Stock Exchange Act (Germany)
|Title:||Stock Exchange Act|
|Scope:||Federal Republic of Germany|
|Legal matter:||Commercial law|
|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
|November 26, 2019
(Art. 155 G of November 20, 2019)
|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.
The Stock Exchange Act initially deals with the establishment and supervision of stock exchanges ( Securities and Exchange Commission , when (the Ministry of Economy as a rule) acts by the supreme state authority.BörsG). The establishment of a stock exchange requires approval, it is regulated by the
It is the responsibility of the exchange to operate a trading surveillance office ( BörsG) and to form an exchange council ( BörsG). A management board must be appointed for ongoing business. The Exchange Council is also responsible for issuing exchange regulations.
Accordingof the Exchange Act of stock market price is determined.
Approval / approval requirements
The 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 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).BörsG treat approval requirements for
Further regulatory requirements
For other violations of the BörsG, administrative fines have been issued (BörsG). Transitional regulations can be found in BörsG.