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.
We reject recent proposals to shorten trading hours on stock exchanges in the EU. From the point of view of publicly listed companies, shortening trading hours would restrict their ability to raise liquidity on capital markets for their various projects. The equity culture in Germany and Europe would also suffer from shortened trading hours.
Deutsches Aktieninstitut comments the OECD Secretariat Proposal for a "Unified Approach" regarding an introduction of a digital tax. Generally, Deutsches Aktieninstitut welcomes the approach. Nevertheless, it should be ensured that financial services remain out of the scope. Otherwise, this would mean an introduction of a financial transaction tax "through the backdoor".
The German government intends to abondon the recognition of total share losses for tax purposes. Deutsches Aktieninstitut strictly opposes this proposal as it, among others, contradicts different judgements provided by the Federal Finance Court (Bundesfinanzhof).
Deutsches Aktieninstitut repeats its fundamental opposition regarding the proposal for a real estate transfer tax released by the Federal Minstry of Finance which harms badly stock listing of companies. At least it is of utmost importance to exempt shares of stock listed companies from this proposal.
In its position paper as regards the MiFID II/MiFIR-consultation of the Federal Ministry of Finance Deutsches Aktieninstitut states that the respective rule design should be less bureaucratic. This holds especially true for the rules regarding derivatives used in the risk management of non-financial companies. In addition, capial markets culture should be strengthened by the clarification that all corporate bonds are out of the scope of PRIIPs. Eventually, retail investors should have the ...
Deutsches Aktieninstitut opposes a proposal of the German state finance ministers regarding the real estate transfer tax. The proposal would represent a significant and inappropriate tax burden for many stock listed companies. In its position paper Deutsches Aktieninstitut points out that the purchase of shares is not a tax evading measure at all, but an important step to increase long-term wealth and old-age provisions.
Deutsches Aktieninstitut supports the aim of the European Commission to reduce administrative burden for stock listed SMEs. In its position paper on the respective consultation Deutsches Aktieninstitut stresses that capital market rules, that does not enhance investor protection, should be abandoned for every issuer irrespective of its size. In addition, to facilitate more IPOs of SMEs it is of utmost importance to raise capital of retail investors via an extension of share possession in the ...
In its comment on the national adoption of the Fourth EU-Anti-Money-Laundering Directive Deutsches Aktieninstituts asks for reliefs for the custody of employee shares.
German markets for IPOs are less developed compared to other countries. In order to improve this situation the regulatory and fiscal framework should be adjusted. The paper describes five measures with a focus on the equity culture in Germany which should be implemented with priority.
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.
In its position paper Deutsches Aktieninstitut asks the European Commission to include emloyee share ownership as a further action point in the Capital Markets Union project. It is necessary to scrutinise existing European legislation posing obstacles for the implementation of employee share plans and to abandon bureacracy and facilitate cross-border implementation of employee share plans across Europe.
Deutsches Aktieninstitut asks the legislator to use the proposed MiFID-delay to fix shortcomings of the level-1-text. Besides others this applies for the treatment of emission allowances within the ancillary activity exemption and the introduction of a waiver for the suitability report.
In its comment on the proposal to reform the taxation of investment funds Deutsches Aktieninstitut states that disadvantages for the long-term wealth building and the corporate finance should be avoided.
In order to promote public equity financing and equity culture in Germany Deutsches Aktieninstitut suggests to implement the recommandations developed by the round table initiated by the economics minister Gabriel as soon as possible.
Deutsches Aktieninstitut comments on the proposal launched by the Bundesfinanzministeriums regarding the reform of the taxation of investment funds. It is crucial that dividends should be taxed twice, on fund and on investor level, and that free float capital gains realised by corporations should be no longer exempted from taxation. Both seriously harms equity culture in Germany.
The joint call for action to promote employee share ownership in Germany of ten associations - including Deutsches Aktieninstitut - asks the legislator to improve the institutional framework regarding employee particiption in order to increase its dissemination among German companies.
