Follow-up obligations Open Market
Follow-up obligations Open Market
Overview
Permanent commissioning of a supporting capital market partner
Briefly, this needs to be done:
- A contractual relationship according to Annex 1 with a supporting capital market partner must be maintained over the entire term of inclusion and
- in the event of termination of this contractual relationship a new contract with a supporting Capital Market Partner has to be concluded within one month after the termination of the contract and
- the DBAG has to be informed about the new contract.
Legal basis
This obligation is regulated in the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (GTC DBAG).
In detail, the requirements result from
- Sect. 21 Paragraph 1 Let. f) GTC DBAG for issuers of shares and certificates representing shares in scale
- Sect. 22 and Sect. 21 Paragraph 1 Let. f) GTC DBAG for issuers of bonds in scale
Permanent commissioning pursuant to Annex 1 of the General Terms and Conditions of DBAG
Pursuant to Annex 1 GTC DBAG, issuers in Scale must maintain a contractual relationship with a supporting capital market partner over the entire term of inclusion. In the event of termination of this contractual relationship, issuers must have a new partner under contract within a month and make a submission to Deutsche Börse AG.
Supporting capital market partners and their role
Supporting capital market partners can be, in addition to credit and financial services institutes, also legal counselling or accounting/auditing companies. They are acquainted with the necessary processes and requirements with regard to the follow-up obligations of issuers in Scale.
Pursuant to Annex 1 GTC DBAG, the supporting capital market partner is contractually obliged to brief issuers at least once a year and otherwise instruct and advise them continuously on the market regulatory and statutory inclusion follow-up obligations and also to support them when preparing and maintaining the required follow-up obligation documents and data.
Obligations with regard to the permanent commissioning of a capital market partner
For reporting requirements on terminating a contract and concluding a new contract with a supporting capital market partner, see Sect. 21 Paragraph 1 Let. g) cc) and dd) GTC DBAG. You will find information on this in the IPO Line – Being Public at Reporting and submission of changes.
Frequently asked questions
How does Deutsche Börse AG sanction violations of this follow-up obligation?
Deutsche Börse AG can grant an extension to issuers. Should the extended deadline also not be met, inclusion in Scale can be terminated without notice. The reason for termination is independent of culpability on the part of the issuer.
Contact
Rule Enforcement
Phone +49 (0) 69 - 211 – 1 38 88
E-Mail: rule-enforcement@deutsche-boerse.com