Kartellrechtliche Leniency Programmes und Ad-hoc-Publizität nach MAR

Antitrust leniency programmes expect applicants to not disclose the fact of cooperating with the authorities. This may cause problems for companies if, as issuers on the capital market, they are obliged to publish insider information as soon as possible (Art. 17 MAR). Ultimately offering a solution to the initial problem based on the findings, the thesis provides a profound analysis of two areas of law which are relevant in practice and are deeply rooted in EU law. A thorough and critical examination is carried out considering numerous aspects of the obligation of disclosure as well as of the newly created German statutory leniency programme (§§ 81h ff. GWB), which implements the “ECN”-Directive and replaces the previous “Bonusregelung”.