After allocation pursuant to the Stock Exchange Act by listing segment, the security is assigned to a market according to the market segmentation of Wiener Börse. The criteria for the allocation include transparency and disclosure requirements as well as type of market making (liquidity provided by specialists and/or market makers and Capital Market Coaches).
Transparency and Disclosure Obligations by Market Segment
prime market
The companies listed on the prime market are under a contractually agreed-on obligation to comply with higher transparency, quality and disclosure criteria that go beyond the applicable provisions of the Stock Exchange Act; this helps them to achieve greater recognition among investors.
requirements for prime market
Admission according to the Stock Exchange Act
Official Market or Second Regulated Market
Stock category
Ordinary stocks
Period of existence
Three years, financial statements for the three full financial years preceding the admission
Free float of stocks
Free float higher than 25% and at least EUR 20m market cap or free float below 25% and market cap over EUR 40m
Publication of annual financial reports (audited)
( Art. 82 par 4 Austrian Stock Exchange Act) At the latest, 4 months after the end of the reporting period pursuant to the prime market rules
Publication of half-year financial reports and quarterly reports and interim reports for 1Q and 3Q according to IFRS (IAS 34)
( Art. 87 par 1 to 6 Austrian Stock Exchange Act) At the latest, 2 months after the end of the reporting period pursuant to the prime market rules
Ad hoc disclosure
Link to an electronic system (ad hoc disclosure)
Corporate events calendar
Mandatory publication two months before the start of the next financial year
Language
German and English
Austrian Code of Corporate Governance
Yearly CG statement (Art. 243b Commercial Code) incl. declaration of commitment
EU- or EEA Country: CG code acknowledged economic area
Non-EU- or EEA Country : austrian CG code obligatory
Listing Prospectus (Art. 74 Austrian Stock Exchange Act)
Disclosure on website for one year after the end of the offer period.
Document pursuant to Article 75a Austrian Stock Exchange Act
At the latest, 20 days after publication of financial statements
Changes to major holdings
Reporting thresholds 5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 75 and 90% (pursuant to Art. 91 and 93 Austrian Stock Exchange Act)
Directors’ Dealings
Declaration within 5 days after the threshold of EUR 5,000 is reached
Compliance
Servicing of the Compliance-Directive, Insider-Register as well as the annual activity report
Equity options
Grant of share options, stock buybacks (pursuant to Article 93 Austrian Stock Exchange Act)
mid market
The mid market offers companies with low capital requirements the option of raising capital through the capital market. Companies have the choice of a listing on the regulated or inclusion in the Third Market (MTF). An essential feature is the function of Capital Market Coach who supports the company before and during exchange listing.
requirements for mid market
Admission according to the Stock Exchange Act
Official Market, Second Regulated Market
Third Market (MTF)
Stock category
Ordinary stocks
Ordinary stocks
Period of existence
Official Market: 3 years
Second Regulated Market: 1 years
1 year
Accounting standards
Accounting according to IFRS
National accounting standards or IFRS
Publication of annual financial reports (audited) / financial statements including status report
Annual financial reports at the latest, 4 months after the end of the reporting period pursuant to Article 82 par. 4 Austrian Stock Exchange Act
Financial statements including status report publication within 5 months after the end of the reporting period
Publication of half-year financial reports/ interim reports for the first half-year
Half-year financial report at the latest, 2 months after the end of the reporting period pursuant to Article 87 par. 1 Austrian Stock Exchange Act
Interim report for the first half year publication within 3 months after the end of the first half-year
Publication of interim reports / quarterly reports for 1Q and 3Q
Interim reports: at the latest 6 weeks after the end of the reporting period pursuant to Art. 87 par. 6 Austrian Stock Exchange Act or optionally quarterly reports: at the latest 2 months after the end of the reporting period according to IFRS(IAS 34)
No
Obligation to disclose price-sensitive information
Ad hoc disclosure
Publication of price-sensitive company information
Corporate events calendar
Yes
Yes
Language
Pursuant to Art. 85 Austrian Stock Exchange Act
German or English
Annual information talk with CMC
Yes
Yes
Document pursuant to Article 75a Austrian Stock Exchange Act
At the latest, 20 days after publication of financial statements
No
Changes to major holdings
Reporting thresholds 5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 75 and 90% pursuant to Art.91 and 93 Austrian Stock Exchange Act
No
Directors’ Dealings
Declaration within 5 days after the threshold of EUR 5,000 is reached
No
Compliance
Servicing of the Compliance-Directive, Insider-Register as well as the annual activity report
No
Equity options
Grant of share options, stock buybacks (pursuant to Article 93 Austrian Stock Exchange Act)
No
Core tasks of the Capital Market Coach (CMC)
Ascertain the basic readiness of a company to go public and fitness for a listing on the SME segment
Provide consulting to the company in the pre-IPO process
Support during the admission procedures
Provide consulting and support for implementing compliance with ongoing disclosure requirements
Coaching the IR Officer within the scope of his or her capital market activities
Annual feedback discussion with respect to the development of the stock on the market (mandatory talk once a year by CMC and issuer)
Liquidity provider for auction trading
standard market
The segment standard market lists all stocks admitted to the Official Market or the Second Regulated Market that do not meet the criteria of the prime market. A listing does not require any additional transparency or disclosure obligations beyond those set out in the Stock Exchange Act.
Requirements
Admission according to the Stock Exchange Act Official Market, Second Regulated Market
Market making by market segment
Admission / Inclusion
Trading
Liquidity provider
prime market
Official Market, Second Regulated Market
Continuous trading (with opening auction, intra-day and closing auction)
Single intra-day auction (market making is possible)
mid market
Official Market, Second Regulated Market OR
Third Market (MTF)
Continuous trading or single intra-day auction (market making is obligatory)
Mandatory Capital Market Coach
standard market continuous
Official Market, Second Regulated Market
Continuous trading (with opening auction, intra-day and closing auction)
Mandatory Specialist, further market makers possible
standard market auction
Official Market, Second Regulated Market
Single intra-day auction (market making is possible)
Liquidity provider possible for the auction
other securities
Third Market (MTF)
Single intra-day auction (market making is possible
Liquidity provider possible for the auction
Third Market (MTF)
Continuous trading with an opening auction and a closing auction
Mandatory market maker
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Nicosia 1082, Cyprus
Disclaimer & Regulatory information
Eurivex Ltd is a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), License number 114/10.
Company Reg. HE 255430. Headquartered and based in Cyprus, member of EU.
Risk warning: Investing in financial instruments and other derivatives involves a high degree of risk and may not be suitable to all investors. Trading in such financial instruments can result in both an increase and decrease in capital. If you invest through Eurivex Ltd, the value of investments may go down and your capital will be at risk. Eurivex Ltd operates a secondary market but there is no guarantee that all buy/sell orders will be completed at the desired prices and there is a risk that an order may not be completed in the Eurivex secondary market if there is no matching order. There is no guarantee that you will be able to exit early by selling your investment. Eurivex Ltd does not provide investment, tax or legal advice. If you are unsure about the suitability of an investment, you should speak to a financial adviser. Please refer to our Risk Warning available on our web site for further information.