Frankfurt announces the new rules for the Open Market and Entry Standard today.<\/p>\n
In summary, the First Quotation board will close down as of Dec 15, 2012. The requirements for inclusion in the Entry Standard will be tightened effective July 1, 2012. New requirements include a prospectus, operations for at least two years, and nominal equity capital of \u20ac 750,000. Nominal value per share must be \u20ac 1 and minimum free float must be ten percent.<\/p>\n
In addition once a company is accepted to the Entry Standard it must provide a half-yearly financial statement along with abbreviated balance sheet, profit and loss statement, notes and management report.<\/p>\n
Here is the complete text of the announcement:<\/p>\n
Central Circular Management
\nTel.: +49-(0) 69-2 11-1 96 20, Fax: +49-(0) 69-2 11-1 40 32
\nE-Mail: circular.xetra@deutsche-boerse.com Internet: www.xetra.com
\nChairman of the
\nSupervisory Board
\nDr. Manfred Gentz
\nExecutive Board
\nReto Francioni
\n(Chief Executive Officer)
\nAndreas Preuss
\n(Deputy Chief Executive Officer)
\nFrank Gerstenschl\u00e4ger
\nMichael Kuhn
\nGregor Pottmeyer
\nJeffrey Tessler
\nAktiengesellschaft
\nmit Sitz in
\nFrankfurt\/Main
\nHRB Nr. 32232
\nAmtsgericht
\nFrankfurt\/Main
\nTo all Companies participating in the Regulated Unofficial Market (Open Market) at Frankfurter Wertpapierb\u00f6rse (FWB\u00ae, the Frankfurt
\nStock Exchange)<\/p>\n
April 5, 2012
\nOpen Market Circular No. 02\/12
\nNew Segmentation in Open Market<\/p>\n
Dear Sir or Madam,<\/p>\n
In our circular from February 6, 2012, we informed you about measures planned in Regulated Unofficial Market (Open Market). Immediately afterwards, consultations with market participants took place which returned a pleasantly large number of proposals that were handed in. After evaluation of the proposals and in close coordination with the Hessian Exchange Supervisory Authority and the German Federal Financial Supervisory Authority (Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht) we hereby present the results and announce the envisaged structure.<\/p>\n
First Quotation Board<\/strong><\/p>\n The First Quotation Board in its current form shall be closed effective December Requirements for inclusion<\/strong><\/p>\n In future, access to Entry Standard will always require a public offering, hence a For inclusion, the issuer must have existed as a company for at least two years Requirements arising from inclusion<\/strong><\/p>\n The requirements arising from inclusion for companies in Entry Standard are During the period of inclusion, the function of the Deutsche B\u00f6rse Listing Partner Quotation Board<\/strong><\/p>\n As of October 1, 2012, besides bonds and funds, only shares or certificates Frankfurt announces the new rules for the Open Market and Entry Standard today. In summary, the First Quotation board will close down as of Dec 15, 2012. The requirements for inclusion in the Entry Standard will be tightened effective July 1, 2012. New requirements include a prospectus, operations for at least two years, and nominal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-1132","post","type-post","status-publish","format-standard","hentry","category-frankfurt-listings"],"_links":{"self":[{"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/posts\/1132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/comments?post=1132"}],"version-history":[{"count":7,"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/posts\/1132\/revisions"}],"predecessor-version":[{"id":1139,"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/posts\/1132\/revisions\/1139"}],"wp:attachment":[{"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/media?parent=1132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/categories?post=1132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/artfieldinvestmentsrdinc.info\/blog\/wp-json\/wp\/v2\/tags?post=1132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n15, 2012. Until this date, investors have sufficient opportunities to sell shares they
\nhold via the exchange.
\nMoreover, prior to this date, issuers in First Quotation Board have the opportunity
\nto change to another segment, provided the relevant requirements for access are
\nfulfilled.
