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Regulation light – Germany’s Entry Standard

Regulation light – Germany’s Entry Standard

von: Andreas Beyer, Claudius Schikora, Alexander Dibelius

Herbert Utz Verlag , 2010

ISBN: 9783831609802 , 201 Seiten

Format: PDF, OL

Kopierschutz: DRM

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Mehr zum Inhalt

Regulation light – Germany’s Entry Standard


 

Table of Contents

6

1. List of Illustrations

10

2. List of Abbreviations

12

3. Foreword by Alexander Dibelius

14

4. Prolog by Pierre Rafih and Claudius Schikora

16

5. Introduction

19

6. Theoretical Considerations on the Economic Necessity of Equity and Stock exchanges

21

6.1 Equity: Concept and Functions

21

6.2 Stock Exchange: Concept and Functions

23

7. Theoretical Considerations on the Economic and Legal Necessity of Capital Market Regulation

27

7.1 Forms of Capital Market Regulation: Public- and Exchange- Orientated Regulation

29

7.2 Intensity of Capital Market Regulation

30

8. State Regulation of the Capital Market in Germany 8.1 Historical Development: the Emergence of the Unregulated Market at Germany’s Stock Exchanges

33

8.2 The Exchange Segments under German Law

33

8.3 Legal Environment for Listed Companies under German Law

35

8.3.1 An Overview of Capital Market Laws

35

8.3.2 The Central Components of Investor Protection and its Field of Application

36

8.3.3 Tightening in Obligations under Capital Market Law since 2005

60

8.3.4 Latest Act and Drafts

70

8.4 Empirical Studies on Capital Market Regulation

74

8.4.1 Experiences in the USA

74

8.4.2 Experiences in Germany

76

8.5 Appraisal of Regulation from the Perspective of Industry Practice

78

8.6 Analysis of Listings in Germany

81

8.7 Concluding Assessment of the Legal Environment for Small Caps

83

9. Overview of Market Segments of the Frankfurt Stock Exchange ( FSE)

85

9.1 General Standard

85

9.2 Prime Standard

88

9.3 Open Market

91

9.3.1 Organisation of the Open Market

91

9.3.2 Number of Companies Going Public and Appraisal of the Open Market

95

9.4 Entry Standard

101

9.4.1 Roles and Tasks of the Applicant

106

9.4.2 The Functions of the Deutsche Börse Listing Partner ( DBLP)

109

9.4.3 Number of Public Offerings and Assessment of the Entry Standard

112

10. Entry Standard Positioning

114

10.1 Comparison of IPOs and Company Profiles for Companies in the Entry Standard and Companies in the Prime Standard

114

10.2 Comparison of Entry Standard with Neuer Markt

117

10.3 Entry Standard Sector Analysis

119

10.4 Characteristics of a Typical Entry Standard Stock ( Quality of Firms)

122

10.5 Investor Sentiment

123

10.6 Applicants

129

10.7 Going and Being Public Principles on Other Exchange Regulated Markets

129

10.7.1 AIM

130

10.7.2 Alternext

140

10.8 Shared Organizational Peculiarities of Exchange Regulated Markets

145

10.8.1 Organizational Characteristics of the Entry Standard as an Alternative Public Market

146

10.8.2 Functions of the ‘Trust Intermediary’ on Exchange Regulated Markets

146

10.8.3 Comparison between the Qualifications of Nomads, Listing Sponsors and Deutsche Börse Listing Partners

148

10.9 Comparison between Primary Market Liquidity on the AIM, Alternext and the Entry Standard

150

10.10 Comparison between AIM, Alternext and Entry Standard Stock Exchange Costs and Secondary Market Liquidity

152

10.10.1 Overview of Costs for Listed Firms

153

10.10.2 Summary of Comparison

160

11. Summary and Outlook

162

12. Appendix

167

13. Literature

170

14. CVs

200