Future administrative practice for the publication of decisions according to Section 50a para. 3 of the German Stock Exchange Act (new)

Release date: 24 Aug 2021

062/2021 Future administrative practice for the publication of decisions according to Section 50a para. 3 of the German Stock Exchange Act (new)Xetra Circular 062/21

1. Introduction

On 1 July 2021, the German Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz, FISG) and, in the course of this, Section 50a para. 3 of the German Stock Exchange Act (Börsengesetz) (hereafter: Stock Exchange Act) entered into force. Accordingly, the Management Board of an Exchange is obligated to decide whether and under which circumstances decisions on measures and sanctions pursuant to Sections 22 para. 2 sentences 1 and 2, 42 para. 2 sentence 1 of the Stock Exchange Act against Trading Participants and Issuers shall be published on the website of the Exchange.

Against this background, since 1 July 2021, the Management Board of Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) has examined all decisions on measures and sanctions pursuant to Sections 22 para. 2 sentences 1 and 2, 42 para. 2 sentence 1 Stock Exchange Act to determine whether, after due consideration of the public and private interests involved, publication is required.

2. Required action

For Trading Participants and Issuers, there is no action required in connection with the new legal situation and publication procedure.

3. Details

Since 1 July 2021, the Management Board of Frankfurt Stock Exchange has exercised the discretion granted to it in Section 50a para. 3 Stock Exchange Act and will henceforth publicize decisions on measures and sanctions pursuant to Sections 22 para. 2 sentences 1 and 2, 42 para. 2 sentence 1 Stock Exchange Act against Trading Participants and Issueres on the website of the Exchange, in accordance with the legal provisions, for the duration of five years, taking into account the legally protected interests of the Trading Participants and Issuers concerned.

The publication shall be made on the basis of a decision by the Management Board after weighing the interests concerned. In general, public interest in the publication will weigh more heavily the more serious the violation of which the Trading Participant or Issuer concerned is accused and its significance for the capital market.

In making its decision, the Management Board will observe the limits of its discretion. These include the principle of equal treatment (Art. 3 German Basic Law, Grundgesetz, GG), the principle of proportionality (Art. 20 GG) as well as discretion-guiding administrative rules from the authorizing law. Accordingly, among other things, such decisions may not be made public by which measures "of an investigative nature" are imposed (Section 50a para. 2 sentence 2 Stock Exchange Act). In connection with information which – as is always the case when publicizing a possible violation of the law by the person concerned – may affect the reputation of the person concerned, the general right of personality of the person affected by the publication must be observed, among other things (Art. 2 para. 1 in conjunction with Art. 1 para. 1 GG, Art. 19 para. 3 GG). Data protection law applies to personal data.

The Management Board will individually inform Trading Participants or Issuers affected by the respective publication about the intended publication in advance.


Further information

Recipients:

All Xetra® Members and Vendors, Issuers (Prime Standard shares)

Target groups:

Traders, Nominated Persons, General

Contact:

client.services@deutsche-boerse.com

Web:

www.xetra.com

Authorised by:

Cord Gebhardt, Frank Hoba


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