Advanced Search

Stock exchange law

Original Language Title: Börsengesetz

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

Stock exchange law (BörsG)

Unofficial table of contents

BörsG

Date of completion: 16.07.2007

Full quote:

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

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

For more details, please refer to the menu under Notes
This law serves to implement
-
Directive 2004 /39/EC of the European Parliament and of the Council of 21 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 European Parliament and of the Council Council and repealing Council Directive 93 /22/EEC (OJ L 136, 31.3.1993, p. EU No L 145 p. 1, 2005 No L 45 p. 18),
-
Directive 2006 /31/EC of the European Parliament and of the Council of 5 April 2006 amending Directive 2004 /39/EC on markets in financial instruments with regard to certain time limits (OJ L 327, 22.12.2006, p. EU No L 114 p. 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 on the capital adequacy of investment firms and credit institutions (OJ L 327, 30.4.2006, p. EU No OJ L 177, p. 201);
-
Commission Directive 2006 /73/EC of 10 August 2006 implementing 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 exercise of of its activities and the definition of certain terms for the purposes of that Directive (OJ L 327, 30.4.2004, p. EU No L 241 p. 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 from the norm-provider on EC law:
Implementation of EGRL 39/2004 (CELEX Nr: 32004L0039)
ERL 31/2006 (CELEX Nr: 32006L0031)
ERL 49/2006 (CELEX Nr: 32006L0049)
EGRL 73/2006 (CELEX Nr: 32006L0073) + + +)

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

Content Summary

Section 1
General provisions on stock exchanges and their institutions
§ 1 Scope
§ 2 Exchanges
§ 3 Tasks and powers of the Exchange Supervisory Authority
§ 4 Permission
§ 5 Obligations of the Stock Exchange
§ 6 Holders of major holdings
§ 7 Trade Surveillance Authority
§ 8 Cooperation
§ 9 Applicability of antitrust rules
§ 10 Confidentiality of Obligations
§ 11 Price determination for foreign currencies
§ 12 Exchange Council
§ 13 Election of the Stock Exchange Council
§ 14 (dropped)
§ 15 Management of the Exchange
§ 16 Exchange Rules
§ 17 Fees and charges
§ 18 Other use of stock exchange facilities
§ 19 Admission to the Exchange
§ 20 Security benefits
Section 21 External settlement systems
Section 22 Sanction Committee
Section 2
Stock exchange trading and stock exchange price fixing
Section 23 Admission of economic goods and rights
§ 24 Stock price
Section 25 Suspension and suspension of trade
Section 26 Diversion to stock market speculation transactions
Section 26a Order Transaction Ratio
§ 26b Minimum Price Change Size
Section 3
Scontroversies and transparency requirements on stock exchanges
§ 27 Admission to the Scontroled
§ 28 Duties of the Scontroversial Leader
§ 29 Distribution of the Skontren
§ 30 Existing transparency of shares and shares representing shares
Section 31 Post-trade transparency in shares and shares representing shares
Section 4
Admission of securities to stock exchange trading
Section 32 Authorisation requirement
§ 33 Inclusion of securities in the regulated market
Section 34 Appropriations
§ 35 Refusal of authorisation
§ 36 Cooperation in the European Union
Section 37 Sovereign Debt
§ 38 Introduction
§ 39 Revocation of admission to securities
§ 40 Obligations of the issuer
Section 41 Exchange of information
§ 42 Sub-sectors of the regulated market with special obligations for issuers
Section 43 Obligation of the insolvency administrator
§ § 44 to 47 (dropped)
Section 5
Free circulation
§ 48 Free circulation
Section 6
Criminal and penal rules; final provisions
§ 49 Criminal provisions
§ 50 Fines
§ 50a Publication of measures
Section 51 Application for change and foreign payment methods
Section 52 Transitional arrangements

Section 1
General provisions on stock exchanges and their institutions

Unofficial table of contents

§ 1 Scope

(1) This law shall apply to the operation and organization of exchanges, the admission of trading participants, financial instruments, rights and economic goods to the stock exchange trading and the identification of stock market prices. (2) A stock exchange shall be charged , auctioning in accordance with Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing and administrative procedures and other aspects of the auctioning of greenhouse gas emission allowances under the Directive 2003 /87/EC of the European Parliament and of the Council on a system for trade greenhouse gas emission allowances in the Community (OJ L 327, 30.4.2004 1), the provisions of this Act shall apply with respect to such auctions unless otherwise provided for in Regulation (EU) No 1031/2010, as amended. Unofficial table of contents

§ 2 Börsen

(1) Stock exchanges are part-rights institutions governed by public law which, in accordance with the provisions of this Act, regulate and monitor the interests of a large number of persons at the time of purchase and sale of a number of persons admitted to trading. (2) securities exchanges within the meaning of this Regulation shall, in accordance with established provisions, bring together or promote the bringing together of goods and rights within the system in such a way as to result in a contract for the purchase of such commercial objects. Law are exchanges on which securities and derivatives related to them in the sense of § § 2 (2) of the Securities Trading Act. Other financial instruments within the meaning of Section 2 (2b) of the German Securities Trading Act and precious metals may also be traded on securities exchanges. (3) Stock exchanges within the meaning of this Act are exchanges in which goods within the meaning of Section 2 (2) (c) of the Securities trading law and futures relating to goods are traded. 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) On a stock exchange where both those referred to in paragraph 2 and those referred to in paragraph 3 are Economic goods and rights are traded both on stock exchanges and on the rules relating to stock exchanges. (5) In administrative court proceedings, the stock exchange may sue and sued under its name . Unofficial table of contents

