Sales Prospectus Act

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Basic data
Title: Securities Sales Prospectus Act
Short title: Sales Prospectus Act
Abbreviation: VerkProspG (not official)
Type: Federal law
Scope: Federal Republic of Germany
Legal matter: Commercial law
References : 4110-3
Original version from: December 13, 1990
( BGBl. I p. 2749 )
Entry into force on: January 1, 1991
New announcement from: September 9, 1998
( BGBl. I p. 2701 )
Last change by: Art. 8 G of July 16, 2007
( Federal Law Gazette I p. 1330, 1378 )
Effective date of the
last change:
November 1, 2007
(Art. 14 G of July 16, 2007)
Expiry: June 1, 2012
(Art. 2 G of December 6, 2011, Federal Law Gazette I p. 2481, 2491 )
Please note the note on the applicable legal version.

The Securities Sales Prospectus Act ( Sales Prospectus Act ) of 1990 created a legal obligation to publish a prospectus for the public offering of securities . It was canceled on May 31, 2012. The succession regulation is the Asset Investment Act .

Since it was founded in 1995, the Federal Supervisory Office for Securities Trading (BAWe) in Frankfurt am Main, which was merged into the Federal Financial Supervisory Authority (BaFin) in 2002 , has been the central depository for sales prospectuses .

With the Third Financial Market Promotion Act on April 1, 1998 ( Federal Law Gazette I p. 529 ) an examination of the prospectuses by the BAWe was introduced (§ 8a of the Sales Prospectus Act). From then on, the prospectuses were checked for their formal completeness, in particular whether the prospectus contained the minimum information required under the Sales Prospectus Act and the Sales Prospectus Act Ordinance. A material check for the correctness of the content of the information was not carried out, so that the permission for publication does not make any statement about the creditworthiness of the issuer or the seriousness of the provider.

Investor Protection Improvement Act and Securities Prospectus Act

On July 1, 2005, the Sales Prospectus Act underwent a profound change. The prospectus requirement for securities was now regulated in the Securities Prospectus Act. The Sales Prospectus Act , however, continued to exist as a "worm extension", since Art. 2 of the Investor Protection Improvement Act (AnSVG) introduced the statutory obligation to publish a prospectus for assets that are not securitized in securities. These include, for example, registered bonds or profit-sharing rights , which in principle cannot be traded and which can at best be transferred by assignment . In addition, trust assets and closed funds , e.g. B. real estate or ship funds. As a result of the regulation, products that were commonly assigned to the gray capital market are now subject to statutory disclosure requirements for the first time. However, due to the limited scope of the audit by BaFin, investors should not have too high expectations.

Against the background of these far-reaching changes it explains why the Sales Prospectus Act began with Section 8f until it was repealed.

Web links

Sales Prospectus Act


  • Jan-Holger Arndt, Thorsten Voss (eds.): VerkProspG. Securities Sales Prospectus Act (Sales Prospectus Act) and Ordinance on Asset Investments Sales Prospectuses (Asset Investments Sales Prospectus Regulation-VermVerkProspV). Comment . CH Beck, Munich 2008, ISBN 978-3-406-56566-3 .
  • Jürgen Hilp, On liability in the brokerage of closed funds - An analysis from an economic and legal perspective , Kassel, 2010, ISBN 978-3-00-031671-5 .
  • Ferdinand Unzicker, VerkProspG, Commentary on the Sales Prospectus Act and the Asset Investment Sales Prospectus Ordinance, RWS-Verlag, Cologne 2010, ISBN 978-3-8145-8152-1 .