Follow-up obligations Open Market
Follow-up obligations Regulated Market
Overview
Analysts' Meeting
Briefly, you have to do the following:
- At least once a year
- hold an Analysts' Meeting
- separate of the press conference held for the purpose of announcing Annual Financial Statements’ figures.
Legal basis
The obligation to hold an Analysts' Meeting results from Sect. 55 of the Exchange Rules of the Frankfurter Wertpapierbörse (BörsO FWB).
Definition of the Analysts' Meeting
The Analysts' Meeting is an event held by the issuer for information purposes.
The meeting is meant to provide analysts with an option to question one or several members of the issuer’s management board or other key employees on issues regarding business activities as well as the proprietary, financial and profit situation of the issuer.
Requirements of the Analysts' Meeting
Generally the Analysts' Meeting has to be held in form of a compulsory attendance event i.e. the representatives of the issuer have to participate physically. However, the Analysts' Meeting is also acceptable if performed in form of a video or telephone conference.
The Analysts' Meeting has to be held separately from the accounts press conference (= press conference for announcing the figures from the Annual Financial Statements) as well as separately from the general shareholders meeting. The reasons for the compulsory decoupling of these events are the different tasks and functions they serve and the different addressees these events are directed to, which, in practice, would cause their cumulative performance to be deemed inappropriate.
The place for holding the Analysts' Meeting is determined by the issuer.
The issuer likewise decides in which language they wish to communicate with their analysts. Practically speaking, the issuer will select the language understood by all of their analysts as this is the prerequisite for true and meaningful evaluation and comments by the analysts on the issuer’s stock.
The Analysts' Meeting has to be held once a year. For determining the meeting’s regular circle, the issuer may refer either to the calendar year or their business year.
The date of the Analysts' Meeting has to be entered into the Financial Calendar, Sect. 54 Abs. 2 BörsO FWB. The Financial Calendar has to be published pursuant to the requirements in Sect. 54 paragraph 3 BörsO FWB and transmitted through the Exchange Reporting System-interface (ERS).
Obligated party according to Sect. 55 BörsO FWB
If certificates representing shares are admitted, the issuer of the represented stock is required to conduct an Analysts Meeting. The issuer of the certificates representing such stock, however, is of no relevance in these cases.
Contact person
Rule Enforcement
E-Mail: rule-enforcement@deutsche-boerse.com