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Topic Financial reporting enforcement Transparency

BaFin is responsible for ensuring that companies comply with the provisions governing transparency on securities markets. Find out more on these pages.

In­for­ma­tion obli­ga­tions for is­suers

The European Market Abuse Regulation (MAR) and the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) impose a large number of publication requirements on issuers of financial instruments. These are designed to enable capital market participants to receive timely, material information about companies whose securities they hold or are interested in acquiring.

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Com­pa­ny takeovers

Three different procedures apply to takeover bids for listed companies. BaFin has been monitoring these since 2002. In principle, its supervision covers domestic companies that are listed on a stock exchange in Germany.

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Fi­nan­cial re­port­ing en­force­ment

Part 16, subpart 1 of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) lays down the provisions regarding monitoring of companies’ financial statements (referred to as financial reporting enforcement). In a two-tier procedure, BaFin checks the legality of companies’ financial statements. The requirements came into force in December 2004 with the German Financial Reporting Enforcement Act (Bilanzkontrollgesetz – BilKoG) and are intended to strengthen investors’ confidence in the accuracy of financial statements of certain companies which have access to an organised market.

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Short sell­ing

The EU provisions on short selling are established in Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps (EU Short Selling Regulation) and additionally in four implementing regulations.

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Da­ta re­port­ing ser­vices providers

With the entry into force of the European Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), BaFin has assumed new duties in relation to the authorisation and supervision of data reporting services providers.

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Le­gal En­ti­ty Iden­ti­fi­er (LEI)

On 3 January 2018, the use of an active legal entity identifier (LEI) became mandatory for reportable transactions under Article 26 of the Markets in Financial Instruments Regulation (MiFIR).

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Publications on this topic

Format Measure Erscheinung: from 17.11.2022 ADLER Re­al Es­tate AG: an­nounce­ment of er­rors in the ap­proved con­sol­i­dat­ed fi­nan­cial state­ments as at 31 De­cem­ber 2019 and in the cor­re­spond­ing com­bined man­age­ment re­port for the 2019 fi­nan­cial year

Announcement under section 109 (2) sentence 1 of the WpHG

Within the scope of its examination, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has determined that the approved consolidated financial statements of ADLER Real Estate Aktiengesellschaft (AG), Berlin, as at 31 December 2019 and the corresponding combined management report for the …

Format News Erscheinung: from 17.11.2022 ADLER Re­al Es­tate AG: BaFin iden­ti­fies fur­ther ac­count­ing er­rors in the 2019 con­sol­i­dat­ed fi­nan­cial state­ments

During the course of its financial reporting enforcement examination, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has identified three further accounting errors in the 2019 consolidated financial statements of ADLER Real Estate Aktiengesellschaft (AG), Berlin. ADLER Real Estate AG wrongly included ADO Properties S.A. in the consolidated …

Format Measure Erscheinung: from 01.08.2022 ADLER Re­al Es­tate Ak­tienge­sellschaft: an­nounce­ment of er­rors in the ap­proved con­sol­i­dat­ed fi­nan­cial state­ments as at 31 De­cem­ber 2019

Announcement under section 109 (2) sentence 1 of the WpHG

Within the scope of its examination, the Federal Financial Supervisory Authority (BaFin) has determined that the approved consolidated financial statements of ADLER Real Estate Aktiengesellschaft, Berlin, as at 31 December 2019, contain errors.

Format News Erscheinung: from 01.08.2022 ADLER Re­al Es­tate AG: BaFin iden­ti­fies ac­count­ing er­ror in the val­u­a­tion of Ger­resheim site

During the course of its financial reporting enforcement examination, the Federal Financial Supervisory Authority (BaFin) has determined that the consolidated financial statements of ADLER Real Estate Aktiengesellschaft (AG), Berlin, as at 31 December 2019, contain errors. The real estate project “Glasmacherviertel” in Düsseldorf-Gerresheim was valued at EUR 375 million. This represents an …

Format Article Erscheinung: from 27.01.2022 State-of-the-art su­per­vi­sion: The new fi­nan­cial re­port­ing en­force­ment mech­a­nism

From the beginning of 2022, only BaFin will be examining the financial statements of publicly traded companies. Random sampling examinations and ad hoc examinations will then fall within its remit. If there are suspicions of accounting irregularities, BaFin can intervene directly at the company. If the suspicion is serious, it can examine the accounts using forensic techniques.

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