Stock Exchange Act

Original Language Title: Börsengesetz

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

Stock Exchange Act (BörsG)

Non-official table of contents

BörsG

Date of expiry: 16.07.2007

Full quote:

" Stock Exchange Act of 16. July 2007 (BGBl. 1330, 1351), as defined in Article 197 of the Regulation of 31 December 1978. August 2015 (BGBl. I p. 1474) "

:Last modified by Art. 14 G v. 15.7.2014 I 934
Note:Modification by Art. 197 V v. 31.8.2015 I 1474 (No 35) not yet taken into

See the menu under Notes
This law is used to implement this law
-
of Directive 2004 /39/EC of the European Parliament and of the Council of 21. 1 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (OJ L 136, 31.5.2000, p. EU No L 145 p. 1, 2005 No 18),
-
of Directive 2006 /31/EC of the European Parliament and of the Council of 5 June 2000 on the European Parliament and of the Council of the European Communities. 4 April 2006 amending Directive 2004 /39/EC on markets in financial instruments with regard to certain time limits (OJ L 145, 31.5.2004, p. EU No 60),
-
in Article 3 (13) of Articles 5 and 7 of Directive 2006 /49/EC of the European Parliament and of the Council of 14 June 2006, of the European Parliament and of the Council of 14 November 2006. June 2006 on the capital adequacy of investment firms and credit institutions (OJ L 196, 27.7.2006, p. EU No L 177 p. 201) and
-
Commission Directive 2006 /73/EC of 10 June 2006. August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council as regards the organisational requirements for investment firms and the conditions for the performance of their activities and the definition of such undertakings of certain terms for the purposes of the said Directive (OJ L 327, 28. EU No 26).

Footnote

(+ + + Text evidence from: 1.11.2007 + + +)
(+ + + For further application d. § § 44 to 47 FG. 2012-05-31 cf. § 37 WpPG F.
2011-12-06 + + +)
(+ + + Official note of the norm-provider on EC law:
Implementation of EGRL 39/2004 (CELEX Nr: 32004L0039)
EGRL 31/2006 (CELEX Nr: 32006L0031)
EGRL 49/2006 (CELEX Nr: 32006L0049)
EGRL 73/2006 (CELEX Nr: 32006L0073) + + +)

The G was defined as Article 2 of the G v. 16.7.2007 I 1330 adopted by the Bundestag. It's gem. Article 14 (3) of this Act entered into force on 1 November 2007. unofficial table of contents

content overview

Section 1
General provisions on the exchanges and their organs
§ 1Scope
§ 2Börsen
§ 3The tasks and powers of the Exchange Supervisory Authority
§ 4Permission
§ 5Stock Exchange Obligations
§ 6Owner of significant Participations
§ 7Trade Surveillance Office
§ 8 Cooperation
§ 9Applicability of antitrust rules
§ 10 Confidentiality Obligation
§ 11Foreign currency pricing disguise
§ 12Stock Exchange Council
§ 13Stock Exchange Council Election
§ 14(omitted)
§ 15Stock Exchange Line
§ 16Stock Exchange Order
§ 17Fees and Charges
§ 18Other use of stock exchange facilities
§ 19Approval on the stock exchange
§ 20Security services
§ 21 External Fulfillment Systems
§ 22Sanctions Committee
Section 2
stock exchange trading and stock price fixing
 
§ 23Authorisation of economic goods and rights
§ 24 stock price
§ 25Trading suspension and cessation
§ 26 Guide to stock market speculation transactions
§ 26aOrder-transaction ratio
§ 26bMinimum price change size
section 3
Scontroversies and transparency requirements on stock exchanges
§ 27Scontroversial Guide
§ 28Scontrolleader duties
§ 29Skontren Distribution
§ 30Existing transparency of existing Shares and Shares of Shares
§ 31Post-Trade Transparency of Shares and Shares representing Certificates
Section 4
Admission of securities to stock exchange trading
§ 32Approval requirement
§ 33 Inclusion of securities in the regulated market
§ 34Authorizations
§ 35Denial of Approval
§ 36Cooperation in the European Union
§ 37State Bonds
§ 38 Introduction
§ 39Revocation of approval for securities
§ 40 obligations of the issuer
§ 41Information sharing
§ 42 Part ranges of the regulated market with special obligations for issuers
§ 43Commitment of the Insolvency Administrator
§ § 44 to 47(omitted)
Section 5
Free Traffic
§ 48Freiverkehr
Section 6
Penal and Penal Rules; Final Provisions
§ 49 Criminal rules
§ 50BußMoney rules
§ 50a Notice of measures
§ 51Valiant for change and foreign payment means
§ 52Transitional

Section 1
General provisions on the exchanges and their organs

unofficial table of contents

§ 1 Scope

(1) This law shall apply to the operation and organization of exchanges that Admission of trading participants, financial instruments, rights and economic goods to the stock exchange trading and the identification of stock exchange prices.(2) A stock exchange has been entrusted, auctioning in accordance with Commission Regulation (EU) No 1031/2010 of 12 December 2010. on the timing and administrative procedures and other aspects of the auctioning of greenhouse gas emission allowances in accordance with Directive 2003 /87/EC of the European Parliament and of the Council establishing a system for trade in Greenhouse gas emission allowances in the Community (OJ L 327, 30.4.2004 1), the provisions of this law shall apply with respect to these auctions unless otherwise provided for in Regulation (EU) No 1031/2010 in the version in force. Non-official table of contents

§ 2 Stock Exchanges

(1) Stock exchanges are part-legged institutions of public law that are subject to the conditions laid down in this Act multilateral systems governing and supervising the interests of a large number of persons in the purchase and sale of economic goods and rights admitted to trading there within the system in accordance with established rules in such a way as to: bring together or promote the bringing together that leads to a contract for the purchase of these commercial objects.(2) Securities exchanges within the meaning of this Act are exchanges in which securities and derivatives relating thereto are traded within the meaning of Section 2 (2) of the Securities Trading Act. Other financial instruments within the meaning of Section 2 (2b) of the Securities Trading Act and precious metals may also be traded on stock exchanges.(3) Stock exchanges within the meaning of this Act are exchanges in which goods are traded within the meaning of Section 2 (2) (c) of the Securities Trading Act and forward transactions in respect of goods. Futures transactions within the meaning of Section 2 (2) (2) of the Securities Trading Act and the underlying underlying assets may also be traded on stock exchanges.(4) A stock exchange in which both the assets and rights referred to in paragraph 2 and the rights referred to in paragraph 3 are traded shall be subject to the provisions relating to stock exchanges and to the rules relating to stock exchanges.(5) In administrative judicial proceedings, the Exchange may sue and be sued under its name. Non-official table of contents

