Follow-up obligations Regulated Market

Follow-up obligations Open Market

Analyst and investor event

The analyst and investor event is an information event of the issuer. The aim of the event is to provide analysts and investors with the opportunity to ask one or more members of management or other employees in managerial roles questions about business operations and the asset, finance and earnings situation of the company.

Obliged are issuers

  • in Scale for equities 
  • in Scale for corporate bonds

Briefly, this needs to be done:

  • At least once a year the an analyst and investor event has to be conducted and
  • the date for the event and any appointment change has to be recorded in the Corporate Calendar

Legal basis

In detail, the requirements result from

  • Sect. 21 Paragraph 1 Let. e) GTC DBAG for issuers of shares and certificates representing shares in Scale
  • Sect. 22 and Sect. 21 Paragraph 1 Let. e) GTC DBAG for issuers of bonds in Scale.

Requirements for the event

The analyst and investor event is to be conducted as a face-to-face event i.e. representatives should be physically present. If this is not possible, other means of communication such as webcasting are allowed.

The event is to be aimed primarily at analysts and investors. It is not enough, for example, to hold a press conference that analysts and investors can attend along with journalists.

The issuer determines the location the analyst and investor event is to be held at.

Language requirements

There are no language requirements for the analyst and investor event. Issuers decide the language they want to speak to their analysts and investors in. However, it is advisable to select a language that all analysts and investors understand as only then are they able to make accurate and informed assessments and comments about the securities issued.

Time requirements

The analyst and investor event is to be held at least once a year. The cycle can be set to match either the calendar or the financial year.

If such an event took place already at the time at which the securities were included in Scale in the current financial year, this requirement is deemed as satisfied for the current financial year.

Updating dates in the corporate calendar

You will find information on the schedule management required for the analyst and investor event in the corporate calendar in this IPO Line at Corporate Calendar.

Frequently asked questions

How does Deutsche Börse AG sanction violations of this follow-up obligation?

Deutsche Börse AG can impose a contractual penalty on the negligent issuer. The precise amount of the penalty imposed by Deutsche Börse AG depends in particular on the duration and extent of the violation and the significance of the violation for the capital market.

Deutsche Börse AG may also publish the penalty imposed, naming the issuer and the specific violation, on its internet site.


Rule Enforcement

Phone +49 (0) 69 - 211 – 1 38 88

Related links