The Prime Standard is a partial segment of the Regulated Market bearing additional admission follow-up obligations. The access requirements and particular follow-up obligations are set forth in the Börsenordnung für die Frankfurter Wertpapierbörse [Exchange Rules for FWB]. The Management Board of Frankfurter Wertpapierbörse will decide upon application on the admission to the Prime Standard. The application may be submitted jointly with the application for admission to the Regulated Market (General Standard). Insolvency proceedings must not have been applied for or opened in respect of the company's assets. This applies accordingly for companies based abroad. Unless the Management Board has, beyond that, knowledge of circumstances indicating that the company will not or not orderly perform the additional follow-up obligations, the stock or certificates representing stock have to be admitted to the Prime Standard. Such circumstances are regularly presumed when a company, which has already admitted securities, has not fulfilled or not properly fulfilled its obligations arising from the admission.

The follow-up obligations applying to the Prime Standard exceed the follow-up obligations of the General Standard and have to be performed in addition to these. Thus, the Prime Standard at Frankfurter Wertpapierbörse and even all throughout Europe is the segment bearing the highest requirements.
The additional admission follow-up obligations of the Prime Standard are not only characterised by their higher degree of transparency requirements, but, above all, by the demand to comply with these requirements also in the English language as a rule. So the Prime Standard is the right choice for issuers who specifically wish to present their company to international investors.

You can find detailed information on the course of the admission procedure under the station “Admission Procedure“. For further information about the particular follow-up obligations of the Prime Standard, please see the corresponding stations of the “Being Public-Line”.

Issuers in General Standard meet the high transparency requirements of the Regulated Market without being specifically focused on international investment. Thus the General Standard is primarily meant for medium- sized and large companies who focus on mainly domestic investors.

In General Standard the statutory requirements for the EC-Regulated Market apply. The particular access requirements as well as the follow-up obligations are set forth in the Börsengesetz [German Stock Exchange Act], the Börsenzulassungs-Verordnung [German Stock Exchange Admission Regulation] as well as in the Börsenordnung für die Frankfurter Wertpapierbörse [Exchange Rules for the FWB]. The Management Board of Frankfurter Wertpapierbörse will decide upon application on the admission to the Regulated Market (General Standard).
You will find detailed information about the course of admission proceedings under the station “Admission Proceedure“. For more detailed information on the individual follow-up obligations of the General Standard please visit the corresponding stations of the “Being Public-Line”.

Moreover, you may also find helpful explanations in the issuers guidelines of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) [German Federal Agency for Financial Market Supervision].

Scale is a segment of the Open Market approved by Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange). The admission criteria and follow-up duties are to be found in the General Terms and Conditions of Deutsche Börse AG for participation in the Open Market for equity.

Admission is in response to an application by the issuer of the securities together with an Applying Deutsche Börse Capital Market Partner (bank or financial service institution). With its application, the co-applicant vouches for the completeness and accuracy of the statements made in the application and for the completeness of the documents submitted. The admission of securities to Scale constitutes a contractual legal relationship between Deutsche Börse AG and the issuer.

Certain obligations apply according to the Market Abuse Regulation and the German Securities Trading Act. The responsible authority for monitoring compliance with those follow-up obligations is the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority). In addition, issuers in Scale must fulfil the follow-up inclusion obligations set by Deutsche Börse AG.