In its comments Deutsches Aktieninstitut supports the European Commission’s initiative on building a Capital Markets Union. Further to the steps proposed by the Commission the demand-side of capital markets should, however, be addressed more precisely. This applies especially to the aspect of corporate finance. In addition, a cumulative impact-assessment of the regulatory initiatives launched in the aftermath of the financial crisis is necessary in order to identify and remove barriers for ...
In its position papers regarding the "technical advice" of ESMA on MiFID II/MiFIR Deutsches Aktieninstitut states that the new rules should not impact equity culture in Europe negatively. This applies especially for the offering of share investment advice in banks and the availability of research for SMEs. Besides, an appropriate definition should ensure that contracts for the delivery of commodities used by the real economy are not classified as derivatives. The comment from 16 January 2015 is ...
The position paper emphasizes the importance of functioning IPO-markets for growth financing and employment. An adequate regulatory framework should incentivise retail and institutional investors to invest more money in shares. An efficient regulation should also increase the attractiveness of stock markets as a financing instrument for companies.
The position paper describes the advantages of employee shareownership and proposes measures in order to enhance the attractiveness of this kind of employee financial participation. According to this tax incentives should be increased and regulatory obstacles should be abandoned.
In its draft technical advice regarding the evaluated Market in Financial Instruments Directive (MiFID II) ESMA proposes to prohibit the availability of research which is provided free of costs. We object this proposal as not appropriate as it will impact especially shares of SMEs which are already lacking a sufficient coverage of professional analysts today.
We object the notion that take-or-pay-clauses in contracts for the delivery of commodities are derivatives. These clauses do ensure a flexible and efficient provision of commodities and are no derivative instruments.
Deutsches Aktieninstitut on high frequency trading - retain the liquidity function and prevent market abuse
Deutsches Aktieninstitut recommands a legislation regarding high frequency trading which is well balanced. The rules should not deteriorate the liquidity of secondary markets and prevent market abuse of high frequency traders.
Deutsches Aktieninstitut on the BaFin draft circular regarding key information documents (in German)
Position of Deutsches Aktieninstitut on the financial transaction tax
After two years of rising shareholder numbers, the positive trend came to a halt in 2019. In 2019 there were a total of around 9.7 million people in Germany who owned shares or equity funds. Compared to the previous year, almost 660,000 investors thus turned their backs on the stock market. Only 15.2 percent, or just under one in seven Germans over the age of 14, therefore owned shares or equity funds. On the occasion of the 30th anniversary of the fall of the Berlin Wall in 2019, the current ...
In 2018, the number of shareholders and investors in equity funds rose by 250,000. This is almost every 6th citizen. In total more than 10.3 million citizens or 16.2 percent of the Germans older than 14 years owned shares or equity funds, reaching the highest leven since 2007.
The number of shareholders and investors in equity funds rised signficantly by 1.1 million to over 10 million in 2017. This equals 15,7 percent of the German population in the age of above 14 years, so that the pre-crisis level has been reached again.
The number of shareholders and investors in equity funds kept constant at 9 million in 2016. This equals 14 percent of the German population in the age of above 14 years. The high level of market volalitility in the first half of the year did not make people feel insecure with respect to equity investments. The shareholdings statistics of Deutsches Aktieninstituts also offer an overview on the sociademographics of shareholders and investors in equity funds. Sociodemographic details of ...
The Germans' confidence in shares has returned in 2015. The number of shareholders and investors in equity funds rised to 9 million which is the highest level since three years. This equals 14 percent of the German population in the age of above 14 years and an increase of 560.000 (+ 6.7 percent) compared to 2014. The shareholdings statistics of Deutsches Aktieninstituts also offer an overview on the sociademographics of shareholders and investors in equity funds. Sociodemographic details ...
The equity culture in Germany takes the second hit in row. In 2014 the number of sharholders and holders of equity funds declines by 500.000 - despite of rising share prices. Only 8.4 million Germans (13.1 percent of the population) invest in the equity market. Due to the conservative structure of savings private households accumulate less wealth than they could. Deutsches Aktieninstituts therefore calls upon politicians to remove regulatory and other obstacles for share investments. The ...
