Volker Potthoff, member of the Executive Board of Deutsche Börse AG, emphasized that Deutsche Börse continually revises the regulatory framework in accordance with the dynamic development of the Neuer Markt. "With these changes we highlight transparency as the quality characteristic which is decisive for the success of the Neuer Markt," said Mr. Potthoff. However, he pointed out that the regulatory framework could hinder neither falling prices nor issuers' misdemeanors.
The regulation on the disclosure of securities transactions, the so-called disclosure of directors' dealing, is at the center of the extension. According to this regulation, the issuer will be obliged to immediately inform the market electronically about its own transactions or about the transactions of the individual members of the management or supervisory boards.
Price-sensitive information will still have to be published via ad-hoc disclosure. Contraventions will be penalized with sanctions, which range from a warning to delisting.
Furthermore, the quarterly reports will be extended and standardized. The uniform recording of key data will make it easier to check for consistency and compare data. In addition, quarterly reports must henceforth contain the balance sheet for the reporting period, as well as the number of stocks held by the issuer and by members of the management or supervisory board. This will further improve the quality of reporting.
