Tax Authority

Apply for admission of securities to the Regulated Market

Prerequisites

Your company has been in existence for at least 3 years.

They disclose the annual financial statements for the last 3 financial years.

Depending on the type, the securities have certain minimum amounts with regard to:

- expected share price,

- Equity capital,

- Total nominal amount or number of units.

The securities are freely tradable.

The denomination of the securities, in particular the smallest denomination and the number of securities, correspond to the requirements of stock market trading and the expectations of investors.

Their shares are sufficiently diversified to allow for broad trading.

Documents required

- Certificate of approval from the Federal Financial Supervisory Authority (BaFin) or the competent authorities of other member states of the European Economic Area (EEA)

- Copy of the global certificate or collective certificate for securities

- Articles of Association or partnership agreement in their currently valid version • Certified extract from the commercial register up to date

- Certificates of approval, if

- the founding of the issuer,

- the exercise of his business activities or

- the issuance of the securities requires government approval

- Evidence of the legal basis for the securities issuance

- Annual financial statements and management reports for the last 3 financial years, including the auditors' reports

Please note

In addition to the formal steps, there are other important aspects to consider when listing securities on the stock exchange:

1. Regulatory requirements

Prospectus requirement: In addition to the approval of the prospectus by the Federal Financial Supervisory Authority (BaFin), it must also be regularly updated if significant information changes.

Obligations after admission: After admission, you are required to publish regular financial reports (quarterly reports, annual financial statements) and to communicate significant events that could affect the value of the securities via ad hoc announcements. This serves the purpose of transparency and informing investors.

2. Transparency requirements

Corporate Governance: You must meet certain corporate governance standards. These include rules on corporate management, the responsibility of company leadership, and adherence to ethical standards.

Insider trading: You must ensure that insider information that could influence the price of securities is not used unlawfully. Insider trading is strictly prohibited and is prosecuted by regulatory authorities.

3. Select stock market segment

Depending on the size of your company and your requirements, you can choose different market segments:

- Prime Standard: Highest transparency requirements, often used by large companies to attract international investors.

- General Standard: Lower requirements than the Prime Standard, suitable for companies that focus on domestic investors.

- Open Market: Less regulated, with lower requirements, but also a higher risk for investors. The open market is often attractive for smaller or young companies.

In addition to the registration fees, there are also costs for preparing the prospectus, consulting services from law firms or investment banks, and potentially for complying with ongoing transparency requirements. These costs should be factored in from the outset.

Deadlines

You need approval before you are allowed to trade securities on the stock exchange.

Procedure

They are joining forces with one of the following cooperation partners:

- a credit institution,

- a financial services institution,

- a securities institution,

- a branch of a foreign company in Germany that provides banking or financial services, or

- a German branch of a CRR credit institution headquartered in the European Economic Area (EEA).

- You prepare a securities prospectus that contains all essential information about the security and the company.

- You have this prospectus approved or notified by the Federal Financial Supervisory Authority (BaFin). - You publish the prospectus before the security is listed on the stock exchange.

Together with your cooperation partner, you submit the application for the admission of the security to the competent authority. You submit it with the required documents, including the approved prospectus.

The responsible authority will review your application and documents. If necessary, they will request further documents or information from you.

- The responsible authority will examine the securities and decide on your application.

- You will receive a notification.

- You will receive a fee notice.

- You pay the fees.

Processing time

Processing the application for listing can take some time, depending on the complexity of the securities and the number of documents submitted. Please allow sufficient time, especially if the IPO or launch is scheduled for a specific date.

Fees

Fees apply.

Legal remedies

- Contradiction


- administrative court action

Legal basis

Section 32 paragraph 1 of the Stock Exchange Act (BörsG)


( https://www.gesetze-im-internet.de/b_rsg_2007/__32.html )




Stock Exchange Admission Regulations


(https://www.gesetze-im-internet.de/b_rszulv/)




EU Prospectus Regulation 2017/1129


( https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:32017R1129 )