Porsche has withdrawn its listing application for the Prime Standard of the Frankfurt Stock Exchange (FWB), and thus will remain in the General Standard of the official market of the FWB.
According to Deutsche Börse, Porsche was held up in its quest for Prime Standard by the transparency standards. This corroborates Deutsche Börse’s practice of demanding the publication of quarterly reports in the Prime Standard, in which companies must fulfill higher transparency requirements in the interest of investors.
The Frankfurt Stock Exchange has operated two trading segments, Prime Standard and General Standard, since the restructuring of the German equity market at the beginning of 2003. The segments differ primarily in terms of transparency requirements. In this context, the Prime Standard is defined as the segment with stringent, internationally accepted transparency standards.
The announcement of Porsche’s withdraw comes after Porsche filed a complaint with the Frankfurt Administrative Court against the obligation to produce quarterly reports, which has applied to companies listed in the Prime Standard since the beginning of 2003.