Topic Information obligations for issuers Types of transactions affected
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
According to the wording of the legislation, all “own account transactions” in the financial instruments referred to above are subject to the notification obligation. Own transactions are those that are carried out for the person’s own account. The focus should be on the conclusion of the contractual obligation (schuldrechtliches Verpflichtungsgeschäft). If a transaction under the law of obligations is concluded unconditionally, but its execution in rem depends on the occurrence of certain conditions, the obligation to notify does not arise at the time when the transaction under the law of obligations is concluded, but only when the transaction is actually executed within the framework of the execution in rem. See also section II.3.9.7.
A non-exhaustive list of notifiable transactions is contained in Article 10(2) of Commission Delegated Regulation (EU) 2016/522, which supplements those referred to in Article 19(7) of the MAR.
The following notifiable transaction types are particularly relevant:
- pledging or lending of financial instruments,
- the grant of financial instruments on the basis of an employment contract or as part of a remuneration package,
- inheritances received,
- gifts and donations made or received.
Additional guidance on types of transactions that are particularly relevant in practice is provided in section II.3.9.
