Admission procedure

The admissions procedure is initiated by an application via the eListing Platform. 

The admission application must be approved via the eListing Platform by all applicants, although authorization is permissible, and submitted with the relevant (supporting) documents. Sect. 48 para. 1 of the Stock Exchange Admissions Regulation (BörsZulV) sets out the requirements of the admission application. The documents to be submitted are listed in sect. 48 para. 2 BörsZulV.

The eListing Platform requests information generally required as well as listing documents to be submitted for the respective application and security type and as such offers the company valuable help in the application process.

Companies submitting an application for admission to the Regulated Market (General Standard) can simultaneously apply for admission to Prime Standard, the sub-segment of the regulated market with additional post-admission obligations.

Detailed information on how to access the eListing platform and a description of how to apply can be found in the user manual.

Issuer obligations

The following information have been set up to ensure compliance of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, “FWB”) with Art. 7 of the COMMISSION DELEGATED REGULATION (EU) 2017/568 (“RTS 17”) of 24 May 2016 supplementing Directive 2014/65/EU (“MiFID II”) of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets.

As per Art. 7 RTS 17 the FWB shall adopt and publish on its website procedures for verifying compliance by an issuer of a transferable security with its obligations under Union law. The FWB shall further ensure that an issuer is made aware of the Union law obligations upon admission to trading of that issuer's transferable security and at the issuer's request.

Procedure

1. Upon each issuer’s application for admission to trading the FWB points out the existence of obligations under Union law which will arise in the context of being public.

At the same time issuers will be provided with a reference to this website and the “Overview of Prospectus, Post-Admission and Transparency Obligations” which can be obtained here. The purpose of the document is to give a brief overview of the relevant obligations under Union law.

In the application for admission to trading issuers and/or co-applicants shall confirm the below:

“Confirmation according to article 7 paragraph 1 and 4 delegated regulation (EU) 2017/568 (RTS 17)

An overview of the obligations under Union law in connection with the admission is published in this document. The issuer confirms the acknowledgement of these."

2. Issuers should study the information carefully and are generally obliged to comply with the rules and regulations outlined in this overview. Issuers should also be aware that this document does only contain basic information on the legal obligations and may not cover all obligations applicable dependent on the issuers individual situation such as seat or further admissions of financial instruments at other regulated markets. Therefore, FWB recommends that issuers shall seek legal advice to ensure that their individual situation will be taken into account and is reflected accordingly.

3. To ensure that issuers take the necessary steps, the FWB, in accordance with sec. 41 of the German Stock Exchange Act, will from time to time request explanations from the issuers regarding the status of their compliance with the obligations under Union law.

4. In case, such request for information is made by the FWB the issuer shall provide a confirmation regarding the compliance with its Union law obligations. In case of any breach of such obligations the issuer shall explain the reasons for such breach.

Pursuant to sect. 17 et seq. of the General Terms and Conditions of Deutsche Börse AG for the regulated unofficial market at the Frankfurter Wertpapierbörse (AGB FV), the inclusion of securities in Scale requires the application of the issuer together with an Applying Deutsche Börse Capital Market Partner.

Applying Deutsche Börse Capital Market Partners are bank institutions, financial services institutions or companies which operate according to sect. 53 para. 1 clause 1 of the Banking Act (KWG) or sect. 53 b para. 1 clause 1 KWG, that have been recognised as Applying Deutsche Börse Capital Market Partners by Deutsche Börse AG.

Applications for the inclusion of shares in the regulated unofficial market of FWB® the Frankfurt Stock Exchange are filed in electronic form since the introduction of the E-Listing Open Market. In the light of digital communication, both application filing and application handling can be processed faster. The filing of the application for the inclusion of securities in Scale is performed in the E-Listing Open Market by the Applying Deutsche Börse Capital Market Partner, who is authorised to do so by the issuer. The issuer itself has no access to the E-Listing tool.

Shares or certificates representing shares that are already admitted on another German or international exchange-like trading venue recognised by Deutsche Börse AG can be included on the Quotation Board. The application for inclusion can be filed by a trading participant admitted to the FWB who is also a specialist in the trading model “Continuous auction with specialist”.

Eurex Clearing AG is the clearing house for the entire suite of products traded at Eurex Exchange. A Eurex Derivatives Clearing License authorizes Members to clear their own and customer business executed on the Eurex Exchanges. 

Admission requirements

Connectivity alternatives