The new draft bill concerning the introduction of digital securities by the Federal Ministry of Finance and the Federal Ministry of Justice introduces a new era in the German capital market by establishing digital securities.The draft bill represents a shift away from the requirement of a physical document for securities under German securities law. Deutsches Aktieninstitut welcomes the initiative, but further clarifications are needed in the legislation.
In its reply to ESMA’s consultation on SME Growth Markets, Deutsches Aktieninstitut advocates for decreasing regulatory burdens in order to make SME Growth Markets more attractive. Especially for small and medium-sized enterprises, proportionality and flexibility of regulation are essential. “SME Growth Market” is a new category of multilateral trading venues (MTFs) in Europe, specifically targeted at SMEs and meeting EU-wide standards.
In its position paper regarding the MiFID-review of the European Commission Deutsches Aktieninstitut considers improvements with respect to rules concerning investor protection, transparency, research, commodity derivative markets and FX-spot transactions.
Companies raising capital from private investors should benefit from alleviations in order to limit the impacts of the current crisis and to concentrate government recapitalization-measures on those companies, that are temporarily unable to access private capital markets. This is the key message of a recent position paper of Deutsches Aktieninstitut. We propose, among others, to extend the alleviations for raising capital, which have been created for recapitalization-measures of the government ...
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 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".
Deutsches Aktieninstitut welcomes the suggestions made by ESMA for prospectus simplification, such as removing the auditor's report in case of profit estimates and forecasts. At the same time, however, it warns against new burdens, which ESMA's proposal contains, too. It reminds that already on Level 1 of the revised European Prospectus Regulation, new burdens had been introduced. In order to achieve the objectives to simplify prospectus, the new burdens at level 1 must be compensated on ...
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.
With regard to the second capital market amendment law Deutsches Aktieninstitut emphasizes not to go beyond the existing European legal provisions, e.g. in the field of the key information document (KID) which have not to be prepared for shares according to the Europen legislation. The same is true for sanctions where the German legislator tends to go beyond the European minimum harmonisation.
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.
The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut. In a joint position paper with the Bundesverband der Deutschen Industrie (BDI) Deutsches Aktieninstiutt focusses on the provisions on related party transactions, remuneration and the topic of proxy advisors. Both associations stress that for the German industry it is of major importance that in particular the improvements on related ...
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 ...
On behalf of the Federal Ministry of Justice and Consumer Protection the Institute for Transparency conducted a study on the documentation of investment advice in financial institutions. Our comment welcomes the conclusion drawn in the study that experienced banking clients should be allowed to resign from the documentation obligation. Nevertheless, the right to withdraw should not be too restrictive.
Deutsches Aktieninstitut on the BaFin draft circular regarding key information documents (in German)
Position of Deutsches Aktieninstitut in regard of the government draft bill of the revised Stock Corporation Act 2012 (in German)
Response of Deutsches Aktieninstitut to ESMA - Retail Cascade
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 2013 there has been 600.000 people less investing in shares or equity funds compared to 2012 - a set back for the equity culture in Germany. This is a key result of the most recent issue of the shareholding statistics of Deutsches Aktieninstitut. Only 8.9 million Germans 13.8 percent of the population) put private savings into shares or equity funds. The sharp is explained exclusively by the drop in the number of holders of equity funds, while the number of shareholders remained constant.
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 ...
The pension clock is ticking: Over 12 million baby boomers are going to retire in the next 10 years. Without higher pension contributions and additional tax revenues, the pay-as-you-go public pension insurance will soon reach its limits. Germany needs to tackle the pending issues. With our new publication, we show that stock investing must play an important role in the German pension system.
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 ...
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.
The current position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom complements the first position paper from February 2017 and covers further relevant topics, e.g. clearing, benchmark and rating. The analyses of financial and capital market legislation and concrete examples from practice illustrate which topics deserve particular attention due to their significance for business and society in connection with the Brexit ...
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.
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 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 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.
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 ...
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 ...
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
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 ...
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.
With the „Berlin Appeal for more asset formation among employees” high-level representatives of the German economy and of trade associations call upon the future German government to create a better framework for employee equity participation. More employees must be able to participate in the economic success of their companies.
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.
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.
In its call for action “For an agenda employee share-ownership” published today, ten well-known German associations ask from politicians to improve the general framework of employee share-ownership and to speak up for more employee share-ownership within German enterprises.
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.
The University Prize of Deutsches Aktieninstitut will tonight be awarded by Prof. Dr. Bernd Rudolph, chairman of the Scientific Advisory Board, and Werner Baumann, President of the Executive Committee of Deutsches Aktieninstitut. This year the University Prize will be rewarded with a total of 20.000 Euros.
On the occasion of the festive evening reception of Deutsches Aktieninstitut Sabine Lautenschläger, member of the Executive Board of the European Central Bank, called for an effective regulation and supervision of financial markets. Werner Baumann, President of Deutsches Aktieninstitut, also emphasized the importance of a reliable regulatory framework enabling banks to fulfil their macroeconomic tasks vis-à-vis savers and enterprises.
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.
Last year 600.000 people less than 2012 were invested in shares or equity funds. This is the key finding of the most recent shareowner statistics of Deutsches Aktieninstitut. Only 8.9 million Germans placed private savings into shares or equity unds in 2013. This figure is equivalent to 13.8 percent of the German population after 14.7 percent in 2012. The sharp drop in the number of holders of equity funds is the main reason for this development. On the contrast, the number of direct ...
Our topics at a glance: