Stock Exchange Act

Original Language Title: Börsengesetz

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Read the untranslated law here: http://www.gesetze-im-internet.de/b_rsg_2007/BJNR135100007.html

Stock Exchange Act (BörsG) BörsG Ausfertigung date: 16.07.2007 full quotation: "stock market law of July 16, 2007 (BGBl. I p. 1330, 1351), by article 197 of the Decree of 31 August 2015 (BGBl. I p. 1474) is changed" stand: last amended by article 14 G v. 15.7.2014 I 934 Note: change article 197 V v. 31.8.2015 I 1474 (No. 35) still not taken into account by learn about the stand number in the menu under notes this Act serves - the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Directives 85/611/EEC and 93/6/EEC of the Council and Directive 2000/12/EC of the European Parliament and of the Council and repealing Directive 93/22/EEC of the Council (OJ EU no. L 145 p. 1, 2005 No. L 45 S. 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, as regards certain deadlines (OJ EU no. L 114, p. 60), - in article 3 No. 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 EU no. L 177 p. 201) and - 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 performance of their duties, as well as in relation to the definition of terms for the purposes of that directive (OJ EU no. L 241, p. 26).
Footnote (+++ text detection from: 1.11.2007 +++) (+++ to the further application d. sections 44 to 47 FG. 2012-05-31 cf. section 37 WpPG F.)
2011-12-06 +++) (+++ official note of the standard authority on EC law: implementation of EGRL 39/2004 (CELEX No.: 32004 L 0039) EGRL 31/2006 (CELEX Nr: 32006 L 0031) EGRL 49/2006 (CELEX Nr: 32006 L 0049) EGRL 73/2006 (CELEX Nr: 32006 L 0073) +++) the G was adopted as article 2 of the G v. 16.7.2007 I 1330 by the Bundestag. It is under article 14 paragraph 3 of this G on November 1, 2007 entered into force.

Table of contents section 1 General provisions on stock exchanges and their institutions § 1 scope article 2 exchanges section 3 tasks and powers of the Securities and Exchange Commission section 4 permission § 5 obligations of the exchange carrier § 6 holders of significant investments § 7 trading surveillance authority article 8 cooperation § 9 applicability of antitrust provisions § 10 confidentiality § 11 Prohibition of price determination for foreign currencies § 12 Exchange Council sec. 13 election of Exchange Council sec. 14 (dropped out) § 15 line the stock section 16 exchange rules article 17 fees and charges article 18 other use of exchange facilities article 19 admission to the stock exchange article 20 security services section 21 external processing systems § 22 sanctions Committee section 2 trading and stock pricing article 23 approval of its assets and right section 24 stock market price § 25 suspension and adjustment of the trade section 26 inducement to stock market speculation transactions Article 26a order transaction money § 26 b minimum price change size section 3 management and transparency requirements on stock exchanges section 27 admission to the specialist guide § 28 duties of the specialist operator § 29 distribution of Skontren section 30 before trading transparency on shares and certificates article 31, which shares post-trade transparency on certificates section 4 which stocks and shares admission of securities to trading article 32 article 33 authorisation inclusion of securities in the regulated Market section 34 authorizations section 35 refusal of admission § 36 cooperation in the European Union article 37 government bonds § 38 introduction § 39 revocation of admission at securities § 40 obligations of the issuer section 41 disclosure section 42 sections of the regulated market with specific obligations for issuers § 43 obligation of the insolvency administrator of sections 44 to 47 (dropped out) section 5 over-the-counter section 48 over-the-counter section 6 criminal and penalty provisions; Final provisions § 49 penal § 50 fine regulations § 50a notice of measures article 51 scope for change and foreign money § 52 transitional provisions section 1 General provisions about stock exchanges and their institutions § 1 scope (1) this law is to apply to the operation and the organisation of exchanges, approval of trading participants, financial instruments, rights and assets to the stock exchange and the determination of market prices.
(2) a stock exchange was charged, auctions in accordance with the Regulation (EU) no 1031/2010 of the Commission by November 12, 2010 about the temporal and administrative procedure, as well as other aspects of the auctioning of greenhouse gas emission allowance trading in accordance with Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowance trading within the Community (OJ L 302 of the 18.11.2010, p. 1) perform, apply the provisions of this Act with regard to these auctions of Regulation (EU) No. 1031/2010 amended otherwise unless otherwise provided in.

Section 2 (1) exchanges are exchanges part of unincorporated establishments of governed by public law, which govern multilateral systems and monitor, which bring together the interests of a large number of people in the buying and selling of assets approved to trade and rights within the system to set rules in such a way or promote the bringing together, in accordance with this law to a contract for the sale of these objects of trade leads.
(2) stock exchanges within the meaning of this law are stock exchanges, on which securities and it-related derivatives in the sense of § 2 para 2 of the German Securities Trading Act are traded. On stock exchanges, other financial instruments within the meaning of § 2 paragraph 2 b of the securities trading act and precious metals can be traded.
(3) commodity markets in the meaning of this law are stock exchanges on which goods within the meaning of § 2 paragraph 2c of the securities trading act and forward transactions relating to goods are traded. On commodity markets also forward transactions within the meaning of § 2 para 2 can be traded these underlying values of base no. 2 of the German Securities Trading Act and the.
(4) on a stock exchange, on which both in paragraph 2 as well as the assets referred to in paragraph 3 and rights are traded, are both that are on stock exchanges as also the regulations relating to commodity markets to apply.
(5) in administrative proceedings, the stock market can sue and be sued under her name.

§ 3 duties and powers of the Securities and Exchange Commission (1) who exerts authority top country (stock market regulator) supervision of the stock exchange according to the regulations this Act from. In particular the Stock Exchange Council, the Exchange Management, the sanctions Committee and the trading surveillance authority (stock market institutions) as well as the stock carrier, facilities that relate to the Exchange transport including paged according to § 5 para 3, and the over-the-counter subject to their supervision. Supervision over compliance with stock exchange regulations and orders, the orderly implementation of the trading on the Exchange, as well as the orderly fulfillment of stock exchange transactions (stock exchange transactions).
(2) the Securities and Exchange Commission is entitled to take part in the deliberations of the trading institutions. The stock market institutions are obliged to support the stock exchange authorities in carrying out their duties.
(3) the Securities and Exchange Commission performs the tasks assigned to it under this Act and powers only in the public interest.
(4) the Securities and Exchange Commission can make as far as this is necessary for the fulfilment of their tasks, without a special occasion by the stock exchange and the stock exchange carrier, as well as by the company authorized according to § 19 to participate in the trading, traders, specialist guides and the specialist leaders (trading participant), by persons to whom a trading participant granted direct electronic access to the stock market (indirect market participants) and by the issuers of securities admitted to the regulated market demand information and the submission of documents and checks. The Securities and Exchange Commission may request that the delivery of information and documents is automatically processable data carriers. Where there is evidence which justify the assumption that stock exchange regulations or orders are violated, or other abuses exist, which can interfere with the orderly conduct of trading on the stock exchange or the Exchange transaction settlement, the Securities and Exchange Commission by anyone can demand information, the submission of documents and the provision of copies and people download and hear, as far as this is necessary for the performance of their duties. In these cases in particular may 1 by the trading participants ask for the identity of the principal and legitimate from the transactions made or committed persons and the changes of stocks by trading participants in financial instruments traded on the stock market, information about the transactions, including the identity of the persons involved in these operations require 2 by the clients and authorized or committed people , 3.
Value paper collecting banks and systems to ensure the fulfillment of transactions require information about changes of stocks by trading participants in financial instruments traded on the stock exchange, 4 from the stock exchange, the trading participants and with these affiliated companies that require production of existing records of telephone calls and data transmission; extent restricts the fundamental rights of laid down in article 10 of the basic law, those affected are pursuant to § 101 and 5 by the trading participants, to notify of the code of criminal procedure the algorithmic trading within the meaning of § 33 paragraph 1a sentence 1 of the German Securities Trading Act operate, any details of their algorithmic trading, the systems used for this trade, as well as a description of the details of the trading parameters or trading limit and the algorithmic trading strategies , the system is subject to which, require.
The respondents have the servants which during normal working hours to allow access to their land and business premises, securities and Exchange Commission as far as this is necessary to fulfil the tasks of the Securities and Exchange Commission. Access outside this period or, if the premises are in an apartment, is permitted without consent only for the prevention of urgent threats to public safety and order and to tolerate. The fundamental right of inviolability of the home (article 13 of the Basic Law) is limited in this respect. The powers and responsibilities under this paragraph shall apply mutatis mutandis, provided by the Securities and Exchange Commission authorized persons and institutions operate according to this law. The for issuing a report committed the information on such questions, may refuse the answers himself or an expose of the Nos. 1 to 3 of the code of civil procedure referred to members of the danger of criminal prosecution or proceedings would in section 383, paragraph 1 according to the law of administrative offences. The debtor is to teach about his right to refuse the information.
(5) the Securities and Exchange Commission is empowered to grant injunctions to maintain order and for the business on the stock exchange. She may make orders to the stock exchange, the stock market institution and the trading participants which are appropriate and necessary to prevent violations of exchange rules and regulations, or to eliminate abuses which may affect the proper implementation of the trading on the Exchange, the Exchange transaction settlement or monitoring. You can order the suspension or discontinuation of trading with one or more financial instruments, rights or assets for this purpose in particular 1, 2. the stock market using a central counterparty, a clearing house or Exchange settlement system prohibit, as long as the proper execution of the trading on the stock exchange or the Exchange transaction settlement is affected or the conditions of article 7 (4) or article 8 (4) of Regulation (EU) No. 648 / 2012 of the European Parliament and of the Council of the 4. July 2012 on OTC derivatives, central counterparties and trade repositories (OJ OJ L 201 of the 27.7.2012, p. 1) are available, 3. prohibit the use of an external management system or 4. prohibit the use of an algorithmic trading strategy, as far as this is necessary for the enforcement of the provisions of this Act. A measure has pursuant to sentence 1 No. 1 to immediately publish the Securities and Exchange Commission on its Internet site.
(6) the Securities and Exchange Commission finds facts which may justify the withdrawal or revocation of permission for determining stock-price or the approval of the company or other action of the Executive Board, it has to inform the Board of Directors.
(7) the competent body under State law is authorized to transfer functions and powers of the Securities and Exchange Commission to any other authority.
(8) the Securities and Exchange Commission can use in carrying out their duties to other individuals and entities.
(9) opposition and for annulment against measures under paragraphs 4 and 5 have no suspensive effect.
(10) the Exchange or one of its bodies fails to repeatedly and permanently the dispositions of the Securities and Exchange Commission, the Securities and Exchange Commission may, if their other powers are not sufficient and as far and as long as the correct operation of Exchange requires it, order Manager, which perform the functions of the Exchange or one of its organs at the expense of the exchange carrier.
(11) targeted measures under paragraph 4, which are made by the Securities and Exchange Commission for a possible breach of the prohibitions of section 26 of the Act or of § 14 or of section 20a of the securities trading Act, persons other than public authorities and those who are subject to a statutory duty of secrecy on the basis of their profession, may use these measures or an affiliated initiated investigation proceedings not in knowledge.

