Publications

EMIR regulation: Make the intra-group exemption as lean as possible

Within the framework of the ESMA consultation on reporting under EMIR we are calling for clarifications, particularly with regard to the reporting exemption for intra-group transactions.

EFRAG Working Paper ‘Climate Standard Prototype’: Too extensive reporting requirements

In our letter to Jean-Paul Gauzès, President of the European Financial Reporting Advisory Group (EFRAG), we welcome the orientation of the working paper towards existing international frameworks such as the TCFD. On the other hand, we...

Helping the European Green Bond Standard Achieve Global Relevance Companies need legal certainty and more flexibility

Deutsches Aktieninstitut welcomes the proposed voluntary nature for the Regulation on European green bonds (EU GBS) and the intention to ensure its co-existence with existing green bond standards. Furthermore, we support the alignment...

Long term investing improves the returns (in German)

Talk is silver, action is golden (in German)

Deutsches Aktieninstitut expects the political parties to follow up the promises made in their election programs with action after the Bundestag elections. In particular, when it comes to old-age provision, savings with stocks must...

Germany lags behind in terms of IPOs

10,000 Euros will turn into 30 years

Kurvenlage Frist term 2021

Thematic Focus: German Federal Election

Consultation of the EU Commission on the extension of the EU taxonomy: Await and evaluate experiences with the implementation of the environmental taxonomy first

The Platform on Sustainable Finance's recommendations to establish a social taxonomy and expand the environmental taxonomy to include environmentally harmful and neutral activities are premature at this point. Companies are currently...

International Sustainability Standards Board to Frankfurt (in German)

Deutsches Aktieninstitut and its members support the application of Frankfurt as financial center to host the proposed International Sustainability Standards Board. As one of the leading international financial centers and headquarter...

DAX 40: More players in the upper stock league (in German)

It is not only in soccer that transfers dominate the news. The DAX is also receiving support and is expanding from 30 to 40 companies. Tomorrow evening after the close of the stock market, the candidates will be announced who will move...

ESMA should adapt guidelines on delay in the disclosure of inside information

Additional own funds requirements for banks under Pillar 2 of Basel III should not be considered inside information per se. This is the key message of our position on a consultation paper of the European Securities and Markets...

Data transfer between EMIR trade repositories must be as simple as possible

According to the Market Infrastructure Regulation EMIR banks must report derivative transactions on behalf of non-financial companies. It is therefore up to the non-financial companies, to stop reporting for themselves, which was...

Going Public: Prudent Sustainable Corporate Governance Necessary (in German)

The EU Commission is proposing that companies should be obliged to balance the interests of all their stakeholders. However, such a general obligation will not lead to companies being managed more sustainably, criticises Dr. Cordula...

Absolut|spezial: Generation-appropriate pensions and efficient capital markets (in German)

Equity-oriented pension provision would strengthen the German capital market in the long term and improve its competitiveness, comments Dr. Christine Bortenlänger. The next federal government has the chance to anchor equity savings in...

Going Public: Targeted and proportionate compliance legal framework to strengthen corporate competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies, criticises Jan Bremer. With a view to the...

No ban on the issue of bearer shares!

In its consultation, the anti-money laundering organisation Financial Action Task Force proposes to heavily regulate the issuance of bearer shares. In our response, we reject the proposed ban and general restrictions on the issuance of...

€URO-Magazin: "Nobody needs the financial transaction tax" (in German)

A new Bundestag will be elected at the end of September. In the €URO interview, Dr. Franz-Josef Leven talks about the election programmes of the parties and what they mean from a shareholder's point of view. In particular, he...

Going Public: No successful BaFin reform without reform of its financing! (in German)

In the wake of the Wirecard affair, a reform of the German Federal Financial Supervisory Authority (BaFin) is pending. The Balance sheet control is to be reorganised and removed from the German Financial Reporting Enforcement Panel....

Retail Investor Protection Legislation must Avoid Bureaucracy

The EU Commission currently evaluates the legislative framework for retail investor protection. We applaud this initiative and call for a better balance of the framework. The EU legislation for informing retail investors and providing...

Going Public: Fighting financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Yet the subject of economics ekes out a shadowy existence in many schools. What is needed is a fundamental understanding of economics and finance, taught by well-trained,...

