Since July 3, 2016, new rules have been in force for the reporting and disclosure of transactions involving the company's financial instruments and derivatives of these financial instruments. The new European Market Abuse Regulation (MAR) has considerably tightened the duties governing so-called managers' transactions.
The reporting and disclosure duty applies to members of the Board of Management and of the Supervisory Board, and to persons closely associated with them. It also applies to legal entities, other companies, or organizations acting by order of or in the interests of the aforementioned persons.
Transactions involving financial instruments of the company (such as shares or bonds) or derivatives relating to such financial instruments must be reported.
In Germany, any transaction reaching or exceeding a total transaction volume of € 20,000 within a calendar year must be reported. The transactions of each person are to be considered separately.
All transactions that are subject to disclosure requirements are published on behalf of the company by a service provider, together with the information required by law. Past transactions may be viewed in the Company Register.