§ 4 permission (1) the establishment of a stock exchange requires the written permission of the Securities and Exchange Commission.
(2) the application for the licence is to put in writing at the Securities and Exchange Commission. It must include: 1 a suitable proof of required under § 5 paragraph 5 to the stock exchange operation funds, 2 the name of the Managing Director of the carrier of the stock exchange, as well as data which are required for the assessment of reliability and professional competence of such persons, 3. a business plan, from which emerge the nature of the planned transactions and the organisational structure, and the scheduled internal control procedures of the holder of the stock exchange , as well as the rules and regulations of the stock exchange, 4. investments providing the ownership structure of the carrier of the stock market, especially the owners of important in the sense of § 6, par. 6 and the amount of participation, and 5 the data which are necessary for the assessment of the reliability of the holder of major holdings; a major stake holder is a legal entity or person trading company, you are to provide essential facts for the assessment of the reliability of its legal or statutory representatives or general partner.
The Securities and Exchange Commission may request additional information as far as these are required to check whether the applicant complies with the provisions of this Act. If the managers of the holder of the stock market is such an organized market, the applicants with regard to these persons may waive No. 2 and 5 the information pursuant to sentence 2.
(3) permission shall be refused if 1 the identification of resources required for the operation of the stock exchange is not provided, 2. evidence of facts, from which that record is not reliable or not technically suitable 2 persons referred to in no. 2 in paragraph 2, facts justify the adoption of 3 results in particular that the owner of a significant participation or, if he is a legal person , also a legal or statutory representatives, or, if he is a person trading company, also a shareholder, is not reliable or for any other reason does not the demands in the interest of sound and prudent management of the carrier of a stock exchange; This applies even if the facts justify the adoption, he has provided the funds he had raised by an Act, objectively meet a criminal offence, or from the documents submitted by the applicant serious doubts arising 4. its ability, to meet the requirements arising from this Act on the operation of the stock market in doubt.
(4) the permission lapses if use is made of it within one year of its grant.
(5) the Securities and Exchange Commission may waive permission except in accordance with the administrative procedure laws of the countries, if 1 of the Exchange operations to which the permission relates, no longer is exercised for more than six months, their facts known to be 2 which would justify the refusal of the permit pursuant to paragraph 3, or 3. persistent violated the stock exchange or the carrier of the stock exchange provisions of this Act or the implementing these laws adopted regulations or orders.
You are the regulations of the laws of the country corresponding to § 48 para 4 sentence 1 and § 49 para 2 sentence 2 of the Administrative Procedure Act does not apply.
(5a) the Securities and Exchange Commission can provide the permission with conditions, insofar as this is necessary to ensure the permit conditions. The subsequent inclusion of requirements or the subsequent amendment or supplement existing regulations is permitted under the conditions of sentence 1.
(6) which are State Governments type, scope, time, and form empowered, which according to paragraph 2 for advertising information and Ordinance closer to referring documents to determine. The provincial government can confer the empowerment by a regulation on the Securities and Exchange Commission.
(7) the exchange carrier has a change in the persons of the Executive Board, as well as significant changes in terms of the Securities and Exchange Commission pursuant to paragraph 2 sentence 2 No. 1 through 5 provided immediately to show. Paragraph 2 sentence 3 and 4 shall apply mutatis mutandis.

§ 5 duties of the stock carrier
(1) with the licence, the applicant as the stock exchange is entitled to their construction and operation and committed. He is obliged to provide the financial, personnel and material resources necessary for the implementation and appropriate further development of stock exchange operations of the stock exchange at the request of the Management Board of the stock exchange.
(2) the exchange carrier is obliged the current details of its ownership structure in which according to article 4, paragraph 2, sentence 2 No. 4 required on its Internet page to publish.
(3) who may swap of sections, which are essential for carrying out of Exchange operations on another company affect the orderly implementation of the trading on the stock exchange and the Exchange transaction settlement nor the supervision of the stock market. The stock exchange carrier has contracted to ensure in particular the necessary authority and to include the outsourced areas in its internal control procedures. The stock exchange has notified to the intention of outsourcing, as well as their enforcement of the Securities and Exchange Commission.
(4) the exchange carrier is obliged to take precautions 1 to detect conflicts between self-interest of the exchange carrier or its owners and the public interest in the proper operation of the stock market and to prevent, as far as these are suitable, adversely affect the operation of the stock market or on the trading participants to affect, in particular, as far as monitoring functions by law conferred on the stock exchange are affected, appropriate arrangements and systems to identify and to deal with the major risks of trading operations to create 2. , this effectively to limit, and 3. the technical functioning of the trading and settlement systems to ensure, to create technical arrangements for a smooth and timely completion of trades executed in the trading system and to provide particularly effective emergency measures in case of system failure.
(5) the exchange carrier must have sufficient funds for a proper execution of stock exchange operations, taking into account nature, scope and risk structure of the transactions on the stock exchange.
(6) the Exchange has the country in whose territory the stock exchange is located, to indemnify third parties due to damage from all claims that are caused by the the stock exchange trading in the exercise of the tasks assigned to them.