§ 3 Tasks and powers of the Exchange Supervisory Authority

(1) The competent top state authority (Exchange Supervisory Authority) shall exercise the prudential supervision of the stock exchange in accordance with the provisions of this Act. In particular, the Supervisory Board, the Stock Exchange Management, the Sanctions Committee and the Trade Monitoring Centre (exchange bodies) and the stock exchange agencies, the institutions which are responsible for the exchange of stock exchange transactions, including those according to § § 5 (3), and the free movement of goods. The supervision extends to compliance with the rules and regulations of the stock exchange law, the regular conduct of trading on the stock exchange and the regular fulfilment of the stock exchange transactions (stock exchange transaction). (2) The The Exchange Supervisory Authority is entitled to take part in the deliberations of the stock exchange bodies. The stock exchange bodies are obliged to assist the Exchange Supervisory Authority in the performance of its tasks.(3) The Exchange Supervisory Authority shall carry out the tasks and powers conferred on it under this Act only in the public interest.(4) The Exchange Supervisory Authority may, insofar as is necessary for the performance of its tasks, also without special occasion from the Exchange and the Stock Exchange, as well as from the companies authorized pursuant to § 19 to participate in the exchange trading, stock exchange dealers, Scontroversies and persons (trader), of persons who are granted direct electronic access to the stock exchange (indirect exchange participants) and of the issuers of the regulated market require information and the submission of documents, as well as audits. The Exchange Supervisory Authority may require that the information and documents be forwarded to data carriers that can be processed automatically. Where there are indications which justify the assumption that public exchange law or orders are being infringed or that there are other instances of maladministration, which are to ensure the proper conduct of trading on the stock exchange or the Stock exchange business transactions may affect the exchange of information, the submission of documents and the transfer of copies, as well as the loading and hearing of persons, in so far as this is necessary for the performance of their tasks. is required. In these cases, it may, in particular,
1.
from the trading participants, the identity of the The contracting authorities and the persons entitled or liable from the transactions carried out, as well as the changes in the stock of trading participants in financial instruments traded on the stock exchange, require
2.
From the contracting authorities and the authorized or committed persons, information on the transactions carried out, including the identification of the identity of the parties involved in these transactions Ask persons,
3.
From securities collection banks and systems to secure the fulfillment of stock exchange transactions, information on changes in stocks of Require trading participants in financial instruments traded on the stock exchange,
4.
from the stock exchange, the trading participants and with these affiliates the template require already existing records of telephone conversations and data transfers; the fundamental right of Article 10 of the Basic Law is restricted in so far as the persons concerned are to be notified in accordance with § 101 of the Code of Criminal Procedure and
5.
from the trading participants who engage in algorithmic trading within the meaning of Section 33 (1a) sentence 1 of the Securities Trading Act at any time information on their algorithmic trading, the systems used for this trade, and a description of the algorithmic trading strategies and the details of the trading parameters or limits of trade to which the system is subject,
The parties responsible for providing information shall allow the staff of the Exchange Supervisory Authority, during normal working hours, to enter their land and business premises, insofar as this is necessary for the performance of the tasks of the The Exchange Supervisory Authority is required. Entering outside of this period or, if the premises are located in an apartment, shall be admissible without consent only for the prevention of urgent dangers to public security and order and to the extent to which it is to be tolerated. The fundamental right of the inviolability of the apartment (Article 13 of the Basic Law) is restricted to this extent. The powers and obligations laid down in this paragraph shall apply in accordance with the provisions of this Act, provided that the persons and entities responsible for the supervision of the exchange of information are active. The person responsible for providing information may refuse to reply to such questions, the answers to which he or she himself or one of the members of the civil procedure referred to in § 383 (1) (1) to (3) of the Code of Civil Procedure of the Risk of Criminal Law It would suspend prosecution or proceedings in accordance with the Code of Administrative Offences. The obligated person shall be informed of his right to refuse the information.(5) The Exchange Supervisory Authority shall have the power to issue orders for the maintenance of the order and for business transactions on the Exchange. It may, in relation to the stock exchange, the stock exchange carrier and the trading participants, make arrangements which are appropriate and necessary to prevent breaches of the rules and orders placed on the stock exchange or to eliminate instances of maladministration which are the subject of It may affect the orderly conduct of trading on the stock exchange, the clearing of the stock exchange, or its supervision. For this purpose, it can in particular
1.
the suspension or cessation of the exchange trading with individual or a number of financial instruments, rights or assets,
2.
The Exchange shall use a central counterparty, a clearing house, or a stock exchange The settlement system shall prohibit the orderly conduct of trading on the Exchange or the settlement of the Exchange or the conditions set out in Article 7 (4) or Article 8 (4) of the Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4. July 2012 on OTC derivatives, central counterparties and trade repositories (OJ C 139, 30.4.2012, p. 1),
3.
prohibit the use of an external settlement system, or
4.
prohibit the use of an algorithmic trading strategy,
to the extent that this is required to enforce the rules of this law. A measure referred to in the first sentence of paragraph 1 shall immediately be published by the Exchange Supervisory Authority on its website.(6) If the Exchange Supervisory Authority finds facts which may justify the withdrawal or revocation of the permit to determine the exchange price or the approval of the company or other measures of the management, it shall have the following: The management of the company.(7) The body responsible under national law shall be authorised to transfer the tasks and powers of the Exchange Supervisory Authority to another authority.(8) The Exchange Supervisory Authority may use other persons and entities in carrying out its duties.(9) The opposition and the action taken against action taken pursuant to paragraphs 4 and 5 shall not have suspensive effect.(10) If the Exchange or one of its institutions repeatedly and permanently does not comply with the orders of the Stock Exchange Supervisory Authority, the Exchange Supervisory Authority may, if its other powers are not sufficient and as long as and as long as the proper exchange operation is it requires that agents who carry out the tasks of the stock exchange or of one of its institutions at the expense of the stock exchange should appoint agents.(11) The addressees of measures referred to in paragraph 4, which are made by the Exchange Supervisory Authority for a possible breach of the prohibitions of Section 26 of this Act or Section 14 or Section 20a of the Securities Trading Act, may be subject to other persons. as public authorities and those who are subject to a statutory duty of confidentiality as a result of their profession, do not inform them of these measures or of any investigative procedure which has been initiated thereupon. Non-official table of contents

§ 4 Permission

(1) The establishment of a stock exchange requires the written permission of the Exchange Supervisory Authority.(2) The application for authorisation shall be submitted in writing to the Exchange Supervisory Authority. It must contain:
1.
appropriate proof of the necessary proof of the necessary stock exchange pursuant to § 5 (5) Means,
2.
the names of the directors of the carrier of the exchange, as well as information for the assessment of the reliability and professional competence of these persons ,
3.
a business plan, which includes the type of business planned and the organizational structure and internal control procedures of the institution the Exchange, as well as the set of rules of the Exchange,
4.
indication of the ownership structure of the carrier of the Exchange, in particular the holders of significant holdings in the Exchange the terms of section 6 (6) and their level of participation, and
5.
the information required for the assessment of the reliability of the holders of significant holdings; the holder of a significant holding shall be a legal person or a person-trading company, who shall be responsible for the assessment of the reliability of his or her statutory or statutory representatives or personally liable partners;
The Exchange Supervisory Authority may require additional information to the extent that such information is necessary to verify that the applicant ensures compliance with the provisions of this Act. Where the directors of the carrier of the stock exchange are those of an organised market, the applicant may, with regard to such persons, look at the information provided for in the second sentence of the second sentence of 2 and 5.(3) The permission shall, in particular, be refused if
1.
the proof of the necessary for the exchange operation If it is not provided,
2.
facts are available which show that one of the persons referred to in paragraph 2, second sentence, no. 2 is not reliable or not professional. ,
3.
facts justify the assumption that the holder of a significant holding or, if he is a legal person, also a legal or , or, if it is a trading company, also a shareholder, is not reliable or, for other reasons, is not responsible for the sound and prudent management of the carrier of a stock exchange. In case of doubt, this shall also apply where facts justify the assumption that he has provided the means he has applied by means of an act which objectively satisfies a criminal offence or
4.
The documents submitted by the applicant give rise to serious doubts as to its ability to comply with the requirements of this law on the operation of the stock exchange. .
(4) The permission shall be issued if it has not been made available within a year since its grant.(5) The Exchange Supervisory Authority may repeal the permit, except in accordance with the rules of the administrative procedural laws of the countries, if
1.
the stock exchange operation to which permission has been granted has not been exercised for more than six months,
2.
their facts will be known which would justify the failure of the permission under paragraph 3, or
3.
The stock exchange or the carrier of the stock exchange consistently contravenes the provisions of this law or the regulations or orders issued for the implementation of these laws The
of Section 48 (4) sentence 1 and section 49 (2) sentence 2 of the Administrative Procedure Act are not applicable.(5a) The Exchange Supervisory Authority may impose conditions on the permit provided that this is necessary in order to ensure the conditions for the approval of the system. The subsequent acceptance of conditions or the subsequent amendment or amendment of existing conditions is permissible under the conditions set out in sentence 1.(6) The State Governments shall be empowered to determine in more detail the nature, scope, timing and form of the information and documents to be provided in accordance with paragraph 2 by means of a regulation. The State Government may transfer the authorisation to the Exchange Supervisory Authority by means of a legal regulation.(7) The Stock Exchange Commission shall immediately notify the Exchange Supervisory Authority of a change in the persons of the Executive Board as well as any substantial changes in the information made pursuant to the second sentence of the second paragraph of paragraph 2, no matter whether or not. The third and fourth sentences of paragraph 2 shall apply accordingly. Non-official table of contents

§ 5 obligations of the stock exchange carrier

(1) With the grant of the permit, the applicant shall be the carrier of the exchange for the Establishment and operation authorized and obligated. It is obliged to make available to the Exchange, at the request of the management of the Exchange, the financial, human and factual means necessary for the performance and reasonable further development of the stock exchange operation.(2) The stock exchange carrier shall be obliged to publish the current information on its ownership structure in the extent necessary pursuant to section 4 (2) sentence 2, second sentence, on its website.(3) The outsourcing of areas which are essential for the holding of the stock exchange operation to another company shall not be subject to the proper conduct of trading on the stock exchange and to the conduct of the exchange business, nor to the supervision of the Stock exchange. The stock exchange carrier must, in particular, be contractually required to secure the necessary authority and to include the outsourced areas in its internal control procedures. The stock exchange carrier shall immediately indicate the intention of outsourcing and its execution of the Exchange Supervisory Authority.(4) The stock exchange carrier is obliged to
1.
precautions to be taken in order to avoid conflicts between self-interest the stock exchange or its owners and the public interest in the orderly functioning of the stock exchange and to prevent it from having adverse effects on the stock exchange operation or on the trading participants, In particular, as far as the supervisory tasks assigned to the stock exchange are concerned,
2.
reasonable arrangements and systems for the identification and handling of to create the essential risks of the stock exchange operation in order to effectively limit it, and
3.
the technical functionality of the exchange trading and settlement systems ensure that technical arrangements are in place to ensure the smooth and timely completion of the transactions carried out in the trading system and, in particular, to provide for effective emergency response in the event of a system failure.
(5) The stock exchange must have sufficient financial resources to ensure the proper functioning of the stock exchange operation, taking into account the nature, scope and risk structure of transactions carried out on the stock exchange.(6) The stock exchange carrier shall exempt the country in whose territory the stock exchange is established from all claims by third parties for damage caused by the tasks assigned to the exchange in the exercise of the tasks assigned to them. Non-official table of contents