Existing financial market regulation is sufficient to cover new technology companies

In a consultation on digital finance, ESMA is discussing possible regulatory steps for companies that own a financial services provider within the group. This is taking place against the background that big tech companies are...

Going Public: Modernise stock corporation law - more flexible financing with shares (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing more difficult in this country. Countries like the Netherlands show that things can be better....

Going Public (Life Sciences): Biotechnology Shares in Germany - Deutsches Aktieninstitut Calls for a "New Equity Culture" (in German)

In an interview with Life Sciences, Dr Christine Bortenlänger talks about the ten recommendations of Deutsches Aktieninstitut for the federal elections and why Germany is not attractive as a financial centre for young biotechnology...

Going Public: Taxing shares fairly (in German)

After the federal elections, a new federal government should clearly align its compass in tax policy in favour of shares, demands Dr. Norbert Kuhn. Capital gains from share transactions should be tax-exempt again after a one-year...

Sustainability Reporting - Developing an international framework!

In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate that sustainability reporting should follow a legally secure, consistent, flexible and proportionate framework. Such a framework must be embedded...

Capital/Finance 4.0: Sustainable financing is the latest trend (in German)

Sustainable finance has arrived in the finance departments of German companies, as our study with Börse Stuttgart shows. However, the reporting processes for sustainable financing instruments are more complex than for traditional...

For more IPOs of growth companies in Germany, we need (in German)

Number of IPOs in Germany remains low (in German)

Share-oriented savings method creates dynamism (in German)

Foreign listings of BioNTech, CureVac & Co. (in German)

The study "Foreign Listings of BioNTech, CureVac & Co. - Recommendations for policymakers for more IPOs in Germany", in cooperation with RITTERSHAUS Rechtsanwälte, answers the question why German high-growth companies go public abroad....

Eliminate ambiguities in the application of the requirements from the EU taxonomy

In our letter addressed to the members of the ECON Committee in the EU Parliament, we stress the legal ambiguities that companies are confronted with in the context of the EU taxonomy, as central terms are not specified. Although the...

New Concept of EU Sustainability Reporting must include the Corporate Perspective (in German)

In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate for including the corporate perspective into the development of new sustainability reporting obligations. A successful transformation process to...

German federal election 2021: German capital markets needs a fitness programme (in German)

Efficient capital markets contribute to securing prosperity. Deutsches Aktieninstitut therefore calls on the next federal government to promote equities in Germany and to make the German capital market fit for the future. In a...

Promoting Shares in Germany - Suggestions for the 2021 Bundestag Election (in German)

For the Bundestag elections in 2021, we demand that the framework conditions for shares as an investment and financing instrument be improved. In addition to the design of the tax framework, it is important to strengthen Germany as a...

Börsen-Zeitung: Finance for Future? – The framework has to be right (in German)

In their guest article, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Michael Völter, Chairman of the Executive Board of Vereinigung Baden-Württembergische Wertpapierbörse, call for the rules of the...

Der Konzern: Assessment of audit quality by the audit committee - Effective quality improvement or toothless paper tiger? (in German)

Jan Bremer, Head of the Legal Department, Nico Zimmermann, Capital Market Law and Corporate Governance Officer, Deutsches Aktieninstitut, and Prof. Dr. Franca Ruhwedel, Rhine-Waal University of Applied Sciences, present the key...

No extension of ESMA's competence due to Wirecard

In our response to the EU consultation on more supervisory convergence in Europe, we advocate that experts from the business community be more and better involved in ESMA's regulatory work. In addition, we warn that ESMA's competences...

Süddeutsche Zeitung: Expectations for a sustainable fiscal and monetary policy in Germany and Europe (in German)

Together with Edmund Stoiber, Peer Steinbrück and other authors, Dr. Christine Bortenlänger calls for a turnaround in economic and financial policy. Among other things, the German government should reduce new debt and return to...

Assuring the quality of the statutory audit - recommendations from practice (in German)

Industry knowledge, professional experience and tone from the top play a key role in audit quality. This is shown by the study published today by Deutsches Aktieninstitut "Audit Quality Indicators & Beyond", which looks at the topic of...

Audit Quality Indicators & Beyond – A survey of auditors, audit committee members and chief financial officers on the audit committee's assessment of audit quality (in German)

A reliable audit is in the interest of all stakeholders. The Wirecard case has once again brought the discussion on audit quality into sharper focus. Due to the importance of the topic, we have investigated the question of how the...