(1) who intends to § 6 investments major holder immediately show a significant participation in the sense of § 1 para 9 of the Banking Act, the carrier of a stock exchange to acquire, this has the Securities and Exchange Commission. In the ad, he has the level of participation and, where appropriate, the essential facts for the justification of the significant influence and that 1 essential facts and documents, to determine by regulation under paragraph 7 are set for the assessment of its reliability and the examination of the other prohibited grounds referred to in paragraph 2, and he wants to acquire the persons and undertakings to indicate that the respective shares. The Securities and Exchange Commission may require additional information and the submission of additional documents beyond the requirements of the Ordinance, if this is appropriate for the assessment of the reliability or the examination of the other prohibited grounds referred to in paragraph 2 sentence 1. The notifiable is a legal entity or person trading company, he has to specify the essential facts for the assessment of the reliability of its legal or statutory representatives or general partner in the display. The holder of a significant shareholding has notified to every newly appointed legal or statutory representatives or new general partner with the essential for the assessment of its reliability facts of the Securities and Exchange Commission. The holder of a significant participation has also notified to the Securities and Exchange Commission, if he intends to increase the threshold of 20%, 33% or 50% of the voting rights or of the capital are met or exceeded or that the carrier of the stock market comes under its control within the meaning of article 1 section 8 of the Banking Act the amount of significant involvement. The Securities and Exchange Commission may require information and the submission of documents the institution of a stock exchange of holders of participation in if facts justify the adoption, that it is a significant investment.
(2) the Securities and Exchange Commission may within one month after receipt of the complete notification pursuant to paragraph 1 the proposed acquisition of significant involvement or their boost prohibit if facts justify the assumption that 1 the notifiable or, if he is a legal person a legal or statutory representatives, or, if he is a person trading company, also a shareholder, is not reliable or for any other reason does not the demands in the interest of sound and prudent management of the carrier of the stock exchange; This applies even if the facts justify the assumption that he had raised funds for the acquisition of significant involvement from an objectively unlawful act caused, 2. the implementation and appropriate further development of stock exchange operations is affected in cases of doubt.
The acquisition is not prohibited, the Securities and Exchange Commission may impose a time limit, after which the person or person trading company, which has filed the charges set 1 or set 6 referred to in paragraph 1, to show her the implementation or the non execution of the proposed acquisition has. After the deadline, this person or person trading company has immediately at the Securities and Exchange Commission to submit the display.
(3) the Securities and Exchange Commission has the rights of information and template referred to in paragraph 1 even after expiry of the period of paragraph 2 set 1 (4) the holder of a significant participation and the exercise of its voting rights prohibit the companies controlled by him can the Securities and Exchange Commission and order that the shares only with his consent must be has, if 1 the requirements for an injunction referred to in paragraph 2 sentence 1 are , 2. the holder of the significant participation of its obligation in paragraph 1 to the prior notification of the Securities and Exchange Commission has not complied and the information within a time limit specified by the Securities and Exchange Commission has not completed 3. participation contrary to an enforceable prohibition referred to in paragraph 2 sentence 1 or have purchased increases been is.
In the cases of sentence 1, the exercise of voting rights can be transferred to a trustee; This one has to take into account the interests of a sound and prudent management of the carrier of a stock exchange in the exercise of the voting rights. In the cases of sentence 1 the Securities and Exchange Commission about the measures can instruct 1, a trustee to set with the sale of the shares, so far as they constitute a significant participation, if the owner does not prove a reliable buyer of the significant involvement of the Securities and Exchange Commission within a period measured by this particular; the holder of the shares have to take part in the disposal to the extent necessary. The trustee shall be appointed at the request of the holder of the stock exchange, one of the parties to it or the Securities and Exchange Commission by the Court of the seat of the carrier of the stock exchange. Are the prerequisites of sentence 1 are deleted, the Securities and Exchange Commission has to apply for the revocation of appointment of the trustee. The trustee has entitlement to compensation for reasonable expenses and remuneration for his work. The Court shall determine the expenses and remuneration at the request of the trustee; the appeal against the fixing of compensation is excluded. The country shoots above the expenses and remuneration; for its expenses, the affected owner of significant involvement and support of the stock market severally the country.
(5) a person who intends to give up a significant stake in the institution of the stock market or to reduce the amount of his significant involvement under the threshold of 20%, 33% or 50% of the voting rights or of the capital or to change, that the wearer of the stock exchange is no longer controlled companies, participation has immediately to inform the Securities and Exchange Commission. While the intended remaining level of participation must be given. The Securities and Exchange Commission may fix a time limit, after which the person or person trading company, which has filed the charges pursuant to sentence 1, to show the implementation or the non-implementation of the intended reduction or change in the Securities and Exchange Commission has. After the deadline, the person or person trading company, which has filed the charges pursuant to sentence 1 has immediately to the charges with the Securities and Exchange Commission.
(6) the institution of the stock exchange has the acquisition or the task of a significant stake in the carrier, reaching, to display the parent - or falling below the participation threshold of 20 percent, 33 percent and 50 percent of the voting rights or of the capital as well as the fact that the institution is a subsidiary of another company or is no longer, if the carrier of the change of the ownership structure becomes aware the Securities and Exchange Commission immediately. The stock exchange has to immediately publish the facts notifiable pursuant to sentence 1 on its website.
(7) the provincial governments be empowered to adopt further provisions on the nature, scope and time of the indicators provided for in paragraphs 1, 5 and 6 by means of an Ordinance. The provincial government can confer the empowerment by a regulation on the Securities and Exchange Commission.

§ 7 to establish a trade monitoring position as Exchange organ trading surveillance authority (1) which has stock exchange in compliance with requirements of the Securities and Exchange Commission and operate, which monitors trade on the stock exchange and the Exchange transaction settlement. The trading surveillance authority has systematically and continuously to collect data on the stock exchange and the Exchange transaction settlement and to evaluate and carry out necessary investigations. On commodity markets, where energy within the meaning of § 3 is traded No. 14 of the energy industry Act, are to capture data about the processing of transactions by the trade monitoring body systematically and consistently, and to evaluate, which does not have the stock market be closed but through a settlement system of the stock exchange or an external processing system, the the Exchange systems for stock market trading or the Exchange transaction settlement is connected , are handled and which are the trade in energy or futures on energy; the trade monitoring body can carry out necessary investigation based on this data. The Securities and Exchange Commission can give instructions to the trading surveillance authority and take over the investigation. The management may use the trade monitoring body within the framework of the tasks of this body to the sentences 1 to 3 with the conduct of investigations.
(2) the head of trading surveillance Office has regularly to tell the Securities and Exchange Commission. Persons entrusted with surveillance at the trading monitoring authority can be relieved against their will only in agreement with the Securities and Exchange Commission of their activities. With the approval of the Securities and Exchange Commission, the management can transfer these people other tasks. The approval is granted if this does not endanger the fulfilment of the monitoring tasks of the trade monitoring body.
(3) the powers of the Securities and Exchange Commission are to the trading surveillance authority according to § 3 para 4 sentence 1 to 5; § 3 para 4 sentence 9 and 10, and paragraph 9 shall apply mutatis mutandis.
(4) the trade monitoring body can submit data about business deals of business leadership and the trading surveillance authority of another Exchange, insofar as they are necessary for the fulfilment of the tasks of these bodies. The trade monitoring body can transmit data about transactions and the monitoring of trading on foreign regulated markets or equivalent markets domiciled outside the European Union or of a Contracting State of the agreement on the European economic area authorities and receive such data from these places, as far as they are necessary for the proper implementation of the trade and the Exchange transaction settlement. In these places, such data may be transferred only if those bodies and the persons appointed by them are subject to a the regulation of § 10 equivalent obligation of secrecy. These places are to indicate that they may use the data only for the purpose they delivered them to its fulfilment. The trade monitoring body has the Securities and Exchange Commission, to inform management and the Federal agency which competent authorities of other States what type of information to share with they intended.
(5) the trading surveillance authority finds facts which justify the assumption that stock exchange regulations or orders are violated, or other abuses exist, which can interfere with the orderly conduct of trading on the stock exchange or the Exchange transaction settlement, she promptly to inform the Securities and Exchange Commission and the Board of Directors. The Board of Directors may make urgent orders which are suitable to ensure the orderly implementation of the trading on the stock exchange and the stock exchange transaction; Section 3 paragraph 9 shall apply mutatis mutandis. The management has the Securities and Exchange Commission about the measures taken to inform without delay. The trading surveillance authority finds facts, knowledge of which is necessary for the fulfilment of the tasks of the Federal Agency she shall immediately inform the Federal Agency. Informing the Federal Agency has to take place, if the trading surveillance authority finds facts, knowledge of which is required under section 14 or section 20a of the securities trading act for the Federal Agency for the prosecution of violations of the ban on insider trading or the ban on the exchange rate and market price manipulation in particular.
(6) the trading surveillance authority performs the tasks assigned to it under this Act and powers only in the public interest.

Article 8 cooperation (1) the Securities and Exchange Commission and the federal work closely together and exchange all the information in accordance with the § 10 with each other, which are relevant for the performance of their duties.
(2) the Securities and Exchange Commission the Federal Institute shall immediately inform trade suspensions and settings according to § 3, paragraph 5, sentence 3 No. 1, by the expiry of a licence pursuant to § 4 paragraph 4 and of the cancellation of a permit according to § 4 paragraph 5 or the provisions of the administrative procedure laws of the countries.

