction of a release from 26.05.2017, 14:03 CET/CEST - Correction of a release from 24.05.2017, 16:09 CET/CEST - Hapag-Lloyd AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of.

(1) If the examination by BaFin establishes that the accounting contains errors, BaFin must identify the error.(4) If an investment services enterprise engages in algorithmic trading within the meaning of subsection (2) to pursue a market making strategy, taking into account the liquidity, scale and nature of the specific market and the characteristics of the instrument traded, it must 1. carry out this market making continuously during a specified proportion of the trading venue’s trading hours, except under exceptional circumstances, with the result of providing liquidity on a regular and predictable basis to the trading venue, 2. enter into a binding written agreement with the trading venue that must as a minimum specify the obligations under number 1, to the extent that it is not subject to the requirements of section 26c of the Stock Exchange Act, and 3. have in place effective systems and controls to ensure that it fulfils these obligations at all times.(6) 1If the client places an order with the investment services enterprise in the course of a face-to-face conversation, the investment services enterprise must document the placing of the order on a durable medium. 2Written minutes or notes about the content of the face-to-face conversation may be prepared for this purpose. 3If the client places its order by other means, such communications must be made in a durable medium. 4More detailed requirements are contained in Article 76(9) of Delegated Regulation (EU) 2017/565.(3) 1The auditor must sign the attestation report and submit it to the legal representatives and the supervisory board of the corporation, if any, within nine months of the end of the financial year to which the audit relates. 2Management must be given an opportunity to comment before the attestation report is forwarded to the supervisory board. 3The auditor must report in writing on the findings of the audit in the attestation report. 4If the auditor becomes aware of significant infringements of the requirements of subsection (1), the auditor must notify BaFin without delay. 5Section 323 of the Commercial Code applies, with the necessary modifications.(4) Sections 23 and 24 in the version of this Act of 24 March 1998 (Federal Law Gazette I page 529), section 25 (3) sentence 2 and subsection (4) in the version of this Act of 26 July 1994 (Federal Law Gazette I page 1749), section 27 in the version of this Act of 24 March 1998 (Federal Law Gazette I page 529) and section 28 in the version of this Act of 20 December 2001 (Federal Law Gazette I page 3822), as well as sections 29 and 30 in the version of this Act of 26 July 1994 (Federal Law Gazette I page 1749) apply to the obligations under subsections (2) and (3), with the necessary modifications.

(3) C6 energy derivative contracts are subject to all the other requirements of Regulation (EU) No. 648/2012.(3) 1In cases of doubt, BaFin decides whether an investment services enterprise is authorised to use the terms specified in subsections (1). 2It must inform the registration court of its decisions.

Finanzpublikationen | Deutsche TelekomDr

Section 4 Choice of home country; power to issue statutory orders

DGAP-PVR: HUGO BOSS AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution DGAP Voting Rights Announcement. (12) 1An investment services enterprise that intends to offer or recommend financial instruments and distributes financial instruments manufactured by another investment services enterprise must have in place appropriate processes and take steps to ensure compliance with the requirements under this Act. 2This also includes requirements that apply to the publication, to the assessment of suitability and appropriateness, to incentives and to the proper management of conflicts of interest. 3The investment services enterprise must take particular care if it intends to offer or recommend a new financial product as a distributor, of if there is a change in the services it intends to offer or recommend as a distributor.(5) An investment services enterprise that engages in algorithmic trading is considered to be pursuing a market making strategy within the meaning of subsection (4) when, as a member of or participant on one or more trading venues, its strategy, when dealing on own account, involves posting firm, simultaneous two-way quotes of comparable size and at competitive prices relating to one or more financial instruments on a single trading venue or across different trading venues.

