Listing process Regulated Market

IPO lineRegulated Market

For admission to listing in the Regulated Market, statutory EU-uniform requirement and follow-up obligations have to be met. At Frankfurter Wertpapierbörse you may choose between the General Standard and the Prime Standard, the sub segment with higher transpareny requirements.

Prime Standard

The Prime Standard is the sub segment of the Regulated Market where you have to comply with transparency requirements exceeding those of the General Standard. The Prime Standard is tailored to suit companies wishing to position themselves specifically towards international investors.

Detailed information Prime StandardListing process Prime Standard

General Standard

The General Standard is the segment where you have to guarantee the legal minimum of transparency in EU-regulated market. Primarily, the General Standard is meant for medium-sized and large companies focusing on domestic investors.

Detailed information General StandardListing process General Standard

Detailed information Prime Standard

The Prime Standard is a partial segment of the Regulated Market bearing additional admission follow-up obligations. The access requirements and particular follow-up obligations are set forth in the Börsenordnung für die Frankfurter Wertpapierbörse [Exchange Rules for FWB]. Thee Management Board of Frankfurter Wertpapierbörse will decide upon application on the admission to the Prime Standard. The application may be submitted jointly with the application for admission to the Regulated Market (General Standard). Unless the Management Board has knowledge of circumstances indicating that the company will not or not orderly perform the additional follow-up obligations, the stock or certificates representing stock have to be admitted to the Prime Standard. As a rule, such circumstances generally will be presumed if the company, for example, submitted an application for institution of insolvency proceedings.

The follow-up obligations applying to the Prime Standard exceed the follow-up obligations of the General Standard and have to be performed in addition to these. Thus, the Prime Standard at Frankfurter Wertpapierbörse and even all throughout Europe is the segment bearing the highest requirements.
The additional admission follow-up obligations of the Prime Standard are not only characterised by their higher degree of transparency requirements, but, above all, by the demand to comply with these requirements also in the English language as a rule. So the Prime Standard is the right choice for issuers who specifically wish to present their company to international investors.

Moreover, also the acceptance into the selection indices DAX®, MDAX®, TecDAX® and SDAX® is limited to issuers who are admitted to trading in Prime Standard.

You can find detailed information on the course of the admission procedure under the station “Admission Procedure“. For further information about the particular follow-up obligations of the Prime Standard, please see the corresponding stations of the “Being Public-Line”.

Detailed information General Standard

Issuers in General Standard meet the high transparency requirements of the Regulated Market without being specifically focused on international investment. Thus the General Standard is primarily meant for medium- sized and large companies who focus on mainly domestic investors.

In General Standard the statutory requirements for the EC-Regulated Market apply. The particular access requirements as well as the follow-up obligations are set forth in the Börsengesetz [German Stock Exchange Act], the Börsenzulassungs-Verordnung [German Stock Exchange Admission Regulation] as well as in the Börsenordnung für die Frankfurter Wertpapierbörse [Exchange Rules for the FWB]. The Management Board of Frankfurter Wertpapierbörse will decide upon application on the admission to the Regulated Market (General Standard).
You will find detailed information about the course of admission proceedings under the station “Admission Proceedure“. For more detailed information on the individual follow-up obligations of the General Standard please visit the corresponding stations of the “Being Public-Line”.

Moreover, you may also find helpful explanations in the issuers guidelines of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) [German Federal Agency for Financial Market Supervision].

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