§ 9 applicability of antitrust provisions (1) the Securities and Exchange Commission has to ensure that the provisions of the Act against restraints on competition are respected. The same applies to access to trade, information and settlement systems and other Exchange-related services and their use.
(2) the powers of competition authorities shall remain unaffected. The Securities and Exchange Commission informed the competent antitrust authority on suspicion of violating the law against restraints on competition. It informed the Securities and Exchange Commission after completing their investigation of the outcome of the investigation.

§ 10 at the Securities and Exchange Commission or authority, who delegated tasks and powers of the Securities and Exchange Commission pursuant to § 3 para 7 are confidentiality (1) employees, the persons responsible according to § 3 para 8, the members of Exchange bodies and that the institution of the stock exchange employees or acting directly or indirectly on its behalf person, if they for the Exchange are operating, which may them when their activity become known facts that is their secrecy in the interest of the trading participant or a third party, in particular business and trade secrets and personal information, unauthorized charge or use, even if they are no longer in service or their work is finished. This also applies to other persons who obtain through official reporting of the facts referred to in sentence 1. In particular does not exist an unauthorized collection or use within the meaning of sentence 1, if information be passed to 1 law enforcement agencies or courts for criminal and penalty matters, 2nd law or public-service mission with the monitoring of stock exchanges or other markets on which financial instruments traded by banks, financial services institutions, capital management companies, externally managed investment companies, financial companies, insurance companies, insurance agents or brokers of shares in investment asset pools within the meaning of § 2a para 1 No. 7 of the German Securities Trading Act, or with the monitoring of the Trade bodies entrusted with financial instruments and foreign exchange as well as of these appointed people, 3 central banks, the European system of central banks or the European Central Bank, in their capacity as monetary authorities and other public authorities entrusted with the supervision of payment systems, 4 with the winding-up or bankruptcy proceedings against the assets of an investment service providers within the meaning of § 2 para 4 of the securities trading act , an exchange carrier or an organised market based abroad or whose operators concerned points, and 5 the European Central Bank, the European system of central banks, the European Securities and markets authority, the European supervisory authority for the insurance and occupational pensions authority, the European banking authority, the Joint Committee of European supervisory authorities, the European Committee for systemic risks or the European Commission, as far as the knowledge of this information for these bodies to carry out their tasks is required. At these places the obligation of secrecy applies employees pursuant to sentence 1.
(2) for the members of Exchange bodies and which applies to the institution of the stock exchange working or acting directly or indirectly on its behalf persons § 10 paragraph 1 sentence 2 of the German Securities trading act according to.
(3) §§ 93, 97, 105 para 1, § 111 paragraph 5 in conjunction with article 105, paragraph 1, and article 116, paragraph 1, of the tax code do not apply to paragraph 1 sentence 1 or 2 designated persons, insofar as to the implementation of this law are working. For application as far as the financial authorities need the knowledge to perform a procedure due to a Steuerstraftat, as well as a related taxation system, whose persecution is a compelling public interest and not facts are concerned, referred to in paragraph 1 sentence 1 or 2 persons by an authority of another State within the meaning of paragraph 1 sentence 3 No. 2, or persons commissioned by this point been communicated.

§ 11 Prohibition of price determination for foreign currencies the Federal Ministry of finance in agreement with the Federal Ministry of Economics and technology and after hearing of the Deutsche Bundesbank single instructions on a stock exchange, may provide temporarily to prohibit the price determination for foreign currencies, if a significant market disruption, which promises serious dangers to the economy as a whole or the audience.

Article 12 Exchange Council (1) each stock exchange to form a Stock Exchange Council, which consists of no more than 24 people. Companies approved to participate in the trading and investors must be represented in the Council of the stock exchange. At a stock exchange, in particular credit institutions authorised to participate in the trading including the securities trading banks, authorised financial services institutions and other approved companies and capital management companies approved to participate in the trading as a company apply pursuant to sentence 2. It's in the stock market at least a stock exchange, also the Exchange Broker, insurance companies, whose issued securities on the stock exchange for trading are approved and other issuers of such securities must be in the Exchange Council of the companies referred to in sentence 2 represented. The number of representatives of credit institutions including the Investment Bank as well as the corporations management associated with the banks and other companies must not exceed a total not more than half of the members of the Exchange Council. The sentences 2 to 5 may allow for individual exchanges the decree to be issued according to § 13 paragraph 4 exceptions from the provisions. She can in particular stipulate that other affected industry groups to the Exchange Council are represented, and regulating the posting of representatives of companies not authorized for trading.
(2) the Exchange Council is in particular 1 of Decree of the Exchange rules, the conditions for trades on the stock exchange, the rules relating to fees, the admission regulations for traders and the trading system for the over-the-counter, which each issued as statutes, 2. the appointment, reappointment and dismissal of the Managing Director in agreement with the Securities and Exchange Commission, 3. the monitoring of management, 4. the adoption of rules of procedure for the Board of management and 5. the appointment or reappointment and dismissal of the head of trading surveillance authority on a proposal from the Executive Board and in consultation with the Securities and Exchange Commission.
The decision on the introduction of technical systems, which serve the trade or the settlement of stock exchange transactions, requires the approval of the Stock Exchange Council. The stock exchange regulations may provide for the approval of the Stock Exchange Council for other measures of the management of fundamental importance. Cooperation and merger agreement of the stock carrier, affecting the operation of the stock market, as well as the outsourcing of functions and activities at another company according to § 5 ABS. 3 opportunity to comment is to give the Exchange Council previously.
(3) the Stock Exchange Board to adopt rules of procedure. He chooses from among its members a Chairman and at least one Deputy who belongs to another group within the meaning of paragraph 1 when the Chairman set 2. Elections are secret, pursuant to sentence 2 other votes are secret at the request of a quarter of the members.
(4) the Exchange Council uses to prepare its resolutions committees, he has to ensure that members of the groups within the meaning of paragraph 1 sentence 2, whose Belange can be affected by the decisions, are adequately represented in the composition of the committees for this.
(5) with the approval of a new stock exchange, the Securities and Exchange Commission ordered a provisional Exchange Council for the period of one year maximum.
(6) the Council of the stock exchange carries out the tasks assigned to it under this Act and powers only in the public interest.

§ 13 election of Exchange Council (1) the members of the Exchange Council be for a period of up to three years by the groups referred to in article 12 paragraph 1 sentence 2 to 4 each from among its members elected. Investor representatives are elected by the other members of the Exchange Council.
(2) companies, which are more than one who belong to groups mentioned in section 12 paragraph 1 sentence 2 to 4, vote only in a group. Affiliates must be represented in the Stock Exchange Council only with a member.
(3) the members of the Council must be reliable and have the necessary professional qualifications.
(4) the more over the term of the Stock Exchange Council, the Division into groups, the exercise of the right to vote and the eligibility, the holding of elections and the premature termination of the membership in the Council of the stock exchange is determined by regulation of the Government of the country after consulting the Council of the stock exchange. The provincial government can transfer this authorisation by a regulation on the Securities and Exchange Commission. The Ordinance must ensure that all in section 12 paragraph 1 sentence 2 to 4 named groups are adequately represented. She may also provide that in the premature retirement of a member a successor is elected for the remaining term of the middle of the group by the other members of the Exchange Council.

§ 14 (dropped out) - section 15 the stock exchange (1) the management of the stock exchange is the management responsibility. She can consist of one or more persons. The CEO must be reliable and have the professional competence required for the management of the stock exchange. You are ordered for a maximum of five years; the reappointment is allowed. The appointment of a Managing Director is notified to the Securities and Exchange Commission. The display must contain information referred to in no. 2 in section 4, paragraph 2, sentence 2. Article 4, paragraph 2, sentence 3 and 4 shall apply mutatis mutandis.
(2) the Securities and Exchange Commission has to refuse their agreement to appoint the Managing Director for objective and verifiable reasons doubts as to the reliability or professional competence of the Managing Director or the proper management of the stock market appears vulnerable.
(3) the managing directors represented the stock market and out of court, if not the carrier of the stock exchange is responsible. Details about the power of representation of the CEO controls the stock exchange regulations.
(4) the maintenance of order in the market is the management. It is empowered to remove persons who disturb the order or the business on the stock exchange, the stock exchange rooms. She may prohibit persons, which can be found on the stock exchange for purposes, which are incompatible with the order or the business on the same entry.
(5) the management board monitors compliance with the obligations of the trade participants and the persons working for them. She make adequate arrangements that ensure an effective and permanent monitoring of obligations pursuant to sentence 1. The tasks of the trade monitoring body according to § 7 shall remain unaffected.
(5a) the Managing Director is no. 236 / 2012 of the European Parliament and of the Council of 14 March 2012 through short-selling competent authority within the meaning of article 23 (1) of Regulation (EU) and certain aspects of credit default swaps (OJ L 86 of 3, p. 1), as long as financial instruments that are traded on a regulated market, or in the OTC market of the stock exchange are affected. Article 10, paragraph 1, sentence 3 and 4 is not applicable in this respect.
(6) the Management Board carries out the tasks assigned to it under this Act and powers only in the public interest.