§ 6 Holdings of significant participations

(1) Who intends to participate in a significant shareholding within the meaning of Section 1 (9) of the To acquire a credit law on the carrier of a stock exchange, the Securities and Exchange Supervisory Authority shall immediately notify it. In the notification, it shall have the level of participation and, where appropriate, the facts essential to the justification of the relevant influence, as well as those relating to the assessment of its reliability and to the examination of the other grounds for submission as referred to in paragraph 2. The first subparagraph shall specify the essential facts and documents which shall be determined in greater detail by means of the regulation referred to in paragraph 7, and the persons and undertakings from which it intends to acquire the relevant shares. The Exchange Supervisory Authority may request information beyond the provisions of the regulation and the submission of further documents, if this is necessary for the assessment of the reliability or the examination of the other grounds for subsatiation as referred to in paragraph 1. 2 Sentence 1 appears to be appropriate. Where the person subject to the notification is a legal person or a commercial company, the person responsible for assessing the reliability of his or her statutory or statutory representatives or personally liable partners shall be shown on the notice of the person's to indicate the facts. The holder of a significant holding shall have any newly appointed legal or statutory representative or new personally liable partner with the facts which are essential for the assessment of the reliability of the latter. The Exchange Supervisory Authority shall be notified immediately. The holder of a significant holding shall also immediately notify the Exchange Supervisory Authority if it intends to increase the amount of the significant holding in such a way that the thresholds of 20 per cent, 33 per cent or 50 per cent of the Voting rights or capital is reached or exceeded, or that the carrier of the Exchange is subject to its control within the meaning of Section 1 (8) of the Banking Act. The Exchange Supervisory Authority may require holders of a holding in the institution of a stock exchange to supply information and to submit documents if the facts justify the assumption that this is a significant contribution.The Exchange Supervisory Authority may, within one month of receipt of the full notification referred to in paragraph 1, prohibit the proposed acquisition of the significant holding or its increase if the facts justify the assumption that
1.
the taxable person or, if he is a legal person, also a legal person or , or, if it is a commercial company, also a shareholder, is not reliable or, for other reasons, is not responsible for the sound and prudent management of the carrier of the stock exchange. This shall be in doubt even if the facts justify the assumption that the funds it has applied for the acquisition of the significant participation stem from an objectively unlawful act,
2.
the implementation and the appropriate development of the stock exchange operation is impaired.
If the acquisition is not prohibited, the Exchange Supervisory Authority may set a deadline after the expiry of which the person or persons trading company who has refunded the notification referred to in the first sentence of paragraph 1 or the second sentence of paragraph 1 shall notify it of the execution or non-execution of the intended purchase. After the expiry of the period, this person or persons trading company shall submit the ad immediately to the Exchange Supervisory Authority.(3) The Exchange Supervisory Authority shall also have the information and the rights of the right to be informed in accordance with paragraph 1 after the expiry of the period referred to in the first sentence of paragraph 2.(4) The Exchange Supervisory Authority may prohibit the holder of a significant holding and the undertakings controlled by him from exercising his voting rights and order that the shares may only be subject to his consent if the shares are
1.
the prerequisites for an underscore as set out in paragraph 2, set 1,
2.
the holder of the significant contribution of his obligation under paragraph 1 to the prior information of the Exchange Supervisory Authority has not complied with and this information is provided within a has not complied with the time limit set by the Exchange Supervisory Authority or
3.
has acquired the holding, contrary to a fully-enforceable understatement in accordance with the first sentence of paragraph 2, or
In the cases of the first sentence, the exercise of the voting rights may be transferred to a trustee, who, in exercising the voting rights, has the interests of sound and prudent management of the institution of a stock exchange To be taken into account. In the cases referred to in the first sentence, the exchange supervisory authority may, in addition to the measures set out in the first sentence, appoint a trustee with the sale of the shares in so far as they constitute a significant holding, if the holder of the significant holding is the Exchange Supervisory Authority does not provide a reliable acquirer within a reasonable period of time specified by that authority; the holders of the shares shall have the necessary role in the sale to the extent necessary. The trustee shall be appointed by the court of the seat of the carrier of the stock exchange at the request of the carrier of the stock exchange, of a party to the trustee or of the exchange supervisory authority. If the conditions set out in the first sentence are not fulfilled, the Exchange Supervisory Authority shall request the revocation of the trustee's order. The trustee shall be entitled to the replacement of reasonable outlays and to remuneration for his/her activities. The court shall, at the request of the trustee, determine the expenses and the remuneration; the appeal against the payment of the remuneration shall be excluded. The country shall present the expenses and the remuneration; for its expenses, the country of the relevant holders of the significant holding and the bearer of the stock exchange shall be jointly and severally liable.(5) Who intends to give up a significant stake in the bearer of the Exchange or to lower the amount of its significant participation under the thresholds of 20 per cent, 33 per cent or 50 per cent of the voting rights or of the capital; or To change the participation in such a way that the carrier of the stock exchange is no longer a controlled entity, has to notify the Exchange Supervisory Authority immediately. The intended remaining amount of the shareholding shall be indicated. The Exchange Supervisory Authority may set a time limit after the expiry of which the person or persons trading company who has refunded the notification in accordance with the first sentence of this Article shall complete or not execute the intended reduction or alteration of the The Exchange Supervisory Authority. After the expiry of the period, the person or persons trading company who has refunded the notification in accordance with the first sentence shall immediately report the ad to the Exchange Supervisory Authority.(6) The carrier of the Exchange shall immediately have the acquisition or the task of a significant participation in the carrier, the attainment, the overshooting or falling below the shareholding thresholds of 20 percent, 33 percent and 50. percent of the voting rights or capital, as well as the fact that the carrier becomes or is no longer a subsidiary of another company, if the institution becomes aware of the change in the ownership of the holding. The carrier of the stock exchange shall publish the facts, which are notifiable in accordance with the first sentence, immediately on its website.(7) The State Governments shall be empowered to adopt by means of the Regulation more detailed provisions on the nature, scope and date of the advertisements provided for in paragraphs 1, 5 and 6. The State Government may transfer the authorisation to the Exchange Supervisory Authority by means of a legal regulation. Non-official table of contents

§ 7 Trade monitoring center

(1) The Exchange has a stock exchange that is subject to compliance with the requirements of the Exchange Supervisory Authority To establish and operate the Trade Monitoring Centre as an exchange body, which monitors trading on the stock exchange and the clearing of the stock exchange. The Trade Monitoring Centre shall collect and evaluate data on the stock exchange trading and the clearing of the stock exchange systematically and without any gaps, as well as to carry out necessary investigations. On stock exchanges in which energy is traded within the meaning of § 3 No. 14 of the German Energy Economic Law, data on the processing of transactions must also be recorded and evaluated by the Trade Monitoring Centre systematically and without gaps, which do not are closed via the Exchange, but are processed through a settlement system of the Exchange or an external settlement system, which is connected to the exchange systems for the exchange trading or the exchange business transactions, and whose The trade in energy or futures shall be the subject of energy; the Trade Surveillance Authority may carry out the necessary investigations on the basis of such data. The Exchange Supervisory Authority may give instructions to the Trade Surveillance Authority and take over the investigation. The Management Board may, within the limits of the tasks of this body and in accordance with the provisions of sentences 1 to 3, instrucate the Trade Monitoring Centre to carry out investigations.(2) The Head of the Trade Surveillance Authority shall report regularly to the Exchange Supervisory Authority. Persons entrusted with monitoring tasks at the Trade Monitoring Centre may, against their will, be exempted from their activities only in agreement with the Exchange Supervisory Authority. With the agreement of the Exchange Supervisory Authority, the management may also delegate other tasks to these persons. Consent shall be given if this does not affect the performance of the monitoring tasks of the Trade Surveillance Authority.(3) The Trade Supervisory Authority shall be responsible for the powers of the Exchange Supervisory Authority pursuant to § 3 (4) sentence 1 to 5; § 3 (4) sentences 9 and 10 and (9) shall apply accordingly.(4) The Trade Surveillance Authority may submit data on the business transactions of the management and of the trading monitoring office of another exchange, insofar as they are necessary for the performance of the tasks of these bodies. The Trade Surveillance Authority may also provide data on financial statements for the purpose of monitoring the trade in foreign organized markets or equivalent markets established outside the European Union or a Contracting State of the Agreement. , and receive such data from the European Economic Area as far as they are necessary for the orderly conduct of trading and of the settlement of the stock exchange. Such data may only be transmitted to such bodies if these bodies and the persons they are responsible are subject to an equivalent obligation of confidentiality equivalent to the provisions of § 10. These bodies shall be informed that they may only use the data for the purpose for which they are to be transmitted. The Trade Surveillance Authority shall inform the Exchange Supervisory Authority, the Management Board and the Federal Office of the competent authorities in other States with which it intends to exchange the type of data it intends to exchange.(5) Where the Trade Surveillance Authority finds facts which justify the assumption that public exchange law or orders are being infringed or that there are other instances of maladministration, which are to ensure the proper conduct of trade in the They must immediately inform the Exchange Commission and the Management Board of the Exchange or the settlement of the exchange business. The management may take urgent orders which are suitable for ensuring the regular conduct of trading on the stock exchange and the settlement of the stock exchange business; § 3 (9) applies accordingly. The Management Board shall immediately inform the Exchange Supervisory Authority of the measures taken. If the Trade Surveillance Authority finds facts whose knowledge is necessary for the performance of the tasks of the Federal Institute, it shall immediately inform the Federal Institute. The Federal Agency shall be informed in particular if the Trade Surveillance Authority finds facts whose knowledge of the Federal Institute for the Prosecution of Violations of Insider Trading or the Prohibition of the Prohibition of Insidertransactions Price manipulation in accordance with § 14 or § 20a of the German Securities Trading Act is required.(6) The Trade Surveillance Authority shall carry out the duties and powers conferred on it under this Act only in the public interest. Non-official table of contents

