Topic Information obligations for issuers Section 49 (3) of the WpHG
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Section 49 (3) of the WpHG governs the conditions under which the electronic transmission of information to holders of securities admitted to trading is permitted. The publication obligations under subsections (1) and (2) remain unaffected by these additional new information channels, i.e. these publication obligations must be satisfied in full irrespective of any electronic transmission.
Information within the meaning of section 49 (3) of the WpHG may be any notification (both mandatory and voluntary) by an issuer to a holder of securities admitted to trading; in particular, section 49 (3) of the WpHG covers more than the information referred to in section 49 (1) and (2) of the WpHG.
Information within the meaning of section 49 (3) of the WpHG may thus be any information originating from the sphere of an issuer and disclosed by that issuer to any or all of the holders of securities admitted to trading. It is not possible to limit this to particular obligations, for example under the AktG.
