[Last updated: 1 January 2024, unless otherwise noted]

There are no additional requirements, or any changes in the normal requirements, that apply to very large multinational companies. In practice, these companies are all listed on the Prime Standard segment, in order to provide the highest quality reporting and to be included in a selection index.

The Prospectus Regulation now allows a simplified prospectus format for issuers listed in SME growth markets. Smaller companies that want to operate under a less stringent regime may opt for trading on the Scale segment, which has obtained the status of an SME growth market on 16 December 2019.

As a result, Scale issuers no longer need to prepare and maintain insider lists (due an exemption in Article 18 (6) Market Abuse Regulation) and will be allowed to publish their ad hoc notices (disclosure of inside information) on the website of the FSE instead of a media bundle (Art. 17(9) Market Abuse Regulation).

Art. 39 of the EU Prospectus Regulation permits the competent authority of the home Member State to ask for adapted information to be included into the prospectus if the issuer is a “specialist issuer”, for example a property, mineral, investment, scientific research, start-up (with less than three years of existence) or shipping company. ESMA’s update of the recommendations of the Committee of European Securities Regulators of March 2013 contain further details regarding such requirements in Part III (Nos. 128 et seq.), which the BaFin applies in practice. In a consultation paper, ESMA has stated that at this time it does not plan to include these details as part of their guidelines on disclosure requirements under the Prospectus Regulation (which shall replace the recommendations which have been issued under the Prospectus Directive) in the near future and that issuers can continue applying the existing recommendations in that regard.

There are no situations in which a "fast track" or expedited listing can be procured, except as noted above in section 2.