Pursuant to Art. 15a of the German Securities Trading Act (WpHG), transactions effected by directors of listed companies and members of their families have to be disclosed and published. Accordingly, purchases and disposals of shares and also of financial instruments related to Commerzbank have to be reported immediately and made public for a period of one month.
Gigaset therefore complies with point 6.6. of the Corporate Governance codex.
Current notification regarding directors' dealings
On October 30, 2004, the Investor Protection Improvement Act (Anlegerschutzverbesserungsgesetz - AnSVG) took effect, wherein §15a of the German Securities Trade Act (Wertpapierhandelsgesetz - WpHG) was amended and augmented.
Among others, all management and supervisory bodies or personally liable partners of emitters, whose securities (e.g. shares or debentures) are certified to trade in an organised market in Germany or the European Union, are obligated to the disclosure requirements. The trade with the securities of these emitters (Directors ' Dealings) must be disclosed to the emitter and to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin).
The obligation to disclose also applies to persons in a close relationship with the executive (e.g. the wife or children entitled to maintenance). Legal entities, i.e. companies or charitable foundations/charitable trusts controlled by the abovementioned persons, must likewise disclose their Directors' Dealings.
An exception applies only to such dealings where the sum total does not exceed an amount of €5,000 up to the end of the calendar year.