§ 3 Tasks and powers of the Exchange Supervisory Authority

(1) The competent top authority of the State (Exchange Supervisory Authority) shall exercise the supervision of the 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 stock exchange transactions (stock exchange transactions). (2) The The Exchange Supervisory Authority is entitled to take part in the deliberations of the stock exchange bodies. The Exchange bodies are obliged to assist the Exchange Supervisory Authority in the performance of their tasks. (3) The Exchange Supervisory Authority takes the tasks and powers conferred on it under this Act only in the public interest. (4) The Exchange Supervisory Authority may, in so far as is necessary for the performance of its tasks, also without special occasion on the stock exchange and the exchange carrier, as well as on the companies admitted to trading on the stock exchange according to § 19, stock exchange dealers, Scontroversy and the person who is the subject of scouring (trade participants), of Persons to whom a trader provides direct electronic access to the stock exchange (indirect stock exchange) and require the issuers of the securities admitted to the regulated market to provide information and to submit documents, and Carry out checks. 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.
the trading participants shall indicate the identity of the contracting entities and the persons entitled or liable from the transactions carried out, and the changes in the stocks of trading participants in financial instruments traded on the exchange require,
2.
provide information on the transactions effected, including the identification of the identity of the persons involved in such transactions, by the contracting authorities and the persons entitled to the contract or persons who are responsible,
3.
require information on changes in the stock of trading participants in financial instruments traded on the stock exchange by securities collection banks and systems to secure the performance of stock exchange transactions;
4.
require the stock exchange, the trading participants and the associated companies to submit already existing records of telephone calls and data transfers; the fundamental right of Article 10 of the Basic Law shall be restricted, the persons concerned are to be notified in accordance with § 101 of the Code of Criminal Procedure and
5.
information on its algorithmic trading, the systems used for such trading, and a system of algorithmic trading within the meaning of Article 33 (1a), first sentence, of the Securities Trading Act, A description of the algorithmic trading strategies and the details of the trading parameters or the trading limits to which the system is subject.
The persons responsible for providing information shall allow the staff of the Exchange Supervisory Authority, during normal working hours, to enter their land and premises, in so far as this is necessary for the purpose of carrying out the tasks of the Exchange Supervisory Authority. is. 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 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. (5) The Exchange Supervisory Authority has the power to issue orders for the maintenance of the order and for commercial 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. It may, for this purpose,
1.
order the suspension or cessation of trading in individual or several financial instruments, rights or economic assets;
2.
prohibit the use of a central counterparty, a clearing house or a trading settlement system, if this affects the orderly conduct of trading on the stock exchange or the settlement of the stock exchange business or to the conditions set out in Article 7 (4) or Article 8 (4) of 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 L 327, 22.9.2012, p. OJ L 201, 27.7.2012, p.1),
3.
prohibit the use of an external settlement system, or
4.
prohibit the use of an algorithmic trading strategy,
in so far as this is necessary to enforce the provisions of this law. A measure referred to in the first sentence of paragraph 1 shall immediately be published by the Securities and Exchange Commission on its website. (6) The Exchange Supervisory Authority shall establish facts which determine the withdrawal or revocation of the permit to determine the The exchange price or the approval of the company or other management measures can be justified by the management of the company. (7) The authority responsible under national law shall be authorized to carry out tasks and powers of the The exchange of information shall be transferred to another authority. (8) The Exchange Supervisory Authority may operate other persons and entities in the performance of its duties. (9) Opposition and action against measures under paragraphs 4 and 5 shall have no suspensive effect. (10) The Exchange shall be held on the market or the supervisory authority, if its other powers are not sufficient and where and as long as the proper exchange operation requires it, the Exchange Supervisory Authority may, if its other powers are not sufficient and permanently, fail to fulfil the arrangements of the supervisory authority of the exchange , the tasks of the Exchange or of one of its institutions shall be ordered at the expense of the (11) The addressees of measures pursuant to paragraph 4, which are made by the Exchange Supervisory Authority for a possible breach of the prohibitions of § 26 of this Act or of § 14 or § 20a of the Securities Trading Act (Securities Trading Act) , persons other than public authorities and those who are subject to a statutory duty of confidentiality on the basis of their profession may not be informed of such measures or of any investigation proceedings which have been initiated thereupon. Unofficial table of contents

§ 4 Permission

(1) The establishment of a stock exchange shall require the written permission of the Exchange Supervisory Authority. (2) The application for the grant of the permit shall be made in writing to the Exchange Supervisory Authority. It must contain:
1.
a suitable proof of the necessary funds pursuant to section 5 (5) of the stock exchange operation,
2.
the names of the directors of the carrier of the exchange and the information required for the assessment of the reliability and professional competence of such persons;
3.
a business plan which includes the nature of the transactions envisaged and the organisational structure and internal control procedures of the carrier of the exchange, as well as the rules of the Exchange,
4.
an indication of the ownership structure of the carrier of the Exchange, in particular the holders of significant holdings within the meaning 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; where the holder of a significant holding is a legal person or a person-trading company, the information provided for the assessment of the The reliability of its statutory or statutory representatives or personally liable partners shall be disclosed.
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, in respect of such persons, refrain from the information provided for in the second sentence of 2 and 5. (3) The permission shall in particular be refused if:
1.
the proof of the funds required for the exchange operation is not provided,
2.
where it becomes apparent that one of the persons referred to in paragraph 2, second sentence, No 2, is not reliable or technically appropriate;
3.
Facts which justify the assumption that the holder of a significant holding or, if he is a legal person, also a legal or statutory representative, or, if he is a person-trading company, also a In the interests of sound and prudent management of the carrier of a stock exchange, the shareholder is not reliable or, for other reasons, does not satisfy the requirements to be met; this shall in doubt also apply where facts justify the adoption, that he has provided the means he has applied by means of an act which objectively includes: a criminal offence has been complied with, or
4.
the documents submitted by the applicant shall give rise to serious doubts as to its ability to comply with the requirements of this law on the operation of the exchange.
(4) The permit shall be issued if it has not been made available within one year since its grant. (5) The Exchange Supervisory Authority may revoke the permit except in accordance with the provisions of the administrative procedural laws of the countries, if:
1.
the stock exchange on which the permit has been granted has been no longer exercised for more than six months,
2.
they are aware of the facts which would justify the failure to obtain the permission referred to in paragraph 3; or
3.
the Exchange or the carrier of the Exchange has had a lasting violation of the provisions of this Act or of the regulations or orders issued for the implementation of these laws.
The regulations of the Land Laws, which correspond to § 48 (4) sentence 1 and section 49 (2) sentence 2 of the Administrative Procedure Act, are not to be applied. (5a) The Exchange Supervisory Authority may impose conditions on the permit as far as this is necessary. in order to ensure that the conditions are fulfilled. The subsequent acceptance of conditions or the subsequent amendment or amendment of existing conditions is permissible under the conditions set out in the first sentence of sentence 1. (6) The State Governments shall be empowered to accept the type, scope, date and form of the provisions referred to in paragraph 2. to determine the particulars and documents to be submitted by means of a regulation. The State Government may transfer the authorization to the Exchange Supervisory Authority by means of a legal regulation. (7) The stock exchange carrier has a change in the persons of the Executive Board as well as substantial changes with regard to the Exchange Supervisory Authority. the information provided pursuant to the second sentence of paragraph 2 (2), points 1 to 5. The third and fourth sentences of paragraph 2 shall apply accordingly. Unofficial table of contents

