Freiverkehr (Regulated Unofficial Market)

Primarily foreign shares are traded in Freiverkehr (Regulated Unofficial Market) at FWB®Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange). However, a number of German companies are listed here, too - beside bonds of German and foreign issuers, certificates and warrants. The segment was created on 1 May 1987. The Regulated Unofficial Market is not an organised segment in the sense of article 2, paragraph 5 of the German Securities Trading Act. The Frankfurt Stock Exchange's Directives for the Regulated Unofficial Market are the basis on which the inclusion of a share is determined. There are only few admission criteria and no follow-up requirements for issuer.

The basic criteria are as follows:

• Application for admission must contain a clear description of the share to be included as well as state on which national or international market prices have already been established. For shares, which are not traded on any other market, the applicant must provide detailed information in the form of an exposé which then enables an appropriate evaluation.
• The issuer's application must be submitted in written form by a company already admitted to trading at the Frankfurt Stock Exchange.
• The applicant must immediately and in written form notify the Frankfurt Stock Exchange about circumstances concerning the respective share and/or issuer.
• The Frankfurt Stock Exchange, as the operator of the Regulated Unofficial Market, makes all decisions as regards inclusion of a share.
•  Publication language: German or English.