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Ad hoc publicity

The Securities Trading Law puts an obligation on the issuers to carry out ad hoc publicity, that is, to publicise immediately important news which directly concerns the company and might considerably influence the stock exchange price. This is to ensure that news which can affect the market price is not just known to "insiders" who could exploit this advance knowledge to their advantage. Before publication, the news must first of all be reported to the federal supervisory office for securities trading and the management bodies who are responsible for stock exchange dealings. These bodies will decide whether the share quotation needs to be suspended.