Article 16 exchange rules (1) the stock exchange regulations is designed to that the stock exchange to perform the duties incumbent upon it and it meets the interests of the public and trade make sure. She must contain provisions about 1 the business branch of the stock exchange;
2. the Organization of the Exchange;
3. the commercial species;
4. the publication of prices and rates, as well as the underlying transactions;
5. a regulation for the activity of the Exchange Broker.
(2) in the case of exchanges, the stock exchange order must also include about 1 provisions the meaning of course additions, and - notes, 2. ensuring the Exchange transaction settlement and the available settlement systems in accordance with § of the 21st century and 3rd marking by algorithmic trading within the meaning of § 33 paragraph 1a sentence 1 of the German Securities Trading Act-generated orders through the trading participants and the identification of the trading algorithms used for this purpose.
(3) the stock exchange regulations require the approval by the Securities and Exchange Commission. This may require the inclusion of certain provisions in the stock exchange regulations, if and to the extent they are necessary for the fulfilment of the legal obligations incumbent on the stock exchange or the Securities and Exchange Commission.

Article 17 fees and charges (1) which fees can provide the levying of fees and reimbursement of expenses for
1. the admission to participate in trading and for participation in trading, 2. admission to visit the stock exchange without the right to participate in the trade, 3. the admission of financial instruments, other assets and rights to stock market trading, the inclusion of securities to trading on the regulated market, as well as the revocation of the approval and the involvement, 4. the introduction of securities on the stock exchange , 5. the listing of securities, the duration of which is not determined, 6 testing the printing facilities of securities, 7th passing the exchange trader examination.
(2) the tariff requires the approval by the Securities and Exchange Commission. The approval is considered to have been granted if the rules relating to fees is challenged within a period of six weeks after receipt at the Securities and Exchange Commission from this to the Exchange.
(3) without prejudice to the fees collected pursuant to paragraph 1, the stock exchange carrier for services that he provides in the market operation for trading participants or third parties, may require separate fees.
(4) without prejudice to the Article 26a the stock exchange for the excessive use of stock exchange systems, in particular by disproportionately many order input and changes - deletions, to impose separate charges, unless the stock market institution for this requested already separate charges. The amount of these fees or charges is to be such that an excessive exploitation within the meaning of sentence 1 and the negative impact on the stability of the system or the integrity of the market is effectively countered.

Article 18 other trading facilities using the stock exchange regulations can for another as according to § 16 para 1 sentence 2 No. 1 callable business the use of exchange facilities allow. A claim for the use not arises in this case for the parties involved.

§ 19 be admission to the stock exchange (1) to visit the stock exchange, to participate in the trading and for persons authorised to Act (exchange trader) for a company approved to participate in securities trading on the stock exchange, requires approval by the Board of Directors.
(2) may be who professional terms of Exchange tradable items 1 operates the purchase and sale for its own account or operates 2. the acquisition and disposal in its own name on behalf or the arranging of contracts relating to the purchase and sale takes 3 and upon the scope and requires a business operating in a commercial manner its commercial operation approved to participate in the trading only.
(3) the admission of persons without the right to participate in the trade regulates the stock exchange regulations.
(4) the registration of a company to participate in the trading is set 1 after paragraph 2 granted if 1 companies operated in the legal form of the trader, the business owner, when other companies those who entrusted with the conduct of business of the company articles of incorporation or memorandum of association according to law, and to his representative are authorized, are reliable and at least one of these persons has the professional suitability necessary for the stock market-based securities or goods business;
2. the proper settlement of the transactions concluded on the stock exchange is ensured;
3. the company can prove equity capital of at least EUR 50 000, unless it is a credit institution, a financial services institution or according to § 53 para 1 sentence 1 or § 53 b para 1 sentence 1 of the German Banking Act company, at the instigation of the financial Commission business in the sense of § 1 para 1 sentence 2 No. 4 or to the supply of financial services within the meaning of § 1 paragraph 1a sentence 2 No. 1 to 4 of the Banking Act is entitled; as equity shareholder and the are deduction of withdrawals of the owner or the general capital paid up and reserves after loans, as well as a debt overhang the free assets of the owner to see this;
4. when the company, which is obliged by number 3 for the determination of equity, not facts adopting justify that it has not the economic performance necessary for an orderly participation of trading taking into account proven equity.
The stock exchange regulations may provide that companies which are approved on a domestic stock exchange or on an organised market within the meaning of § 2 5 of the securities trading act based in foreign countries to participate in the trade, admission without the proof of the conditions according to 1 Nos. 1, 3 and 4 set, unless the licensing requirements of the market with these are comparable. The stock exchange regulations may provide that for access to trading systems of stock exchange trading participants must meet other requirements.
(5) as a stockbroker is to admit who is reliable and has the necessary occupational fitness.
(6) the professional suitability within the meaning of paragraph 4 sentence 1 No. 1 is regularly if vocational training is assigned to, which enables to moderate Exchange securities or goods business. The professional suitability within the meaning of paragraph 5 is to assume if demonstrated the necessary technical knowledge and experience that qualify for trading on the stock exchange. Proof of the requisite technical knowledge can be provided in particular by passing an exam before the exam Commission of a stock exchange. Details on the requirements for the professional competence of persons qualified to stock market trading and the examination procedure governs a to be issued by the Council of the stock exchange admission regulations for traders, which requires the approval by the Securities and Exchange Commission.
(7) the more it, as to demonstrate conditions laid down in paragraphs 4 to 6, determines the stock exchange regulations.
(8) there is the reasonable suspicion that one of the conditions referred to in paragraphs 2, 4, or 5 has not been or is subsequently lapsed, so conducting business may order the suspension of the approval no longer than for a period of six months. The rest of the admission can also for the duration of the delay with the payment no. 1 and 2 fixed charges are arranged according to § 17 para 1. In addition, the management can rearrange the rest of the approval no longer than for a period of six months if a trading participant does not comply with the order-to-transaction ratio within the meaning of Article 26a; repeatedly, a trading participant does not comply the order-to-transaction ratio within the meaning of Article 26a, the management may revoke the approval. The right of a person to conclude exchange deals approved under paragraph 5 is suspended for the duration of the disappearance of the approval of the company, for she concludes transactions on the stock exchange.
(9) the management may order the suspension of the approval no longer than for a period of six months compared to trading participants domiciled outside the Member States of the European Union or of the other Contracting States of the agreement on the European economic area or revoke the authorisation if the fulfilment of the reporting obligations pursuant to section 9 of the securities trading act or the exchange of information for the purpose of monitoring the prohibitions of insider dealing or market manipulation with the authorities in that State prohibition is not guaranteed. The Federal Agency informs the facts relevant to an order or revocation pursuant to sentence 1 of the Management Board and the Securities and Exchange Commission.
(10) the management of the Exchange intends to grant immediate access to their trading system trading participants, in other States it has to display the Securities and Exchange Commission and the federal case of the initial granting of access to a trading participant in the State concerned.
(11) the management of the stock exchange transferred the Securities and Exchange Commission regularly an up-to-date list of the trading participants admitted to the stock exchange.

