The disclosure provisions for stock-exchanged listed companies contribute towards ensuring that market participants have information about issuers of securities available at their disposal without delay and at the same time as one another. The transparency achieved as a result permits the market participants to make a well-founded assessment about companies and also strengthens investor confidence. Transparency leads to “fair” prices, i.e. prices that are not skewed by imbalances in available information, a lack of information or as a result of circulating rumours, and therefore to an efficient pricing.
“Regulated information” as defined in Article 81a para. 1 no. 9 of the Stock Exchange Act (BörseG – Börsegesetz) must be submitted by issuers, the securities of which are authorised for admission for trading on a regulated market, in additional to disclosure throughout the European Union pursuant to the Disclosure and Reporting Regulation on electronically-operated systems for the dissemination of information on the (Issuer Information Center), which is operated by the Österreichische Kontrollbank (OeKB). In general ad hoc reporting, financial reporting and changes in significant participations are covered in this way.
The main purposes of the OeKB’s repository include the storage of and dissemination of regulated information from issuers through the OeKB website.
The supervision of issuers and shareholders in relation to the disclosure provisions contained in the Stock Exchange Act primarily affects issuers of securities, whose securities have been authorised for admission for trading on a regulated market (in Austria: the official trading and over-the-counter markets operated by Wiener Börse AG).