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ALJ 2019 Hartlieb 134
focus is no longer on enabling investors to make an informed transaction decision by reporting
transactions with a signal effect but on the objective of comprehensive market transparency.61 This
must be taken into account in the case of transactions not mentioned, such as the acquisition of
shares in the course of a merger: since it is not a question of the possible signal effect but of
creating the highest possible market transparency, managers must also report such acquisitions.62
3. Financial Instruments
Transactions relating to shares or debt instruments of the issuer, or to derivatives or other financial
instruments linked thereto, are subject to the reporting obligation. Shares are corporate
instruments; their owners are shareholders and not creditors of the issuer. All types of shares are
covered which are provided for by the respective national law; it is irrelevant whether they have a
certain structure or confer certain rights (e.g. voting rights).63 In Austria, for example, ordinary
shares, non-voting preference shares, pursuant to section 12a of the Austrian Stock Corporation
Act (Aktiengesetz; AktG), and non-voting shares, pursuant to section 26a of the Austrian Banking
Act (Bankwesengesetz; BWG) (so-called "bank shares"), are included.64
Transactions with debt instruments or derivatives linked to shares or debt instruments must also
be reported. Therefore, transactions with profit participation rights, but also with fixed-interest
bonds, are included. It is the inclusion of the latter bonds that again illustrates the re-alignment of
the reporting obligation; in the case of these instruments it is not possible for managers to exploit
any information advantage.65 In addition, financial instruments associated with these instruments,
such as convertible bonds or bonds with warrants on financial instruments of the issuer issued by
third parties, are subject to the reporting obligation.66 Instruments that do not qualify as shares,
debt instruments or derivatives may be subject to the reporting obligation as "financial
instruments" in accordance with Art 3(1)(1) MAR in conjunction with Art 4(1)(15) of the Market in
Financial Instruments Directive (MiFID II).
C. Time of Notification
Art 19 MAR does not explicitly stipulate whether the transaction which creates the obligation (the
“titulus”) or the corresponding transaction in property law (the “modus”) triggers the reporting
obligation. Since the investor public must be informed promptly in order to make the market as
transparent as possible and to avoid the appearance of insider knowledge,67 the (earlier) obligation
transaction is decisive.68
61 See recital 28 of the Delegated Regulation (EU) 2016/522.
62 For the same conclusion, see Stegmaier, supra note 19, at 66.
63 If the issuer is not a stock corporation, but e.g. a GmbH or a partnership, only debt instruments can be traded on
the capital market, but not their shares. The transfer of these shares is not subject to the reporting requirement
of Art 19(1) MAR. Cf Sethe & Hellgardt, supra note 1, at 61.
64 For the structure of such titles, see Franz Hartlieb, Der Schutz besonderer Gläubiger in der Umstrukturierung der
AG 73 et seq (2017).
65 See also Hartlieb & Simonishvili, supra note 14, at 62.
66 Schäfer, supra note 24, at 16.5; see also Kumpan, supra note 13, at 451.
67 See BT-Drucks. 14/8017, 87.
68 Hartlieb & Simonishvili, supra note 14, at 63; Maume & Kellner, supra note 28, at 287; Dörte Poelzig, Die
Neuregelung der Offenlegungsvorschriften durch die Marktmissbrauchsverordnung, NZG 761, 767 (2016);
Christoph Seibt & Bernward Wollenschläger, Revision des Marktmissbrauchsrechts durch
Marktmissbrauchsverordnung und Richtlinie über strafrechtliche Sanktionen für Marktmanipulation, AG 593, 601
zurück zum
Buch Austrian Law Journal, Band 2/2019"
Austrian Law Journal
Band 2/2019
- Titel
- Austrian Law Journal
- Band
- 2/2019
- Autor
- Karl-Franzens-Universität Graz
- Herausgeber
- Brigitta Lurger
- Elisabeth Staudegger
- Stefan Storr
- Ort
- Graz
- Datum
- 2019
- Sprache
- englisch
- Lizenz
- CC BY 4.0
- Abmessungen
- 19.1 x 27.5 cm
- Seiten
- 17
- Schlagwörter
- Recht, Gesetz, Rechtswissenschaft, Jurisprudenz
- Kategorien
- Zeitschriften Austrian Law Journal