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".
Deutsches Aktieninstitut as co-signers of an association letter to EU Finance Ministers shares concerns on the broad scope of the EU Commission proposal on the introduction of a EU Digital Services Tax. Financial markets activities need to be clearly and fully exempted from scope of EU proposal. Otherwise, EU Capital Markets will be harmed and a Fincanical Transaction Tax would be intruduced "through the backdoor".
On 24.9.2017 the German citizens will elect the new German Bundestag und thus predefine the forthcoming policitcal, social and economic developments. One important political topic with long-term relevance is the framework for financial and capital markets. Deutsches Aktieninstitut therefore has analysed the election programmes of several political parties (CDU/CSU, SPD, Bündnis 90/Die Grünen, FDP, Die Linke and AfD) regarding issues being relevant for capital markets. Several distinct topics ...
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 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.
In the political guidelines for the next EU Commission Jean-Claude Juncker pledges to create a European Capital Markets Union in order to improve the financing of the European economy and in order to further integrate capital markets. This paper lays down Deutsches Aktieninstitut’s perspective on what should be the guiding principles of a proper functioning Capital Markets Union. Our key message is that the perspective on capital markets regulation has to be changed: capital markets, if ...
Deutsches Aktieninstitut welcomes the objective of the green paper to foster long-term financing. For this reason regulatory barriers which encumber investors such as banks, insurers, institutional and retail investors need to be removed. The position paper shows how this could be done.
This position paper is a shorter version of the German position paper on the financial transaction tax originally published on 2 May 2013. It lays down in detail that the financial transaction tax would severely burden the real economy and retail investors.
This position paper lays down in detail that the financial transaction tax would severely burden the real economy and retail investors.
Position of Deutsches Aktieninstitut on the financial transaction tax
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 its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market”, Deutsches Aktieninstitut has identified the essential issues with relevance for capital markets and which deserve particular attention due to their significance for business and society in connection with the Brexit negotiations. Furthermore it makes proposals how the negative impact of Brexit on the affected national economies can be ...
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
Deutsches Aktieninstitut rejects the bill on the financial transaction tax recently presented by the German Minister of Finance. The planned stock market tax makes the purchase of shares more expensive and thus less attractive. This makes it more difficult for people in Germany to accumulate wealth and provide for their old age. "A large part of the estimated revenue from the share tax amounting to 1.5 billion euros annually will be paid by private investors. Not the financial sector, as Mr. ...
In a letter addressed to Federal Minister of Finance Olaf Scholz, Dr. Hans-Ulrich Engel, President of Deutsches Aktieninstitut, warns against the negative effects of the planned tax on shares for German economy and society. The tax on shares should not be pursued any further either at European level or by Germany alone. “We are concerned about the plans of the Federal Minister of Finance to levy a tax on shares”, emphasizes Dr. Hans-Ulrich Engel. In a personal letter addressed to the ...
Europe is facing major challenges. But only politics and the economy together will be able to solve them. The title of Deutsches Aktieninstitut’s newly published European paper reads „Europe can deliver!“. It focuses on the Capital Markets Union, European competitiveness and a sustainable economy. „Companies as well as government institutions use capital markets to finance their investments. Capital markets thus represent the financial basis for economic growth and employment. A ...
At the annual reception of Deutsches Aktieninstitut, taking place today, Dr. Martin Haferkorn will be awarded the University Prize of Deutsches Aktieninstitut for his dissertation „High-Frequency Trading in Fragmented European Equity Markets – Implications for Market Quality“. The prize is endowed with 12.500 Euros.
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.
At the traditional Brussels reception of Deutsches Aktieninstitut the new EU Commissioner for Financial Stability, Lord Hill, and Markus Ferber, MEP, delivered speeches to more than 200 guests. Werner Baumann, President of Deutsches Aktieninstitut, outlined the expectations of the German economy on the European legislator and presented the latest positions paper of the institute „The Road to Growth: Setting Capital Markets Regulation Right”.
Seit dem Ausbruch der Finanzmarktkrise im Jahr 2008 ist in Politik und Öffentlichkeit die Auffassung weit verbreitet, dass ausschließlich die Kapitalmärkte ursächlich für die derzeitigen Probleme sind. Begriffe wie „Turbokapitalismus" und „Monster Finanzmarkt" sprechen insoweit Bände. Im Finanzbereich hat es definitiv gravierende Fehlentwicklungen gegeben. Das streitet niemand mehr ab. Natürlich ist es richtig und notwendig, den ordnungspolitischen Rahmen soweit zu überarbeiten, ...
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