§ 5 Obligations of the Stock Exchange

(1) With the granting of permission, the applicant shall be entitled and obliged to set up and operate the Exchange as a carrier of the Exchange. It is obliged to make available to the Exchange, at the request of the management of the stock exchange, the financial, human and material resources necessary for the performance and reasonable further development of the stock exchange operation. (2) The Exchange carrier is obliged to publish the current information on its ownership structure on its website in the extent necessary pursuant to section 4 (2), second sentence, no. 4. (3) The outsourcing of areas for the implementation of the Stock exchange operations are essential to another undertaking must not be subject to Conduct of trading on the stock exchange and the clearing of the stock exchange still affect the supervision of the stock exchange. The stock exchange carrier must, in particular, be contractually responsible for 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 enforcement of the stock exchange supervisory authority. (4) The stock exchange carrier shall be obliged to:
1.
to take precautions to identify and prevent conflicts between the self-interest of the stock exchange or its owners and the public interest in the proper functioning of the stock exchange, to the extent that such conflicts are likely to be adversely affected by the operate on the stock exchange or on the trading participants, in particular as far as the supervisory tasks legally conferred on the stock exchange are concerned,
2.
create adequate arrangements and systems for the identification and management of the main risks of stock exchange operations in order to effectively limit them; and
3.
to ensure the technical functioning of the exchange trading and settlement systems, to establish technical arrangements for the smooth and timely completion of the transactions carried out in the trading system and, in particular, to ensure the effective functioning of the trading system; to provide emergency response in the event of a system failure.
(5) The stock exchange carrier must have sufficient financial resources for the proper conduct of the exchange operation, taking into account the nature, scope and risk structure of the transactions carried out on the stock exchange. (6) The stock exchange carrier has The country in whose territory the Exchange is established shall exempt from all claims by third parties for damage caused by the tasks entrusted to the Exchange in the exercise of the tasks assigned to them. Unofficial table of contents

§ 6 Holdings of major holdings

(1) Anyone who intends to acquire a significant shareholding within the meaning of Section 1 (9) of the Banking Act on the institution of a stock exchange shall notify the Exchange Supervisory Authority immediately. 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 further grounds for submission of documents. The first sentence of paragraph 2 appears to be appropriate. Where the person subject to the notice 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 ad. 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. (2) The 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 shareholding or its increase if the facts justify the assumption that:
1.
the taxable person or, if he is a legal person, also a legal or statutory representative, or, if he is a commercial company, also a shareholder, is not reliable or, for other reasons, is not the person in charge of the In the interests of sound and prudent management of the carrier of the stock exchange, it is sufficient, in case of doubt, if the facts justify the assumption that the funds it has applied for the acquisition of the significant the involvement of an objectively unlawful act,
2.
the implementation and appropriate further development of the stock exchange operation is impaired.
If the acquisition is not prohibited, the Securities and Exchange Commission may set a time limit after 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 be entitled to the full or non-execution of the transaction. of the proposed acquisition. After the expiry of the period, this person or persons trading company shall submit the notification without delay to the Exchange Supervisory Authority. (3) The Exchange Supervisory Authority shall also have the right to access the information and to the right to claim the right to the right to claim the right to advance notice after the expiry of the period of time of the (4) The Securities and Exchange Commission may prohibit the holder of a significant holding and the undertakings controlled by him from exercising his voting rights and order that the shares only have the consent of the holding. may be used if:
1.
the conditions for a submission referred to in the first sentence of paragraph 2 are met,
2.
the holder of the significant involvement of his obligation under paragraph 1 has not complied with the prior information of the Exchange Supervisory Authority, and has failed to obtain this information within a time limit set by the Exchange Supervisory Authority or
3.
the participation has been acquired or increased, contrary to a fully-fledgable sub-statement referred to in the first sentence of paragraph 2.
In the cases referred to in the first sentence, the exercise of the voting rights may be transferred to a trustee, who shall, in exercising the voting rights, take the interests of sound and prudent management of the institution of a stock exchange 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 compensation for reasonable outlays and to remuneration for his 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 shoots out the expenses and the remuneration; for its expenses, the country of the affected holders of the significant holding and the bearer of the stock exchange shall be jointly and severally liable. (5) Who intends to have a significant participation in the institution give up the stock exchange or lower the amount of its significant holding under the thresholds of 20 percent, 33 percent or 50 percent of the voting rights or the capital, or alter the holding in such a way that the carrier of the exchange no longer controlled company, has to notify the Securities and Exchange Commission 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 refund the notification to the Exchange Supervisory Authority. (6) The carrier of the Exchange shall immediately inform the Exchange Supervisory Authority. the acquisition or abandonation of a significant shareholding in the institution, the attainment, overshooting or undershooting of the holding thresholds of 20%, 33 per cent and 50 per cent of the voting rights or of the capital, and the fact that the The carrier shall be or is no longer a subsidiary of another undertaking, if the institution becomes aware of the change in these conditions of participation. The carrier of the Exchange shall immediately publish the facts which are notifiable in accordance with the first sentence on its website. (7) The State Governments shall be authorized to lay down detailed provisions on the nature, scope and date of the following provisions by means of the provisions of the Regulation. , paragraphs 1, 5 and 6. The State Government may transfer the authorisation to the Exchange Supervisory Authority by means of a legal regulation. Unofficial table of contents

§ 7 Trade monitoring office

(1) The Exchange shall, in compliance with the requirements of the Exchange Supervisory Authority, establish and operate a trading supervisory authority as an exchange body which monitors trading on the Exchange and the settlement of the exchange of the 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 settlement of transactions must also be recorded and evaluated by the Trade Monitoring Centre in a systematic and complete manner, 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 management, and whose the subject of the trade in energy or futures relating to energy; The trade monitoring body may carry out necessary investigations on the basis of this 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 assigned to this body, appoint the Trade Monitoring Centre to carry out investigations in accordance with sentences 1 to 3. (2) The Head of the Trade Surveillance Authority shall have the Exchange Supervisory Authority. to report regularly. 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. The approval shall be granted if this does not affect the performance of the monitoring tasks of the commercial monitoring body. (3) The Trade Supervisory Authority shall be subject to 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 Monitoring Centre may submit data on the business statements of the Management Board and the Trade Surveillance Office of another stock exchange, insofar as they are intended for the performance of the The tasks of these bodies are required. The Trade Surveillance Authority may also provide data on financial statements for the purpose of monitoring the trade in foreign organized markets or related 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 the settlement of the stock exchange business. 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 that it intends to exchange the type of data it intends to exchange. (5) The trade monitoring body shall determine the facts which justify the assumption that public exchange laws or orders are being infringed or that there are other instances of maladministration which are likely to result in the orderly conduct of trading on the stock exchange or on the Stock exchange business transactions can affect, it has the Exchange Supervisory Authority and to inform the management without delay. 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 para. 9 shall apply 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 Market price manipulation according to § 14 or § 20a of the German Securities Trading Act is required. (6) The Commercial Monitoring Centre shall carry out the duties and powers conferred on it under this Act only in the public interest. Unofficial table of contents