Biografi Frederick Grant Banting - CATATAN HAYDAR ALI

(3) Claims under subsection (1) cannot be asserted if, in the case of subsection (1) number 1, the third party knew that the inside information was inaccurate at the time of purchase or, in the case of subsection (1) number 2, at the time of sale. Rechtsprechung zu § 14 WpHG. 60 Entscheidungen zu § 14 WpHG in unserer Datenbank: In diesen Entscheidungen suchen: OLG Stuttgart, 03.09.2015 - 4 Ws 283/15. Strafverfahren wegen verbotenen Erwerbs von Insiderpapieren: Anordnung des LG Mannheim, 31.05.2017 - 25 KLs 628 Js 8398/11

» Securities Trading Act (Gesetz über den Wertpapierhandel

(2) Section 37w (3) sentence 2 and section 37y number 2, in the version of the Act of 5 January 2007 (Federal Law Gazette I page 10), apply to issuers for which only debt securities are admitted to trading on an organised market as defined in Article 4(1) No. 14 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (OJ EU No. L 145 page 1) in a Member State of the European Union or another signatory state to the Agreement on the European Economic Area, and to issuers whose securities are admitted to trading in a third country and that have been applying internationally accepted accounting standards for this purpose since the financial year that began before 11 September 2002, subject to the condition that the issuer can apply the accounting policies of the prior-year financial statements to financial years beginning before 31 December 2007.(6) 1BaFin can refuse to conduct an investigation, provide information or permit the participation of staff of foreign competent authorities within the meaning of subsection (1) sentence 1 if judicial proceedings have already been instituted or final judgment has already been delivered with regard to the persons in question in respect of the same actions. 2If BaFin does not comply with a request or exercises its right under sentence 1, it must notify its decision without undue delay to the requesting authority and the European Securities and Markets Authority, including the reasons, and must provide them with precise information about the judicial proceedings or final judgment.

(6) 1The operator of the organised trading facility must exercise discretion in respect of the decision to execute an order on an organised trading facility if it decides 1. to place or retract an order, or 2. not to match a specific client order with other orders available in the systems at a given time. 2In the case of sentence 1 number 2, the operator may decide not to match an order if this is in compliance with specific instructions by the client and with the best execution obligation for client orders within the meaning of section 82. 3For a system that crosses client orders, the operator can decide if, when and how much of two or more orders it matches within the system. 4In accordance with subsections (1), (2), (4) and (5) and without prejudice to subsection (3), with regard to a system that arranges transactions in non-equities, the operator may facilitate negotiation between clients so as to bring together two or more potentially compatible trading interests in a transaction. 5This obligation is without prejudice to Articles 72 and 82 of this Act.(6) A spot commodity contract within the meaning of this Act means a contract within the meaning of Article 3(1) number 15 of Regulation (EU) No. 596/2014.(2) 1The position limits set under sections 54 and 55 also apply to OTC contracts that are economically equivalent to commodity derivatives within the meaning of subsection (1). 2More detailed requirements relating to economic equivalence are contained in Article 6 of Delegated Regulation (EU) 2017/591.(5) 1The investment services enterprise must notify new and existing clients and its own employees and contractors in advance about the recording of telephone conversations under subsection (3) sentence 1. 2If an investment services enterprise has not informed its clients in advance about the recording of telephone conversions or electronic communications or if the client has objected to the recording, the investment services enterprise may not provide any telephone investment services or investment services conducted by means of electronic communications if these relate to the reception, transmission and execution of client orders. 3More detailed requirements are contained in Article 76 of Delegated Regulation (EU) 2017/565.

Beratungsprotokoll • Definition | Gabler Wirtschaftslexikon

Arbitration agreements on future legal disputes relating to investment services, ancillary investment services or financial derivatives transactions are binding only if both parties to the agreement are merchants within the meaning of the Commercial Code or legal persons under public law.(1) Subject to section 55, BaFin specifies a quantitative threshold for the maximum size of a position in each commodity derivative traded on a trading venue in Germany that any person can hold (position limit).(49) A PRIIP within the meaning of this Act means a product defined in Article 4 number 3 of Regulation (EU) No. 1286/2014.

