Directors' Dealings

Disclosure obligation under section 15a of the German Securities Trading Act (WpHG)

Pursuant to section 15a of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG), effective from 1 July 2002, transactions in the securities of exchange-listed enterprises by members of the management or supervisory boards must be disclosed without delay.
The disclosure of such transactions plays a key role in the prevention of insider trading and furnishes information for assessing future company performance.
An obligation to disclose such transactions also aligns directors' interests more closely with those of the issuing enterprise.

The disclosure must contain the following information:

  • acquisition or sale
  • details of notifying party
  • title of security/right
  • security code number
  • date of transaction
  • price, number of units and par value