Die Börsenzulassung Von Wertpapieren: Vergleich Der Deutschen, Schweizerischen Und Niederländischen Bestimmungen
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Das Hauptthema dieser Arbeit ist das Zulassungswesen. Die dabei zu unter- suchenden Fragen dürften aber nur dann verständlich sein, wenn zunächst ausgeführt wird, wie sich eine Begebung von Wertpapieren heute abwickelt und welche Fragen die Zuteilung der Wertpapiere an die Konsortialbanken und die Zeichner aufwirft. Die Zulassung von Wertpapieren zum Börsenhandel, die früher als Voraussetzung für die erfolgreiche Begebung von Wertpapieren galt, bildet heute - zeitlich gesehen - den Abschlu des Begebungsvorganges. Der Sinn und Zweck des Zulassungsverfahrens hat sich damit grundsätzlich gewandelt; denn der Prospekt dient nicht mehr als Mittel zur Unterrichtung der Zeichner vor der Begebung von Wertpapieren, sondern erfüllt heute ganz allgemein die Aufgabe, die Offentlichkeit über die Verhältnisse des Wert- papierausstellers zu unterrichten, wenn er den Kapitalmarkt beansprucht. Hierin liegt zugleich eine Besonderheit des deutschen Zulassungsverfahrens, die dem Verfahren in der Schweiz und den Niederlanden nicht zu eigen ist. Wenn das deutsche Zulassungswesen bisher auch seine Aufgabe erfüllt hat, so haben sich im Laufe der Zeit doch gewisse Mängel gezeigt. Sie dürften beson- ders darin liegen, da die prospektfreie Börseneinführung für gewisse öffent- iche Anleihen heute nicht mehr zeitgemä ist. Ferner fällt es auf, da das Zulassungsverfahren in Deutschland oft geraume Zeit dauert und die amtliche Notierung häufig erst viele Monate nach der Begebung der Wertpapiere auf- genommen wird.
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