Germany: Befreiung Schweizer Emittenten Mit Herkunftsstaat Deutschland Von Veröffentlichungspflichten Nach Dem Wertpapierhandelsgesetz

Last Updated: 6 March 2018
Article by Edgar Wallach and Marco Brand

Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin") hat erstmals für einen Schweizer Emittenten, dessen Aktien an einer deutschen Börse notiert sind und für den die Bundesrepublik Deutschland (BRD") Herkunftsstaat i.S.d. § 2 Abs. 13 Wertpapierhandelsgesetz (WpHG") ist, eine Freistellung von den Veröffentlichungspflichten nach § 40 WpHG gewährt. Es handelt sich hierbei um den ersten positiv beschiedenen Befreiungsbescheid nach § 46 WpHG überhaupt.

Hintergrund ist die Verpflichtung von Inlandsemittenten, bestimmte Stimmrechtsmeldungen zu veröffentlichen und dem Unternehmensregister und der BaFin zu melden. Inlandsemittenten" i.S.d. § 2 Abs. 14 WpHG sind Emittenten, für die entweder

  • die BRD Herkunftsstaat i.S.d. § 2 Abs. 13 WpHG ist und deren Wertpapiere an einer deutschen Börse notiert sind oder
  • ein anderer Mitgliedstaat der EU oder Vertragsstaat des EWR Herkunftsstaat i.S.d. § 2 Abs. 13 WpHG ist, deren Wertpapiere aber nur an einer deutschen Börse notiert sind.

Gemäß § 40 WpHG müssen Inlandsemittenten Mitteilungen über das Erreichen, Über- oder Unterschreiten der Meldeschwellen für Aktien (§ 33 WpHG), für Instrumente mit Erwerbsrecht auf Aktien (§ 38 WpHG) und zusammengerechnet für Aktien und die vorgenannten Instrumente (§ 39 WpHG) veröffentlichen. Gemäß § 41 WpHG müssen Inlandsemittenten im Falle einer Zu- oder Abnahme von Stimmrechten die Gesamtzahl der Stimmrechte und das Datum der Wirksamkeit der Änderung der Gesamtstimmrechte veröffentlichen. Gemäß § 46 Abs. 1 WpHG kann die BaFin Inlandsemittenten mit Sitz in einem Drittstaat von den Veröffentlichungspflichten nach §§ 40, 41 WpHG freistellen, wenn diese Emittenten gleichwertigen Regeln eines Drittstaats unterliegen oder sich solchen Regeln unterwerfen.

Die BaFin ist in ihrer Vergleichsanalyse zum Ergebnis gekommen, dass die Schweizer Regeln zu Stimmrechtsmitteilungen im Finanzmarktinfrastrukturgesetz und in der Finanzmarktinfrastrukturverordnung- FINMA denjenigen nach §§ 33 ff. WpHG gleichwertig sind. Nach Auffassung der BaFin sei aber keine Vergleichbarkeit hinsichtlich der Veröffentlichung bei Veränderungen der Gesamtzahl der Stimmrechte des Emittenten nach § 41 WpHG gegeben, da es insoweit an einem hoheitlichen Rechtsakt im Schweizer Recht fehle.

Mit ihrem Freistellungsbescheid hat die BaFin einen Präzedenzfall für alle Schweizer Emittenten geschaffen, die Inlandsemittenten" i.S.d. § 2 Abs. 14 WpHG sind. Da die BaFin eine abstrakte Vergleichsprüfung der deutschen und Schweizer Regeln über Stimmrechtsmitteilungen vorgenommen hat, können sich sämtliche Schweizer Emittenten, die Inlandsemittenten sind, die Möglichkeit der Freistellung von den Veröffentlichungspflichten gemäß § 40 WpHG zunutze machen.

Zwar bleiben die freigestellten Emittenten aus Drittstaaten gleichwohl verpflichtet, die nach ihrem Heimatrecht zu veröffentlichenden Stimmrechtsmeldungen auch im Inland zu veröffentlichen und dem Unternehmensregister zu melden. Die Befreiung hat jedoch den erheblichen praktischen Vorteil, dass die Emittenten nur diejenigen Veröffentlichungen im Inland vornehmen müssen, die sich nach ihrem Heimatrecht ergeben. Die Veröffentlichungspflichten nach § 40 WpHG sind auf sie nicht anzuwenden.

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