Federal Financial Supervisory Authority (BanFin), German Capital Market regulator notified
"Net short positions" that exist on 26 March 2012 and have not yet been
notified under the General Decree or that arise on 26 March 2012 are to
be notified and/or published for the first time. Net short positions
are to be notified by the end of 27 March 2012, (12 midnight) and, where they are also subject to the publication requirement, to be published within the above period.
Section 30i of the WpHG replaces the General Decree on transparency requirements of BaFin
for the shares of ten selected companies of 4 March 2010. As of 26
March 2012, the notification and publication requirements for net short
positions will pertain to all shares admitted to trading on the
regulated market of a German stock exchange.
The Regulation on Net Short Positions introduces details on calculating net short positions as well as an electronic notification and publication procedure. For the notifications, BaFin will make available an electronic notification procedure through its Reporting and Publishing Portal (Melde- und Veröffentlichungsportal – MVP). No later than when the first notification is submitted, a successful registration on the Reporting and Publishing Portal of BaFin and a registration for the specialised procedure for net short positions are necessary to be able to notify BaFin of net short positions electronically.
Notifications may be submitted by the person or entity subject to the
notification requirements either itself, through its contact person or
through an external third party. For notifications to be clearly
attributed to the person or entity subject to the notification
requirement, each person or entity subject to the notification
requirement as well as their contact persons or external third parties
must identify themselves to BaFin
once, at the latest when the first notification is submitted. For this
purpose, the application for the specialised procedure is to be printed
out after being transmitted electronically, signed and then sent without
undue delay to BaFin by fax or post with further documents required for identification. Once the written documentation has been received, BaFin compares the data provided electronically with the documentation submitted. In the event of successful verification, BaFin
activates the notifying party’s account for the specialised procedure.
From that point in time, the notifications are no longer deemed to be
preliminary. BaFin informs both the reporting party and the person or entity subject to the notification requirement of such account activation.
For the notifying party’s account to be activated by BaFin
as soon as possible (so that the notifications are no longer deemed
preliminary), users can now register in advance without submitting a
notification. Since a great number of persons or entities subject to the
notification requirement and users can be expected, BaFin recommends using the opportunity of advance registration.
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