Excerpt from the Securities Trade Act in the version from July 1, 2002
Art. 15a Securities Trading Law
(1) Any person who, as a member of the management or supervisory board or as a personally liable partner of an issuer whose securities are admitted for trading on a domestic stock exchange or a parent company of the issuer, purchases or sells
- shares of the issuer or other securities where the creditors are granted a right to exchange them for shares of the issuer, or any other right to purchase or sell shares of the issuer,
- a right not falling under number 1 whose price is directly dependent on the stock market price of the shares of the issuer,
shall inform the issuer and the Federal Supervisory Office of the purchase or sale immediately in writing in accordance with paragraph 2. The obligation under sentence 1 shall also apply to spouses, registered life partners and first degree relatives of persons falling under the obligations of sentence 1. A disclosure requirement according to sentence 1 shall not exist if the purchase is made on the basis of an employment contract or as a component of compensation. A disclosure requirement shall also not exist for transactions whose value related to the total number of the transactions effected by the person subject to the disclosure requirement within 30 days does not exceed 25,000 euros.
(2) The disclosure according to paragraph 1 must include for each transaction:
- the designation of the security or right and the security code,
- the date the transaction was concluded,
- the price, quantity and face value of the securities or rights.
(3) The issuer shall publish a disclosure pursuant to paragraph 1 immediately in accordance with sentence 2. Publication shall be effected by
- announcement on the internet at the address of the issuer for the duration of at least one month or
- printing in a supra-regional official stock exchange gazette if disclosure on the internet would involve disproportionate expense for the issuer.
The issuer shall send the Federal Supervisory Office proof of publication immediately.
(4) The Federal Supervisory Office may demand information and the submission of documents from the persons falling under the obligations of paragraph 1 insofar as this is necessary to monitor compliance with the obligations set out in paragraphs 1 and 3.