GERMANY Law and Practice Contributed by: Rainer Wilke, Ingo Theusinger and Ralph Schilha, Noerr
The Federal Agency for Technical Relief ( Tech- nisches Hilfswerk , or THW) plays a crucial role in technical support during disasters and emer- gencies, providing equipment and personnel to assist local authorities in their response efforts. The federal government monitors and evaluates crisis response measures through reporting by the ministries and authorities involved, as well as through reviews and follow-up of operations to optimise future procedures. Each German state has its own disaster man- agement authority, which is responsible for implementing federal policies and co-ordinating local responses. It works closely with the federal government and local governments to ensure effective crisis management. Local governments play a key role in crisis man- agement, as they are responsible for the imple- mentation and realisation of specific measures. This includes the implementation of emergency plans, the co-ordination of local resources, and As part of their duties, public authorities are obliged to review their ability to respond ade- quately to crises. This ensures that effective action can be taken if necessary. The German Federal Financial Supervisory Authority ( Bundesanstalt für Finanzdienstleis- tungsaufsicht , or BaFin) plays an important role, ensuring that institutions in the financial sector have appropriate emergency and crisis plans in place. It is responsible for monitoring of such institutions’ financial stability. The Federal Network Agency ( Bundesnetzagen- tur , or BnetzA) ensures that critical infrastructure helping affected populations. 2.4 Independent Oversight
sectors such as energy, telecommunications and transportation meet specific security and pre- paredness standards. For public institutions, the Federal Office for Information Security ( Bunde- samt für Sicherheit in der Informationstechnik , or BSI) provides guidelines on IT security and resilience, and assesses measures to secure the digital infrastructure. Independent studies and audits contribute to the review of crisis prepar- edness and ensure that both private and public organisations have a suitable framework for cri- sis situations. 2.5 Transparency Requirements There are mandatory mechanisms to ensure public reporting and provide transparency in Germany. This includes but is not limited to sec- tor-specific disclosure requirements designed to create transparency in dealing with crises. For example, there is an ad hoc disclosure obligation in capital markets, and there are reporting obli- gations under the German Banking Act ( Kredit- wesengesetz , or KWG) for the granting of certain loans, with regard to ESG, as well as under the Freedom of Information Act ( Informationsfrei- heitsgesetz , or IFG). • The ad hoc disclosure obligation requires listed companies to promptly publish infor- mation that could significantly affect their share prices. This includes transparency about financial health and reporting on crises’ impacts, disclosing material risks from eco- nomic downturns or disruptions. This obliga- tion aims to ensure market transparency and prevent insider trading, as outlined in the European Market Abuse Regulation (MAR). In Germany, the BaFin enforces compliance, and violations can result in administrative penalties and significant fines. • According to Section 18 of the KWG, credit institutions are sometimes obliged to disclose
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