German Securities Prospectus Act - New requirement for issuers to publish an 'Annual Document'
April 27, 2006
On April 27, 2006 the Frankfurt office authored an Alert Memorandum entitled “German Securities Prospectus Act - New requirement for issuers to publish an ’Annual Document’”. This short memo discusses the requisites under which issuers of listed equity or debt securities are required to file with the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and publish an “Annual Document” - a compilation of certain information that the issuer was obligated to publish or make available to the public during the preceding 12 months in compliance with German law or foreign law. The two appendices of the memo provide an example of an annual document and list the kind of information that have to be included in English and in German.