Vienna Stock Exchange News

Wiener Börse granted status of 'Designated Offshore Securites Market'

 

The Austrian capital market has no need to be shy of any comparison with international markets: This was confirmed once again when the U.S. Securities Exchange Commission (SEC) granted Wiener Börse the status of “Designated Offshore Securities Market” in accordance with the “U.S. Securities Act of 1933”. Thus, Wiener Börse joins the exclusive club of some 30 international stock exchanges, such as Frankfurt and Hong Kong, who also have this status.

“The commitment and interest of US investors in the Austrian capital market has increased significantly over the past few years. We expect it to become easier for Austrian companies to raise capital from US investors”, said Michael Buhl, Member of the Management Board of Wiener Börse.

Patrick Kenadjian, partner of the Frankfurter branch of the New York law office, Polk & Wardwell, which acted as consultant for the SEC procedures, perceives the advantage for companies listed on Wiener Börse especially in the publication of research reports in the US: “The Securities Act eases the rules for the distribution of research reports on companies whose stocks are listed on an exchange having the status of a “Designated Offshore Securities Market”. Banks that regularly publish research reports on companies listed on Wiener Börse may now do so in the US as well without any interruptions or restrictions.