Article 20 financial guarantee (1) that can exchange rules determine that the companies approved to participate in the trading and the Exchange Broker have to make adequate security to fulfil the obligations arising from transactions that are completed on the stock exchange, as well as in an electronic trading system approved on the stock exchange at any time. The amount of the guarantee must be proportionate to the risks associated with the closed shops. Details on the manner of security performance determines the stock exchange regulations.
(2) after the stock exchange regulations required safety performance not provided or if it is not applicable retroactively, the stock exchange regulations may provide that the rest of the approval no longer than for a period of six months can be arranged. The stock exchange regulations may provide that to participate in Exchange trading approved companies can be restricted to the activity as an intermediary, if carried out safety no longer complies with the requirements laid down in the stock exchange regulations. The stock exchange regulations can also determine that the right of an exchange trader to conclude exchange deals for the duration of the suspension of the registration of the company rests for completing transactions on the stock exchange.
(3) the stock exchange regulations may provide for arrangements for limiting and monitoring of Exchange liabilities of companies approved to participate in the trading and specialist guides.
(4) the trade monitoring agency has to monitor the securities to be paid pursuant to paragraph 1 and compliance with the regulations pursuant to paragraph 3. The powers of the Securities and Exchange Commission available to you pursuant to § 3 para 4. She may require the list of open item shops and the release of negative exchange rate differences in particular for each payroll office. The trading surveillance authority concludes that the security framework is exceeded, the management has to make orders which are suitable to ensure the fulfilment of commitments from the exchange transactions referred to in paragraph 1. In particular, it may order that the company approved to participate in the trading and the Exchange Broker have to pay immediately more collateral and to meet open transactions or provisionally exclude them with immediate effect all or part of the trading. The management has the Securities and Exchange Commission about exceeding the security framework and made arrangements to inform without delay.
(5) opposition and for annulment against measures taken pursuant to paragraph 4 have no suspensive effect.

§ 21 external processing systems (1) can exchange rules foresee the connection of external processing systems to the Exchange systems for stock market trading and the Exchange transaction settlement. Such schemes is permitted, provided that it is ensured that 1 the system has for the offered services to the settlement of stock exchange trades the necessary technical facilities, and 2. the operators of the system has created the necessary legal and technical conditions for connection of the system to exchange trading and the Exchange transaction settlement systems, and 3. a proper and efficient economic accounting and settlement of the transactions in the stock market is guaranteed.
(2) the trading participants several alternative processing systems available referred to in paragraph 1, it must be freely which of the systems they use to meet the stock exchange transactions.
(3) the stock exchange carrier has the Securities and Exchange Commission about how requests for access to pursuant to article 7 of the Regulation (EU) No. 648 / 2012, as well as the receipt of a request for access pursuant to article 8 of the Regulation (EU) immediately in writing to teach No. 648 / 2012.

Section 22 sanctions Committee (1) the provincial government is authorised to adopt rules on the establishment of a sanctions Committee, its composition, its procedure including the taking of evidence and the costs as well as the involvement of the Securities and Exchange Commission by regulation. The regulations may provide that the sanctions Committee may hear witnesses and experts who appear voluntarily before him, without swearing and ask the District Court to the taking of evidence, that he can not make. The provincial government can confer the empowerment pursuant to sentence 1 by a regulation on the Securities and Exchange Commission.
(2) the sanctions Committee can a trading participant with reference, with fine up to two hundred and fifty thousand euro or with exclusion from the stock market show up to 30 trading days, if the trading participant or someone working for him intentionally or negligently violate stock market rules, intended to ensure a proper implementation of the trading on the stock exchange or the Exchange transaction settlement. With a reference or administrative fine up to two hundred and fifty thousand euro the sanctions Committee can occupy also an issuer if this or someone working for him intentionally or through negligence breaches any obligation arising from the approval. The sanctions Committee carries out the tasks assigned to it under this Act and powers only in the public interest.
(3) in litigation in relation to the decisions of the sanctions Committee referred to in paragraph 2, the administrative law path is given. Before bringing an action requires any investigation in preliminary proceedings.
(4) have in a procedure before the sanctions Committee facts arise which justify the withdrawal or revocation of authorisation of a trading participant or a specialist Guide, the process of conducting business is to give. She is entitled to request reports in any position of the procedure by the sanctions Committee and the procedures themselves. The management has taken over the process and proves that the permission is not to withdraw or revoke, so it refers back the procedures of the sanctions Committee.
Section 2 trading and stock pricing article 23 approval of its assets and right (1) assets and rights which are to be traded on the stock exchange and are not approved for trading on the regulated market or included in the regulated market or the OTC market, require the admission to trading by the Board of Directors. Prior to admission to trading has the Exchange Council to impose terms and conditions for trading on the stock exchange. Articles 36 and 37 of Regulation (EC) no 1287/2006 of the Commission of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, the admission of financial instruments to trading and certain terms within the meaning of this directive (OJ fix details EU no. L 241, p. 1) and the stock exchange regulations.
(2) without prejudice to paragraph 1, the Management Board prior to the admission of derivatives trading has set the contract specifications. These must be designed so that a proper trading and an effective stock market transactions are possible. Paragraph shall apply accordingly 1 sentence 3.

Article 24 exchange price Stock prices are (1), identified during trading on a stock exchange. Sentence 1 applies also to prices, detected during the trading period in the open market of a stock exchange.
(2) stock prices must duly concluded and correspond to the real situation of the market of trading. Unless otherwise determined in article 30, in particular accessible must the trading participants and the acceptance of the offers will be possible. When determining stock-price, you can consider prices another Exchange, an organised market based abroad or a multilateral trading system in the sense of § 2 para 3 sentence 1 No. 8 of the German Securities Trading Act.
(2a) the Exchange has to take appropriate action to ensure a proper investigation of the stock price even with substantial price fluctuations. Appropriate measures within the meaning of sentence 1 are in particular, short-term changes of the market model and short-term Volatilitätsunterbrechungen considering static and dynamic price corridors or limit systems of trading participants responsible for the pricing.
(3) in article 31 not else certainly is, must the trading participants exchange prices and underlying sales immediately and on reasonable commercial terms in easily-accessible way made known to, unless unless a delayed release in the interest of avoiding an unreasonable disadvantage of those involved in the business, it seems necessary. The further regulates the stock exchange regulations. The stock exchange regulations can also set that before finding a stock-price in addition the price of the highest limit buy order and of the lowest limit sell order note must specify the trading participants.
(4) transactions, which have led to stock prices, are to identify particularly when entering into the business processing system of the stock exchange.

Article 25 suspension and adjustment of trade (1) which may management trading assets right 1 expose or, if a proper trading temporarily at risk, or if this is necessary for the protection of the public; and 2 If a proper trading is no longer guaranteed.
The Board of Management informed the Securities and Exchange Commission and the Federal agency without delay of measures pursuant to sentence 1. It is required to publish these measures. Further provisions on the publication are meet in the stock exchange regulations.
(2) opposition and legal challenge to the suspension of trading have no suspensive effect.
(3) measures referred to in article 23 (1) of Regulation (EU) No. 236 / 2012 shall apply paragraph 1 sentence 2 and paragraph 2 according to.

Section 26 inducement to stock market speculation shops (1) it is prohibited commercially taking advantage of their inexperience in stock speculation transactions to such transactions or the direct or indirect participation of such shops to entice others.
(2) stock market speculation are in particular 1 purchase or sales transactions within the meaning of paragraph 1 with deferred delivery, and 2 options on such transactions, which are aimed to make a profit from the difference between the price fixed for the delivery time and the stock exchange existing to the delivery time or market price even if they are concluded outside a domestic or foreign stock exchange.

Section 26a of the order-to-transaction ratio
The trading participants are required to ensure an appropriate relationship between their job entries, changes and deletions, and actually running businesses (order-to-transaction ratio), to avoid risks to the proper trading. The order-to-transaction ratio is to determine each case for a financial instrument and on the basis of numerical volume of the respective orders and shops within a month. An appropriate order transaction relationship exists in particular if this is economically understandable due to the liquidity of the relevant financial instruments, the specific market situation or the function of the acting company. The stock exchange regulations must meet qualifiers to the appropriate order transaction ratio for certain types of financial instruments.

§ 26 b minimum price change size the stock exchange is obliged to set a reasonable size of the smallest price change for traded financial instruments to reduce negative impact on the integrity of the market and liquidity. In determining the minimum size pursuant to sentence 1 is in particular to take into account that this does not affect the price determination mechanism and the target of an appropriate order transaction relationship within the meaning of Article 26a. The stock exchange regulations can make provisions for more.
Section 3 management and transparency requirements on stock exchanges section 27 admission to the specialist Guide (1) conducting business in a stock exchange can, taking into account the trading system used by the stock exchange to participate in trading with the determination of stock prices on the stock exchange entrust (admission as Exchange Broker) authorised companies at their request. The applicant and its directors must have the reliability for the management and be suitable on the basis of their technical and economic capacity to the management. The Board of Directors has persons who should be entitled to Act (leading specialist persons) to allow, if these people are traders and have the necessary professional qualifications for the specialist business for an Exchange Broker with the management. The further regulates the stock exchange regulations.
(2) the Management Board after consultation with the Securities and Exchange Commission has admitted Exchange Broker except in accordance with the administrative procedure act be revoked if the Exchange Broker is guilty of a gross breach of his obligations. Management may withdraw approval if the Federal Agency has taken measures to ensure the fulfilment of the liabilities of the specialist Guide to its creditors. In urgent cases management may provisionally prohibit participation in trading with immediate effect an Exchange Broker without whose hearing; Opposition and appeal proceedings have no suspensive effect.
(3) there is the reasonable suspicion that one of the conditions referred to in paragraph 1 has not been or is subsequently lapsed, so conducting business may order the suspension of the approval of a specialist Guide no longer than for a period of six months.
(4) the Federal Agency shall immediately inform the management if she took measures to ensure the fulfilment of the liabilities of the specialist Guide to its creditors.

