Securities Trading Act
|Title:||Securities Trading Act|
|Short title:||Securities Trading Act|
|Scope:||Federal Republic of Germany|
|Legal matter:||Commercial law|
|Original version from:||July 26, 1994
( BGBl. I p. 1749 )
|Entry into force on:||August 1, 1994
and January 1, 1995
|New announcement from:||September 9, 1998
( BGBl. I p. 2708 )
|Last change by:||
Art. 4 G of August 12, 2020
( Federal Law Gazette I p. 1874, 1877 )
|Effective date of the
|August 19, 2020
(Art. 7 G of August 12, 2020)
|Please note the note on the applicable legal version.|
The Securities Trading Act ( WpHG ) regulates in Germany the securities trading . It is used in particular to control service companies that trade securities and financial futures , and also to protect customers.
Content of the law
An important part of this law is the notification of voting rights in accordance with (1) sentence 1 and (1a) WpHG. Furthermore, the publication obligations of the companies listed on the stock exchanges are specified. Claims for damages then exist for the violation of these obligations . The information required in accordance with WpHG is regulated in the Market Access Information Ordinance (MarktAngV) .
The Federal Financial Supervisory Authority (BaFin) is responsible for the control .
The WpHG prohibits insider trading . Insider crimes are official offenses and are therefore prosecuted by the public prosecutor. According to (1) Sentence 1 WpHG, there is an obligation to notify BaFin of suspected cases. Infringements through insider trading are punishable by imprisonment for up to five years or a fine. The Securities Trading Act is therefore part of ancillary criminal law .
In addition, the WpHG obliges the investment services company to provide investment advice that is appropriate to the investment and investor as well as to obtain and document information from the customer on his experience, investment objectives, financial situation and risk tolerance . For this purpose, a suitability declaration in accordance with (4) WpHG must be submitted to the customer before a securities order is submitted. WpHG and the WpHG Employee Notification Ordinance - WpHGMaAnzV regulate the register of advisors .
- Andreas Fuchs: Securities Trading Act (WpHG). Commentary , 1st edition, Munich 2009, Verlag CH Beck, ISBN 978-3406515279
- Heribert Hirte / Thomas MJ Möllers (editors): Cologne Commentary on the WpHG , 2nd edition, Cologne 2014, Verlag Heymanns, ISBN 9783452275875
- Thomas MJ Möllers / Thomas G. Wenninger: The Investor Protection and Function Improvement Act (AnsFuG), NJW 24/2011, 1697