37The requirement under German law that, for a company to be quoted on the Frankfurt Stock Exchange, all shares of the same class must be listed, including shares which are not going to be sold in the initial public offering, may be an indication that there is an overall transaction the purpose of which is a company’s admission to quotation on the Frankfurt Stock Exchange also entailing the transfer of legal title to the shares to Clearstream Frankfurt. However, the existence of a legal obligation is not a pre-requisite when it falls to be determined whether a transaction is ‘an end in itself’ or must be regarded as forming an integral part of an overall transaction with regard to the raising of capital.
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