Securities Prospectus Act

from Wikipedia, the free encyclopedia
Basic data
Title: Law on the compilation, approval and
, publication of the prospectus of the
public offering of securities
or the admission of securities
to trading on a regulated market
to be published
Short title: Securities Prospectus Act
Abbreviation: WpPG
Type: Federal law
Scope: Federal Republic of Germany
Legal matter: Commercial law
References : 4110-9
Issued on: June 22, 2005
( BGBl. I p. 1698 )
Entry into force on: July 1, 2005
Last change by: Art. 60 G of November 20, 2019
( Federal Law Gazette I p. 1626, 1662 )
Effective date of the
last change:
November 26, 2019
(Art. 155 G of November 20, 2019)
GESTA : B030
Please note the note on the applicable legal version.

The Securities Prospectus Act (WpPG) standardises the rules for prospectuses that are published for the public offering of securities (previously sales prospectuses) and prospectuses in connection with admission to the regulated market (so-called organized market) in accordance with European requirements.

It came into force on July 1, 2005 and implements the prospectus directive in Germany. According to § 21 WpPG, BaFin is the competent administrative authority.

The long-term issuer privilege that existed for banks when issuing bearer bonds according to the law of the time only continues in this form until the end of 2008. Thereafter, only issues of a maximum of 50 million euros per year will benefit from the prospectus exception.


  • Holzborn (Hrsg.), WpPG - Securities Prospectus Act with EU Prospectus Ordinance and additional provisions, Commentary, 2nd edition, Berlin 2014, Erich Schmidt Verlag, ISBN 978-3-503-15476-0
  • Just / Voss / Ritz / Zeising, WpPG. Commentary , 1st edition, Munich 2009, Verlag CH Beck, ISBN 978-3-406-56565-6

Web links