3 November 2015
The application of the Transparency Directive (2004/109/EG) was examined by the European Commission five years after its entry into force. The amendments resulting hereof were summarised in the Amendment Directive to the Transparency Directive (2013/50/EU – the "Amendment Directive"), which entered into force on 27 November 2013 and shall be implemented into national law until 27 November 2015. The implementation of the Amendment Directive into German national law requires in particular amendments to the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), the subordinated legislation based thereon, as well as the German Securities Prospectus Act (Wertpapierprospektgesetz – WpPG), the Capital Investments Act (Kapitalanlagegesetzbuch – KAGB), the German Securities Acquisition and Takeover Act (Wertpapierübernahmegesetz – WpÜG) and the German Commercial Code (Handelsgesetzbuch – HGB). In addition to this "compulsory program" the German legislator has adopted a statutory regulation of the delisting process.