Die Pflicht zur Veröffentlichung einer Ad-hoc-Mitteilung bei Compliance-Verstößen

No company likes to publish bad news on its own account. In the case of compliance cases, this can cost listed companies dearly. Compliance breaches can constitute insider information and as such must be disclosed on an ad hoc basis to capital markets. If issuers violate this obligation, they may face fines and claims for damages. The present work first elaborates on the prerequisites of the ad hoc disclosure obligation. It then develops a guideline as to when violations of codes, public law, corporate and criminal law must be disclosed on an ad hoc basis. In this way, the work aims to contribute to the academic discourse as well as to be a guidance for practice.