Section 15a
Publication and disclosure of transactions

(1) Any person who as a member of the management or supervisory bodies or as a personally liable partner of an issuer whose securities are admitted to trading on a German stock exchange or of a parent company of the issuer acquires or disposes of
1. shares of the issuer or other securities granting the creditors an exchange right to shares of the issuer, or any other right to acquire or dispose of shares of the issuer,

2. a right which is not subject to number 1 and whose price depends directly on the stock exchange price of the shares of the issuer, shall immediately notify the issuer and the Supervisory Authority of the acquisition or disposal in writing in accordance with subsection (2). The obligation pursuant to sentence 1 shall also apply to the spouses, registered partners and relations in the first degree of the parties subject to sentence 1. A disclosure requirement pursuant to sentence 1 does not exist if the acquisition is made on the basis of an employment contract or as part of the remuneration. Also, a disclosure requirement does not exist for transactions whose aggregate value in terms of the total number of transactions carried out by the party subject to the disclosure requirement within 30 days does not exceed 25,000 euro.

(2) For each transaction, the notification pursuant to subsection (1) must contain the
following information:
1. the title of the security or right and the securities identification number (WKN),

2. the trade date

3. the price, number of units and nominal amount of the securities or rights.

(3) A notification pursuant to subsection (1) shall be published by the issuer immediately in accordance with sentence 2. The publication shall be effected by means of
1. publication on the internet on the issuer's home page for a period not shorter than one month, or

2. publication in a supra-regional official stock exchange gazette if publication on the internet would require excessive efforts on the part of the issuer.

The issuer shall immediately furnish the Supervisory Authority with documentary evidence of the publication.


(4) The Supervisory Authority may require the parties subject to subsection (1) and the investment services enterprises involved to provide information and submit documents insofar as this is necessary for monitoring compliance with the obligations set out in subsections (1) and (3).