Exchange rules

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The Exchange Rules are statutes under public law that must be issued by the Exchange Council of each exchange in accordance with Section 12 (2) No. 1 BörsG .

Content provisions

The minimum content is determined in accordance with § 16 BörsG, with the stock exchange assuming a special role here. Stock exchange practices , terms and conditions and other rules of conduct can, but do not have to be, included. A fee schedule is not to be included in the exchange regulations. It is to be issued independently in accordance with § 17 BörsG. The exchange regulations also regularly contain regulations for the admission of persons to visit and participate in the exchange. The lead brokers can also be prompted to provide collateral by the provisions of the Exchange Rules in accordance with Section 20 (1) BörsG.

Formal-legal procedure

Since the stock exchange regulations are public statutes of an institution with no legal capacity (stock exchange), the way to the administrative courts according to § 2 para. 4 BörsG is opened. However, it does not acquire full legal capacity through the power to sue and be sued.

Stock exchange supervisory authority

The stock exchange supervisory authority is a supreme state authority according to § 3 sentence 1 BörsG . In Germany, responsibility is therefore determined by the federal states .