§ 8 Cooperation

(1) The Exchange Supervisory Authorities and the Federal Institute shall cooperate closely and exchange, in accordance with § 10, all the information relevant to the performance of their duties. (2) The Exchange Supervisory Authority shall inform the Bundesanstalt immediately of trade suspensions and settings pursuant to § 3 (5) sentence 3 no. 1, from the erasing of a permit pursuant to § 4 paragraph 4 and from the cancellation of a permit pursuant to § 4 paragraph 5 or the regulations of the Administrative procedural laws of the countries. Unofficial table of contents

§ 9 Applicability of antitrust rules

(1) The Exchange Supervisory Authority shall seek to ensure that the provisions of the Act against restrictions on competition are complied with. This applies in particular to access to trading, information and settlement systems and other exchange-related service facilities and their use. (2) The competence of the antitrust authorities remains 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. Unofficial table of contents

§ 10 Obligation of Confidentiality

(1) Those who have been transferred to the Exchange Supervisory Authority or to an authority responsible for the tasks and powers of the Exchange Supervisory Authority in accordance with Section 3 (7), employees who are responsible pursuant to Section 3 (8), the members of the exchange bodies and the employees. persons acting on behalf of the stock exchange, or persons acting directly or indirectly on its behalf, insofar as they are acting on the stock exchange, may have the facts known to them in their activities, the secrecy of which shall be in the interests of the the commercial operator or a third party, in particular business and Do not collect or use business secrets, personal data, or use them, even if they are no longer in service or if their activities are terminated. This shall also apply to other persons who, by means of official reporting, are aware of the facts referred to in the first sentence. There shall be no unauthorised raising or use within the meaning of sentence 1, in particular where information is passed on to:
1.
law enforcement agencies or courts responsible for criminal and judicial matters,
2.
By law or in the public order 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 the bodies responsible for commissioned persons,
3.
central banks, the European System of Central Banks or the European Central Bank, in their capacity as monetary authorities and other public authorities responsible for supervising 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 operators, and to
5.
the European Central Bank, the European System of Central Banks, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the European Supervisory Authority the 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 duties. In the case of employees in these positions, the obligation to conceal the obligation laid down in the first sentence shall apply. (2) For the members of the stock exchange bodies, as well as for the employees of the stock exchange, or acting directly or indirectly on his behalf Persons apply in accordance with Section 10 (1) sentence 2 of the German Securities Trading Act. (3) § § 93, 97, 105 (1), § 111 (5) in conjunction with Section 105 (1) and Section 116 (1) of the Tax Code do not apply to the first sentence of the first sentence of paragraph 1 or 2 Persons as far as they are acting for the implementation of this Act. They shall apply in so far as the financial authorities require the knowledge of the implementation of a procedure on the basis of a tax offence and of a related taxation procedure, 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. Unofficial table of contents

Section 11 Discount of the price fixing for foreign currencies

The Federal Ministry of Finance, in agreement with the Federal Ministry of Economics and Technology and after hearing the Deutsche Bundesbank, can issue individual statements to a stock exchange, the price determination for foreign currencies to temporarily prohibit if a significant market disturbance threatens to pose serious risks to the whole economy or to the public. Unofficial table of contents

§ 12 Stock Exchange Council

(1) Each exchange has to form a stock exchange, consisting of a maximum of 24 persons. 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, be the credit institutions authorised to participate in the exchange trading, including the securities trading banks, the approved financial services institutions and others. authorised undertakings and the capital management companies authorised to participate in the exchange trading. Where the stock exchange is at least also a stock exchange, the stock exchange must also, in addition to the undertakings referred to in the second sentence, be the control officers, the insurance undertakings whose issued securities are traded 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 companies associated with credit institutions, shall not exceed half of the total number of 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 undertakings not admitted to trading on the stock exchange shall be regulated.
1.
the issuing of the Exchange Rules, the conditions for transactions on the Exchange, the Rules relating to Fees, the admission regulations for exchange dealers and the Rules of Trade for the free movement of goods, which are in each case adopted as Articles of Association,
2.
the appointment, reappointment and dismissiation of the managing directors in agreement with the Exchange Supervisory Authority,
3.
supervision of the management,
4.
the adoption of a rules of procedure for management and
5.
the appointment or reappointment and dismissiation 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, which serve the trading or settlement of stock exchange transactions, requires 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 comment on (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) If the Stock Exchange Council is to set up committees in preparation of its decisions, it shall, in the composition of the committees, be required 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, 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 Stock Exchange Council shall take those under this Act. tasks and powers only in the public interest. Unofficial table of contents

§ 13 Election of the Stock Exchange Council

(1) The members of the Exchange Council shall be elected from their midst for up to three years from the groups referred to in § 12 (1) sentence 2 to 4; the representatives of the investors shall be appointed by the remaining members of the Stock Exchange Council (2) Companies which are more than one of the groups referred to in Article 12 (1) sentence 2 to 4 may only vote in a group. The members of the Stock Exchange Council must be reliable and have the necessary professional competence. (4) The details of 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 is determined by a legal regulation of the state government after hearing 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; 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, doubts as to the reliability or professional competence of the (3) The directors represent the Exchange in court and out of court, unless the bearer of the Exchange is competent. Further information about the power of representation of the managing directors is regulated by the Stock Exchange Rules. (4) The maintenance of the order in the stock exchanges 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 which are incompatible with order or commercial transactions. (5) The management supervises the compliance with the obligations of the Trade 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 pursuant to § 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 March 2012 on Short selling and certain aspects of credit default swaps (OJ L 196, 27.7.2001, p. 1), in so far as financial instruments are concerned which are traded on a regulated market or on the free circulation of that stock exchange. § 10 Paragraph 1, Sentences 3 and 4, shall not be applicable in this respect. (6) The Management Board shall carry out the duties and powers conferred upon it under this Act only in the public interest. Unofficial table of contents

