SRD II & ARUG II - What are the legal bases for the DPAii?

SRD II grants issuers domiciled in the European Economic Area the right to identify their shareholders. Intermediaries are obliged to facilitate the identification of shareholders by the issuer. In addition to more effective information for shareholders concerning corporate events, the focus in particular is on making it easier to exercise shareholders' rights, even in cross-border structures.

Pursuant to ARUG II, issuers domiciled in the European Economic Area have been authorised from 3 September 2020 to request information about their shareholders from intermediaries. Furthermore, in addition to publishing the convening notice for the general shareholders’ meeting in the Federal Gazette as the publication medium for company announcements pursuant to Sec. 121 (4) German Stock Corporations Act ("AktG"), it has been a further requirement to mail out a convening notice for the general shareholders’ meeting pursuant to Sec. 125 AktG along the entire chain of intermediaries.