New terms and conditions
On February 6, 2012 Deutsche
Börse AG („DBAG“) published in a circular (Open Market Circular Nr.
01/12) that the First Quotation Board (“FQB”) of the regulated
unofficial market (“Open Market”) will be discontinued by the end of
the third quarter of 2012. This measure is a response to alleged market
manipulations on the FQB. Concerning this matter, the Federal Agency
for Financial Market Supervision (“BaFin“) has already published
warnings on its website for several times. The amendments of the
General Terms and Conditions of DBAG for the Open Market on the
Frankfurt Stock Exchange (“FSE-GTC”) resolved by DBAG about one year
ago have obviously not been sufficient (for further details regarding
these previous amendments to the FSE-GTC, please also refer to our
Client Alert dated February 3, 2011) to prevent respective illegal
FSE will sign off all the members of the first quotation and second
quotation board by 15th December 2012. The latest information on future
listing requirements include following new terms and conditions for the
“Entry Standard” with effect from 1st July 2012:
• A Public Offering will be obligatory (prospectus required)
• Direct contract between issuer and FSE
• Companies will need to have 2 years history
• Equity capital required will be a minimum of 750,000.00 EUR
• 1.00 EUR nominal value (calculated nominal ) per share
• Free float minimum of 10%
• Electronic transfer of data on interim report figures directly
to the FSE.
These far-reaching measures will affect about 450 companies, which are
currently included in the FQB on the Frankfurt Stock Exchange (“FSE”).
Among those companies are in particular issuers from Germany, Canada,
England, Switzerland and the United States.
Angel, Private Investor, Venture Capital, or Institutional