Wednesday October 10 2012

News Source: Global Disclosures

Focus: Short Selling

Type: General

Country: Germany




The Federal Parliament has agreed on an Act on the implementation of the EU regulation on Germany short selling and certain aspects of credit default swaps. The agreed Act amends the Securities Trading Act, the Banking Act and the Exchange Act.

The Act provides for:

  • the publication of net short positions in the Federal Journal;
  • reporting obligations of operators of multilateral trading facilities;
  • supervisory powers of the German Federal Financial Supervisory Authority (BaFin) including the power to take measures, e.g. impose administrative fines, in cases of violations of duties under the EU regulation; and
  • the power of supervisory bodies of the German exchanges to restrict short selling of financial instruments temporarily in the case of a significant fall in prices.

Click here for the initial draft from May 2012. Click here for the amendments.