§ 28 duties of the specialist operator (1) the Exchange Broker and the Exchange leaders have to work within the framework of the tasks of the specialist guide an orderly market history and neutral to exercise the management. The Exchange Broker has the incumbent obligations to ensure compliance by appropriate organisational measures. He has free instruction to act in determining price. The carrying out of the duties has to be that effective monitoring of compliance with the requirements is guaranteed. The further regulates the stock exchange regulations.
(2) the Exchange Broker and the Exchange leaders have all present at the time of the price determination orders when executed in compliance with the existing Exchange special provisions to treat equally. The further regulates the stock exchange regulations.

§ 29 decides distribution of Skontren about the distribution of the Skontren among the applicants for the management according to § 27, paragraph 1, sentence 2, and the number of the Exchange Broker management. The allocation of Skontren can be limited. The further regulates the stock exchange regulations. The Exchange rules may provide in particular the technical and economic viability of the applicant as criteria for the allocation of Skontren.

§ 30 of the price of the highest limit buy order and of the lowest limit sell order and tradable at these prices volume during the usual business hours of the stock exchange are before trading transparency in shares and which shares certificates (1) for shares and which shares certificates, which are approved or included in the regulated market, to trading on the regulated market continuously and on reasonable commercial terms to publish. The Securities and Exchange Commission may provide for exceptions from the obligation pursuant to sentence 1 pursuant to chapter IV, section 1 and 4 of Regulation (EC) no 1287/2006 for stock exchanges.
(2) exchanges may give systematic Internalisierern within the meaning of § 2 para 10 of the German Securities trading act without prejudice to the article 19 access to the systems, which use them for the publication of the information referred to in paragraph 1.
(3) Regulation (EC) regulates no 1287/2006 and the stock exchange regulations the details of the disclosure requirements pursuant to paragraph 1.

31 stocks and shares representing post-trade transparency certificate (1) for shares and which shares certificates that are approved or included in the regulated market for trading on the regulated market, are immediately and on reasonable commercial terms to publish Exchange rates and the volume and time of exchange deals. The Securities and Exchange Commission may permit pursuant to chapter IV section 3 and 4 of Regulation (EC) pursuant to sentence 1 1287/2006 depending on the type and size of orders a deferred publication of the details of Nr. The delay is to publish No. pursuant to chapter IV section 4 of Regulation (EC) 1287/2006.
(2) chapter IV, section 1, 3 and 4 of Regulation (EC) regulates no 1287/2006 and the Exchange rules the details of the disclosure requirements pursuant to paragraph 1.
Section 4 authorisation of securities trading section 32 approval need no (1) securities which are traded on the regulated market of a stock exchange, the approval or the inclusion by the Board of Directors, as far as in section 37 or in other laws, something else is determined.
(2) the registration shall be requested b para 1 sentence 1 of the Banking Act corporations by the issuer of the securities with a credit institution, financial services institution or one according to § 53 para 1 sentence 1 or § 53. The Institute or company must be approved to participate in trading on a domestic stock exchange with the law and demonstrate a liable equity capital the equivalent of at least EUR 730 000. An issuer which is an institution or company within the meaning of sentence 1 and meets the conditions of the set of 2, may file an application alone.
(3) securities are to admit, if 1 the issuer and the securities no 1287/2006 as well as the regulations meet the requirements referred to in article 35 of Regulation (EC) which have been adopted for the protection of the public and for a proper trading according to § 34, and 2 released a certified or approved under the rules of the German Securities Prospectus Act prospectus or a prospectus within the meaning of section 42 of the investment act as amended by force until 21 July 2013 has been that period may still be used for in § 345 paragraph 6, sentence 1 of the investment code, or a prospectus within the meaning of section 165 of the investment law book or brochure in the sense of article 318 paragraph 3 of the investment code has been published, can be seen as far as not according to § 1 paragraph 2 or § 4 paragraph 2 of the German Securities Prospectus Act by the publication of a prospectus.
(4) the request for admission of the securities may be refused despite meeting the requirements of paragraph 3, if the issuer does not meet his obligations arising from the admission to the regulated market in another organised market.
(5) the Board of management determines at least three domestic newspapers with national distribution to notice leaves for the prescribed publications (national stock exchange duty sheets). The provision may be limited time; She shall be published by stock exchange notice.

§ 33 inclusion of securities in the regulated market (1) securities can request a trading participant or by virtue by the management to trading on the regulated market involved are, if 1 the securities already a) on another domestic Exchange to trading on the regulated market, b) in another Member State of the European Union or in another Contracting State to the agreement on the European economic area to trading on an organised market or c)
are admitted on a market in a third country, provided that this market admission requirements and reporting and transparency obligations exist, which are comparable to those in the regulated market for approved securities, and the exchange of information for the purpose of monitoring of trade with the competent authorities in each State is guaranteed, and 2. any circumstances are known, which lead for inclusion of securities to an overreaching of the public or of damage to significant common interests.
(2) the detailed provisions on the inclusion of securities, as well as of the obligations to be fulfilled by the applicant after successful inclusion are to meet in the stock exchange regulations. The stock exchange regulations must include in particular provisions on the disclosure of trading on facts that the securities are admitted to by the issuer on the foreign market, where, for the protection of the public, and to ensure the proper implementation of trade are to publish; Article 38, paragraph 1, the §§ 39 and 41 shall not apply.
(3) the Management Board shall inform the issuers whose securities were included in the trade referred to in paragraph 1, including.
(4) section 25 of the suspension and the setting of determining stock-price shall apply accordingly. Article 39, paragraph 1 also applies for the revocation of the inclusion.

Section 34 authorizations is the Federal Government authorized by decree with the consent of the Federal Council the regulations required for the protection of the public and for a proper trading on 1 the conditions of the approval, in particular: a) the requirements for the issuer in terms of its legal basis, its size and the duration of its existence.
(b) the requirements to allow securities in regard to their legal basis, tradability, denomination and printing facilities;
(c) the minimum amount of emission;
(d) the need to extend the filing of all shares of the same category or all notes of same emission;
2. the authorisation procedure to adopt.

§ 35 refusal of admission (1) rejects the management approval, so she has this other exchanges, on which, the securities of the issuer should be traded, stating the reasons for the refusal to communicate.
(2) securities, admitted has been rejected by another Exchange, may be admitted only with the consent of the stock exchange. The approval is granted if the rejection in consideration of local conditions was done, or if the reasons that were authorised, have disappeared.
(3) a registration application on several domestic exchanges is made so the securities only with the consent of all stock exchanges that have to decide on the request, may be authorised. The consent must not be refused out of consideration for local conditions.

An issuer established in another Member State of the European Union or in another Contracting State to the agreement on the European economic area, whose shares according to the Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and that with respect to these securities to publish information (OJ sought cooperation in the European Union (1) § 36 EC No. L 184, p. 1) are admitted in this Member State or Contracting State the admission of securities subscription rights to such shares are associated with which, so conducting business has before making their decision to seek an opinion of the competent authority of the other Member State or contracting party.
(2) the regulations on cooperation after the securities prospectus Act remain unaffected.

§ 37 state debt securities debt securities of the Federal Government, his fund or a federal State, even if they are registered in the federal debt register or in the provinces blame books, as well as debt securities that are issued by another Member State of the European Union or of another Contracting State of the agreement on the European economic area, are admitted to trading on the regulated market on every domestic stock exchange.

Section 38 introduction (1) the management decides at the request of the issuer on the acceptance of the listing of approved securities on the regulated market (introduction). The issuer has the time for the introduction and the characteristics of the securities to be introduced to be communicated to the management in the application. The further regulates the stock exchange regulations.
(2) securities, which will be open to public subscription may be imported only after finished assignment.
(3) the Federal Government is entitled to determine the time to which the securities can be introduced at the earliest by decree with the consent of the Federal Council for the protection of the public.
(4) the securities introduces within a period of three months after publication of the approval decision, your license expires. Conducting business can adequately extend the period on request if a legitimate interest of the issuer of the approved securities on the extension will be shown.

