The notification must be made within three business days after the date of the transaction. It must therefore be received by BaFin and by the issuer no later than on the third business day after the date of the transaction, not included the date of the transaction. As before, the contractual obligation under the law of obligations is decisive. Business days are all days other than Saturdays, Sundays or public holidays. A public holiday is significant for calculating the deadline if the day in question is a statutory public holiday at the issuer’s registered office or at one of BaFin’s registered offices (Hesse/North Rhine-Westphalia).

If the de minimis threshold is reached, the period of three business days begins on the date of the contractual obligation reaching the de minimis threshold.

There is no obligation to notify transactions below the de minimis threshold, although this is technically possible.

If the notification cannot be submitted promptly in individual cases, compelling reasons for the delay should be provided together with the notification. If they exist, documents proving the reasons for the delay should also be submitted. However, there is no obligation to provide information that would expose the person subject to the notification obligation or one of their relatives as defined in section 383 (1) nos. 1 to 3 of the ZPO to the risk of criminal prosecution or proceedings under the OWiG.