Stock Exchange Act (Germany)

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Basic data
Title: Stock Exchange Act
Abbreviation: BörsG
Type: Federal law
Scope: Federal Republic of Germany             
Legal matter: Commercial law
References : 4110-10
Original version from: June 22, 1896
( RGBl. P. 157)
Entry into force on: January 1, 1897
Last revision from: July 16, 2007
( BGBl. I p. 1330, 1351 )
Entry into force of the
new version on:
November 1, 2007
Last change by: Art. 61 G of November 20, 2019
( Federal Law Gazette I p. 1626, 1662 )
Effective date of the
last change:
November 26, 2019
(Art. 155 G of November 20, 2019)
GESTA : B030
Weblink: Text of the Stock Exchange Act  
Please note the note on the applicable legal version.

The German Stock Exchange Act (BörsG) is a law regulating business transactions on the stock exchange . The Stock Exchange Act only applies to stock exchanges that have been set up as unincorporated, public-law institutions, and to both securities and commodity exchanges. Because of this, the Stock Exchange Act is more of an administrative than commercial law character, even if the stock exchanges are sponsored by stock corporations and stock exchange transactions are structured under private law.

With the Financial Market Directive Implementation Act , the Stock Exchange Act was replaced by a new version on November 1, 2007.


Similar to trade fairs , merchants should regularly come together at stock exchanges in the same place, with a large number of transactions of (absent) goods, foreign exchange and securities taking place.

The legislature had already reacted to the immensely increased importance of stock exchange transactions for the national economy in 1896 (see basic data) with a stock exchange act. In it, futures trading was banned for certain areas and a futures register was required for futures that are still permitted. A difference objection was also admitted, which enabled the loser of a futures bet to refuse to pay the losses from the futures transaction. This law was not weakened until 1908, despite massive protests from stock exchange traders. In the 20th and 21st centuries there were several changes to the stock exchange law. The latter often resulted in the deregulation of the markets, that is, less state control.

Regulatory content

The Stock Exchange Act initially deals with the establishment and supervision of stock exchanges ( Section 1 BörsG). The establishment of a stock exchange requires approval, it is regulated by the Securities and Exchange Commission , when (the Ministry of Economy as a rule) acts by the supreme state authority.

It is the responsibility of the exchange to operate a trading surveillance office ( § 7 BörsG) and to form an exchange council ( § 12 BörsG). A management board must be appointed for ongoing business. The Exchange Council is also responsible for issuing exchange regulations.

According to § 24 of the Exchange Act of stock market price is determined.

Approval / approval requirements

The §§ 27 et seq. BörsG treat approval requirements for lead brokers and securities and their issuers. Since June 1, 2012, the liability bases for incorrect stock exchange prospectuses within the meaning of the Securities Prospectus Act have been regulated in §§ 21 ff. WpPG. In the course of this, Sections 44–47 BörsG were repealed. Further admission regulations for securities are regulated in the Stock Exchange Admission Ordinance (BörsZulV).

Penal regulations

According to § 49 BörsG, "anyone who, contrary to § 26 (1) BörsG, induces others to speculate on the stock exchange or to participate in such a transaction is punished with imprisonment of up to three years or [...] with a fine ". The Stock Exchange Act is therefore part of ancillary criminal law . The market manipulation is to §§ 119 and 120 WpHG in conjunction with the market abuse regulation , the investment fraud by § 264a StGB prosecution.

Further regulatory requirements

For other violations of the BörsG, administrative fines have been issued ( Section 50 BörsG). Transitional regulations can be found in Section 52 BörsG.

Web links

Wikisource: Stock Exchange Act (1896)  - Sources and full texts
Wikisource: Stock Exchange Act (1908)  - Sources and full texts