\nEntry Standard
\nIn order to significantly improve involvement of the issuers and maintain the
\nquality of the segments, the requirements for access as well as obligations arising
\nfrom inclusion in Entry Standard shall be tightened with effect from July 1, 2012.<\/p>\n
\nprospectus. The requirement of a prospectus does not apply for companies
\nalready listed in Entry Standard (so-called \u201cgrandfathering\u201d) and for companies
\nwhich change from Regulated Market to Entry Standard, provided they provably
\nfulfilled their disclosure requirements in the past. Also for issuers in First Quotation
\nBoard who in the context of the last tightening of requirements (i.e. since
\nFebruary 15, 2011) provided a prospectus which, at the time of changing to Entry
\nStandard, is not older than 18 months, no public offering and therefore no new
\nprospectus will be required.
\nIn future, the application for inclusion must be submitted by the issuer together
\nwith a Trading Member of the Frankfurt Stock Exchange with the status of a
\ncredit institution or financial services institution according to \u00a7 32 Paragraph 2 of
\nthe German Stock Exchange Act (B\u00f6rsengesetz) with a liable equity capital in the
\nequivalent of \u20ac730,000. The issuer will become a direct contractual partner of
\nDeutsche B\u00f6rse AG and will be responsible for fulfilment of requirements arising
\nfrom inclusion.<\/p>\n
\nand have a nominal capital of at least \u20ac750,000. The (arithmetical) nominal value
\nper share must be \u20ac1 and the minimum free float must be ten percent.
\nThe applying Trading Member shall evaluate if a given company is generally
\nready for the capital market. I.e. the Trading Member will examine if the issuer is
\nsufficiently informed about the capital market, about rights and obligations and
\ncorporate governance. They will also check that the company is no cash shell and
\nthat sufficient preparations have been made regarding a risk control system,
\nreporting system etc. and, where required, recommend appropriate measures. The
\nTrading Member must provide evidence to Deutsche B\u00f6rse AG for the issuer\u2019s
\nreadiness for the capital market.<\/p>\n
\ntightened in a way that issuers, in addition to the yearly financial statement, must
\nin future provide a half-yearly financial statement with abbreviated balance sheet,
\nprofit and loss statement, notes and management report. All requirements arising
\nfrom inclusion must in future be fulfilled directly by the issuer and fulfilment
\nmust be performed by submitting documents in electronic form to Deutsche
\nB\u00f6rse AG. This also applies for issuers whose shares or certificates representing
\nshares are already included in Entry Standard. Violations may lead to contractual
\npenalties or termination of inclusion.<\/p>\n
\nis that of a capital market coach who continually advises the issuer on essential
\ndevelopments in the capital market and likewise on disclosure requirements.<\/p>\n
\nrepresenting shares will be included in the Quotation Board which are listed at
\nanother domestic or foreign exchange-like trading place recognized by Deutsche
\nB\u00f6rse (as is the case in the current Second Quotation Board). In future, the
\nSpecialist will take over the role of the Applicant. The Specialist ensures
\ntradability of the security by providing liquidity and undertakes to inform
\nDeutsche B\u00f6rse immediately about corporate actions and provide other relevant
\ninformation. Violations lead to termination of inclusion or contractual penalties.
\nIn order to ensure compliance with the new requirements, inclusion of all
\nsecurities in Open Market, with the exception of securities in Entry Standard and
\nfunds, will be terminated on October 1, 2012 effective December 15, 2012. For
\nSpecialists who wish to retain these securities and are able to provide evidence of
\na primary listing at a trading place approved as exchange-like, a so-called \u201cgrandfathering\u201d
\nwill be applied at re-inclusion. Through legal opinions, evidence may
\nbe provided that an alternative trading place also fulfils the criteria for being
\nacknowledged as exchange-like trading place, whereby such trading place will
\nbe added to the list of exchange-like trading places.
\nBesides the Specialist, who is mandatory in Open Market, i.e. both in Entry
\nStandard and in Quotation Board, also a Designated Sponsor can act as additional
\nliquidity provider. In future, allocation of Specialists in Entry Standard will in
\ngeneral follow the allocation in Regulated Market.
\nPlease do not hesitate to call the Listing Team on tel. +49-(0) 69-2 11-1 35 55
\nfor any questions you may have.
\nYours faithfully
\nFrank Gerstenschl\u00e4ger Alexander H\u00f6ptner<\/p>\n","protected":false},"excerpt":{"rendered":"