Official market
The official market (formerly also official trading ) was a stock exchange segment regulated in the German Securities Trading Act until November 1, 2007 . On that day, the Official Market was merged with the Regulated Market and all the securities contained in these segments were automatically transferred to the newly created Regulated Market segment .
background
A large part of the securities traded on the stock exchanges went on the official market. In contrast to the open market and the regulated market , only officially listed securities were permitted here.
The prices were determined by sworn brokers under public law in accordance with the exchange rules. The quotations (prices and sales) were published in a price sheet .
Admission requirements
A company had the following requirements for admission to the official market:
- The company had to be able to submit a registration prospectus with balance sheets , profit and loss account and cash flow statement for at least three years.
- The company had to issue at least 10,000 shares .
- The spread of the company's shares among the public had to be at least 25% ( Section 9 (1) BörsZulV ).
- The company had to immediately publish information about circumstances with significant course consequences ( ad hoc publicity ).
- The post-admission obligations included the publication of annual reports and interim reports for the first six months of a year ( Section 3 BörsZulV).
- The expected market value of the new issue had to be at least € 1.25 million ( Section 2 BörsZulV).
- The issuer had to exist as a company for at least three years and have published annual financial statements for three financial years.
- Application for admission ( § 48 BörsZulV):
- The applicants were the issuer and a companion.
- The application had to contain a draft prospectus as well as all of the evidence required to check the admission requirements.
- Listing publicity through
