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Regulation light – Germany’s Entry Standard

:	Andreas Beyer, Claudius Schikora, Alexander Dibelius
:	Regulation light – Germany’s Entry Standard
:	Herbert Utz Verlag
:	9783831609802
:	1
:	CHF 24.90
:

:	Politik
:	German

:	201
:	DRM
:	PC/MAC/eReader/Tablet
:	PDF

On 25 October 2005, a new stock exchange segment was created in Germany: the Entry Standard of the Frankfurt Stock Exchange. The young stock exchange segment is particularly targeted at small companies and offers a smart way to get listed. London’s famous Alternative Investment Market (AIM), which attracted 2,948 new firms from 1995 until 2007, served as a model. The Entry Standard, however, differentiates in many ways. It can be described as a typical “unGerman” creation. Only three pages of rules are sufficient to regulate the going and being public.

The Entry Standard belongs to the so-called alternative stock markets, which are exchange regulated stock markets. Throughout Europe, stock exchanges have established these form of listing platforms in order to offer companies less regulation.

Indeed, there is a demand for such platforms. Since State regulation is based on the ‘one-size-fits-all’ approach and there is a trend to introduce even more regulation, small companies regard the EU Regulated Market as overregulated. They are burdened with huge costs and administrative work to fulfil the requirements.

The objective of this work is to analyse and evaluate the Entry Standard from multiple different perspectives. The analysis will focus partly on describing State regulation in Germany compared with exchange regulation and partly on analysing the success factors of the Entry Standard in comparison with not only the Regulated Market but also with the former Neuer Markt and other European exchange regulated markets.

It will be shown that the creation of the Entry Standard brought about a paradigm shift. Exchange regulated markets can serve as important platforms to close the “equity gap” of small and medium sized companies.

	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