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According to Section 15 of the WpHG (Wertpapierhandelsgesetz; German Securities Trading Act), domestic issuers of financial instruments are obliged to immediately publish insider information that concerns them directly.
The purpose of the ad-hoc disclosure requirement is to ensure the same level of information of all market participants by rapidly and uniformly distributing information to the market so that no inappropriate stock exchange prices or market prices can develop as a result of erroneous or incomplete information of the market. The ad-hoc disclosure requirement therefore serves the interests of the entire investing public, ensures the proper functioning of the capital market, and creates equal opportunities by creating transparency.
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