According to the German Securities Trading Act (WpHG), the members of the executive board and supervisory board as well as all other persons discharging managerial responsibilities (senior executives) in German listed companies have to notify both the company and the German Federal Financial Supervisory Authority (BaFin) if they acquire or dispose of shares in the company or rights related to these shares. Certain people who are closely related to board members or senior executives, such as spouses and dependent children, are under the same obligation. Furthermore, legal persons, companies, and organizations for which board members, senior executives, or persons closely related to them discharge managerial responsibilities or that are controlled by such persons are also obliged to give notification.
On this Web site, SAP publishes all notifications received from its board members and other persons with a notification obligation. Detailed information about the notification obligations can be drawn from the relevant section of the law.