§ 16 Stock Exchange Rules

(1) The Exchange Rules shall ensure that the Exchange can carry out the tasks assigned to it and in doing so does justice to the interests of the public and of the trade. It must contain provisions on:
1.
the branch of the Exchange;
2.
the organisation of the stock exchange;
3.
the types of trade;
4.
the publication of prices and prices and of the transactions underlying them;
5.
a pay-as-you-go arrangement for the activities of the Scontroversials.
(2) In the case of stock exchanges, the Exchange Rules must also contain provisions relating to:
1.
the importance of the course supplements and notes,
2.
ensuring the clearing of the stock exchange business and the settlement systems available in accordance with § 21 and
3.
the marking of the orders generated by algorithmic trading within the meaning of Section 33 (1a), first sentence, of the Securities Trading Act by the trading participants and the identification of the trading algorithms used for this purpose.
(3) The Exchange Rules shall require the approval of 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 charging system may provide for the collection of fees and the reimbursement of expenses for:
1.
admission to the stock exchange trading and to participation in the exchange trading,
2.
the admission to the exchange without the right to participate in the trade,
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 withdrawal of authorisation and inclusion,
4.
the introduction of securities on the stock exchange,
5.
the listing of securities, the duration of which is not determined,
6.
the examination of the printing equipment of securities,
7.
the filing of the Exchange Trader Examination.
(2) The fees regulations 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 within six weeks of having access to the Exchange Supervisory Authority. (3) Without prejudice to the charges levied under paragraph 1, the Exchange carriers for services which it provides for trading participants or third parties in the course of the exchange operation require separate charges. (4) Without prejudice to Article 26a, the Exchange shall have for the excessive use of the stock exchange systems, in particular by disproportionately many order inputs, changes and deletions, separate charges , unless the stock exchange carrier already requires separate charges for this purpose. The level of such charges 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 exchange facilities

The Exchange Rules may allow the use of exchange facilities for a branch other than the business branch to be recorded in accordance with section 16 (1) sentence 2. In this case, a claim for use does not grow for the parties involved. Unofficial table of contents

§ 19 Admission to the Exchange

(1) For a visit to the Exchange, to participate in the exchange trading and for persons who are to be entitled to act on the Exchange for a company authorised to participate in the exchange trading (stock exchange trader), an admission by the management is (2) In order to participate in the stock exchange trading, only those who are commercially available on the stock exchange may be admitted to trading on the market.
1.
the acquisition and sale of own account is carried out or
2.
the acquisition and sale of the company in its own name for foreign accounts, or
3.
Transfer of contracts for the acquisition and sale
(3) The admission of persons without the right to participate in the trading is regulated by the Stock Exchange Rules. (4) The admission of a company to the Participation in the exchange trading referred to in the first sentence of paragraph 2 shall be granted if:
1.
in the case of undertakings operating in the legal form of the individual businessman, the business owner, other undertakings, persons entrusted with the management of the undertaking ' s operations in accordance with the law, the statutes or the social contract, and its representation is authorized to be reliable and at least one of those persons has the professional competence necessary for the exchange of securities or goods;
2.
the proper handling of transactions concluded on the stock exchange is ensured;
3.
the company has a capital of at least EUR 50 000, unless it is a credit institution, a financial services institution or a company acting in accordance with § 53 (1) sentence 1 or § 53b (1) sentence 1 of the Banking Act, which Operating the financial commission business within the meaning of section 1 (1) sentence 2 no. 4 or for the provision of a financial service within the meaning of section 1 (1a) sentence 2 no. 1 to 4 of the credit law; as equity capital, the paid-in capital and the reserves after deduction of the deprivation of the holder or of the personally liable partners and of the loans granted to them and of a debt overhang in respect of the holder ' s free assets;
4.
in the case of the undertaking which is obliged to demonstrate own capital in accordance with point 3, no facts justify the assumption that, taking into account the proven equity capital, it is not the case for an orderly participation in the stock exchange trading required economic performance.
The Exchange Rules may provide that, in the case of companies which are admitted to trading on a domestic exchange or in an organised market within the meaning of Section 2 (5) of the Securities Trading Act with registered offices abroad, the admission without the conditions set out in points 1, 3 and 4 of the first sentence of the first sentence of the first sentence of the first sentence of the first sentence of the first sentence of the first subparagraph shall The Exchange Rules may provide that trading participants have to fulfil further requirements for access to trading systems of the Exchange. (5) As a stock exchange trader, it is possible to allow those who are reliable and have the necessary professional competence. (6) The The professional qualification referred to in the first sentence of paragraph 4 of this Article shall be accepted on a regular basis if a vocational training certificate is established which enables the exchange of securities or goods to be traded on the market. 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 competence of the persons qualified for trading on the stock exchange and the examination procedure regulate a licensing order for exchange traders to be issued by the Stock Exchange Council, which is subject to the approval by the (8) If there are reasonable grounds for suspecting that one of the conditions referred to in paragraphs 2, 4 or 5 is to be found, the Exchange Regulation shall be subject to the conditions laid down in paragraphs 4 to 6. If the conditions have not been fulfilled or if it has been subsequently omitted, the management may Order rest for a maximum period of six months. The rest of the authorisation may also be arranged for the duration of the default with the payment of the fees fixed pursuant to section 17 (1) (1) (1) and (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 may be revoked by the management of the management. 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 responsible for concluding transactions on the stock exchange. (9) The management may be subject to trading participants in the case of a seat outside the Member States of the European Union or of the other States Parties to the Agreement on the European Economic Area, order the authorisation to continue for a maximum period of six months or revoke the authorisation, if the fulfilment of the reporting obligations under 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 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 which are relevant for an order or revocation pursuant to the first sentence. (10) The management of the stock exchange, trading participants in other states, intends to direct access to their trading system shall be notified to the Securities and Exchange Commission and the Federal Agency, provided that the initial access to a trading participant in the State concerned is the first time. (11) The Management of the Exchange regularly submits to the Exchange Supervisory Authority Current list of trading participants admitted to the stock exchange. Unofficial table of contents

§ 20 Security benefits

(1) The Exchange Rules may determine that the companies authorised to participate in the exchange trading and the Scontroversies have sufficient security to comply with the obligations arising out of transactions on the stock exchange and in one on the stock exchange approved electronic trading system, to be able to comply at any time. The amount of the security shall be proportionate to the risks associated with the transactions concluded. The Exchange Rules determine 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 resting of the security Authorisation 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 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 Rules may regulate provide for the limitation and monitoring of the trading liabilities of companies and control leaders admitted to trading on the stock exchange. (4) The Trade Surveillance Authority shall have the securities to be provided under paragraph 1 and the compliance with the to monitor the rules referred to in 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) Opposition and action against measures pursuant to paragraph 4 shall not have suspensive effect. Effect. Unofficial table of contents

