This article explains the German regime for disclosing major holdings of voting rights and related instruments as well as the applicable sanction provisions and current sanction practices. These regulations were recently amended in the course of the implementation of Directive 2013/50/EU amending Transparency Directive 2004/109/EU. It does not cover duties relating specifically to submissions of public takeover offers.

This article is part of the global guide to equity capital markets law and the global guide to debt capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/equitycapitalmarkets-guide and www.practicallaw.com/debtcapitalmarkets-guide.