Topic Information obligations for issuers Prohibition of dealing
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Intentional or reckless infringements of the prohibition of dealing under Article 19(11) of the MAR are punishable 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) no. 22 of the WpHG). The prohibition of dealing has been infringed if a person discharging managerial responsibilities conducts a transaction for own account or for the account of a third party within the 30-day closed period.
