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Directors’ Dealings

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We would like to advise that from 3 July 2016 the Market Abuse Regulation (EU) No. 596/2014 (MAR) shall apply. The corresponding national provisions will follow.

 

Persons who have a management position with an issuer of financial instruments which has its registered office in the country, as well as persons who have close relationships with these issuers shall, pursuant to Article 48d para 4 BörseG, report to the FMA all trades carried out by them within five business days after the trade was executed.

Definition

A “person discharging managerial responsibilities with an issuer” may be
a) a person belonging to an administrative, management or supervisory body of the issuer, or
b) a person who, even though in a managing position, does not belong to any of the bodies listed under lit.a but nonetheless has regular access to inside information with a direct or indirect relationship to the issuer and is authorised to make business decisions concerning the future developments and business prospects of this issuer.

A “person having a close relationship with a person discharging managerial responsibilities at an issuer of financial instruments” may be:
a) the spouse of a person who has such management responsibilities or any other partner (not in a business sense) who enjoys equivalent rights to the spouses under national law;
b) a dependent child under national law of a person discharging said managerial responsibilities;
c) any other family member of the person discharging said managerial responsibilities who has lived in the same household with that person for at least one year before the trade in question was executed;
d) a legal entity, an institution acting as fiduciary or a sole proprietorship company managed by a person pursuant to no. 8 or lits. a through c, which is directly or indirectly controlled by such a person, which has been established for the benefit of such a person or whose business interests are largely the same as those of such person.

Financial instruments subject to reporting obligations

Pursuant to Article 48d para 4 BörseG, financial instruments subject to reporting obligations include shares or securities equivalent to shares of the issuer admitted to trading on regulated markets or derivatives linked to them or to companies affiliated to it (Article 228 para 3 Unternehmensgesetzbuch (UGB; Commercial Code)).
In the FMA’s view, the term “securities equivalent to shares” includes equity-oriented profitsharing certificates, participation certificates and deposit receipts.

 

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