Establishment of a stock exchange permit

The Exchange Supervisory Authority may allow you to establish an exchange upon application.

The Exchange Supervisory Authority may allow you to establish an exchange upon application. To do so, you must meet various requirements and provide evidence of these. The permission to establish an exchange is limited to the federal state in which you plan to operate the exchange.

The regulations of the Stock Exchange Act (BörsG) must be observed.

The application for the permit shall be submitted in writing to the Exchange Supervisory Authority.

The application for the granting of a license must be submitted in writing to the Exchange Supervisory Authority. The requirements can be found in the Stock Exchange Act (BörsG).

The Exchange Supervisory Authority may require further information for the examination.

• They submit the required documents to the exchange supervisory authority.
• The competent exchange supervisory authority is the authority in the country in whose territory the exchange is to be located.
• The exchange supervisory authority shall examine whether the requirements for the admission to listing have been met. Additional information may be required, if necessary.
• Permission or refusal of the Exchange Supervisory Authority shall be made in writing by mail.
• A permission expires if the Exchange does not start its operation within one year.
• The Exchange Supervisory Authority may subsequently impose conditions on a license or cancel it (Article 4 paragraph 5 BörsG).

The obligations of the exchange operating company result from § 5 of the Stock Exchange Act.