In Germany, a supervisory body located at the stock exchanges that detects irregularities in stock exchange dealings and insider transactions and brings them to the attention of the Federal Financial Supervisory Authority (BaFin) or the competent public prosecutor’s office; see Section 4 of the Stock Exchange Act (BörsG), which also contains a detailed description of its duties. The Trading Surveillance Office is independent of the management of the stock exchange. – It is undisputed that the establishment of the Trading Surveillance Office alone has reduced the number of prohibited actions because it has created a powerful deterrence potential. – See outlier, watch list, compliance, false declaration, nominee, system securities watch application, whistleblower. – Cf. Annual Report 2009 of BaFin, p. 185 (reports of the supervisory authorities) as well as the respective annual report of BaFin, chapter “Supervision of Securities Trading and Investment Business”.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/