Persons subject to the disclosure obligation 

Persons subject to the disclosure obligation are persons who have the duty to declare their shareholdings in an insider register. These persons are:

• members and deputy members of a company's board of directors and supervisory board
• managing director and deputy managing director
• auditor, deputy auditor and an employer of an audit organisation with main responsibility for the audit
• other persons in the company's board of directors who regularly obtain inside information and have the right to make decisions regarding the company's future developments and organisation of its business activities. A company is to define such persons itself. The persons referred to who are subject to the disclosure requirement may, for instance, be members of the management group or persons responsible for the key areas of activity.

Detailed provisions on persons subject to the disclosure obligation are included in the Securities Markets Act.

2 February 2010