§ 8 Cooperation

(1) The Exchange Supervisory Authorities and the Federal Institute shall work closely together and exchange them in accordance with the conditions laid down in § 10 shall communicate to each other any information relevant to the performance of their duties.(2) The Exchange Supervisory Authority shall immediately inform the Federal Office of trade suspensions and settings pursuant to § 3 (5) sentence 3 No. 1, the erasing of a permit pursuant to § 4 (4) and the waiver of a permit pursuant to § 4 (5) or the provisions of the administrative procedural laws of the countries. Non-official table of contents

§ 9 Applicability of antitrust rules

(1) The Exchange Supervisory Authority has the effect of ensuring that the The provisions of the Act against restrictions on competition are complied with. This applies in particular to access to and use of trade, information and settlement systems and other exchange-related service facilities.(2) The competence of the antitrust authorities shall remain unaffected. The Securities and Exchange Commission shall inform the competent cartel authority of any evidence of breaches of the law against restrictions on competition. The Commission shall inform the Exchange Supervisory Authority of the outcome of the investigation after the conclusion of its investigation. Non-official table of contents

§ 10 Obligation of Confidentiality

(1) The responsibility of the Exchange Supervisory Authority or of an Authority, the tasks and powers of the The Exchange Supervisory Authority pursuant to section 3 (7) has been transferred, employees, the persons responsible pursuant to section 3 (8), the members of the exchange bodies and the employees of the bearer of the stock exchange, or directly or indirectly on his behalf Persons acting on behalf of the Exchange may be aware of the facts which have become known to them in the course of their activities, the secrecy of which is in the interest of the trading participants or of a third party, in particular business and trade secrets. as well as personal data, do not collect or use unauthorised persons, even if they are no longer in service or have completed their activities. This shall also apply to other persons who, by means of official reporting, are aware of the facts referred to in the first sentence. In particular, an unauthorized raising or use within the meaning of sentence 1 is not available if information is passed on to
1.
law enforcement or courts responsible for criminal and penal matters,
2.
power law or in the public procurement contract with the supervision of exchanges or other markets in which financial instruments are traded, by credit institutions, financial services institutions, capital management companies, externally managed investment companies, financial undertakings, insurance undertakings, insurance intermediaries or the intermediaries of shares in investment assets within the meaning of Section 2a (1) (7) of the Securities Trading Act or with the supervision of trade in Financial instruments or foreign currency bodies and persons responsible for these tasks,
3.
Central Bank Banks, the European System of Central Banks or the European Central Bank, in its capacity as monetary authorities and other public authorities responsible for monitoring payment systems,
4.
with the Liquidation or insolvency proceedings relating to the assets of an investment service undertaking within the meaning of Section 2 (4) of the Securities Trading Act, a stock exchange or an organised market based abroad or its operator
European Central Bank, the European System of Central Banks, the European Securities and Markets Authority, the European Securities and Markets Authority, the European Central Bank, the European Securities and Markets Authority, the European Securities and Markets Authority, the European Securities and Markets Authority, Supervisory authority for insurance and occupational pensions, the European Banking Authority, the Joint Committee of the European Supervisory Authorities, the European Systemic Risk Board or the European Commission,
to the extent that knowledge of such information is necessary for these bodies in order to carry out their tasks. In the case of those employees, the obligation to comply with the principle of confidentiality as set out in the first sentence shall apply.(2) Section 10 (1), second sentence, of the Securities Trading Act shall apply mutagenally to the members of the exchange institutions and to the persons acting on behalf of the Exchange or directly or indirectly on his behalf.(3) § § 93, 97, 105 (1), § 111 (5) in conjunction with Section 105 (1) and Section 116 (1) of the Tax Code shall not apply to the persons referred to in the first or second sentence of paragraph 1, insofar as they are active in the implementation of this Act. They shall apply in so far as the financial authorities require the knowledge of the implementation of a procedure for a tax offence and related taxation procedures, in the pursuit of which there is a compelling public interest. , and shall not be affected by facts which have been communicated to the persons referred to in the first or second sentence of paragraph 1 by a body of another State within the meaning of the third sentence of paragraph 1, point 2, or by persons appointed by that body. Non-official table of contents

§ 11 Discount of the price determination for foreign currencies

The Federal Ministry of Finance may, in agreement, with the Federal Ministry for Economic Affairs and Technology and after hearing the Deutsche Bundesbank, issue individual instructions to a stock exchange to temporarily prohibit the pricing of foreign currencies if a significant market disruption threatens to pose serious risks to the economy as a whole or to the public. Non-official table of contents

§ 12 Stock Exchange Council

(1) Each stock exchange has to form a stock exchange council consisting of a maximum of 24 people. In the Exchange Council, the companies approved for participation in the exchange trading and the investors must be represented. In the case of a stock exchange, the undertaking referred to in the second sentence shall, in particular, apply the credit institutions authorised to participate in the exchange trading, including the securities trading banks, the approved financial services institutions and other approved credit institutions. Companies and the capital management companies authorised to participate in the exchange trading. If the stock exchange is at least also a stock exchange, in the Stock Exchange Council must, in addition to the companies referred to in the second sentence, also the control leaders, the insurance undertakings whose issued securities are admitted to trading on the stock exchange and other issuers of such securities shall be represented. The number of representatives of credit institutions, including securities trading banks, as well as capital management companies and other undertakings associated with credit institutions, shall not exceed half of the members of the credit institution. Stock exchange rates. The legal regulation to be adopted pursuant to Article 13 (4) may allow for derogations from the provisions of sentences 2 to 5 for individual stock exchanges. In particular, it may provide that other economic groups concerned are represented in the Exchange Council and that the posting of the representatives of companies not admitted to trading on the stock exchange rules.(2) In particular
the Exchange Council is responsible for
1.
for the adoption of the Exchange Rules, the conditions for business transactions. the Exchange, the fees regulations, the admission regulations for exchange dealers and the trading regulations for the free movement, which are in each case enacted as articles of association,
2.
Order, re-appointment and dismise of the managing directors in agreement with the Exchange Commission,
3.
the supervision of the management,
4.
the adoption of a Rules of Procedure for the management and
5.
the order or reorder and the convening of the Head of the Trade Surveillance Authority on a proposal from the Management Board and in agreement with the Exchange Supervisory Authority.
The decision on the introduction of technical systems to deal with the trading or handling of Stock exchange transactions are subject to the approval of the stock exchange council. The Exchange Rules may provide for the approval of the Exchange Council for other measures of the management of fundamental importance. In the case of cooperation and merger agreements of the exchange carrier concerning exchange operations, as well as in the outsourcing of functions and activities to another company in accordance with Section 5 (3), the Stock Exchange Council has previously been given the opportunity to give its opinion.(3) The Exchange Council shall adopt its rules of procedure. He shall elect from among its members a chairman and at least one alternate who belongs to another group within the meaning of the second sentence of paragraph 1, as the chairman. Elections in accordance with the second sentence shall be secret; other votes shall be held by secret ballot at the request of one-quarter of the members.(4) In order to prepare its decisions, the Exchange Council shall set up committees to ensure that members of the groups within the meaning of the second sentence of paragraph 1 whose interests may be affected by the decisions may be affected by the composition of the committees; are adequately represented.(5) With the approval of a new exchange, the Exchange Supervisory Authority shall appoint a provisional stock exchange council for a maximum period of one year.(6) The Exchange Council shall carry out the tasks and powers conferred upon it under this Act only in the public interest. Non-official table of contents

§ 13 Election of the Stock Exchange Council

(1) The members of the Exchange Council shall be elected for a period of up to three years by the members of the Stock Exchange Council in accordance with § 12. , the representatives of the investors shall be elected by the other members of the Exchange Council.(2) Companies which belong to more than one of the groups referred to in Article 12 (1), second sentence, of the group may only choose in one group. Affiliated companies may only be represented in the Exchange Council with one member.(3) The members of the Exchange Council must be reliable and have the necessary professional competence.(4) Further information on the term of office of the Exchange Council, the division into groups, the exercise of the right to vote and the eligibility, the conduct of the election and the early termination of membership in the Stock Exchange Council will be determined by the legal regulation of the State government after consultation of the stock exchange council. The State Government may transfer this authorisation to the Exchange Supervisory Authority by means of a legal regulation. The legal regulation must ensure that all the groups referred to in Article 12 (1), second sentence, sentence 2 to 4 are adequately represented. It may also provide that in the event of premature departure of a member, a successor shall be added for the remaining term of office from the middle of the respective group by the remaining members of the stock exchange council. unofficial table of contents

§ 14 (omitted)

- unofficial Table of contents

§ 15 Management of the Exchange

(1) The management of the Exchange shall be responsible for the management of the Exchange. It may consist of one or more persons. The managing directors must be reliable and have the professional competence required for the management of the stock exchange. They shall be appointed for a maximum period of five years, and the repeated order shall be admissible. The appointment of a Managing Director shall be notified immediately to the Exchange Supervisory Authority. The advertisement must contain the information specified in section 4 (2), second sentence, no. 2. § 4 (2) sentences 3 and 4 shall apply accordingly.(2) The Exchange Supervisory Authority shall refuse to consent to the appointment of the Managing Directors if, for objective and demonstrable reasons, there are doubts as to the reliability or professional competence of the managing directors, or if the Proper management of the stock exchange appears at risk.(3) The directors represent the Exchange in court and out of court, insofar as the bearer of the Exchange is not competent. Further information on the power of representation of the managing directors is regulated by the Stock Exchange Rules.(4) The maintenance of the order in the trading rooms is the responsibility of the management. It is authorized to remove persons who disturb the order or business transactions on the stock exchange from the stock exchange offices. It may also prohibit access to persons who are found on the stock exchange for purposes incompatible with order or commercial transactions.(5) The management shall monitor compliance with the obligations of the trading participants and persons working for them. It shall take appropriate measures to ensure the effective and lasting monitoring of the obligations set out in the first sentence. The tasks of the Trade Monitoring Centre in accordance with § 7 shall remain unaffected.(5a) The Management Board shall be the competent authority within the meaning of Article 23 (1) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 June 2012. March 2012 on short selling and certain aspects of credit default swaps (OJ L 327, 28.3.2012, p. 1), in so far as financial instruments are concerned which are traded on a regulated market or on the free circulation of this stock exchange. § 10 (1) sentences 3 and 4 shall not be applicable to this extent.(6) The Management Board shall carry out the duties and powers conferred upon it under this Act only in the public interest. Non-official table of contents

