Apply for permission to set up a stock exchange

Prerequisites

You submit the application for a license to the stock exchange supervisory authority in writing. Please refer to the Stock Exchange Act (BörsG) for the requirements.
The stock exchange supervisory board may request further information from you in order to examine your application.

Documents required

• Evidence of the funds required for stock exchange operations pursuant to Section 5 (5) of the Stock Exchange Act;
• The names of the managing directors of the sponsor of the stock exchange as well as information required to assess the reliability and professional suitability of these persons;
• A business plan showing the nature of the planned transactions and the organizational structure and the planned internal control procedures of the operator of the exchange, as well as the rules and regulations of the exchange;
• Information on the ownership structure of the operator of the stock exchange, in particular on the owners of significant holdings within the meaning of Section 6 (6) of the Stock Exchange Act and the size of their holdings;
• Information required to assess the reliability of holders of significant holdings. If the owner of a significant holding is a legal person or commercial partnership, the facts that are essential for assessing the reliability of his/her legal or statutory representative or general partner are to be stated.

The stock exchange supervisory authority may require you to submit additional documents.

Please note

The obligations of the stock exchange operator result from Section 5 of the Stock Exchange Act.

Deadlines

Once the permit has been granted, you have one year to set up the exchange, otherwise the permit expires.

Procedure

• You submit the required documents to the stock exchange supervisory authority.
• The competent stock exchange supervisory authority is the authority in the country in whose territory the stock exchange is to be located.
• The stock exchange supervisory authority checks whether the requirements for admission to the stock exchange are met. Additional information can be requested if necessary.
• The approval or rejection of the stock exchange supervisory authority takes place in writing by post.
• A permit expires if the exchange does not start operations within one year.
• The stock exchange supervisory authority can subsequently impose conditions or revoke a license (section 4 (5) of the Stock Exchange Act).

Processing time

The processing time of the stock exchange supervisory authority depends on the type and scope of the application made.

Fees

• fixed costs


• budget (range)

according to the respective state administrative cost regulations

Legal remedies

No

Legal basis

§§ 4 to 6 of the Stock Exchange Act (BörsG)


( www.gesetze-im-internet.de/b_rsg_2007/index.html )

The stock exchange supervisory authority can permit you to set up a stock exchange upon application.