Ad hoc Publicity

The reporting obligation in the context of ad hoc publicity concerns potentially price-sensitive facts unknown to the public that occur in connection with the business activities of a listed company. Price-sensitive facts are new facts which are likely to result in significant movements in the price of securities. The purpose of Art. 53 Listing Rules is to ensure that all actual and potential market participants receive information in a non-discriminatory manner and, to the extent possible, to ensure transparency and equal treatment for all investors.

"Ad hoc publicity" is a principle used by the most important stock exchanges to regulate the use of potentially price-sensitive information.

Examples of price-sensitive facts include:

• Financial figures
• Personnel changes on the board of directors or executive committee
• Mergers
• Takeovers
• Spin-offs
• Restructuring operations
• Changes of capital
• Takeover offers
• Significant changes in profits, profit collapses, profit warnings
• Financial restructurings

In general, all information that may have a significant impact on prices is subject to ad hoc publicity. This may include new significant products or new distribution partners.

There is no comprehensive list of facts that are relevant in the context of ad hoc disclosure. Issuers must therefore ask themselves in good time if a planned or sudden change might lead to a significant price change on the stock exchange.

Regulatory Basis	Entry into force / Valid from	Online Version	Download
Directive on Ad hoc publicity (DAH)	01.07.2009
Commentary on the DAH	01.12.2011	-

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