Follow-up obligations Regulated Market

Follow-up obligations Open Market

Other follow-up obligations

Issuers must also comply with general EU regulations. For issuers in Scale and Basic Board, for example, the disclosure obligations of the Market Abuse Regulations are applicable.

Obliged are issuers

  • in Scale for shares
  • in Scale for corporate bonds
  • in Basic Board

In particular, this needs to be done:

  • insider information needs to be published (adherence of the ad-hoc publishing requirements)
  • insider lists need to be maintained
  • transactions for the own accounts of managers (Directors’ Dealings) need to be disclosed

Legal basis

The above mentioned obligations ("In particular, this needs to be done") derive directly from Art. 17, 18 and 19 of the REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market abuse regulation, MAR).

In addition to the obligations pursuant to the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market on Frankfurter Wertpapierbörse (GTC DBAG) described in detail in this IPO Line, issuers must in particular meet the follow-up obligations as set out in EU regulations. However, the German Federal Financial Supervisory Authority (BaFin) is responsible for the interpretation and supervision of these obligations.

Special feature in Scale: In order to promote small and medium-sized enterprises (SMEs), EU regulations facilitate the fulfilment of follow-up obligations in connection with a listing on an SME growth market. The alleviations are implemented in the relevant EU regulations and are applicable only in the context of a listing on an SME Growth Market. Since December 2019, Scale has been registered as an SME Growth Market. Issuers listed on the SME Growth Market Scale will be able to make use of alleviations in fulfilling follow-up obligations.

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