Topic Information obligations for issuers Obligation to inform, record and retain
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Intentional or reckless infringements of obligations to inform, record and retain are punishable in each case by an administrative fine of up to €500,000 or, in the case of a legal person or an association, of up to €1,000,000 (see section 120 (18) in conjunction with (15) nos. 19 to 21 of the WpHG).
The obligation to inform under the first sentence of the first subparagraph and the second subparagraph of Article 19(5) of the MAR has been infringed if a person discharging managerial responsibilities or a person closely associated with such a person
- is not notified,
- is notified incorrectly,
- is notified incompletely or
- is not notified in the prescribed form.
The recording obligation under the second sentence of the first subparagraph of Article 19(5) of the MAR has been infringed if a list
- is not drawn up,
- is drawn up incorrectly or
- is drawn up incompletely.
The retention obligation under the second subparagraph of Article 19(5) of the MAR has been infringed if a copy
- is not kept or
- is not kept for at least five years.
