Ad hoc disclosures

In 2016, issuers published a total of 1,755 ad hoc disclosures (previous year: 1,434; see Figure 12 "Ad hoc disclosures and exemptions"). Although the number of ad hoc disclosures continued to decline until the middle of 2016, it rose sharply in the second half of the year. This is because the MAR expanded the legal scope of the obligation to publish inside information. In line with the rise in the number of ad hoc disclosures, the number of exemption notifications also increased considerably (403; previous year: 324). The number of administrative procedures used to pursue evidence of violations of the publication obligation, also grew in 2016 compared with the previous year. The focus was primarily on MTF issuers, which are required for the first time to meet legal transparency obligations, such as the publication of inside information. In this context, they have to comply not only with numerous European provisions based on the MAR and the accompanying Delegated Regulation (EU) 2016/522 and Implementing Regulation (EU) 2016/1055, but also continue to be subject to the national provisions of the Securities Trading Act and the German Securities Trading Reporting and Insider List Regulation (Wertpapierhandelsanzeige- und Insiderverzeichnisverordnung).

Figure 12 Ad hoc disclosures and exemptions

Ad hoc disclosures and exemptions

Source: BaFin

The implementation of the MAR, the adoption of the accompanying Implementing Regulations and Delegated Regulation and the application of the ESMA guidelines created considerable uncertainty in the capital market. This is evidenced in particular by numerous questions about interpretive issues received by BaFin. This involved queries about which authority had a particular duty of supervision within the EU, whether the substance of the publication obligation still applied, or whether the individuals concerned have to submit the notification to BaFin in a different way. In order to deal with the volume of queries and the rise in the number of administrative procedures, especially in relation to MTF issuers, BaFin held four workshops from November to December 2016 at which it provided information on the MAR transparency obligations for MTF issuers.

Managers' transactions

Members of management boards or supervisory boards of issuers admitted to a regulated market or an MTF as well as persons closely related to such individuals reported a total of 2,879 securities transactions in 2016 (previous year: 1,809; see Figure 13 "Managers' transactions"). One reason for this significant increase is that the catalogue of transaction types and financial instruments has been expanded. For example, donations and debt instruments are now also subject to the notification requirement. Another factor is the extension of the notification obligation to include MTF issuers, which have since 3 July 2016 also been subject to the obligation to report managers' transactions, if they have filed their own application for admission to an MTF.

Figure 13 Managers' transactions

Managers' transactions

Source: BaFin