Regulated market
The Regulated Market was a stock exchange segment established on the German stock exchanges in 1987 , which was replaced by the Regulated Market - together with the Official Market - with the introduction of the currently applicable Stock Exchange Act in November 2007 . The obligations associated with admission to the regulated market were lower than in the official market.
Admission and follow-up obligations
There were no obligations to publish prospectuses ( disclosure obligations ). Co-applicants also did not have to be credit institutions . It is sufficient if they are professionally qualified and able to prove the reliability of the issuer .
Trading on the regulated market was carried out by independent brokers . The price was determined in a similar way to the official market.
Different meaning
The Directive 2014/65 / EU on markets in financial instruments defined in Art. 4 para. 1 no. 21 a regulated market as "one operated by a market operator and / or managed multilateral system, the interests of one party buying and selling Merges or promotes merging of financial instruments within the system and in accordance with its non-discretionary rules in a manner that results in a contract in respect of financial instruments that have been admitted to trading in accordance with the rules and / or systems of the market and that have been approved and functions properly and in accordance with Title III of this Directive. "
In the German Securities Trading Act (WpHG) this corresponds to the definition of the organized market .
See also
Web links
- Regulated market of the German stock exchange
- Stock Exchange Act 2002 with its regulations relating to the regulated market