Withdrawal of approval (1) securities which management can the admission of securities to trading on the regulated market except in accordance with the administrative procedure act revoked section 39 if a proper trading indefinitely is no longer guaranteed and the management has set the listing on the regulated market or the issuer does not meet its obligations under the admission even after a reasonable period of time.
(2) the Management Board may revoke the approval referred to in paragraph 1 at the request of the issuer. The revocation may contradict not the protection of investors. The management has to publish such revocation immediately on the Internet. The time period between the publication and the effectiveness of the revocation shall not exceed two years. Further provisions concerning the withdrawal are meet in the stock exchange regulations.

§ 40 obligations of the issuer (1) which is the issuer of approved stocks, required to apply for admission to the regulated market later issued shares of same genus.
(2) the Federal Government is authorized to adopt regulations about when and under what conditions the obligation occurs pursuant to paragraph 1 by decree with the consent of the Federal Council.

Section 41 information (1) the issuer of the approved securities as well as the institution or company that has applied for the admission of securities according to § 32 para 2 sentence 1 along with the issuer, are obliged to provide all information management in their area that are required for the proper performance of their duties in regard to the admission and the introduction of the securities.
(2) the Management Board may demand that the issuer of the approved securities in due form and time limit published certain information, if this is necessary for the protection of the public or for a proper trading. The issuer does not meet the request of the Executive Board, the management may publish this information even after hearing of the issuer's expense.

Section 42 sections of the regulated market with specific obligations for issuers (1) the stock exchange regulations may provide for parts of the regulated market in addition to the certificates representing additional requirements for the admission of shares or stocks to reaching the company documents and more information duties of the issuer on the basis of the certificates of the due approval of or shares to the protection of the public or for a proper trading.
(2) the issuer does not meet even after a reasonable period set additional requirements according to § 42 the management can now exclude the issuer from the corresponding segment of the regulated market. § 25 para 1 sentence 2 and 3 applies to actions of the Executive Board under this paragraph accordingly.

§ 43 obligation of the insolvency administrator (1) is about the assets one after an insolvency proceeding opened this Act to an act committed, has to support the debtor, in particular by providing the necessary means from the bankrupt estate of the insolvency administrator in fulfilling the obligations under this Act.
(2) before the opening of the insolvency procedure a preliminary insolvency administrator appointed, has to support the debtor, in particular by he agrees the use of resources by the debtor or, if a general disposal ban was imposed by the obligated party providing funds from the assets it manages available in the performance of his duties.

sections 44 to 47 - section 5 over-the-counter section 48 over-the-counter
(1) for securities which are not admitted to trading on the regulated market or related to trading on the regulated market, the stock market can allow the operation of a segment by the exchange carriers if through a trading system as well as terms and conditions of the Exchange provider, approved by the Executive Board, a correct implementation of the trade and business transactions appears assured. The trade system regulates the flow of trade. The terms and conditions govern participation in the trade and the inclusion of securities to trading. Issuers whose securities have been involved in the OTC market, without their consent by the terms and conditions may not be required to publish information relating to these securities.
(2) the Securities and Exchange Commission may prohibit trading in the OTC market if a proper trade for the securities is no longer guaranteed.
(3) the operation of the segment requires the written permission of the Securities and Exchange Commission. On the operation of the segment are the provisions of this Act with the exception of paragraphs 27 to 29 and 32 to 43 apply.
Section 6 criminal and penalty provisions; Final provisions article 49 sanctions with imprisonment up to three years or with fine will be punished who misleads others contrary to section 26 para 1 stock speculation transactions, or to become involved in such a deal.

§ Any person is 50 fine rules (1), who intentionally or recklessly a person having regard to sets 1 contrary to § 3 para 11, 2. violates article 4 paragraph 7 a change for a referred person not, incorrectly, incompletely or not in time displays, 3. contrary to a) § 6 para 1 sentence 1, 5, or 6, or b) article 6, paragraph 5, sentence 1 or 4 or paragraph 6 sentence 1 , also in connection with a legal regulation according to § 7 set not, incorrectly, incompletely or not timely reimbursed 1, a display, 4. an enforceable order according to § 6 para 1 sentence 7 is contrary to, 5. contrary to article 6, paragraph 6, sentence 2 not or not timely makes a publication or 6 contrary to article 41, paragraph 1 not, not properly or not given information.
((2) any person who intentionally or negligently 1 trades, an enforceable order after a) § 3 para 4 sentence 1 or sentence 4 No. 1, also in conjunction with article 7, paragraph 3, or b) contravenes section 6, paragraph 2, sentence 1 or paragraph 4 sentence 1 or 2. contrary to article 3, par. 4, set 5 or 6, each also in combination with set 8 , an entry not allowed or does not condone.
(2a) any person who against the Regulation (EU) is, no. 648 / 2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ OJ L 201 of the 27.7.2012, p. 1) violates, by he intentionally or through negligence as operators of a segment within the meaning of section 48 contrary to article 8 paragraph 1 in connection with paragraph 4 subparagraph 1 trade data not properly, not completely, not in the prescribed manner or in a timely manner makes available.
(3) the offence may in the cases of paragraph 2 No. 1 letter b with a fine up to five hundred thousand euros, in cases of paragraph 1 No. 3 No. 4, letter a, of paragraph 2a and 6 with a fine of up to one hundred thousand euros, in other cases a fine punishable up to fifty thousand euro.

§ 50a announcement of measures that has securities and Exchange Commission each have become non-appealable decision of imposing fines according to § 50 paragraph 2a immediately on its website publicly known to make, unless this publication would significantly jeopardise the financial markets or cause a disproportionate damage to the parties involved. The notice must contain no personal data.

§ 51 validity for Exchange and foreign means of payment (1) the articles 24 and 27 to 29 also apply to the trading with changes and foreign means of payment.
(2) also payments, statements, and checks are valid as a means of payment within the meaning of paragraph 1.

Article 52 transitional arrangements (1) brochures, on the basis of which marketable securities have been admitted to trading with official listing, or financial reports were published before 1 April 1998, the provisions of § are section 45 to 49 and 77 of the Exchange Act, as amended by the notice of 17 July 1996 on these brochures and financial reports (Federal Law Gazette I p. 1030) continue to apply.
(2) brochures, on the basis of which marketable securities have been admitted to trading on the official market, or business reports published before July 1, 2002, the provision of section 47 of the Exchange Act, as amended by the notice of 9 September 1998 is on these brochures and financial reports (BGBl. I p. 2682), most recently by article 35 of the law of April 27, 2002 (BGBl. I p. 1467) is has been modified , continue to apply.
(3) brochures, on the basis of which marketable securities have been admitted to trading on the official market, have been published before 1 July 2005 the provision of article 45 of this law in force prior to 1 July 2005 is on these brochures continue to apply. Financial reports, which were published before July 1, 2005, the sections 44 to 47 and 55 of the stock exchange law in force prior to 1 July 2005 apply to continue.
(4) for securities, the duration of which is not intended, and that less than a decade on a domestic stock exchange are introduced on 1 July 2002, § 5 para 1 sentence 1 of the Exchange Act, as amended by the notice of 9 September 1998 is (Federal Law Gazette I p. 2682), most recently by article 35 of the law of 27 April 2002 (BGBl. I p. 1467) is has been modified. The securities referred to in sentence 1, § 17 para 1 is to apply no. 5 until expiry of ten years since the introduction of.
(5) exchange carrier, a permit has been granted where prior to November 1, 2007 according to § 1 para 1 of the Exchange Act, as amended by force until October 31, 2007, require to the extent any permission according to § 4. However, you must the Securities and Exchange Commission until April 30, 2009, according to section 4, paragraph 2, sentence 2 to submit required documents. The powers of the Securities and Exchange Commission pursuant to section 4 apply taking into account before November 1, 2007 granted according to.
(6) exchange carriers, which have already begun the operation of a segment before November 1, 2007, are obliged to submit the application for the permit according to § 48 para 3 sentence 1 until April 30, 2009.
(7) securities, which were approved prior to November 1, 2007, to the official market or to the regulated market, shall be deemed admitted to the regulated market from November 1, 2007.
(8) for claims due to faulty brochures, which are the basis for the admission of securities to trading on a domestic stock exchange and have been published prior to June 1, 2012 domestically, the sections 44 to 47 as amended by force until May 31, 2012 are applying.