Support offered for work on EU sustainability reporting standard (in German)

In order to enable globally operating companies to efficiently report on sustainability, Deutsches Aktieninstitut calls for the planned EU standard to be aligned with international requirements and standards. The member companies of...

Corporate finance and sustainability. What ESG means in practice for finance managers (in German)

The market for green financing is booming. Many companies are already using esg instruments for their investments in environmentally and climate-friendly technologies.Together with the Stuttgart stock exchange, we asked financial...

Corporate financing in the context of sustainability (in German)

hkp: Employee equity ownership receives better framework conditions

The Finance Committee of the German Bundestag has decided to increase the tax allowance for employee equity ownership to 1,440 euros. In an interview with Constantin Härthe, Dr Norbert Kuhn welcomes the increase as progress, but...

Anti Money laundering: interconnection of public registers crucial (in German)

In our statement on the Transparency Financial Information Act Money Laundering (TraFinG Gw), we see a need for improvements to the proposals introduced by the Federal Government to convert the transparency register to a full register....

Tagesspiegel: 3:0 for England

In her contribution, Dr. Christine Bortenlänger calls for politicians to better involve the business community in overcoming the Corona crisis, but also in solving other challenges. The United Kingdom is a model for good cooperation....

BOARD: Reform of the Annual General Meeting to be tackled before the Bundestag elections

The general meeting of the future must be made fit for the future, state Dr Christine Bortenlänger and Sven Erwin Hemeling. This requires a legal framework that safeguards investor rights and at the same time creates legal certainty...

Preventing competitive disadvantages in public country-by-country reporting

We are concerned that the planned publication of tax data on European companies could put them at a competitive disadvantage vis-à-vis their global competitors. Competitors will be able to draw valuable information on corporate...

Frankfurter Rundschau: Capital market is more than Riester pension

In his commentary, Dr Franz-Josef Leven contradicts the opinion of Hans-Jürgen Urban, Executive Member of the Board of IG Metall, and Markus Kurth, Member of the Bundestag for the Greens, that the capital market is not a useful means...

Handelsblatt Orange Podcast: Is it still worth getting involved in the stock market?

The DAX reached a new record high in April. The Orange podcast "Businessclass" asks whether it is still worth investing in the stock market. As one of the experts reporting on the Germans' increased interest in the stock market, Dr...

No compulsory shareholder identification (in German)

According to the plans of the federal government, listed companies are to be obliged under tax legislation to carry out a shareholder query on the day of the general meeting in order to transmit the resulting data to the Federal...

Kurvenlage - Second Term 2020

Thematic focus: Future

Plenty of new young shareholders in 2020 (in German)

Green Bonds - Sustainable Bonds are trending (in German)

Starting saving early pays off (in German)

Börse am Sonntag: Saving stocks is very popular

The shareholder boom brought Germany almost three million new equity savers. Interest in equity funds was particularly strong. In her article, Dr Christine Bortenlänger explains the reasons for the increased interest in funds and ETFs...

Limit the supply chain to direct suppliers

In our statement on the government draft on corporate due diligence in supply chains, we argue that the law should be manageable for companies and it should be implementable in corporate practice. This is the only way to achieve the...

Reporting obligations of the Taxonomy Regulation - application date has to be changed

In a letter to EU Commissioner McGuiness, we plead for a postponement of the application date of the reporting obligations to the Taxonomy Regulation. According to Article 8 of the Taxonomy Regulation, companies are required to report...

Stock buybacks are an important instrument of equity management (in German)

German Press Release: The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is...

Stock buybacks are an important instrument of equity management (in German)

The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is proven by the special...

Going Public: Lucrative Employee Shares

In the course of the general shareholder boom in 2020, the number of employee shareholders has also increased significantly. However, in order to turn this development into a long-term trend, further political support is needed, says...

Manager Magazin: In training camp with Christine Bortenlänger

In the section "Im Trainingslager mit", managers report on their sporting passion and what they learn for their (professional) life. In the March issue, Dr Christine Bortenlänger talks about her passion for team sports and her goal of...

ZDF "Volle Kanne": New generation of shareholders

In the Corona crisis, Germans have discovered their love for stocks. The number of shareholders is as high as it was 20 years ago. The magazine "Volle Kanne" interviewed experts on this topic in a feature. Dr Gerrit Fey outlines the...