Section 21 External settlement systems

(1) The Exchange Rules may provide for the connection of external settlement systems to the exchange systems for the exchange trading and the settlement of the exchange business. Such a connection shall be permitted provided that it is ensured that:
1.
the system for the provision of services for the handling of stock exchange transactions has the necessary technical facilities; and
2.
the operator of the system has created the necessary legal and technical conditions for the connection of the system to the exchange systems for trading and the clearing of the stock exchange business, and
3.
a proper and economically efficient settlement and settlement of the transactions on the stock exchange is ensured.
(2) If several alternative settlement systems are available in accordance with paragraph 1, it shall be necessary for the trading participants to decide which of the systems they use in order to carry out the exchange transactions. (3) The stock exchange authority shall have the supervisory authority over the place of Requests for access under Article 7 of Regulation (EU) No 648/2012 as well as the receipt of an application for access under Article 8 of Regulation (EU) No 648/2012 shall be immediately informed in writing. Unofficial table of contents

Section 22 Sanctions Committee

(1) The State Government shall be empowered to adopt, by means of a legislative regulation, provisions relating to the establishment of a Sanctions Committee, its composition, its proceedings, including the taking of evidence and the costs, and the participation of the Exchange supervisory authority. 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 legal regulation. (2) The Sanctions Committee may issue a reference to a trading participant, with a monetary order of up to two hundred and fifty thousand euros or with a reference to Exclusion from the stock exchange up to 30 trading days if the trading participant or a person acting for him intentionally or negligently violates trade-exchange law provisions that ensure proper conduct of trading on the stock exchange or to ensure that the stock exchange is handled. 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 exercise the duties and powers conferred upon it pursuant to 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. Prior to the imposition of an action, no investigation is required in a preliminary procedure. (4) In a procedure before the Sanctions Committee, facts have emerged which indicate the withdrawal or revocation of the admission of a trading participant or of a The proceedings shall be submitted to the management of the control. 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 proceedings back to the Sanctions Committee.

Section 2
Stock exchange trading and stock exchange price fixing

Unofficial table of contents

Section 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 shall require 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 Exchange. The more detailed rules shall be laid down in Articles 36 and 37 of Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004 /39/EC of the European Parliament and of the Council as regards recording obligations for investment firms, the notification of transactions, the transparency of the market, the admission of financial instruments to trade and certain terms within the meaning of this Directive (OJ L 327, 30.4.2004, p. EU No 1) and the 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. Unofficial table of contents

§ 24 Stock Exchange Price

(1) Prices which are found on a stock exchange during the stock exchange period are stock exchange prices. The first sentence shall also apply to prices recorded on a stock exchange during the stock exchange period. (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, consideration may also be given to prices of another 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 a proper identification of the price of the stock exchange 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 (3) Unless otherwise specified in § 31, exchange prices and the transactions underlying them must be carried out immediately and on reasonable commercial terms by the trading participants. shall be made available, unless there is a delayed Publication in the interest of avoiding undue deprivation of the parties involved in the transaction. 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 participant must also be informed of the price of the most limited purchase order and the lowest limited sales order. (4) Transactions that have led to exchange prices are to be particularly marked upon entering into the business settlement system of the Exchange. Unofficial table of contents

Section 25 Suspension and suspension of trade

(1) The management may be responsible for the trading of economic goods or rights.
1.
if an orderly trading is temporarily endangered or if this appears to protect the public; and
2.
if a proper stock exchange trading is no longer guaranteed.
The Management Board shall immediately inform the Exchange Supervisory Authority and the Federal Agency of measures taken 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 Rules. (2) Opposition and action against the suspension of trade do not have a suspensive effect. (3) For measures pursuant to Article 23 (1) of Regulation (EU) No 236/2012, the second sentence of paragraph 1 and paragraph 2 shall apply accordingly. Unofficial table of contents

Section 26 Management of stock market speculation transactions

(1) It shall be prohibited to conduct, on a commercial basis, any other, taking advantage of its inexperience in stock market speculation transactions, to such transactions or for direct or indirect participation in such transactions. (2) Stock exchange speculation in the The meaning of paragraph 1 is in particular:
1.
In-or sales transactions with deferred delivery time, even if they are concluded outside a domestic or foreign exchange, and
2.
Options for such operations,
which are intended to make a profit on the basis of the difference between the price fixed for the delivery period and the stock exchange or market price available at the time of delivery. Unofficial table of contents

§ 26a Order-Transaction Ratio

Trading participants shall be obliged to ensure an appropriate relationship between their order inputs, changes and deletions and the transactions actually executed (order transaction ratio) in order to take risks to the to avoid 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 lay down more detailed provisions on the appropriate order-transaction ratio for certain genera of financial instruments. Unofficial table of contents

§ 26b Minimum price change

The Exchange is obliged to set an appropriate size of the smallest possible price change in 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 may be applied to the Exchange Rules.

Section 3
Scontroversies and transparency requirements on stock exchanges

Unofficial table of contents

Section 27 Admission to the Scontroversial Leader

(1) The management of a stock exchange may, taking into account the trading system used by the Exchange, to participate in the exchange trading of eligible companies on their request with the determination of stock exchange prices on this stock exchange (authorisation as a control officer). 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 allow persons who are entitled to act for a control officer in the control of the control (s), if they are traders and the necessary for the control of the Scontroversial have professional qualifications. (2) The management has to revoke the authorisation as a control leader after consulting the Exchange Supervisory Authority, except in accordance with the provisions of the Administrative Procedure Law, if the Scontroversial Guide is a has been guilty of gross violation of his duties. 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 participating in the stock exchange with immediate effect, even without the hearing of his/her hearing; the opposition and the action of appeal shall have no suspensive effect. (3) Consists of the 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 a period of six months, allow the authorisation of a scontroversial person to be admitted. (4) The Federal Office shall inform the management without delay, if it has taken measures to ensure compliance with its creditors ' liabilities to its creditors. Unofficial table of contents

§ 28 Duties of the Scontroversial Leader

(1) In the context of the duties of the Scontroversial Leader, the Scontroversial Leader and the scontroversially persons shall have to work towards an orderly conduct of the market and to exercise the Scontroled neutrality in a neutral way. 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. (2) The control leader and the scouring persons shall have all the orders in place at the time of the price fixing in respect of their execution in accordance with the special arrangements existing on the stock exchange. shall be treated equally. The details are regulated by the Stock Exchange Rules. Unofficial table of contents

Section 29 Distribution of the Skontren

The management decides on the distribution of the Skontren among the applicants suitable for the control according to § 27 (1) sentence 2 and the number of the Scontroversials. 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

Section 30 An existing transparency of shares and shares representing shares and shares