In the first half of the year 2013 the number of direct shareholders has increased by 7.1 percent. Compared to 2012 additional 323.000 people have decided to invest in shares, so that there are now 4.9 million direct shareholders in Germany (7.1 percent of the population). This is the highest number since 2003. However, in the same space of time the number of people who invest in equity-based funds has decreased. Taking both developments together, the number of indirect and direct ...
How do shareholders inform themselves? What are their preferences regarding dividend payments? Do they regard shares as instruments of wealth building? These and other related questions are analysed by this study which was prepared by Prof. Dr. Pellens in co-operation with Deutsche Post DHL Group, Deutsches Akteininstitut and the German association of investor relation professionals. For the fourth time after 2004, 2008 und 2013 the study provides an unique and overview on the behaviour and ...
The comparing study focuses on the experiences of countries like Australia, Sweden, the United Kingdom and the US as regards the use of shares in the pension system. It is the aim of the study to outline what Germany can learn from these countries for its own pension system.
Misunderstandings, bad feelings and a significant level of desinterest prevent Germans from investing money into shares. Even historically low interest rates have not increased their interest in equity investments. This is the core result of this study conducted by Deutsches Aktieninstitut and Börse Stuttgart. The study also develops ideas how the reservations could be overcome. The biggest push would result from the system of old age provision.
The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the respective index. Based on these calculations the study displays the benefits of employee shares, which are characterised by discounts on the market value or bonus shares, provided after a given vesting period by the employer. Furthermore, the study underlines ...
Deutsches Aktieninstitut jointly published the results of a survey among small and mid seized listed companies and capital market experts regarding the going and being public. Apart from the necessity to invest more in shares via the pension system survey participants demand debureaucratisation of the listing process and the being public.
Together with EY Deutsches Aktieninstitut released a guideline explaining the steps for a successful implementation of employee share schemes (planning, design, compliance, communication and administration). These steps are illustrated by corporate examples.
After the entry into force of the evaluated Markets for Financial Instruments Directive (MiFID II/MiFIR) rules for the availability of research will change. Which research services are in the scope of the new rules and how stock-listed companies can prepare themselves for the upcoming changes desribes the paper jointly released by Deutsches Aktieninstitut, Deutsche Börse AG, The German Investment Funds Association BVI, DIRK – Deutscher Investor Relations Verband and DVFA – Deutsche ...
Allocating assets partly into equities can help foundations to better serve their charitable objectives – not only at the currently low interest rates. This is a central result of a study of Deutsches Aktieninstitut and UBS Deutschland AG on behalf of Foundation Lindau Nobel Laureate Meetings.
The Germans still show a number of misunderunstandings about and prejudices against shares that form an obstacle for a deeper equity culture. However, the potential for improvement is higher than the number of shareholders in Germany appears to suggest. These are two core results of this study which have been conducted by Deutsches Aktieninstitut and the Stuttgart stock exchange in order to survey the additude of the German population towards share investments.
The study provides the results of a survey among more than 400,000 retail investors of Deutsche Post DHL. Answers to the following questions are given: What sources of information do retail investors use? Do they prefer dividends or increases of share prices? Do they exercise their voting rights at the general meeting? Since the survey, a joint project of the Ruhr-University Bochum, Deutsche Post DHL, Deutscher Investor Relations Verband (DIRK) and Deutsches Aktieninstitut, has ...
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.
The study provides an empirical analyses of both the potential and the willingness of the German "Mittelstand" to raise capital by the means of an intial public offering. It is revealed that 1,250 medium sized companies have a good starting positon and that "Mitttelstand" companies are still rather sceptic with regard on IPO. The study also aims at discussing some of the prejudices among those who are sceptic.
The EURO STOXX Return Triangle of Deutsches Aktieninstitut visualises the performance of an investment in equities in the European currency area under the assummption of an one-off investment. The annual average return on a broadly diversified equities portfolio - in this case, the equities in the EURO STOXX 50 - is indicated here in color for any given investment period since 1986.
The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the respective index. It considers specifics of employee shares, as discounts on the market value or bonus shares, provided after a given vesting period by the employer. Furthermore, the triangle takes into account allowances regarding taxes and social security ...