Going Public: Outlook 2021 - Developments in Capital Markets Law

As in previous years, sustainable finance is a top priority for the EU Commission in 2021. In his guest article, Maximilian Lück calls for the EU Commission to step up the pace on the issue of the Capital Markets Union. The companies...

Investing 50 Euro per month in stocks (in German)

Return Triangle for employee shares (in German)

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...

Frankfurter Allgemeine Zeitung: Well meant! Well done?

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, subjects the newly adopted "Finanzmarktintegritätsstärkungsgesetz" to a practical check. He describes the risks of short rotation periods, calls for advisory services not...

Shareholder numbers at a glance (in German)

Traditional West-East divide (in German)

Women invest rather in funds in 2020 (in German)

Over 2 million more stock investors rely on funds (in German)

Germany discovers love for stocks in 2020 (in German)

Shareholder numbers 2020: Germans are becoming more and more enthusiastic about stocks

In the Corona year 2020, almost as many people were involved in the stock market as last at the turn of the millennium. In Germany compared to 2019, around 2.7 million more people are now saving in shares, equity funds or ETFs. Just...

Stock Market Participation in Germany on record high

Deutsches Aktieninstitut has published its updated shareholder figures for Germany. With 12.4 million people, a particularly large number were invested in shares in the Corona year 2020. The young generation in particular discovered...

Börsen-Zeitung: Financial market integrity - Not at the expense of compliant companies!

With the recently discussed Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz), the political processing of the Wirecard case is entering the decisive phase. In her contribution, Dr Christine...

Inpact Media: Have young people suddenly discovered the stock market?

Corona has given an additional boost to the youth trend that Deutsches Aktieninstitut has been observing in stock investing since 2014, states Dr Franz-Josef Leven. Corona lockdown, more free time, social media and financial...

HV-Magazin: Legal uncertainty at an unseasonable time

The short-term rule changes for the virtual general meeting at the end of 2020 have led to uncertainty among companies, especially with regard to the newly introduced right to ask questions. According to Dr Franz-Josef Leven, it would...

DAX Return Triangle (in German)

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...

Euro STOXX Return Triangle

The Euro STOXX Return Triangle 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...

DAX Return Triangle for savings plans (in German)

The DAX Return 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...

Der Aufsichtsrat: The future of shareholder meetings - Updates are needed

The traditional general meeting needs an update. Dr Christine Bortenlänger and Sven Erwin Hemeling outline in their article how the general meeting can be further developed so that companies can hold physical and virtual general...

Zeitschrift für das gesamte Kreditwesen: Equity culture 2020 - much light, but also shadow

Dr Christine Bortenlänger analyses in her article how the equity culture has developed over the past year. Overall, the equity culture has been robust despite Corona and Wirecard. To strengthen it further, however, a clear signal for...

Audit Committee Quarterly: Wirecard legislation - Avoiding negative consequences for law-abiding companies

With the draft of a law to strengthen financial market integrity (FISG), it is becoming apparent what regulatory consequences can be expected after the Wirecard case. In their article for the Audit Committee Quarterly, Dr Christine...

marktEINBLICKE: Light and shadow in the new stock market year

The stock market world will also have to live with imponderables in 2021. In addition to Corona, six German state elections and the federal elections in September will provide sufficient excitement in the new year. If you want to relax...

MiFID-Review: Better Regulation for efficient Capital Markets

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...

Shortening trading hours on stock exchanges harm capital markets

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...

Setting the right priorities (in German)

With a view to the third round of negotiations on the future partnership between the European Union and Great Britain, Deutsches Aktieninstitut demands in its current position paper that the negotiators set priorities. Market access...

MiFID Ancillary Activity Exemption should be reviewed

Non-financial companies, using commodity derivatives, have to notify their competent authorities that this derivative business is ancillary to their main business. Complex calculations are often the consequence. Therefore, Deutsches...

EU-UK negotiations: Setting the right priorities

On the occasion of the third negotiation round between the European Union and Great Britain, Deutsches Aktieninstitut demands balanced provisions on financial and non-financial issues in a possible free trade agreement. In the area of...

Deutsches Aktieninstitut comments on Interim Report of German Sustainable Finance Council (in German)

On the occasion of the consultation of the German Federal Government Sustainable Finance Council’s Interim Report, Deutsches Aktieninstitut has criticized a lack of confidence in market-economical solutions when it comes to the...

