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Topic Information obligations for issuers Ad hoc disclosure if a correction is required

Article from Issuer Guidelines published by the Federal Financial Supervisory Authority

If false information was made public, section 4 (3) of the WpAV requires it to be corrected as soon as possible in another disclosure in accordance with Article 17 of the MAR. This ad hoc correction must contain:

  • In the header, a clearly highlighted title “Correction of a disclosure of inside information under Article 17 of Regulation (EU) No 596/2014”.
  • The header must also contain a keyword that is identifiable as a subject line and summarises the main content of the disclosure.
  • The issuer’s full (business) name and address.
  • The International Securities Identification Numbers (ISINs) of the shares, bonds with warrants, convertible bonds and profit-participation certificates with equity-like features issued by the issuer, if they are admitted to trading on an organised market in Germany or if such admission has been applied for; if the issuer has issued other financial instruments that have been admitted to trading or for which admission to trading has been applied for, the only information required for those financial instruments is the location of the website where the corresponding information for those financial instruments is available in a permanently updated and complete file. The homepage must contain a prominent indication of a page with information for investors where the file must be easy to find.
  • The stock exchange and the trading segment for which admission to trading has been granted or applied for.
  • The content of the disclosure containing the false information, the media to which the information was transmitted and the date it was sent; the content of the original information can be reproduced in an abridged form provided that the part containing the false information is not affected and the understandability of the text is preserved.
  • The correct information.
  • The date when the circumstances underlying the information arose.
  • A short explanation about the extent to which the correct information directly concerns the issuer, if this is not evident from the information to be disclosed, and
  • An explanation why the information would be likely to have a significant effect on the stock exchange or market price if it became publicly known, if this is not evident from the information to be disclosed.

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