(1) Certificates representing shares and shares 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 to publish the volume tradable at these prices on a continuous basis and on reasonable commercial terms during the normal business hours of the Exchange. The Exchange Supervisory Authority may, under the conditions laid down in Chapter IV, Section 1 and 4 of Regulation (EC) No 1287/2006, provide for exceptions to the obligation laid down in the first sentence of Regulation (EC) No 1287/2006. (2) Exchanges may be made to Systematic Internalisers within the meaning of Section 2 (10) of the (3) The details of the publication requirements referred to in paragraph 1 shall be governed by the provisions of Regulation (EC) No 2010/EC of the European Parliament and of the Council of the European Communities. 1287/2006 and the Stock Exchange Rules. Unofficial table of contents

Section 31 Post-Trade Transparency of Shares and Shares Representing Shares

(1) Certificates representing shares and shares admitted to trading on the regulated market or included in the regulated market shall be immediately and reasonably due to exchange prices as well as the volume and timing of the exchange transactions. 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 Chapter IV, Section 4 of Regulation (EC) No 1287/2006. (2) The details of the publication requirements referred to in paragraph 1 shall be governed by Chapter IV, sections 1, 3 and 4 of Regulation (EC) No 1287/2006. and the Stock Exchange Rules.

Section 4
Admission of securities to stock exchange trading

Unofficial table of contents

§ 32 Authorisation obligation

(1) Securities which are to be traded on a stock exchange in the regulated market shall be subject to approval or inclusion by the management, unless otherwise specified in § 37 or in other laws. (2) The admission is from the To apply for issuers of the securities together with a credit institution, 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 comply with the requirements laid down in Article 35 of Regulation (EC) No 1287/2006 and the provisions adopted in order to protect the public and to ensure the proper exchange of securities in accordance with Article 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 has been published in the version in force until 21 July 2013, the version of which is applicable in accordance with § 345 (6), first sentence, of the capital investment code, or a prospectus within the meaning of section 165 of the capital investment code or a prospectus within the meaning of section 318 (3) of the capital investment law , in so far as it is not published in accordance with § 1 (2) or § 4 (2) of The Securities Prospectus Act may be waited from the publication of a prospectus.
(4) 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 application Management determines at least three domestic 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. Unofficial table of contents

Section 33 The inclusion of securities in the regulated market

(1) Securities may be included in the regulated market at the request of a trading participant or on its own account as a result of the management of stock exchange trading, if:
1.
the securities are already
a)
on another domestic exchange for trading in the regulated market,
b)
in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area, on trade in an organised market, or
c)
on a market in a third country, provided that there are admission requirements and reporting and transparency obligations comparable to those in the regulated market for authorised securities in this market and the exchange of information for the purpose of: the monitoring of trade with the competent authorities in the State concerned is ensured;
, and
2.
there are no known circumstances which, in the case of the inclusion of the securities, result in a subdivision of the public or a deterioration of considerable general interests.
(2) The more detailed provisions on the inclusion of securities and on the obligations to be fulfilled by the applicant after the inclusion of securities have to be fulfilled are to be found in the Exchange Rules. 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. (3) The management shall inform the issuer, whose securities have been included in the trade referred to in paragraph 1, of the issuer, the issuer, the issuer, the issuer and the issuer. Inclusion. (4) For the suspension and the cessation of the investigation of the The stock exchange price shall apply mutas to § 25 Section 39 (1) shall apply mutas to the revocation of the inclusion. Unofficial table of contents

§ 34 Appropriations

The Federal Government is authorized, with the consent of the Federal Council, to comply with the provisions necessary for the protection of the public and for the proper trading of the stock exchange.
1.
the conditions for authorisation, in particular:
a)
the requirements for the issuer with regard to its legal basis, its size and the duration of its existence;
b)
the requirements to be met by the securities to be admitted with a view to their legal basis, marketability, denomination 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.
the authorisation procedure
to the Commission. Unofficial table of contents

Section 35 Refusal of admission

(1) In accordance with an application for authorisation, the management shall inform the other exchanges in which the issuer's securities are to be traded, indicating the reasons for the refusal. (2) Securities whose approval is which has been rejected by another stock exchange, may only be authorised with the consent of that stock exchange. Consent must be given if the refusal has been taken out of consideration for local circumstances or if the reasons for which an authorisation has been granted have been omitted. (3) If an application for authorisation is made on several domestic exchanges, the following shall be granted: 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. Unofficial table of contents

Section 36 Cooperation in the European Union

(1) A request is made for an issuer established in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area, the shares of which are listed in accordance with Directive 2001 /34/EC of the European Economic Area (EC) Parliament and the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on the information to be published on those securities (OJ L 136, 31.5.2001, p. EC No 1) in that Member State or State Party, and the admission of securities to which subscription rights are attached to those shares, the Management Board shall, before taking a decision, give an opinion to the competent authority of the other Member State or Contracting State. (2) The provisions on cooperation under the Securities Prospectus Act shall remain unaffected. Unofficial table of contents

Section 37 State debt securities

Debt securities issued by the Federal Government, its special assets or a federal state, including those registered in the Federal debt book or in the school books of the Länder, as well as debt securities issued by another Member State of the The European Union or any other Contracting State of the Agreement on the European Economic Area shall be admitted to trading on the regulated market on any domestic exchange. Unofficial table of contents

Section 38 Introduction

(1) The management shall decide upon the request of the issuer for the admission of the listing of approved 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. (2) Securities placed on the public drawing may not be introduced until the date of dispatch has been completed. (3) The Federal Government is authorized to act with the consent of the Federal Council by means of a regulation for the protection of the public, the date on which the securities may be imported at the earliest. (4) If the securities are not introduced within three months of the date of publication of the authorisation decision, the securities shall be issued Authorisation. 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

Section 39 Revocation of admission to transferable securities

(1) The management may revoke the admission of securities to trading in the regulated market except in accordance with the provisions of the Administrative Procedure Act, if a proper stock exchange trading is no longer guaranteed in the long term and the (2) The management may also apply for the authorisation within the meaning of paragraph 1 at the request of the Board of Directors. 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. Unofficial table of contents

§ 40 obligations of the issuer

(1) The issuer of approved shares is obligated to apply for admission to the regulated market for shares of the same class issued later. (2) The Federal Government is authorized to do so by means of a legal regulation with the consent of the Federal Council To lay down rules on when and under which conditions the obligation referred to in paragraph 1 shall apply. Unofficial table of contents