What needs to be done to ease private capital injections to cope with COVID-19-crisis (in German)

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...

SE companies need more flexibility

Companies with their legal statute of a Societas Europaea (SE) are currently required to hold their general meetings within the first six months following the end of the previous financial year. However, the corona pandemic with social...

Ensuring a risk free access for EU companies to non-EU benchmarks

Deutsches Aktieninstitut welcomes the opportunity to comment on the European Commission’s Inception Impact Assessment on the review of the Benchmarks Regulation (BMR). We welcome the initiative to improve the BMR, to ensure the...

Kurvenlage - Semi Annual Report of Deutsches Aktieninstitut, Second Term 2019 (in German)

Editorial Focus: Europa after its Election

General Meetings without compulsory attendance become possible (in German)

Deutsches Aktieninstitut welcomes the draft on the General Meeting without the shareholders’ personal attendance. Due to the lack of the necessary infrastructure, the possibility to ask questions during the online General Meeting must...

Corona: Deutsches Aktieninstitut requests emergency parliamentary act for the benefit of listed companies (in German)

Governmental orders to ban public assemblies and to curtail public life in order to prevent the spread of the corona-virus largely affect the general assemblies of listed companies in the current season. In order to maintain the...

At times of Corona: General meetings without compulsory attendance required (in German)

The bans and restrictions on events in response to the corona pandemic make it extremely difficult for companies to hold general meetings as face-to-face events. In a position paper published today, Deutsches Aktieninstitut therefore...

Acting calmly also in times of corona (in German)

In an extremely difficult stock market phase, the German day of the share ("Tag der Aktie") moves shares as an investment form into the limelight. Despite the current slump on the stock markets, the longer the investment horizon of a...

A shareholders' meeting is no soccer match (in German)

With a view to the beginning of the annual general meeting season, Deutsches Aktieninstitut is calling for individual case examinations to be permitted at annual general meetings. Companies that are legally obliged to hold...

Stricter liability of the Management Board is to be rejected (In German)

The AFD parliamentary group wants to reform §148 AktG in order to make it easier to make the Executive Board of private companies easier liable. Deutsches Aktieninstitut sees no reason to tighten the current law. On the contrary, it...

Shareholder numbers 2019: Interest down (in German)

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...

Shareholder interest down in 2019 (in German)

In 2019, the number of share owners fell by around 660,000 people compared to the previous year, as the Deutsches Aktieninstitut states in its shareholder figures published today. The year 2019 thus represents a setback for German...

ESEF: Disclosure solution avoids unnecessary legal risks (in German)

Deutsches Aktieninstitut supports that the German legislator decided to make ESEF only mandatory for the disclosure of the yearly financial report. This avoids unnecessary legal risks that would result if ESEF was applied already in...

A long-term plus with shares (In German)

Deutsches Aktieninstitut has published its new Return Triangles. As the Return Triangles show, shares are always an attractive investment for asset accumulation in the long term. Deutsches Aktieninstitut therefore calls for shares to...

EU Benchmark Regulation: Removing Barriers and Avoiding Negative Impact on Non-Financial Companies in the EU

Two years after the entry into force of the Benchmark Regulation, uncertainties for non-financial companies remain. These uncertainties should be removed when the Regulation is reviewed. Deutsches Aktieninstitut calls, among other...

Retain the REMIT-Carve-Out in its current form

In its consultation on the position limits regime ESMA discusses, wether specific gas and power contracts should be classified as derivatives under MiFID II. This would endanger many energy provider to become a bank which would...

EU taxonomy: Ensure practicability (in German)

On the occasion of the trilogue negotiations on the EU taxonomy, Deutsches Aktieninstitut expressed its concerns regarding the design of the taxonomy in a letter to the Permanent Representation of Germany to the European Union....

Basel IV and the Cost of Hedging

The regulation of banks will be tightened again soon, as the implementation of the so-called "Basel IV" framework in the EU is on the agenda. Among other things, banks will then have to reserve more equity capital for positions in...

Financial Transaction Tax - Private investors will foot the bill (in German)

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...

Sustainability and corporate governance: no new regulation (in German)

On the occasion of the consultation on Sustainable Corporate Governance held by the EU Commission, Deutsches Aktieninstitut expressed its concerns about the consultation questionnaire and the consultation procedure in a letter to DG...