§ 16 Stock Exchange Rules

(1) The Exchange Rules are intended to ensure that the Exchange can carry out the tasks assigned to it, and in doing justice to the interests of the audience and the trade. It must contain provisions from
1.
the business branch of the stock exchange;
2.
the organization of the stock exchange;
3.
the trading types;
4.
the publication of prices and courses as well as their underlying transactions;
5.
a Charges for the activity of the Scontroversials.
(2) In the case of stock exchanges, the Exchange Rules must also contain provisions in the form of
1.
the meaning of course additions and notes,
2.
ensuring stock exchange business processing and the Settlement systems available in accordance with § 21 and
3.
the identification of the by algorithmic trading within the meaning of § 33 (1a) sentence 1 of the The Exchange Regulations require the approval of the Exchange Commission by the Exchange Commission.
(3) The Exchange Rules require the approval by the Exchange Supervisory Authority. This may require the inclusion of certain provisions in the Exchange Regulations, if and insofar as they are necessary for the performance of the statutory tasks of the Exchange or of the Exchange Supervisory Authority. Unofficial Table Of Contents

§ 17 Fees and Charges

(1) The Fees Regulations may provide for the collection of fees and reimbursement of expenses for
1.
to participate in the stock exchange and to participate in the Stock exchange trading,
2.
admission to the exchange without the right to participate in trading,
3.
the admission of financial instruments, other economic goods and rights to exchange trading, the inclusion of securities for exchange trading in the regulated market, and the revocation Admission and inclusion,
4.
the introduction of securities on the stock exchange,
5.
the listing of securities whose duration is not determined
6.
the audit of the printing equipment of securities,
7.
the filing of the stock exchange review.
(2) The fee order shall be subject to approval by the Exchange Supervisory Authority. The authorisation shall be deemed to have been granted if the fees regulations are not contested by the Exchange Commission with regard to the Exchange within six weeks of access by the Exchange Supervisory Authority.(3) Without prejudice to the charges levied in accordance with paragraph 1, the exchange carrier may require separate charges for services which it provides to trading participants or third parties in the context of the exchange operation.(4) Without prejudice to Article 26a, the Exchange shall impose separate charges for the excessive use of the stock exchange systems, in particular by means of disproportionately large number of orders, changes and deletions, unless the stock exchange carrier already has such charges for this purpose. separate charges are required. The level of these fees or charges shall be such as to ensure that the excessive use referred to in the first sentence and the associated negative effects on system stability or market integrity are effectively counteracted. Unofficial table of contents

§ 18 Other use of stock exchange facilities

The Exchange Order may be used for a second sentence other than that defined in Section 16 (1) sentence 2 Point 1, allow the use of stock exchange facilities. In this case, a claim for use does not grow for the parties involved. Non-official table of contents

§ 19 Admission to the stock exchange

(1) To visit the Exchange, to participate in the exchange trading and to persons who may be entitled to , to act on the stock exchange for a company authorised to participate in the exchange trading (stock exchange trader), an authorisation by the management is required.(2) In order to participate in the stock exchange trading, only those persons who are commercially available on the stock exchange may be admitted
1.
the purchase and divestment for your own account, or
2.
the purchase and purchase in the Own name for foreign bill, or
3.
acquires contracts for purchase and sale
and its commercial operation by type and the extent to which a commercial operation is required in a commercial manner.(3) The admission of persons without the right to participate in the trading is regulated by the Exchange Rules.(4) The admission of a company to participate in the exchange trading referred to in paragraph 2 sentence 1 shall be granted if
1.
in the case of companies operating in the legal form of the retailer, the business owner, other companies the persons who are subject to the law, articles of association or social contract are entrusted with the management of the company's business and are authorized to represent it, are reliable and at least one of these persons is the professional competence necessary for the exchange-traded securities or goods business has;
2.
the proper handling of transactions completed on the stock exchange is ensured;
3.
the company has a capital of at least 50,000 euros, unless it is a credit institution, a financial services institution, or an institution according to § 53 (1) sentence 1 or § § 53 (1) sentence 1 or § § 53 (1) 53b (1), first sentence, of the Banking Act, which is used to operate the financial commission business within the meaning of Section 1 (1) sentence 2 (4) or to provide a financial service within the meaning of Article 1 (1) (1) (2) (2) (1) to (4) of the Law on Credit As equity capital, the capital paid and the reserves after deduction of the holders 'or personally liable partners' deprivations and the loans granted to them, as well as a debt overhang in the case of the free the assets of the holder;
4.
in the case of the undertaking, which is obliged to demonstrate equity in accordance with point 3, no facts justify the assumption that: it does not have the economic performance required for a regular participation in the exchange trading, taking into account the proven equity capital.
The Exchange Rules may provide that companies that have a domestic exchange or in an organised market within the meaning of Article 2 (5) of the German Securities Trading Act, which are admitted to trading abroad, the admission without the proof of the conditions set out in the first sentence of 1, 3 and 4 of the sentence , provided that the regulatory requirements of the relevant market are comparable to those of the market. The Exchange Rules may provide that trading participants for access to the trading systems of the Exchange must fulfil further requirements.(5) As a stock exchange trader, it is possible to allow who is reliable and who has the necessary professional competence.(6) Professional suitability within the meaning of the first sentence of paragraph 4, first sentence, is to be accepted on a regular basis if a vocational training certificate is established which enables the exchange of securities or goods. The professional competence referred to in paragraph 5 shall be accepted if the necessary technical knowledge and experience are demonstrated which enable the trading on the stock exchange. Proof of the required technical knowledge can be provided, in particular, by the filing of an examination before the examination board of a stock exchange. The details of the requirements for the professional suitability of the persons qualified for trading on the stock exchange and the examination procedure regulate a licensing order for exchange dealers to be issued by the Stock Exchange Council, which is the approval by the Exchange Supervisory Authority is required.(7) The Exchange Rules shall determine how to demonstrate the conditions set out in paragraphs 4 to 6 above.(8) If there are reasonable grounds for suspecting that one of the conditions referred to in paragraphs 2, 4 or 5 has not been or has been subsequently omitted, the management may, at the latest for the duration of six months, be subject to the authorisation of the authorisation Months. The rest of the authorisation may also be arranged for the duration of the default with the payment of the fees fixed in accordance with § 17 (1) (1) and (2) (2). Furthermore, the management may order the approval of the authorisation at the latest for a period of six months if a trading participant fails to comply with the order transaction ratio within the meaning of section 26a; considers that a trading participant repeats the No order transaction ratio within the meaning of section 26a, the management may revoke the approval. The right of a person admitted in accordance with paragraph 5 to the conclusion of stock exchange transactions shall be based on the duration of the termination of the authorisation of the company for which it is closing transactions on the stock exchange.(9) The management may, in respect of trade participants established outside the Member States of the European Union or of the other Contracting States of the Agreement on the European Economic Area, call for the maximum duration of the authorisation to be granted for the duration of the period of Order or revoke the authorisation if the fulfilment of the reporting obligations pursuant to Section 9 of the Securities Trading Act or the exchange of information for the purpose of monitoring the prohibitions of insider trading or the prohibition of the Market manipulation with the authorities responsible in that State does not appear to be guaranteed. The Federal Institute shall inform the Management Board and the Exchange Supervisory Authority of the facts that are relevant for an order or revocation as set out in the first sentence.(10) If the management of the stock exchange intends to grant direct access to its trading system to trading participants in other States, it shall notify the Exchange Supervisory Authority and the Federal Office of such direct access, provided that it is the first-time access to a trading participant in the country concerned.(11) The Management Board of the Exchange shall regularly forward to the Exchange Supervisory Authority an up-to-date list of the trading participants admitted to the Exchange. Non-official table of contents

