General Standard

The General Standard is a private law stock exchange segment of Deutsche Börse AG, which is based on the regulated market regulated.

History

Because since 2007, with the regulated market were more stringent admission requirements than in the previous regulated market, with the General Standard and businesses small and medium size (SMEs ) should the IPO will be possible since the requirements for minimum capital and unit volume are lower. It is often used as a precursor for the introduction of the regulated market.

For all equity securities General All-Share (ISIN DE000A0S3CV0, WKN A0S3CV ) established a performance index under the name of which is to represent the development of all member companies on the stock exchange.

At the end of 2007 350 companies were listed in the General Standard. In addition, there were 404 companies that were listed in the Prime Standard at the time. In July 2012 253 companies were listed in the General Standard.

Authorization and ongoing obligations

In principle, for listing in the General Standard apply the requirements for admission to the Regulated Market. These include:

  • Publication of ad -hoc reports
  • Application of international accounting standards (IFRS / IAS or US- GAAP)
  • Publication of an interim report

According to the fee structure of the Frankfurt Stock Exchange created for the admission of shares following costs:

  • 3,000 euros admission fee
  • 2,500 Euro introduction fee
  • 7,500 Euros annual listing fee

General Standard vs. Entry Standard

Besides the fact that the general is in contrast to the exchange-regulated Entry Standard Standard regulated by law, there are a number of other higher transparency requirements that requires this market segment:

  • Annual reports shall be published no later than 4 months after the end of (6 -month period during the Entry Standard )
  • Semi-annual reports shall be published no later than two months after the end of (3 -month period during the Entry Standard)
  • For the 1st and 3rd quarter interim reports must be submitted
  • Ad- hoc disclosure obligation (WpHG )
  • Disclosure of directors' dealings (WpHG )
  • Announcement of reporting thresholds (WpHG )
  • Mandatory offer in change of control
  • Entry Standard = 5000 EUR / year; General Standard = 7500 EUR / year

Also, there are already higher admission requirements:

  • At least 25 % of the shares must be held in free float
  • The company must have existed for at least 3 years
  • There is a general prospectus requirements

While a lead broker must be appointed at the admission to the Open Market and Entry Standard, it is automatically determined in case of admission to the General and Prime Standard of the stock market.

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