Entry Standard
The Entry Standard of the Frankfurt Stock Exchange was a private law stock exchange segment according to § 48 Austrian Stock Exchange Act (Exchange Act) and a sub-segment of the legally defined open market , which the Frankfurt Stock Exchange Open Market is called.
The Entry Standard was comparable to the Alternative Investment Market on the London Stock Exchange in terms of its regulatory basis and its economic function as an entry segment into stock exchange trading .
history
After the end of the Neuer Markt , which was a technology segment for growth companies and which was closed in June 2003, market experts repeatedly asked for a stock exchange segment, as the Entry Standard is supposed to represent .
The Entry Standard existed since October 25, 2005. The first company listed in the Entry Standard was Design Bau AG from Kiel (today CD Deutsche Eigenheim AG ).
On March 1, 2017, the Entry Standard was replaced by the new Basic Board and Scale segments .
Admission and follow-up obligations
The requirements for the companies listed in the Entry Standard were in detail:
- a public offer (prospectus requirement)
- Minimum age of the company: 2 years
- Minimum share capital: € 750,000
- (arithmetical) nominal value per share: at least € 1
- Minimum free float of shares: 10%
- The company submits the application for inclusion together with a trading participant of the Frankfurt Stock Exchange, which must have the status of a credit institution or a financial services institution with a liable capital equivalent to € 730,000 in accordance with Section 32 (2) BörsG .
- The applying trading participant evaluates whether the company fulfills the special requirements (operating business, positive equity, investor relations) and provides evidence to Deutsche Börse AG.
Only companies that were already successfully listed on the Open Market and that met the relevant requirements could be admitted to the Entry Standard . The application for the inclusion of shares in the Entry Standard had to be submitted in writing to the Deutsche Börse and required, among other things, an ISIN applied for beforehand .
In accordance with the fee schedule of the Frankfurt Stock Exchange, the following costs arose for the admission of shares:
- 1,500 euros admission fee
- 5,000 euros annual listing fee
composition
Essential transparency and behavioral rules for the protection of investors, which are mandatory for organized markets such as Prime and General Standard according to EU guidelines, did not apply in the Entry Standard. However, the transparency requirements were higher than in the general open market .
The Entry Standard, whose target group were small and medium-sized companies across all sectors, represented an additional channel for raising equity on the one hand and was intended as an exit channel for the private equity sector on the other . On the investor side, the Entry Standard was primarily aimed at professional investors because of its significantly lower transparency requirements compared to the Prime and General Standard .
Individual evidence
- ↑ Deutsche Börse Group: FAQ catalog for Open Market / Entry Standard (on the Internet DBAG) . S. 20 ( PDF; 283 KB Accessed September 21, 2015).
- ↑ New SME segment Scale started ( Memento of the original from May 27, 2017 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Press release from Deutsche Börse, March 1, 2017.
- ↑ Börse specifies the rules for the new SME segment , Finance Magazin, December 14, 2016.
- ↑ Deutsche Börse Group - Entry Standard ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Deutsche Börse: What does a listing cost? ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