§ 20 Security benefits

(1) The Exchange Order can determine that the admitted to trading on the stock exchange In order to be able to comply at any time with the obligations arising out of transactions concluded on the stock exchange and in an electronic trading system authorised on the stock exchange, undertakings and the control officers shall have sufficient security to be able to fulfil their obligations. The amount of the security shall be proportionate to the risks associated with the transactions concluded. The stock exchange order is determined by the way in which the security is provided.(2) If the security performance required by the Exchange Rules is not provided or if it is subsequently omitted, the Exchange Rules may provide that the Ruhen of the Admission may be arranged for a maximum period of six months. The Exchange Rules may stipulate that companies admitted to trading on the stock exchange may be limited to the activity as intermediaries if the security provided no longer meets the requirements laid down in the Exchange Regulations. . The stock exchange order may also determine that the right of a stock exchange trader to conclude exchange transactions for the duration of the approval of the company for which he is concluding transactions on the stock exchange.(3) The Exchange Regulations may provide for arrangements for the limitation and supervision of the trading liabilities of companies and control leaders authorised to participate in the exchange trading.4. The Trade Surveillance Authority shall monitor the securities to be provided under paragraph 1 and compliance with the provisions of paragraph 3. You are responsible for the powers of the Exchange Supervisory Authority in accordance with Section 3 (4). It may, in particular, require the relevant accounting department to list the open procurement transactions and the communication of negative price differences. If the Trade Surveillance Authority finds that the security framework has been exceeded, the Management Board shall take orders which are appropriate to ensure compliance with the obligations arising out of the exchanges referred to in paragraph 1. It may, in particular, arrange for the undertakings authorised to participate in the stock exchange trading and the control operator to immediately provide further guarantees and to comply with open transactions or with immediate effect, in whole or in part. from stock exchange trading on a provisional basis. The Management Board shall immediately inform the Exchange Supervisory Authority of the overrun of the security framework and of the orders taken.(5) The opposition and the action taken against action under paragraph 4 do not have a suspensive effect. Non-official table of contents

§ 21 External Fulfillment Systems

(1) The Exchange Order can connect external settlement systems to the Exchange systems for exchange trading and the clearing of the stock exchange. Such a connection is allowed, provided it is ensured that
1.
is the system for the offered Service for the settlement of stock exchange transactions with the necessary technical facilities, and
2.
the operator of the system the necessary legal and the technical requirements for linking the system to the trading and stock exchange trading systems, and
3.
(
)
several alternative settlement systems are available in accordance with paragraph 1, it is the trading participants who are responsible for the settlement of transactions on the stock exchange. , which of the systems they use to carry out the stock exchange transactions.(3) The Stock Exchange Commission shall immediately write to the Exchange Supervisory Authority, in writing, on the submission of requests for access pursuant to Article 7 of Regulation (EU) No 648/2012 and the receipt of an application for access pursuant to Article 8 of Regulation (EU) No 648/2012 shall be informed. Non-official table of contents

§ 22 Sanctions Committee

(1) The state government is empowered to establish rules on the establishment by means of a regulation of a Sanctions Committee, its composition, its proceedings, including the taking of evidence and the costs, and the involvement of the Securities and Exchange Commission. The rules may provide that the Sanctions Committee shall, without notice, hear witnesses and experts who appear voluntarily in front of it and request the District Court to carry out a taking of evidence which it cannot carry out. may. The State Government may transfer the authorisation provided for in the first sentence of sentence 1 to the Exchange Supervisory Authority by means of a regulation.(2) The Sanctions Committee may impose a reference to a trading participant, with a monetary order of up to two hundred and fifty thousand euros, or with exclusion from the stock exchange for up to 30 trading days, if the trader or a person working for him/her is Intentionally or negligently violates public exchange law provisions which are intended to ensure the proper conduct of trading on the stock exchange or the clearing of the stock exchange business. The Sanctions Committee may also issue an issuer with a reference or with a fine of up to two hundred and fifty thousand euros if the latter or a person acting on it intentionally or negligently fails to fulfil his obligations under the authorisation . The Sanctions Committee shall carry out the duties and powers conferred upon it under this Act only in the public interest.(3) In disputes concerning the decisions of the Sanctions Committee referred to in paragraph 2, the administrative right shall be given. No investigation shall be carried out in a preliminary procedure before filing a complaint.(4) If, in proceedings before the Sanctions Committee, facts have emerged which justify the withdrawal or revocation of the admission of a trading participant or a control leader, the procedure shall be submitted to the management. It shall be entitled to request reports from the Sanctions Committee in any circumstances of the proceedings and to draw on the procedure itself. If the management has taken over the procedure and proves that the authorisation is not to be withdrawn or revoked, it shall refer the procedure back to the Sanctions Committee.

Section 2
stock exchange trading and stock market price fixing

unofficial table of contents

§ 23 Approval of economic goods and rights

(1) Goods and rights which are to be traded on the stock exchange and which are not admitted to trading on the regulated market or are included in the regulated market or in the free circulation are subject to the admission to trading by the Management. Prior to admission to trading, the Stock Exchange Council has to issue trading conditions for trading on the stock exchange. The more detailed rules are laid down in Articles 36 and 37 of Commission Regulation (EC) No 1287/2006 of 10 June 2006. August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council on recording obligations for investment firms, the reporting of transactions, market transparency, the admission of financial instruments to trading and certain terms within the meaning of this Directive (OJ L 327, 22. EU No 1) and the Stock Exchange Rules.(2) Without prejudice to paragraph 1, the Management Board shall fix the contract specifications prior to the admission of derivatives to trading. These must be designed in such a way that proper stock exchange trading and effective exchange business transactions are possible. The third sentence of paragraph 1 shall apply accordingly. Non-official table of contents

§ 24 stock exchange price

(1) Prices that are found on a stock exchange during the stock exchange period are stock exchange prices. The first sentence shall also apply to prices which are recorded on a stock exchange during the period of the stock exchange.(2) Stock exchange prices must be duly established and correspond to the real market situation of the stock exchange trading. Unless otherwise specified in § 30, tenders must be made available to the trading participants and the acceptance of tenders may be possible. In the determination of the exchange price, it is also possible to take into account the prices of another stock exchange, an organized market based abroad or a multilateral trading system within the meaning of Section 2 (3) sentence 1 No. 8 of the Securities Trading Act.(2a) The Exchange shall take appropriate measures to ensure that the price of the stock exchange is properly determined even in the event of significant price fluctuations. Appropriate arrangements within the meaning of the first sentence shall be, in particular, short-term changes to the market model and short-term volatility interruptions, taking into account static or dynamic price corridors or limits of the limits of the price of the Price fixing to trading participants.(3) Unless otherwise specified in § 31, stock exchange prices and the transactions underlying them shall be made known to the trading participants immediately and on reasonable commercial terms in an easily accessible manner, unless: A delayed publication in the interest of avoiding undue deprivation of the parties involved in the business seems to be necessary. The details are regulated by the Stock Exchange Rules. The Exchange Rules may also stipulate that prior to the determination of an exchange price, the trading participants must also be informed of the price of the most limited purchase order and of the lowest limited sales order.(4) Transactions that have led to exchange prices shall be particularly marked upon entering into the business settlement system of the Exchange. Non-official table of contents

§ 25 Suspension and termination of trading

(1) The management may be responsible for the trading of economic goods or rights
1.
if a proper stock market trading is temporarily endangered or if this is to protect the It appears to be a public offering; and
2.
set when a proper trading is no longer warranted.
The management informs the The Exchange Supervisory Authority and the Federal Agency shall immediately take measures in accordance with the first sentence. It is obliged to publish these measures. More detailed provisions on publication are to be found in the Stock Exchange Regulations.(2) The opposition and the action taken against the suspension of trade do not have suspensive effect.(3) In the case of measures referred to in Article 23 (1) of Regulation (EU) No 236/2012, the second sentence of paragraph 1 and the second paragraph of Article 23 shall apply accordingly. Non-official table of contents

§ 26 Guide to stock market speculation transactions

(1) It is prohibited to use any other business by exploiting its To be inexperienced in exchange speculation transactions in such transactions or for direct or indirect participation in such transactions.(2) Exchange speculation transactions within the meaning of paragraph 1 are in particular
1.
Sales and sale transactions with: deferred delivery time, even if it is completed outside a domestic or foreign exchange, and
2.
options on such stores,
the shall be aimed at achieving a profit from the difference between the price fixed for the delivery period and the stock exchange or market price available at the time of delivery. Non-official table of contents

§ 26a Order transaction ratio

The trading participants are obligated to provide an appropriate relationship between their Ensure order entries, changes and deletions, and the transactions actually executed (order transaction ratio) in order to avoid risks to proper stock exchange trading. The order transaction ratio is to be determined in each case for a financial instrument and on the basis of the numerical volume of the respective orders and transactions within one month. In particular, an appropriate order transaction ratio is available if the transaction is economically traceable due to the liquidity of the financial instrument concerned, the specific market situation or the function of the acting company. The Exchange Rules must make more detailed provisions on the appropriate order-transaction ratio for certain genera of financial instruments. Non-official table of contents

§ 26b Minimum price change size

The stock exchange is required to provide an appropriate size for the smallest possible price change to establish the financial instruments traded in order to reduce negative effects on market integrity and liquidity. In determining the minimum size referred to in the first sentence, account shall be taken, in particular, of the fact that it shall not affect the pricing mechanism and the objective of an appropriate order transaction ratio within the meaning of Article 26a. More detailed rules can be found in the stock exchange order.

