»Disclosure of Inside Information, Corporate-Governance-Dimension and Personal Liability«: Based on a liability concept determined by EU law, this paper examines the requirements under the disclosure obligation of inside information pursuant to Art. 17 MAR and the associated responsibility of issuers for their knowledge, and outlines a tiered liability concept between issuers and the managements, in which the framework and requirements for internal and external liability of officers are defined and outlined in accordance with the proposed EU liability concept.