Ad hoc Disclosure Requirements
We point to the fact, that starting with July 3rd, 2016 the Market Abuse Regulation (EU) No. 596/2014 (MAR) shall apply. The corresponding national provisions will follow.
Ad hoc disclosure requirements play a special role in financial communications. Their main purpose is to counteract and prevent the misuse of inside information.
Pursuant to Article 48d para 1 BörseG, issuers of financial instruments who possess inside information relating directly to them shall make such information immediately available to the public.
The existence of inside information is the prerequisite for ad hoc disclosure requirements to become effective.
Pursuant to Article 48a para 1 no. 1 BörseG, inside information is any information of a precise nature which has not been made public and relates directly or indirectly to one or more issuers of financial instruments or to one or more financial instruments, and its disclosure could have a significant effect on the price of those financial instruments or their derivatives, because said information would serve an informed investor as a basis on which to reach investment decisions.
The disclosure of inside information can be postponed if the disclosure could damage the issuer’s legitimate interests, if the postponement does not contribute towards misleading the public, and if the issuer is in a position to ensure confidentiality.
In such case, the FMA shall be notified of the postponement immediately. Measures for immediate disclosure shall be taken if the issuer was not in a position to ensure confidentiality (for example, by preparing/translating the ad hoc disclosure to be published).