Germany

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Briefings in English - 2012

Tightened disclosure obligations for major shareholdings and options

The tightened disclosure obligations for interests in German listed companies came into force in Germany on 1 February 2012. Under the new Sections 25 and 25a of the German Securities Trading Act, any positions in financial or other instruments are potentially disclosable. Anyone who, as of 1 February 2012, held financial or other instruments that fall under Section 25a is obliged to disclose his holding under defined prerequisites without undue delay, but by 13 March 2012 at the latest. (February 2012)

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