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 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 ...
The legislative period is coming to an end but the pressing economic and socio-political issues will remain. In its position paper concerning the German parliamentary election Deutsches Aktieninstitut is emphasizing the key issues that must play their role in the upcoming legislative period.
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.
According to the reviewed Markets in Financial Instruments Directive (MiFID II) all costs of a financial instrument should be made transparent to the client. Our comment focuses on the discussion whether the costs of the issuance of shares or bonds should be included in the respective cost ratio. We strictly object this idea as these costs are not borne by the client but by the issuing company.
Position of Deutsches Aktieninstitut on the financial transaction tax
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 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 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.
By providing for sufficient diversification of an equity investment and focusing on the long term, investor can expect shares to achieve a high return, even without spending a lot of time on monitoring performance. This credo of Deutsches Aktieninstitut is shown by the Stock Triangle, which visualises the annual average return for the past 50 years for a broadly diversified portfolio of DAX equities under the assumption of an one-off investment.
The DAX Stock Triangle for savings plans shows that investing continiously and long-term in a broad equity portfolio has paid out in the past. Savers who invested month by month a constant ammount of money into a portfolio of DAX equities for an investment period of e.g. 20 years benefited from an average yield of roughly 9 percent p.a.
Editorial Focus: Old Age Provision
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
Now that politicians have passed the "Grundrente", Deutsches Aktieninstitut calls for the reform of the German pension system to be tackled as well. In its flyer published today, Deutsches Aktieninstitut shows why shares must be a necessary part of old-age provision.
Das Deutsche Aktieninstitut sieht die Vorschläge der Rentenkommission zur Zukunft der Altersvorsorge in Deutschland kritisch. Zündende Ideen für einen „verlässlichen Generationenvertrag“ sind darin nicht zu finden. Um die nachwachsenden Generationen zu entlasten, müssen Aktien ein fester Baustein der deutschen Altersvorsorge werden. „Die Rentenuhr tickt, und die Empfehlungen der Rentenkommission werden die Probleme der Altersvorsorge in Deutschland nicht lösen. Ab 2025 gehen die ...
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 ...
In other countries, shares make a significant contribution to securing the standard of living of people in old age. This is the result of a study published today by Deutsches Aktieninstitut entitled "Altersvorsorge mit Aktien zukunftsfest machen – Was Deutschland von anderen Ländern lernen kann". "No other issue offers as much socio-political explosive as the pension scheme. Although it is foreseeable that pension contributions will rise and pension levels will continue to fall, political ...
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.
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
Das Deutsche Aktieninstitut fordert einen ideologiefreien Dialog zum Thema Aktien in der Altersvorsorge, damit auch in Deutschland die Renditevorteile von Aktien für die Altersvorsorge und die private Vermögens- und Kapitalbildung zum Tragen kommen. Dabei muss das Rad nicht neu erfunden werden, da es genügend positive Vorbilder in anderen Ländern gibt. „Der Vorschlag von Friedrich Merz hat das Thema Aktien und Altersvorsorge kürzlich prominent in den Blickpunkt einer breiten ...
Issues regarding capital markets have in future to be placed much higher on the political agenda. Deutsches Aktieninstitut has inquired what the political parties have in mind with regard to important capital market matters and has commented these responses. Better conditions for more IPOs in Germany, the use of more shares in old age provisions and the Financial Transaction Tax are just a few of the issues we have followed up.
Deutsches Aktieninstitut calls upon political parties to show more support for important capital market issues like a share oriented old age provision and more IPOs in Germany. The responses of the political parties to the “Wahlprüfsteine” of Deutsches Aktieninstitut show that in many ways clear concepts are missing.
In the constituent meeting of the board of Deutsches Aktieninstitut, Dr. Hans-Ulrich Engel, CFO BASF SE, was unanimously elected as new president. Engel follows Werner Baumann, CEO Bayer AG, who was holding office since 2013.
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.
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.
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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