As competent authority the Deutsche Boerse has to observe following changements since 1st of January 1995 concerning German and foreign companies. Article 36 of the Exchange Act now concedes the possibility for the issuer to publish the prospectus approved by the Deutsche Boerse as a booklet available on demand free of charge by each person interested. In a newspaper with a national distribution there must be in this case a notice giving the address of the company, the sponsoring banks and the competent admission office (Zulassungsstelle).
Also the Exchange Admission Regulation has been altered in a decisive point. It concerns Securities granting a conversion or subscription right, see paragraph 2 of Article 11 below. Prior to 1st of January 1995 it was only possible to apply successfully to an admission in Germany, when the issuer company of these securities was domiciled and admitted in a country of the OECD.
11
Admission of Securities With Conversion or Subscription Rights
(1) Securities granting the holders a conversion or subscription right for other securities shall only be admitted if the securities to which the conversion or subscription right relates are on a domestic exchange either admitted to trading or included in another organized market or are simultaneously so admitted or included.
(2) Paragraph (1) notwithstanding, the Admissions Office may admit securities if the securities to which the conversion or subscription right relates are admitted to a market within the meaning of 2(1) of the Securities Trading Act and if the public can domestically inform itself regularly about the price development in the trading in such securities in the foreign market. The prospectus for the admission of such securities with conversion or subscription rights must contain information on how the public can regularly inform itself domestically about the foreign price developments.
