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Under the German Securities Trading Act („WphG“), a shareholder must inform the company concerned and the Federal Supervisory Agency (BaFin) immediately when by way of acquisition or sale that shareholder’s percentage shareholding either exceeds or falls below 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% or 75% of the voting rights of a stock market listed company.
In addition para. 26a WpHG asks domestic issues to announce the total amount of voting rights at the end of the month in case there had been change within the voting rights.
Any party subject to the notification requirement within the meaning of sections 21 and 22 whose shareholding reaches or exceeds the threshold of 10 percent, or a higher threshold, of voting rights attached to shares must, within 20 trading days after reaching or exceeding the threshold, inform the issuer whose home country is the Federal Republic of Germany of the aims underlying the purchase of the voting rights and of the origin of the funds used to purchase the voting rights. Any changes to the aims within the meaning of sentence 1 must be notified within 20 trading days. The issuer shall publish the information received or the fact that the notification requirement pursuant to subsection (1) has not been fulfilled in accordance with section 26 (1) sentence 1 in conjunction with the Regulation pursuant to section 26 (3) no. 1.