Investor Protection Improvement Act

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Basic data
Title: Law to improve investor protection
Short title: Investor Protection Improvement Act
Abbreviation: AnSVG
Type: Federal law
Scope: Federal Republic of Germany
Legal matter: Capital market law
Issued on: October 28, 2004 ( BGBl. I p. 2630 )
Entry into force on: October 30, 2004
and July 1, 2005
GESTA : D060
Please note the note on the applicable legal version.

The Investor Protection Improvement Act (AnSVG) is an article law that aims to increase the investor protection of a capital investor in the area of ​​information about the capital market and against improper market practices.

The German legislator thus takes into account the requirements of European law. Directive 2003/6 / EC of the European Parliament and of the Council of January 28, 2003 on insider dealing and market manipulation , combined with Directive 2003/125 / EC of December 22, 2003 on the appropriate presentation of investment recommendations and the disclosure of conflicts of interest, as well as the Commission -Directive 2003/124 / EC of December 22, 2003 with definitions and the Directive 2004/72 / EC on permissible market practices, inside information on commodity derivatives , the creation of insider lists , the reporting of proprietary transactions and the reporting of suspicious transactions are implemented in national law .

This affected, among other things, changes to the Securities Trading Act (WpHG) with its insider law , ad hoc publicity (then Section 15 WpHG), the reporting requirement for proprietary transactions by executives (then Section 15a WpHG) and regulations on market manipulation. The provisions of the WpHG on ad hoc publicity have been included in the Market Abuse Regulation since July 2016 . For investment products of the so-called gray capital market , the issue of prospectuses is made mandatory.

Any inside information that directly affects the issuer must now be published.

See also