Editorial Focus: Old Age Provision
Editorial Focus: IPO
Focus: Federal Election 2017
Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2016 (in German)
Focus: Retirement Planning
Focus: Capital Markets Union
Focus: 50 years German stock corporation law
Focus: A New Start in Brussels
On the occasion of the day of shares, on March 18, Deutsches Aktieninstitut encourages savers to invest in shares or equity funds. Who seizes the opportunities of share investment can look forward to attractive returns. You only have to follow four simple rules.
In 2018, for the fourth time running the number of shareholders and equity funds holders has risen in Germany. The survey “Shareholding Statistics of Deutsches Aktieninstitut 2018" (in German) - published today - shows that on an annual average the number was about 250,000 higher than in the previous year. In total more than 10.3 million citizens or 16.2 percent of the Germans older than 14 years owned shares or equity funds.
In view of the downturn of share prices investors should not be getting nervous. On the long run shares have been and are attractive investments with manageable risk. This demonstrate the new Return-Triangles of Deutsches Aktieninstitut published today.
You can find the return triangles here.
The Survey of Börse Stuttgart and Deutsches Aktieninstitut reflects the attitude of the Germans on shares // Inspite of low interest rates great reservations // Personal experience creates positive attitude // Integration of share investments into old age provisions necessary
At the day of shares the Deutsche Aktieninstitut reminds the public that with shares - permanently invested - you can earn good returns. It is important not be focused on the right timing of the investment but to invest in shares on a regular and diversified basis.
On share´s day Deutsche Aktieninstitut calls for more political commitment for share investments. Shares are an important element for asset building and the old age provisions of the citizens. Therefore it is essential to reduce prejudices regarding shares and to encourage share investments.
The number of shareholders and private investors in equity fonds has remained stable, as Deutsches Aktieninstitut notes in its study on the number of shareholders published today. In the annual average the number was just under nine million and thereby at the same level as the previous year. That corresponds to every seventh citizen above the age of fourteen.
Shares are profitable and are therefore an attractive financial investment. That impressively illustrates the new “Return-Triangle” of Deutsches Aktieninstitut. It can be downloaded now at www.dai.de. The message is: Shares give good returns over the long-term, the risks can be controlled.
“For the Future Functioning of Old Age Provisions in Germany Shares Are Essential”: This is the result of the study “Securing the Standard of Living in Old Age – Reducing the Pension Gap with Shares” published today by Deutsches Aktieninstitut, Bankhaus Metzler, DekaBank und Union Investment.
The final report of the Round Table “More IPOs of young growth companies in Germany” has been presented at the end of September. In its Paper, published today, Deutsches Aktieninstitut submits proposals how the recommendations of the group of experts nominated by the Minister of Economics Gabriel, which can be implemented swiftly, can be realized.
Allocating assets partly into equities can help foundations to better serve their charitable objectives – not only at the currently low interest rates. This is a central result of a study of Deutsches Aktieninstitut and UBS Deutschland AG on behalf of foundation Lindau Nobel Laureate Meetings.
Misunderstandings, prejudices and uncertainties influence the relationship of Germans to share investments. This has been ascertained by a study of Deutsches Aktieninstitut and Stuttgart Stock Exchange, examining the attitude of Germans towards shares. Surprisingly, the interest in shares is higher than one might expect on the basis of the actual number of shareholders.
The full study is available for download here.
In 2014 about half a million people bid their shares or shares in funds farewell. Despite rising prices at the stock exchanges the number of share investors dropped the second year in a row. Only 8.4 million Germans, i.e. about 13 percent of the population, are invested in the share market. That is the alarming result of the newest survey of Deutsches Aktieninstitut regarding the number of shareholders in Germany.
Shares and equity funds promote wealth building of private households. This is demonstrated by the stock triangle of Deutsches Aktieninstitut, which visualizes the peformance of the companies of the DAX over the past 50 years. The new edition is now available which adds the development of share prices and dividends in the German market in 2014.
In its position paper “More enthusiasm for employee shares in Germany: Adequate Incentives – Less Obstacles” published today, Deutsches Aktieninstitut sees a need for politicians to engage more in the support of employee share-schemes. Besides eliminating administrative barriers regarding the introduction of stock participation programs more tax advantages in Germany must be granted.
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