Deutsches Aktieninstitut calls for a practice-oriented design of the EU taxonomy (in German)

In the framework of the hearing of the Finance Committee of the German Bundestag, Deutsches Aktieninstitut commented on Sustainable Finance. The complexity of the planned taxonomy specifications will present companies in the financial...

Digital tax, yes; Financial Transaction Tax, no

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...

Franco-German Economic Forum: President of Deutsches Aktieninstitut calls for closer cooperation at company level

The first Franco-German Corporate Executives and Institutional Investors Forum of Deutsches Aktieninstitut focused on European economic and capital market policy. France and Germany must work more closely together on these issues in...

Investing is the new way of saving (in German)

On World Savings Day, many children open a savings book for the first time. But the savings book is no attractive form of investment in the long run. The low interest rate policy means that Germans are losing assets in real terms. A...

Deutsches Aktieninstitut, DDV and DSW: Total losses from securities transactions must continue to be recognized for tax purposes (in German)

Considering investor protection and private old-age provision, Deutsche Aktieninstitut, Deutsche Derivate Verband (DDV) and DSW (Deutsche Schutzvereinigung für Wertpapierbesitz) jointly call on the Grand Coalition to revise the income...

ESEF ministerial draft overshoots the mark (in German)

The submitted ministerial draft on the European Single Electronic Format (ESEF) law is critically seen by Deutsches Aktieninstitut. The fact that annual financial statements are to be prepared in XHTML/iXBRL format is neither required...

Restarting Europe

Digitization, climate change and global trade conflicts: only together will politics and the business community be able to solve the pressing issues of our time. On the occasion of the start of the new term of office of the EU...

Deutsches Aktieninstitut calls for more Cooperation between Politics and Business in Europe (in German)

A consistent finalization of the Capital Market Union, purposeful action for a sustainable economy and the strengthening of European companies in international competition: These key issues form the focus of today's published European...

Consultation on ESMA-Guidelines on Disclosure Requirements

In its response to the ESMA consultation on Guidelines on Disclosure Requirements under the Prospectus Regulation, Deutsches Aktieninstitut welcomes that ESMA provides the possibility to refer to existing financial reporting rather...

Money Laundering Directive: Reducing additional legal uncertainty and unnecessary bureaucracy (in German)

In their statement on the government draft for the implementation of the 5th EU Money Laundering Directive, Deutsche Aktieninstitut and the Federation of German Industries (BDI) demand to avoid additional legal uncertainty and...

No one-sided burden on German companies

Deutsches Aktieninstitut firmly rejects the introduction of a public country-by-country reporting at EU level. The disclosure of sensitive company data puts German companies at a disadvantage in international competition. "The...

Deutsches Aktieninstitut comments on the technical report on the EU taxonomy

Deutsches Aktieninstitut participates in the consultation on the taxonomy report of the Technical Expert Group (TEG). Deutsches Aktieninstitut demands that all sectors and industries affected by the taxonomy be included in the debate....

Total losses should be recognised for tax purposes further on (in German)

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...

No Taxation on Shares, Mr. Scholz!

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...

Kurvenlage - Semi Annual Report of Deutsches Aktieninstitut, First Term 2019 (in German)

Editorial Focus: Old Age Provision

Deutsches Aktieninstitut participates in consultation on German Sustainability Code (in German)

In the context of the revision of the German Sustainability Code (DNK), Deutsches Aktieninstitut opposes additional reporting and documentation requirements for companies. When defining materiality, flexibility and proportionality...

Behaviour and preferences of German shareholders 2018 (in German)

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...

Issuance of debt instruments works without public intervention

The European Central Bank is plannung a central technical plattform for the issuance of bonds (European Destribution of Debt Instruments, EDDI). In a preliminary comment Deutsches Aktieninstitut is rather sceptical about the project as...

ESMA's call for evidende on MiFID II position limits: Retain well-proved exemptions

In its answer to ESMA's call for evidence on position limits Deutsches Aktieninstitut underlines the importance of well-proved exemptions. That concerns especially the hedging exemption, i.e. that non-financial companies are not...

Use Shares and make the Pension System fit for the Future - what Germany can learn from other Countries (in German)

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...

A Safe Pension with Equities

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...