(2) 1The operator of an organised trading facility may engage in matched principal trading as defined in section 2(29) for bonds, structured finance products, emission allowances and certain derivatives only where the client has consented to the process. 2It may not use matched principal trading to execute client orders in derivatives subject to the clearing obligation under Article 4 of Regulation (EU) No. 648/2012.(4) 1Voting rights attaching to shares provided to or by the members of the European System of Central Banks in carrying out their functions as monetary authorities are not considered when calculating the proportion of voting rights in an issuer whose home country is the Federal Republic of Germany if the transactions last for a short period and provided that the voting rights attaching to such shares are not exercised. 2Sentence 1 applies in particular to voting rights attaching to shares that are transferred as collateral from or to a member within the meaning of sentence 1, and to voting rights attaching to shares provided to or by a member under a pledge or repurchase or similar agreement for liquidity granted for monetary policy purposes or within a payment system. Rechtsprechung zu § 16 WpHG. 8 Entscheidungen zu § 16 WpHG in unserer Datenbank: In diesen Entscheidungen suchen: VG Frankfurt/Main, 09.12.1997 - 15 G 2328/97 Don't forget to subscribe ( Abone olmayı unutmayın

(1) An investment services enterprise must take all reasonable steps to 1. execute, or transmit to third parties, client orders promptly and fairly relative to other client orders and the trading interests of the investment services enterprise, and 2. execute comparable client orders in chronological order of reception or transmit such orders to third parties for the purpose of execution.(4) Subsection (3) applies, with the necessary modifications, to any undertaking whose registered office is in another Member State of the European Union or in another signatory state to the Agreement on the European Economic Area and that provides cross-border investment services or ancillary investment services to clients whose ordinary residence or place of management is in Germany, if that undertaking infringes requirements of this Part or equivalent foreign provisions.(5) Any agreement that reduces or waives in advance claims by an issuer against members of its board of management due to claims asserted against the issuer under subsection (1) is invalid.(1) 1In the context of their obligations under section 25c (3) of the Banking Act, the managers of an investment services enterprise must discharge their duties in such a way as to safeguard the integrity of the market and promote the interests of the clients. 2In particular, the managers must define, implement and oversee the following: 1. taking into account the nature, scale and complexity of the business of the investment services enterprise and all the requirements the investment services enterprise has to comply with, a) the organisation for the provision of investment services ancillary investment services, including the resources necessary for this, and organisational arrangements, and b) whether the personnel have the necessary skills, knowledge and expertise, 2. the business policy with regard to a) the investment services and ancillary investment ancillary services offered or provided and b) the products offered or provided, that must be consistent with the risk tolerance of the investment services enterprise and any characteristics and needs of its clients, including carrying out appropriate stress testing where appropriate, and 3. the remuneration policy for persons who are involved in the provision of investment services or ancillary investment services to clients and that must be aimed at encouraging a) responsible business conduct, b) fair treatment of clients and c) avoiding conflicts of interest in the relationships with clients.

(11) Subject to section 26e of the Stock Exchange Act, trading venues must make public without charge information relating to the quality of execution of transactions on at least an annual basis for each financial instrument that is not covered by subsection (10).(2) 1BaFin must record an investment services enterprise in the register of independent fee-based investment advisers on application if it 1. holds an authorisation under section 32 of the Banking Act or is the branch of an undertaking under section 53b (1) sentences 1 and 2 or (7) of the Banking Act, 2. is authorised to provide investment advice as defined in section 2 (8) sentence 1 number 10 and 3. demonstrates to BaFin by means of an attestation report by a suitable auditor that it is able to meet the requirements stipulated in section 80 (7). 2In the case of credit institutions that are members of a cooperative audit association or that are audited by the auditing body of a savings bank association, the audit under subsection (2) number 3 must be carried out by the competent auditing association or auditing body, to the extent that this is provided for by Federal State law in the latter case. 3Suitable auditors are also German public auditors, German sworn auditors or German public auditing firms or sworn auditing firms that have sufficient knowledge of the subject of the audit.(9) The investment services enterprise must summarise and make public the top five execution venues in terms of trading volumes for all executed client orders for each class of financial instruments at least once a year and information on the quality of execution obtained in accordance with the requirements of Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (OJ L 87 of 31 March 2017, page 166), as amended.

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