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ARTICLE · 31 JULY 2026

Investment Management Client Alert July 2026

K&L Gates
K&L Gates
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K&L Gates

K&L Gates

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European financial regulators are reshaping the landscape for investment firms, crypto-assets, and fund management through new guidance on MiFID passporting arrangements, digital asset oversight...

GermanyFinance and Banking
Philipp Riedl
Philipp Riedl
Hilger Von Livonius
Hilger Von Livonius
Martin Berg
Martin Berg
Susanne Albrecht-Roggenstroh, Dipl.-Kffr.
Susanne Albrecht-Roggenstroh, Dipl.-Kffr.

Administrative Court of Frankfurt Am Main Rules on the Publication of Measures and Sanctions Against Companies Pursuant to § 124 WpHG

§ 33 of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) establishes certain reporting obligations where the voting rights in issuers (for which the Federal Republic of Germany is the home Member State) reach, exceed, or fall below a specified percentage and is generally intended to implement Art. 9 of Directive 2004/109/EC (Transparency Directive)–while, in deviation from that Directive, the lowest voting rights threshold is already set at 3%. Supervisory decisions regarding measures and sanctions for violations of these reporting obligations are published without delay on the website of the Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) in accordance with § 124 WpHG. In exceptional cases, the decision may be published without disclosing personal data or even postponed,

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