Access & Application

Access & Application

Regulated Market

Admission procedure

The admissions procedure is set in motion with a written admission application, filed by the company together with the syndicate bank. The syndicate bank as co-applicant must be a credit institution, financial services institution or a company that performs its business activities pursuant to sect. 53 para. 1 clause 1 or sect. 53 b para. 1 clause 1 of the German Banking Act (KWG) and must be admitted for trading on a German securities exchange and be able to verify having liable equity capital equivalent to at least €730,000, cf. sect. 32 of the Stock Exchange Act (BörsG) in conjunction with sect. 45 of the Exchange Rules for FWB® the Frankfurt Stock Exchange (BörsO FWB®).

The admission application must be signed by all applicants, although authorization is permissible, and submitted with the relevant (supporting) documents. Sect. 48 para. 1 of the Stock Exchange Admissions Regulation (BörsZulV) sets out the requirements of the admission application. The documents to be submitted are listed in sect. 48 para. 2 BörsZulV.

Deutsche Börse has designed an application form to serve as an aid for applicants. The form contains categories of information generally required plus a checklist in the appendix listing documents to be submitted and as such offers the company and the co-applicant valuable help in the application process.

Companies submitting an application for admission to the Regulated Market (General Standard) can simultaneously apply for admission to Prime Standard, the sub-segment of the regulated market with additional post-admission obligations.

Issuer obligations

The following information have been set up to ensure compliance of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, “FWB”) with Art. 7 of the COMMISSION DELEGATED REGULATION (EU) 2017/568 (“RTS 17”) of 24 May 2016 supplementing Directive 2014/65/EU (“MiFID II”) of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets.

As per Art. 7 RTS 17 the FWB shall adopt and publish on its website procedures for verifying compliance by an issuer of a transferable security with its obligations under Union law. The FWB shall further ensure that an issuer is made aware of the Union law obligations upon admission to trading of that issuer's transferable security and at the issuer's request.


  1. Upon each issuer’s application for admission to trading the FWB points out the existence of obligations under Union law which will arise in the context of being public.

    At the same time issuers will be provided with a reference to this website and the “Overview of Prospectus, Post-Admission and Transparency Obligations” which can be obtained here. The purpose of the document is to give a brief overview of the relevant obligations under Union law.

    In the standard application form for admission to trading issuers and/or co-applicants shall confirm the below:

    “Confirmation according to article 7 paragraph 1 and 4 delegated regulation (EU) 2017/568 (RTS 17) supplementing the directive 2014/65/EU (MiFID II)

    [ ] The issuer of the securities to be admitted was informed about his obligations under union law. The issuer took notice from this overview.”

  2. Issuers should study the information carefully and are generally obliged to comply with the rules and regulations outlined in this overview. Issuers should also be aware that this document does only contain basic information on the legal obligations and may not cover all obligations applicable dependent on the issuers individual situation such as seat or further admissions of financial instruments at other regulated markets. Therefore, FWB recommends that issuers shall seek legal advice to ensure that their individual situation will be taken into account and is reflected accordingly.

  3. To ensure that issuers take the necessary steps, the FWB, in accordance with sec. 41 of the German Stock Exchange Act, will from time to time request explanations from the issuers regarding the status of their compliance with the obligations under Union law.

  4. In case, such request for information is made by the FWB the issuer shall provide a confirmation regarding the compliance with its Union law obligations. In case of any breach of such obligations the issuer shall explain the reasons for such breach.

Open Market, Freiverkehr

Pursuant to sect. 17 et seq. of the General Terms and Conditions of Deutsche Börse AG for the regulated unofficial market at the Frankfurter Wertpapierbörse (AGB FV), the inclusion of securities in Scale requires the application of the issuer together with an Applying Deutsche Börse Capital Market Partner.

Applying Deutsche Börse Capital Market Partners are bank institutions, financial services institutions or companies which operate according to sect. 53 para. 1 clause 1 of the Banking Act (KWG) or sect. 53 b para. 1 clause 1 KWG, that have been recognised as Applying Deutsche Börse Capital Market Partners by Deutsche Börse AG.

Applications for the inclusion of shares in the regulated unofficial market of FWB® the Frankfurt Stock Exchange are filed in electronic form since the introduction of the E-Listing Open Market. In the light of digital communication, both application filing and application handling can be processed faster. The filing of the application for the inclusion of securities in Scale is performed in the E-Listing Open Market by the Applying Deutsche Börse Capital Market Partner, who is authorised to do so by the issuer. The issuer itself has no access to the E-Listing tool.

Shares or certificates representing shares that are already admitted on another German or international exchange-like trading venue recognised by Deutsche Börse AG can be included on the Quotation Board. The application for inclusion can be filed by a trading participant admitted to the FWB who is also a specialist in the trading model “Continuous auction with specialist”.


Additional Information


We recommend you contact us in good time prior to your IPO to clarify details relating to the admissions procedure, also with

regard to your time schedule:

Listing Services


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