Topic Information obligations for issuers Personal scope of the prohibition of market manipulation
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
As a general principle, the prohibition of market manipulation applies to everyone. All of an issuer’s employees as well as any external persons entrusted with the external presentation of the company must ensure, when carrying out their activities, that they do not transmit any false or misleading information. However, the question of who is responsible for the offence not only depends on who actually provides the false or misleading information, for example by informing the press or distributing texts, but also on who decides on disclosure of the information and its content. Additionally, a person provides false or misleading information if he or she takes ownership of it and assumes responsibility for its accuracy. Other company staff and third parties may become parties to the infringement if they deliberately help to provide false or misleading information. The decisive factor is thus who is responsible for the false or misleading information.
