Ad hoc Communications – Publications that conform to the rules
If a company has successfully completed an IPO, it is important for a listed company to keep all stakeholder groups regularly informed about the development of the company. Depending on the stock exchange segment, this results in a large number of publication and reporting requirements for a company. These include so-called Ad hoc Communications. According to Article 17 of the Market Abuse Regulation introduced in July 2016 and last updated in January 2018, a company must immediately publish an internal situation if it could significantly affect the performance of the share price. It is necessary to clarify in advance whether and when internal information is required to publish. To this end, lawyers are also often consulted.
Market abuse regulation strengthens ad hoc compliance
The ad hoc publicity has been intensified by the Market Abuse Regulation (MAR) in 2016 and has since been amended in content in numerous amendments to the German Securities Trading Act (“WpHG”), most recently in January 2018. Issuers are obliged by the MAR to publish Ad hoc Communications throughout Europe and to provide them on the company’s website for a period of five years. In addition to the companies admitted to regulated markets (such as Prime Standard and General Standard in Frankfurt, Prime Market and Standard Market in Vienna), transparency obligations apply to issuers across multilateral trading systems and organized trading systems across the EU for the first time. It is important to note that all financial instruments covered by the MAR are affected by the ad hoc publicity obligation.
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