Noteringseisen

Noteringseisen are the standards a company must satisfy to be admitted to trading on a stock exchange or a specific market segment. They are established by the exchange in cooperation with regulators and are designed to ensure market integrity, transparency, and investor protection. The requirements typically cover financial metrics, corporate governance, and ongoing disclosure.

Common criteria include: financial thresholds (such as a minimum market capitalization or revenue, and a required free float representing the portion of shares available to public investors); ownership structure (a minimum number of public shareholders and dispersion of share ownership); corporate governance (board independence, audit committee, risk management and internal controls); financial reporting obligations (production of regular, externally audited financial statements in an accepted accounting framework); and disclosure and transparency (timely announcements of price-sensitive information, corporate actions, and annual reports). Ongoing listing obligations require the company to maintain these standards and to continue meeting liquidity and governance requirements.

The process typically involves an application to the exchange, due diligence, and the preparation of an admission document or prospectus. Some markets require a listing sponsor or advisor and a test of market readiness, including liquidity considerations and trading history.

Noteringseisen vary by jurisdiction and market segment. Some exchanges maintain a main market with stricter thresholds and a junior or growth market with lighter requirements to encourage smaller companies. Failure to comply can lead to delisting or withdrawal of trading rights.