Section 41 Information on the exchange of information

(1) The issuer of the approved securities as well as the institution or company which has applied for the admission of the securities in accordance with section 32 (2) sentence 1 together with the issuer shall be obligated to conduct the management from their area all (2) The management may require the issuer of the approved securities to be provided with the necessary information in order to ensure that the securities are admitted to the market. appropriate form and time limit shall be published when this is intended to protect the public or for proper stock exchange trading. If the issuer does not follow the request of the management, the management may, after consulting the issuer, publish this information itself at the expense of the issuer. Unofficial table of contents

Section 42 Subsections of the regulated market with special obligations for issuers

(1) The Exchange Rules may, in addition to the documents to be submitted by the Company, provide additional conditions for the admission of shares or shares representing shares or shares in the regulated market in addition to the documents to be submitted by the Company. (2) The issuer shall also fill in accordance with a set of certificates issued by the issuer in order to protect the public or to ensure proper trading of the stock exchange. the reasonable period of time additional obligations pursuant to § 42 do not apply, the management may be the issuer from the the corresponding sub-section 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. Unofficial table of contents

Section 43 Oblivion of the insolvency administrator

(1) Where insolvency proceedings are opened on the assets of a pledge under this Act, the insolvency administrator shall assist the debtor in the performance of the obligations under this Act, in particular by: (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: it agrees to the use of the funds by the pledge or, if the A general ban on disposal was imposed by making the funds available from the assets it manages. Unofficial table of contents

§ § 44 to 47 ----

Section 5
Free circulation

Unofficial table of contents

§ 48 Freiverkehr

(1) In the case of securities which are not admitted to trading in the regulated market or are included in the regulated market for trading, the Exchange may authorise the operation of a free movement by the stock exchange carrier if a trade order and a trading order are Terms and conditions of the stock exchange, which have been approved by the management, an orderly conduct of the trading and the business settlement appears to be 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 The Exchange Supervisory Authority can prohibit the trading of free circulation if a proper trading of the securities is no longer guaranteed. (3) The operation of the free movement requires 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 mutas to the operation of the free movement.

Section 6
Criminal and penal rules; final provisions

Unofficial table of contents

Section 49 Criminal Code

A term of imprisonment of up to three years or a fine shall be punishable by the person who, contrary to Article 26 (1), lenders others to market speculation transactions or to a holding in such a business. Unofficial table of contents

§ 50 Penal rules

(1) Administrative offences are those who are intentional or reckless
1.
Contrary to Section 3 (11), a person is informed,
2.
Contrary to § 4 (7), a change in the case of a person referred to there is not, not correct, not complete or not displayed in time,
3.
against
a)
§ 6 para. 1 sentence 1, 5 or 6, or
b)
§ 6 (5) sentence 1 or 4 or para. 6 sentence 1,
in connection with a legal regulation pursuant to the first sentence of paragraph 7 above, an indication not, not correct, not fully or not reimbursed in good time,
4.
an enforceable arrangement in accordance with Section 6 (1) sentence 7,
5.
, contrary to § 6 (6) sentence 2, a publication does not or does not make a publication
6.
Contrary to Section 41 (1), information is not provided, not correct, or not completely.
(2) Contrary to the law, who intentionally or negligently
1.
a fully-retractable arrangement according to
a)
§ 3 (4) sentence 1 or sentence 4 No. 1, also in conjunction with Section 7 (3), or
b)
Section 6 (2) sentence 1 or (4) sentence 1
, or
2.
contrary to § 3 (4) sentence 5 or 6, also in connection with sentence 8, an entry is not permitted or not tolerated.
(2a) Contrary to 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 L 206, 22.7.2012, p. 1). 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 subject to a fine of up to five hundred thousand euros, in the cases referred to in paragraph 1 (3) (a), point (b), point (a), point (b) of paragraph 1. 4 and 6, and paragraph 2a, with a fine of up to one hundred thousand euros, in other cases with a fine of up to fifty thousand euros. Unofficial table of contents

Section 50a Announcement of measures

The Exchange Supervisory Authority shall, without delay, make any decision pursuant to Section 50 (2a) made publicly known on its website to the public without delay, unless such publication would seriously endanger the financial markets or to a disproportionate amount of damage to the parties involved. The notice may not contain any personal data. Unofficial table of contents

Section 51 Valiant for change and foreign means of payment

(1) Articles 24 and 27 to 29 shall also apply to exchange trading with exchange and foreign means of payment. (2) Payment, instructions and cheques shall also be considered as a means of payment within the meaning of paragraph 1. Unofficial table of contents

Section 52 Transitional arrangements

(1) If prospectuses on the basis of which securities have been admitted to the exchange trading with official listing, or company reports, have been published before 1 April 1998, these prospectuses and company reports shall be subject to the following rules: § § 45 to 49 and 77 of the Stock Exchange Act, as amended by the Notice of 17 July 1996 (BGBl. (2) If prospectuses on the basis of which securities have been admitted to the exchange trading on the official market, or company reports, have been published before 1 July 2002, these prospectuses and Company reports the provision of § 47 of the Stock Exchange Act in the version of the notice of 9 September 1998 (BGBl. 2682), as last amended by Article 35 of the Law of 27 April 2002 (BGBl I). (3) If prospectuses on the basis of which securities have been admitted to trading on the official market have been published before 1 July 2005, the provisions of section 45 shall apply to these prospectuses continue to apply to this law in the version valid before 1 July 2005. § § 44 to 47 and 55 of the Stock Exchange Act shall continue to apply in the version valid before 1 July 2005 on company reports published before 1 July 2005. (4) For securities whose term of validity is not determined and The first sentence of Section 5 (1), first sentence, of the Stock Exchange Act, as amended by the notice of 9 September 1998 (BGBl I), was introduced on 1 July 2002 on a domestic stock exchange. 2682), as last amended by Article 35 of the Law of 27 April 2002 (BGBl I). 1467). Article 17 (1) no. 5 shall apply to the securities referred to in the first sentence only after ten years have elapsed since the introduction of the securities. (5) Stock exchange carriers, to which prior to 1 November 2007 a permit pursuant to Section 1 (1) of the Stock Exchange Act (Stock Exchange Act) in the up to 31. As amended in October 2007, no permit pursuant to § 4 of this Regulation shall be required. However, they must submit the required documents to the Exchange Supervisory Authority by 30 April 2009, according to the second sentence of Article 4 (2). The powers of the Exchange Supervisory Authority in accordance with § 4 shall apply in view of the authorisations granted before 1 November 2007. (6) Stock exchange carriers which have already started the operation of a free movement prior to 1 November 2007 are (7) Securities which have been admitted to the official market or to the regulated market before 1 November 2007 shall apply from 1 November 2007. than 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 which have been published in Germany before 1 June 2012 shall continue to apply in the version in force until 31 May 2012 in accordance with § § 44 to 47.