Insiderhandel und Ad-hoc-Publizität nach Anlegerschutzverbesserungsgesetz

The capital markets are in turmoil. Spectacular cases of unlawful behavior have led to ongoing legislative activity aimed at strengthening investor confidence. The Investor Protection Improvement Act and its European foundations have also brought the insider trading ban and ad-hoc publicity into focus. This paper examines the changes, initially comparing them with the old legal situation in light of the issuer guidelines from BaFin, and subsequently highlights the implications for particularly relevant practical scenarios, such as M&A transactions, while developing behavioral suggestions to avoid legal disadvantages. Additionally, precise recommendations for a reform of the reform are presented to the legislator.