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ALJ 2019 Managersâ Transactions 135
However, this rule does not apply without exception. According to Art 10(2)(i) of the Delegated
Regulation (EU) 2016/522, "conditional transactionsâ are to be reported âupon the occurrence of
the conditions and actual execution of the transactions". It follows from the wording, in particular
from the link between the occurrence of the condition and the actual execution of the
transactions,69 that the provision only covers the execution (âmodusâ), subject to a predetermined
condition.70 If an unconditionally effective obligation (âtitulusâ) is concluded, the execution,
however, is subject to a precedent condition. It must, therefore, only be reported if the transaction
is executed after the occurrence of the condition.71 The preceding conclusion of the contract is not
to be reported as this would be misleading for the investor public, for example, in cases where the
condition does not occur and, therefore, the transfer of the financial instruments does not take
place.72
The dispute as to whether the reporting obligation in a transaction which creates the obligation
(âtitulusâ) subject to a preceding condition arises when the transaction is concluded, or only when
the condition is fulfilled has not been settled.73 Here, too, the occurrence of the condition and not
the preceding transaction is decisive. There is no reason to make a distinction in this respect
between a conditional transaction which creates the obligation (âtitulusâ) and a conditional
transaction in property law (âmodusâ). In both cases the assessment of Art 10(2)(i) of the Delegated
Regulation (EU) 2016/522 applies, according to which a reporting obligation (only) arises when the
transaction can be legally enforced from the point of view of the contracting parties. This is also
supported by the fact that prior notification could be misleading for the market, especially if the
condition precedent does not apply.
Due to the realignment of the objectives pursued by the reporting obligation, it is clear that
acquisitions by gift or inheritance must also be reported. With regard to the relevant point in time
to report, attention must be paid to special features: a binding donation of financial instruments
in Austria, for example, requires either an actual transfer of the financial instrument or the
incorporation of a notarial deed (section 1(1d) of the Notary Law (Notariatsaktsgesetz; NotAktG)).
In Germany, they can either be given immediately as a donation or in the future if the promise to
donate is notarised (section 518 of the German Civil Code (BĂŒrgerliches Gesetzbuch; BGB)). In the
case where a manager actually transfers or donates shares, the time of the entry of the shares in
the recipient's securities account will often be decisive for the notification.74 If the instruments are
not to be transferred until a later date, the obligation to register arises on the day of compliance
(2014); Stegmaier, supra note 19, at 65; equally BaFin, FAQ zu EigengeschĂ€ften von FĂŒhrungskrĂ€ften, Frage IV.1
(10. Version, 23.11.2018); for a different opinion, see Roman Stenzel, Managementbeteiligungen und
Marktmissbrauchsverordnung, DStR 2017, 883 (887).
69 This link is also expressed in ESMA, Final Report of 2.3.2015 (ESMA/2015/224), marginal note 109: âIn relation to
conditional trades the requirement to report arises only with the occurrence of the condition, thus when the trade
takes place.â
70 BaFin, supra note 68, Frage IV.2.
71 BaFin, supra note 68, Frage IV.2; Stegmaier, supra note 19, at 79.
72 ESMA, Final Report of 2.3.2015 (ESMA/2015/224), mn 109.
73 For the former e.g. Kalss & Oppitz & Zollner, supra note 13, at 19/23; for the latter opinion e.g. Marc Engelhart,
Meldepflichtige und meldefreie GeschĂ€ftsarten bei Directorsâ Dealings (§ 15a WpHG), AG 856, 858 et seq (2008);
Uwe H. Schneider, Der pflichtenauslösende Sachverhalt bei âDirectorÂŽs Dealingsâ â Der sachliche
Anwendungsbereich des § 15a WpHG, BB 1817, 1819 (2002).
74 BaFin, supra note 68, Frage IV.10.
zurĂŒck zum
Buch Austrian Law Journal, Band 2/2019"
Austrian Law Journal
Band 2/2019
- Titel
- Austrian Law Journal
- Band
- 2/2019
- Autor
- Karl-Franzens-UniversitÀt 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