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ALJ 2019 Hartlieb 140
receipt and every sale of financial instruments must be reported to the issuer, even if these
transactions are not mentioned in the extensive list of Art 10(2) of the Delegated Regulation (EU)
2016/522. Unlike in the past, under the current regulation transactions may not be exempted from
the reporting obligation just because they do not send a signal to the investor public. This
extension, in conjunction with the accompanying information and documentation obligations
pursuant to Art 19(5) MAR, leads to an increase in administrative expenses for executives and
issuers. At the same time, they face severe administrative penalties and measures under
administrative law105 should they fail to comply with the reporting obligation. The risk of severe
sanctions should, however, provide a particularly effective incentive to comply with the reporting
obligation and thus contribute to the overall objective of market transparency.
From the point of view of the market, the redesign has been successful106 to the extent that a high
degree of transparency is achieved through the expansion. The main objective of market
transparency takes precedence over other objectives that may be achieved by the reporting
obligation. To illustrate, the acquisition of fixed-interest bonds by inheritance does not impair
market integrity, nor does the disclosure of this information have any relevant value for the
individual investor. Although the obligation to disclose now increases market transparency, the
higher total number of reports threatens – especially on large capital markets such as the German
one – an information overload which could obscure the individual investor's view of the reports
that are important to him or her.
105 See Sethe & Hellgardt, supra note 1, at 197 et seq.
106 This does not change the fact that the design of Art 19 MAR is deficient in several respects. For example, the
German language version contains various translation errors which make it almost impossible to solve legal
problems without using the English (and partly also the French) language version. The regulatory technique also
complicates the understanding of the reporting obligation, because it only arises in conjunction with various
implementing acts.
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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