Follow-up obligations Regulated Market

Follow-up obligations Open Market

Permanent commissioning of a supporting capital market partner

Scale issuers must engage a supporting capital market partner for the entire period of inclusion. By commissioning a supporting capital market partner, issuers ensure that for the whole term of inclusion they receive the support and advice of a proven capital market expert on the market regulatory and statutory follow-up obligations associated with inclusion.

 Obliged are issuers

  • in Scale for equities 
  • in Scale for corporate bonds

Briefly, this needs to be done:

  • A contractual relationship according to Annex 1 with a supporting capital market partner must be maintained over the entire term of inclusion and
  • in the event of termination of this contractual relationship a new contract with a supporting Capital Market Partner has to be concluded within one month after the termination of the contract and
  • the DBAG has to be informed about the new contract.

Legal basis

In detail, the requirements result from

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

Permanent commissioning pursuant to Annex 1 of the General Terms and Conditions of DBAG

Pursuant to Annex 1 GTC DBAG, issuers in Scale must maintain a contractual relationship with a supporting capital market partner over the entire term of inclusion. In the event of termination of this contractual relationship, issuers must have a new partner under contract within a month and make a submission to Deutsche Börse AG.

Supporting capital market partners and their role

Supporting capital market partners can be, in addition to credit and financial services institutes, also legal counselling or accounting/auditing companies. They are acquainted with the necessary processes and requirements with regard to the follow-up obligations of issuers in Scale.

Pursuant to Annex 1 GTC DBAG, the supporting capital market partner is contractually obliged to brief issuers at least once a year and otherwise instruct and advise them continuously on the market regulatory and statutory inclusion follow-up obligations and also to support them when preparing and maintaining the required follow-up obligation documents and data.

Obligations with regard to the permanent commissioning of a capital market partner

For reporting requirements on terminating a contract and concluding a new contract with a supporting capital market partner, see Sect. 21 Paragraph 1 Let. g) cc) and dd) GTC DBAG. You will find information on this in the IPO Line – Being Public at Reporting and submission of changes.

Frequently asked questions

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

Deutsche Börse AG can grant an extension to issuers. Should the extended deadline also not be met, inclusion in Scale can be terminated without notice. The reason for termination is independent of culpability on the part of the issuer. 

Contact

Rule Enforcement

Phone +49 (0) 69 - 211 – 1 38 88
E-Mail: rule-enforcement@deutsche-boerse.com

Related links