Proposal regarding real estate transaction tax has a negative impact on stock-listed companies (in German)

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...

Ensuring practical and effective anti-money laundering prevention (in German)

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....

Reporting exemption for intra-group transactions: Proposal for a workable notification procedure

In accordance with EMIR-Refit intra-group transactions where at least one counterparty is a non-financial company are exempted from the reporting obligation. The national competent authority has to be notified about the exemption. The...

Hans-Ulrich Engel Re-Elected as President of Deutsches Aktieninstitut (in German)

At today's General Meeting and Management Meeting, the executive committee and managing board of Deutsches Aktieninstitut were newly elected. Dr. Hans-Ulrich Engel, Vice Chairman and CFO of BASF SE, was confirmed as President for a...

Deutsches Aktieninstitut is committed to interaction between European institutions and companies (in German)

With a view to the European elections on May 26, the President of Deutsches Aktieninstitut, Dr. Hans-Ulrich Engel, calls for more unity and confidence. The challenges facing Europe can only be mastered together and the European economy...

Europe can deliver!

The European elections are coming up. The European Union is exposed to multilateral and complex challenges ranging from the rise of populist and EU sceptic movements over Brexit to the question on how the EU can maintain and strengthen...

Friedrich von Metzler receives the Meritum Ehrenpreis der Deutschen Wirtschaft 2019 - the Förderpreis is awarded to Rock it Biz (in German)

Deutsches Aktieninstitut awards Friedrich von Metzler for his outstanding civic commitment and his commitment to the social market economy with the Meritum prize of the German Economy. The banker receives the honorary prize for his...

Strengthening Capital Markets through New Technologie (in German)

Deutsches Aktieninstitut welcomes the objective to strengthen the role of Germany as a top location for digitization and being a leader in using new technologies like blockchain. In this context, electronic securities and token...

Proposal to refine the German law regarding general terms of business (in German)

Deutsches Aktieninstitut proposal takes up the initiative of the German government to evaluate the law regarding the general terms of business. Financial services' master agreements concluded by professional clients should be exempted...

ESG from the perspective of institutional investors – what listed companies should know

Institutional investors increasingly integrate environmental, social and governance (ESG) into the assessment of business and strategy of portfolio companies. This trend is documented in this survey conducted by Deutsches...

Sustainability Becoming Mainstream for Investors

Besides the usual financial criteria, environmental and social topics, as well as corporate governance, are becoming ever more important to institutional investors when valuing companies and making investment decisions. A study...

Aktieninstitut critisise a potential mandatory audit of ESEF-reports (in German)

Starting in 2020 listed companies will be obliged to file annual reports as an XHTML-file, in which core financial information has to be tagged in iXBRL. This is laid down in a Delegated Regulation on the EU Transparency Directive....

For a practicable Green Bond Standard

On the occasion of the consultation of the preliminary recommendations for an EU Green Bond Standard presented by the Technical Expert Group on Sustainable Finance (TEG), Deutsches Aktieninstitut has expressed the need for practicable...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, Second Term 2018 (in German)

Editorial Focus: Digitization

Less Bureaucracy in MiFID and PRIIPs (in German)

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...

Deutsches Aktieninstitut Demands Proporationate and Realistic Climate Reporting

On the occasion of the EU consultation on a review of the non-binding guidelines for the European CSR-Directive, Deutsches Aktieninstitut has pointed at the necessity of adopting a proportionate and realistic framework on climate...

With Four Simple Rules to an Successful Share Investment (in German)

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...

Number of Shareholders Rises to Over 10 Million in 2017 (Shareholding Statistics of Deutsches Aktieninstitut, 2018) (in German)

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...

Number of Shareholders Increases by a Quarter of a Million (in German)

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...

Investor protection: Building an efficient EU wide mechanism for investor-state dispute settlement

Effective protection against discriminatory measures is an essential requirement for European investors to invest in Europe. Around 200 investment protection agreements between the Member States of the European Union are currently...

Sustainable Finance Taxonomy: Deutsches Aktieninstitut again raises concerns

After the European Parliament’s decision to postpone the joint vote of the ECON and ENVI committees on the EU Commission’s proposal for a sustainable finance taxonomy, Deutsches Aktieninstitut has again hinted the Committee-members at...

Do not endanger long-term wealth building and old-age provisions by the real estate transfer taxes (in German)

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...

