Frankfurt Stock Exchange Update

By Ben Hedenberg
last updated Sunday, April 4, 2012

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 activities.

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 issued
•  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.

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