Section 3
Control and Transparency Requirements on Stock Exchange

unofficial table of contents

§ 27 Admission to the control officer

(1) The management of a stock exchange can be used to take into account the trading system used by the stock exchange. Companies admitted to trading on the stock exchange, on their request, with the determination of stock exchange prices on this stock exchange (admission as the Scontroled). The applicant and its managers shall have the reliability required for the control and must be able to control them on the basis of their professional and economic performance. The management has to admit persons who are entitled to act for a control officer in the control of the control (s), if these persons are traders and the necessary professional for the control of the control Suitability. The details are regulated by the Stock Exchange Rules.(2) The management has to revoke the authorisation as a control officer after consulting the Exchange Supervisory Authority, except in accordance with the provisions of the Administrative Procedure Law, if the Scontroversial leader is guilty of a gross violation of his duties done. The management may revoke the approval if the Federal Institute has taken measures to ensure the fulfilment of the liability of the scontroversiist against its creditors. In cases of urgency, the management may provisionally prohibit a control officer from taking part in the stock exchange with immediate effect, even without the hearing of his/her hearing; the opposition and the action of appeal do not have suspensive effect.(3) If there are reasonable grounds for suspecting that one of the conditions referred to in paragraph 1 has not been located or has subsequently been omitted, the management may, at the latest for the duration of six months, be able to continue the authorisation of a control officer for six months. Months.(4) The Federal Office shall inform the Management Board immediately if it has taken measures to ensure the fulfilment of the liability of the Scontroversial Leader in relation to its creditors. Non-official table of contents

§ 28 Obligations of the Scontroversial Guide

(1) The control leader and the person who is the subject of the control are responsible for the tasks of the To work towards an orderly market development and to exert a neutral position on the control. The control officer shall ensure compliance with the duties assigned to him by means of appropriate organisational measures. In the event of a price fixing, it shall be free of instructions. The performance of the duties shall be carried out in such a way as to ensure effective monitoring of compliance with the obligations. The details are regulated by the Stock Exchange Rules.(2) The control officer and the persons who are the subject of control shall treat all orders at the time of the fixing of the price in the same way as they are carried out in compliance with the special arrangements existing on the stock exchange. The details are regulated by the Stock Exchange Rules. Non-official table of contents

§ 29 Distribution of the Skontren

About the distribution of the Skontren among the applicants who are eligible for the control. According to § 27 (1) sentence 2 and the number of the scontroversies, the management decides. The allocation of Skontren may take place on a temporary basis. The details are regulated by the Stock Exchange Rules. The Exchange Rules may, as criteria for the allocation of the Skontren, provide in particular for the professional and economic performance of the applicant. Unofficial Table Of Contents

§ 30 Existing Transparency of Shares and Shares Representing Shares

(1) Shares and Shares Certificates admitted to trading on the regulated market or included in the regulated market shall be the price of the most limited purchase order and the lowest limited sales order and the price negotiable at these prices. To publish volumes continuously and on reasonable commercial terms during the normal business hours of the Exchange. The Exchange Supervisory Authority may, in accordance with Chapter IV (1) and (4) of Regulation (EC) No 1287/2006, provide for exceptions to the obligation set out in the first sentence of this Regulation.(2) Börsen may give Systematic Internalisers within the meaning of Section 2 (10) of the Securities Trading Act without prejudice to § 19 access to the systems that they use for the publication of the information referred to in paragraph 1.(3) The details of the publication requirements referred to in paragraph 1 shall be governed by Regulation (EC) No 1287/2006 and the Exchange Rules. Unofficial Table Of Contents

§ 31 Post-Trade Transparency of Shares and Shares representing Certificates

(1) For Shares and Shares Certificates admitted to trading on the regulated market or included in the regulated market shall be subject to exchange prices as well as the volume and date of the exchange transactions without delay and on reasonable commercial terms and conditions . The Exchange Supervisory Authority may, in accordance with Chapter IV, Section 3 and 4 of Regulation (EC) No 1287/2006, permit a delayed publication of the information referred to in the first sentence, depending on the type and scope of the orders. The delay shall be published in accordance with the provisions of Chapter IV, Section 4 of Regulation (EC) No 1287/2006.(2) The details of the publication obligations referred to in paragraph 1 shall be governed by Chapters IV, sections 1, 3 and 4 of Regulation (EC) No 1287/2006 and the Exchange Rules.

Section 4
Admission of securities to the Stock exchange trading

Non-official table of contents

§ 32 Admission obligation

(1) Securities held in the regulated market on a stock exchange shall be subject to approval or inclusion by the management, unless otherwise specified in Section 37 or in other laws.(2) Admission shall be made by the issuer of the securities together with a credit institution, a financial services institution or a company operating pursuant to § 53 (1) sentence 1 or § 53b (1) sentence 1 of the Banking Act. The institution or company must be admitted to trading on a domestic stock exchange with the right to participate in trading and to demonstrate an equity capital in the equivalent value of at least EUR 730 000. An issuer which is an institution or undertaking within the meaning of the first sentence and which satisfies the conditions set out in the second sentence may submit the application alone.(3) Securities shall be admitted if
1.
the issuer and the securities are subject to the requirements of Article 35 of Regulation (EC) No 1287/2006 as well as the provisions adopted in order to protect the public and the proper exchange trading pursuant to § 34, and
2.
a prospectus approved or certified in accordance with the provisions of the Securities Prospectus Act, or a sales prospectus within the meaning of Section 42 of the Investment Act in the up to the 21. or a prospectus within the meaning of Section 165 of the Capital Investment Code, or a prospectus in accordance with Section 165 of the Capital Investment Code, which may be used for the period provided for in Article 345 (6), first sentence, of the Capital Penal Code, The prospectus has been published within the meaning of section 318 (3) of the capital investment code, unless the publication of a prospectus can be waited in accordance with Section 1 (2) or § 4 (2) of the Securities Prospectus Act.
(4) The The application for admission of the securities may be refused, despite the fulfilment of the conditions set out in paragraph 3, if the issuer does not fulfil its obligations under the authorisation of the regulated market in another organised market.(5) The management shall designate at least three national newspapers with a cross-regional distribution to the publication sheets for the prescribed publications (national stock exchange sheets). The provision may be limited in time; it is to be published by the exchange notice. Non-official table of contents

§ 33 inclusion of securities in the regulated market

(1) Securities may be included on the request of a trading participant. or on its own account, will be included in the regulated market by the management of the stock exchange, if
1.
the securities are already
a)
on a other domestic exchange for trading in the regulated market,
b)
in another Member State of the European Union or in another Contracting State of the Agreement on the European Economic Area (EEA) for trading in an organised market or
c)
a market in a third country, provided that the market in that market is met; and Reporting and transparency obligations comparable to those in the regulated market for authorised securities and the exchange of information for the purpose of monitoring the trade with the competent authorities in the relevant State
, and
2.
no circumstances are known which, when the securities are included in the securities, are subject to a subdivision of the public or a
() The more detailed provisions on the inclusion of securities and on the obligations to be fulfilled by the applicant after the inclusion of transferable securities are to be found in the Stock Exchange Regulations. meet. The Exchange Rules shall in particular contain provisions to inform the exchange trading of facts which are made by the issuer in the foreign market in which the securities are admitted to the protection of the public and to the protection of the public. § 38 (1), § § 39 and 41 shall not apply.The management shall inform the issuer whose securities have been included in the trade referred to in paragraph 1 of the inclusion of the securities.(4) For the suspension and the termination of the determination of the stock exchange price, § 25 applies accordingly. Section 39 (1) shall apply mutas to the revocation of the inclusion. Non-official table of contents

§ 34 Empowerment

The Federal Government is authorized by the Federal Council, with the consent of the Federal Council, to Protect the public and the rules required for proper stock exchange trading on
1.
Requirements for approval, in particular
a)
the requirements for the issuer with regard to its the legal basis, its size and the duration of its existence;
b)
the requirements on the securities to be admitted with a view to their legal basis, marketability, piping and printing equipment;
c)
the minimum amount of the emission;
d)
the requirement to extend the application for authorisation to all shares of the same class or to all debt securities of the same issue;
2.
Authorisation procedure
. Non-official table of contents

§ 35 Refusal of admission

(1) If the management is in accordance with an application for admission, it has the other Exchanges in which the issuer's securities are to be traded, indicating the reasons for the refusal.(2) Securities whose admission has been rejected by another stock exchange may only be admitted with the consent of this exchange. Consent shall be given if the refusal has been taken out of consideration for local circumstances or if the reasons for which an authorisation has been accepted have been omitted.(3) If an application for authorisation is made on several domestic exchanges, the securities may be admitted only with the consent of all exchanges which have to decide on the application. Consent must not be refused out of consideration for local circumstances. Non-official table of contents

§ 36 Cooperation in the European Union

(1) A request for an issuer based in another Member State of the European Union or another State Party to the Agreement on the European Economic Area, the shares of which are held in accordance with Directive 2001 /34/EC of the European Parliament and of the Council of 28 June 2001 on the European Economic Area. May 2001 on the admission of securities to official stock exchange listing and on the information to be published in respect of such securities (OJ L 327, 28.5.2001, p. EC No 1) in that Member State or State Party, the management of securities with which subscription rights are attached to those shares shall, before taking a decision, have an opinion from the competent authorities to obtain the place of the other Member State or State of the Contracting State.(2) The provisions relating to cooperation under the Securities Prospectus Act shall remain unaffected. Non-official table of contents

§ 37 State bonds

Bonds of the federal government, its special assets or a federal state, also to the extent that they are entered in the Bundesschuldbuch or in the school books of the Länder, as well as debt securities issued by another Member State of the European Union or by another State Party to the Agreement on the The European Economic Area will be admitted to trading on the regulated market on every domestic exchange. Non-official table of contents

§ 38 Introduction

(1) The management decides on the request of the issuer to take up the listing authorized securities in the regulated market (introduction). In the application, the issuer must inform the management of the date for the introduction and the characteristics of the securities to be introduced. The details are regulated by the Stock Exchange Rules.(2) Securities which are placed on the public drawing shall not be introduced until the date of dispatch has been completed.(3) The Federal Government is empowered to determine, with the consent of the Federal Council, the date on which the securities may be introduced at the earliest, with the consent of the Federal Council for the protection of the public.(4) If the securities are not introduced within three months of the publication of the authorisation decision, their authorisation shall be issued. The management may, upon request, extend the time limit appropriately if a legitimate interest of the issuer of the admitted securities is represented in the extension. Unofficial table of contents

