Stock Exchange Commission of Experts issues code of conduct for issuers

The Stock Exchange Commission of Experts (Börsensachverständigenkommission) has issued a non-binding code of conduct for issuers and investment firms that are involved in share issues. The purpose of these principles is to establish transparency with regard to the allotment procedure for private investors. The main obligation of the issuer is to publish in advance all material facts concerning the allotment procedure. The Code will apply to all share issues on organised stock markets in Germany and will become effective on 1 July 2000.