Topic Information obligations for issuers Exemption (section 51 of the WpHG)
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Under section 51 of the WpHG, BaFin may exempt domestic issuers whose registered office is in a third country from the obligations under sections 48, 49 and 50 (1) sentence 1 no. 1 of the WpHG if those issuers are subject to equivalent requirements of a third country or they have committed to complying with such requirements.
There is equivalence under section 9 of the TranspRLDVO with reference to meetings in respect of the requirements under section 49 (1) sentence 1 no. 1 of the WpHG if the requirements of the third country prescribe that an issuer domiciled in such country is required to state at least the venue, time and date and the agenda.
Even in the event of an exemption, section 51 (2) of the WpHG requires information on circumstances within the meaning of section 50 (1) sentence 1 no. 1 of the WpHG that must be made available to the general public in accordance with equivalent requirements of the third country to be published under section 50 (1) of the WpHG in conjunction with the WpAV, and to notify the publication simultaneously to BaFin. In addition, the information must be transmitted to the Company Register without undue delay, but not before its publication.