§ 39 Revocation of admission to transferable securities

(1) The management may authorise the admission of securities to trading in the regulated market except in accordance with the provisions of the administrative procedure law, if a proper stock exchange trading is no longer guaranteed in the long term and the management has discontinued the listing in the regulated market or the Issuer does not fulfil its obligations under the authorisation even after a reasonable period of time.(2) The Management Board may also revoke the authorisation within the meaning of paragraph 1 at the request of the issuer. The revocation shall not be contrary to the protection of investors. The business management shall immediately publish such a revocation on the Internet. The period between the publication and the validity of the revocation shall not exceed two years. More detailed provisions on the revocation shall be made in the Exchange Rules. Non-official table of contents

§ 40 Obligations of the issuer

(1) The issuer of approved shares is obligated to hold shares issued for later to apply for admission to the regulated market of the same class.(2) The Federal Government shall be empowered to adopt, by means of a regulation with the consent of the Federal Council, provisions on when and under which conditions the obligation to enter into paragraph 1 occurs. Non-official table of contents

§ 41 Information division

(1) The issuer of the approved securities as well as the institution or company that the issuer The admission of the securities pursuant to Article 32 (2), first sentence, together with the issuer, is required to provide the management in its area with all information necessary for the proper performance of its tasks with regard to the Admission and the introduction of securities are required.(2) The management may require that the issuer of the approved securities shall publish certain information in an appropriate form and period if this is necessary for the protection of the public or for the proper trading of the stock exchange. If the issuer does not follow the request of the management, the management may, after consulting the issuer, publish the information itself at the expense of the issuer. Non-official table of contents

§ 42 Subdivisions of the regulated market with special obligations for issuers

(1) The Exchange Rules may apply to: Partial areas of the regulated market in addition to the documents to be submitted by the company additional requirements for the admission of shares or shares representing certificates and further disclosure obligations of the issuer on the basis of the admission of certificates representing shares or shares in order to protect the public or to ensure proper trading of the stock exchange.(2) In addition, if the issuer does not fulfil additional obligations under Section 42 even after a reasonable period of time set to it, the management may exclude the issuer from the relevant subdivision of the regulated market. Section 25 (1) sentences 2 and 3 shall apply mutas to the measures taken by the management pursuant to this paragraph. Non-official table of contents

§ 43 Insolvency Administrator's obligation

(1) The assets of a person under this Act shall be subject to an act of action If an insolvency proceedings are initiated, the insolvency administrator shall assist the debtor in the performance of the obligations under this Act, in particular by providing the necessary funds from the insolvency mass.(2) If a provisional insolvency administrator is appointed before the opening of the insolvency proceedings, the insolvency administrator shall assist the debtor in the performance of his duties, in particular by agreeing to the use of the funds by the pledge or, if a general ban on disposal was imposed on the pledge, by making available the funds from the assets it manages. Non-official table of contents

§ § 44 to 47 ----

Section 5
Freiverkehr

Non-official Table of Contents

§ 48 Freiverkehr

(1) For securities that are not admitted to trading in the regulated market or to trading in the regulated market, the stock exchange may authorise the holding of a free movement by the exchange carrier if a trading order as well as the trading conditions of the exchange carrier, which were approved by the management, have a the regular conduct of trade and business transactions is guaranteed. The trading order regulates the flow of trade. The terms and conditions govern participation in the trade and the inclusion of securities for trading. Issuers whose securities have been included in the free movement without their consent may not be obliged by the terms and conditions to publish any information relating to these securities.(2) The Exchange Supervisory Authority may prohibit trade in free circulation if a proper trading of the securities no longer appears to be guaranteed.(3) The operation of the free movement is subject to the written permission of the Exchange Supervisory Authority. The provisions of this law, with the exception of § § 27 to 29 and 32 to 43, shall apply accordingly to the operation of the free movement.

Section 6
Criminal and Penal Money Regulations; Final rules

unofficial table of contents

§ 49 criminal law

with imprisonment of up to three years or with a term of imprisonment of up to three years. A fine will be punished for who, contrary to § 26 para. 1, lenders others to market speculation transactions or to a stake in such a business. Non-official table of contents

§ 50 Penal rules

(1) Contrary to law, who intentionally or lightly
1.
is aware of a person against § 3 paragraph 11,
2.
contrary to § 4 paragraph 7, a change in a person named there is not, not correct, not complete or not shown in time,
3.
counter
a)
§ 6 para. 1 sentence 1, 5, or 6 or
b)
§ 6 para. 5 sentence 1 or 4 or para. 6 sentence 1,
also in conjunction with a legal regulation pursuant to para. 7 sentence 1, an ad not, not right, not fully or not reimbursed in good time,
4.
a fully-retractable arrangement according to § 6 para. 1 sentence 7 is contrary,
5.
contrary to § 6 para. 6 sentence 2, a publication does not or does not make timely publication or
6.
§ 41 (1), an information is not, not correct or not completely granted.
(2) The order is contrary to the law, who intentionally or negligently
1.
a fully-draggable arrangement after
a)
§ 3 para. 4 sentence 1 or sentence 4 No. 1, also in conjunction with § 7 para. 3, or
b)
§ 6 para. 2 sentence 1 or 4 sentence 1
, or
2.
contrary to § 3 (4) sentence 5 or 6, also in connection with sentence 8, not permitted to enter or not
(2a), who is acting in breach of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 November 2012. July 2012 on OTC derivatives, central counterparties and trade repositories (OJ C 139, 30.4.2012, p. 1), by deliberately or negligently acting as an operator of a free movement within the meaning of section 48, contrary to Article 8 (1) in conjunction with the first subparagraph of paragraph 4, trade data is not, not correct, not complete, not complete in the prescribed manner or not in good time.(3) In the cases referred to in paragraph 2 (1) (b), the administrative offence may be up to five hundred thousand euros, in the cases referred to in points 3 (a), 4 and 6 of paragraph 1, and in paragraph 2a, with a fine of up to one hundred thousand euros; in the other cases, a fine of up to fifty thousand euros. Unofficial table of contents

§ 50a Announcement of measures

The Exchange Supervisory Authority has any undisputed fines decision in accordance with § 50 (2a) shall be made public without delay on its website, unless this publication would seriously endanger the financial markets or result in disproportionate damage to the parties concerned. The notice may not contain any personal data. Non-official table of contents

§ 51 Valiant for change and foreign payment means

(1) § § 24 and 27 to 29 shall also apply to the exchange trading Exchange and foreign means of payment.(2) Payments, instructions and cheques shall also be considered as a means of payment within the meaning of paragraph 1. Non-official table of contents

§ 52 Transitional rules

(1) Are prospectuses on the basis of which securities are admitted to the exchange trading with official listing or company reports before the 1. The provisions of Articles 45 to 49 and 77 of the Stock Exchange Act, as amended by the notice of 17 April 1998, have been published on these prospectuses and company reports. July 1996 (BGBl. I p. 1030).(2) Are prospectuses on the basis of which securities have been admitted to trading on the market in the official market, or company reports before the 1. The provisions of Section 47 of the Stock Exchange Act, as amended by the notice of 9 July 2002, have been published on these prospectuses and company reports. September 1998 (BGBl. 2682), as last amended by Article 35 of the Law of 27. April 2002 (BGBl. 1467), it has been amended to continue to apply.(3) Where prospectuses on the basis of which securities have been admitted to trading on the official market, are before the 1. The provisions of § 45 of this Act are published in the prior-year period of July 2005. The Commission shall continue to apply in force in July 2005. On company reports that are before the 1. § § 44 to 47 and 55 of the Stock Exchange Act (Stock Exchange Act) are published in the prior to 1 July 2005. The Commission shall continue to apply the text in force in July(4) In the case of securities whose duration is not determined and which is 1. The first sentence of Section 5 (1) of the Stock Exchange Act, as amended by the notice of 9 July 2002, is to be introduced on a domestic stock exchange for less than ten years. September 1998 (BGBl. 2682), as last amended by Article 35 of the Law of 27. April 2002 (BGBl. 1467), Section 17 (1) no. 5 shall not apply to the securities referred to in the first sentence only after ten years have elapsed since the introduction.(5) Stock Exchange carriers, those before the 1. 1 of the German Stock Exchange Act (Stock Exchange Act) in the period up to 31 November 2007. As amended in October 2007, no permit pursuant to § 4 of this Regulation shall be required. However, they must be subject to the supervision of the Securities and Exchange Commission by 30. The documents required pursuant to Section 4 (2) sentence 2 shall be submitted in April 2009. The powers of the Exchange Supervisory Authority in accordance with § 4 shall apply in the case of the prior to the 1. Authorisations granted in November 2007 accordingly.(6) Stock exchange carriers which already operate a free movement prior to the 1. The application for the grant of the authorisation pursuant to § 48 (3) sentence 1 to 30 November 2007 has been initiated. The European Parliament and the Council.(7) Securities that are before the 1. As of 1 November 2007, the Commission shall apply from 1 January 2007 to the official market or to the regulated market. November 2007 was approved as the regulated market.(8) For claims on the basis of defective prospectuses, the basis for the admission of securities to trading on a domestic stock exchange and the prior to the 1. § § § 44 to 47 are published in Germany until 31 June 2012 in the German Federal Republic of Germany. The Commission shall continue to apply in force in May 2012.