Topic Information obligations for issuers Legal framework
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
As the MAR has been directly applicable since 3 July 2016, this has created a single European legal framework for the prohibition of market manipulation. The prohibition of market manipulation is governed by Articles 12 and 15 of the MAR. The directive harmonising criminal law in this field, Directive 2014/57/EU – Market Abuse Directive1 (CRIM-MAD), was also adopted. This directive was transposed into German law by the First Act Amending Financial Markets Regulations (Erstes Finanzmarktnovellierungsgesetz – 1. FiMaNoG)2. The old requirements of the prohibition of market manipulation in the earlier version of section 20a of the WpHG were revoked. Among other things, the Second Act Amending Financial Markets Regulations (Zweites Finanzmarktnovellierungsgesetz – 2. FiMaNoG)3 restructured and renumbered the WpHG.
Because of its particular significance for issuers, the specific information-driven elements of manipulation offences are explained for issuers in the following in the context of preventing market manipulation.
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