Prime Standard

Prime StandardThe premium segment for raising equity

The follow-up duties required in the Prime Standard exceed those of the General Standard and have to be fulfilled in addition to the latter. In other words, the Prime Standard sets the very highest transparency requirements of all segments at FWB® the Frankfurt Stock Exchange and, indeed, in all of Europe. The additional admission follow-up duties for the Prime Standard stand out not only for the higher transparency yardstick but above all by the fact that the requirements have always to be met in English, too. The Prime Standard is therefore the right choice for issuers who in particular want to appeal to international investors.

Moreover, inclusion in the DAX®, MDAX®, TecDAX® and SDAX® selection indices is reserved for issuers who have been admitted to the Prime Standard.

The Prime Standard is a segment of the Regulated Market with additional admission follow-up duties. The admission conditions and the individual follow-up duties are set out in the Exchange Rules for FWB® the Frankfurt Stock Exchange. On receipt of an application, the management of FWB® the Frankfurt Stock Exchange decides on approval for admission to the Prime Standard. The application can be submitted together with the application for admission to the Regulated Market (General Standard).

The step-by-step route to an exchange listing

The IPO Line gives you a clear impression of all the important steps when going public through to first price determination. They include the selection of the issue partners, structuring the IPO content, compiling all the necessary documents, placement, and admission to / commencement of trading.

Overview of content

Key follow-up obligations

The follow-up obligations attendant upon admission to the Regulated Market are applicable. The responsible authority for monitoring compliance with those follow-up obligations is the German Federal Financial Supervisory Authority (BaFin). In addition, issuers in the Prime Standard must fulfil the follow-up obligations outlined below and set by the Exchange Rules for the Frankfurter Wertpapierbörse (FWB):

  • Transmission of the annual financial report at the latest by four months after the end of a given financial year
  • Transmission of the half-yearly financial report within three months of the end of the reporting period
  • Transmission of the quarterly statement within two months of the end of the reporting period
  • At least once a year an analysts meeting outside the media conference in order to announce the figures from the annual accounts
  • Continuous updating, publication and transmission of a financial calendar with the most important corporate action events of the issuer 
  • Follow-up obligations are to be fulfilled in English and in German
  • Publication and notification of inside information shall be in English at the same time
  • All reports and documents shall be transmitted to Deutsche Börse AG via the Exchange Reporting System (ERS®)

 

You will find an exhaustive and clearly-structured list of all the key follow-up duties for the different segments in our interactive IPO Line “Being Public”. It covers the different formats for financial reporting and disclosure to investors of price-relevant information or the company profile.

Marktsegmente