In its response to the EU Commission’s Roadmap “A Capital Markets Union that supports people and businesses”, Deutsches Aktieninstitut stresses the importance to alleviate companies of all sizes from compliance burdens stemming from EU Capital Markets Regulation. Otherwise, European Capital Markets will remain unattractive for companies. We also propose to adjust investor protection rules with the aim to strike the right balance between the needs of companies and investors.
From the issuers’ perspective, MAR has led to a situation in which issuers face constant legal uncertainties. This position paper identifies existing problems and proposes concrete amendments. Deutsches Aktieninstituts sees as problematic in particular the very broad and vague term of inside information, the treatment of early stages of protracted processes as inside information and the poor protection of reasonable interests in the event of delay disclosure.
Commenting on the proposal for a law implementing the 5th EU Money Laundering Directive, Deutsches Aktieninstitut and Bundesverband der Deutschen Industrie ask to avoid higher legal uncertainty and bureaucracy for industrial companies. They name several topcis, for which the German legislator proposes far stricter rules compared to the EU provisions.
In a letter to BMF, Deutsches Aktieninstitut identifies issues, which should be considered in the upcoming national implementation of the 5th EU Anti-Money Laundering Directive. Industrial holdings should be excluded from the obliged parties under § 2 GwG. The same is true for in-house lawyers in companies. Further topics are the practical relevance of the transparency register as well as the supervisory work by the regional councils.
European Supervisory Authorities (ESAs) neither need more competences nor a new funding structure. The ESA review should rather focus on making the ESAs mandate more concrete and on improving stakeholder participation, in order to
ensure practicable compliance and to avoid the overstretching of mandates by the ESAs. These are the core messages of Deutsches Aktieninstitut’s position paper on that issue
Deutsches Aktieninstitut urges the EU Commission to reflect consequently the needs of companies seeking capital market finance and using derivates for risk management purposes in the Capital Markets Union. The current direction of the Capital Market Union still fails to meet this objective. This position paper has been contributed to the mid term review of the Capital Market Union project.
The amendments aiming at keeping the Code lean are in principle welcomed. Furthermore there is need for discussion and change in particular regarding subjects as communication between the investor and the chairman of the supervisory board, requirements for the members of the supervisory board, whistleblower and the inclusion of ethic principles in the preamble.
With the fourth EU Anti-Money Laundering Directive and its current amendment, every EU member state has, among other changes for companies, to implement a beneficial ownership register. Deutsches Aktieninstitut wrote a letter to the responsible ministries emphasizing that this beneficial ownership register has to be based on existing registers, instead of creating a completely independent, new register. Moreover, Deutsches Aktieninstitut advocates that obliged entities can efficiently and ...
In a proposal for a supervisory guideline ESMA is currently about to narrow down the right to delay the publication of inside information of listed companies. This is notin line with the text of the Market Abuse Regulation. Even worse, the ESMA proposal would de facto eliminate the possibility of a delay for a number of situations that currently constitute "a legitimate interest" in two tier board system. This position paper summarizes the concerns of the German listed companies.
We offer a lot evidence of rules inconsistent with other provisions or rules running counter to overarching principles. Among others the increased level of bureaucracy is contradictory to the idea of facilitating the capital market finance and therefore against the Capital Market Union. To avoid such inconsistent regulation, the EU regulators should conduct a meaningful and convincing impact assessment in advance of every new rule. To solve the problem of inconsistent level 1- ...
This position paper critisises ESMA's draft delegated acts on the Market Abuse Regulation. Because ESMA's interpretation reaches too far listed companies in Europe face massive additional compliance risks and costs regarding insider lists, the publication of inside information and the notificatio of managers' transactions.
Deutsches Aktieninstitut on the BaFin draft circular regarding key information documents (in German)
The legal obligation to provide a key information document hinders banks to recommend shares to their retail customers. This is the result of a survey conducted by the Deutsches Aktieninstitut among 1,600 German banks. The Deutsches Aktieninstitut therefore asks for a reform of the existing legislation. Instead of a key information document for every share a key information document for the asset class "shares" should be sufficient.
Die Aufsichtspraxis hinsichtlich der Ad-hoc-Publizität muss aus Sicht des Deutschen Aktieninstituts für Emittenten besser handhabbar werden. Das ist das Kernanliegen eines Positionspapiers des Aktieninstituts zur Überarbeitung des Moduls C des BaFin-Emittentenleitfadens, das die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) gerade konsultiert. „Wir begrüßen den offenen und produktiven Dialog mit der BaFin und nutzen die Konsultation gerne, um gemeinsam praktikable Lösungen ...
Our topics at a glance: