Exchange Supervisory Office

Institution at the level of the German states (Länder) that is responsible for establishing, closing down and supervising stock exchanges.

The Exchange Supervisory Office (Börsenaufsichtsbehörde) ensures that stock exchanges comply with the relevant laws, as well as with the detailed legal regulations and directives, and monitors whether trading and settlement procedures are duly performed. It also has the authority to require trading participants or the exchange to furnish information or documents, or conduct audits as it sees fit.

Section 1a of the German Stock Exchange Act authorises the Exchange Supervisory Office to impose regulations on the stock exchange and its participants for the purpose of promoting proper trading and settlement procedures.

Section 2a of the German Stock Exchange Act stipulates that the Exchange Supervisory Office must enforce compliance with the Law Against Restraints on Competition. In doing so, it pays particular attention to whether participants have fair access to trading, information and settlement systems, and other exchange-related services.

The Exchange Supervisory Office can engage the services of a state commissioner to supervise trading on the exchange. In practice, however, Trading Surveillance (HÜSt) usually performs this function, although the Exchange Supervisory Office has the power to take charge of an inquiry or investigation at any time.

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