Hard Brexit: Ensure Risk Heding of non-financial Companies with Derivatives (in German)

The Deutsche Aktieninstitut and the Association of German Chambers of Industry and Commerce (DIHK) state in their comments on the German draft bill on fiscal measures accompanying the Brexit that the legislator has to ensure the risk...

German Brexit-Steuerbegleitgesetz should also cover new business (in German)

Deutsches Aktieninstitut and The Association of German Chambers of Commerce and Industry (DIHK) commented on the proposal for the German Brexit-Steuerbegleitgesetz. They welcome that the provisions include a transition period for...

Revision of the German Corporate Governance Code (in German)

Deutsches Aktieninstitut has commented on the revision of the German Corporate Governance Code proposed by Regierungskommission Deutscher Corporate Governance Kodex. The determination of independence of Supervisory Board members by...

The Case for Extending the Transitional Period for the Use of Third Country Benchmarks in the EU

Only one year before the EU Benchmark Regulation will be fully in force, there is a high level of uncertainty among non-financial companies, which financial instruments and services referencing to benchmarks will be possible as of 1...

Shares Remain Attractive Investments (in German)

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...

More Shareholders in Germany - Overcoming Missunderstandings and Desinterest (in German)

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...

Less Misunderstandings, More Shareholders (in German)

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...

Simplifications are Needed

After ESMA forwarded the outcome of the various consultations on the specification of the new European Prospectus Regulation, the EU Commission has recently launched a consultation for a draft delegated Regulation. The draft Level 2...

EU Contingency Action Plan should cover UK Regulated Markets

Deutsches Aktieninstitut together with BDI, BDEW, EFET, Energy UK, Eurelectric, IOGP and VCI welcomes very much the EU Commission’s Communication of 13 November 2018 on Brexit Preparedness. Especially, they appreciate that the EU...

The EU Market Abuse Regulation after Two Years: Survey Signals Need to Action (in German)

Listed companies observe increasing bureaucratic burden as well as decreasing legal certainty from the EU Market Abuse Regulation. In particular, regarding the obligation to publish inside information companies call for guidance. This...

Less Legal Certainty and More Bureaucracy – The European Market Abuse Regulation in the Practical Test (in German)

Companies are pleading for more precise legal provisions on ad-hoc publicity and less red tape regarding insider lists and managers´ transactions. This shows the survey “Two Years of EU Market Abuse Regulation”, which has been...

Sustainable Finance: Taxonomy – Deutsches Aktieninstitut Critical on Amendments of ECON and ENVI

In its letter addressed to both the ECON and the ENVI committee of the European Parliament on the occasion of the joint committee-debate on the development of a sustainable finance-taxonomy, Deutsches Aktieninstitut warns of the...

Corporate Bonds are not in the Scope of PRIIPs

Deutsches Aktieninstitut comments the ESA's consultation paper on PRIIPs and points out that corporate bonds are not in the scope of the respective EU-regulation. As there is a lasting uncertainty in the market clarification by the...

National Expertise in Prospectus Supervision for a Strong Europe

Deutsche Aktieninstitut and BDI are concerned about the European Commission's proposal to grant ESMA the power for scrutiny and approval of certain prospectuses. For this reason, they approached the various MEPs together with a...

Return Triangle for Employee Shares: Benefits for Employees, Companies and the Society (in German)

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...

Third country regimes in the Investment Firm Review

Deutsches Aktieninstitut together with further European associations commented on the changes made to third country regimes through the investment firm review. The associations support the Commission's proposal to strengthen the...

Comments regarding the implementation of the EU Anti-Money Laundering Directives in Germany (in German)

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...

EU Digital Services Tax- Exclusion of Financial Markets Activities from Scope of Proposal

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...

Politics and Business Are Called Upon to Revive the European Spirit (in German)

The chairman of the Committee on Foreign Affairs, David McAllister, and Christopher Delbrück, Member of the Board of Deutsches Aktieninstitut, demand to strengthen the democracy and the entrepreneurial freedom in the European Union in...

Proportionality and Coherence are Key Factors for Guidance on Risk Description in Prospectuses

Regarding the consultation on the ESMA Guidelines on presentation of risk factors in the prospectus Deutsches Aktieninstitut points out the right balance between the objective of ESMA to avoid overly generic/lengthy descriptions of...

Action Plan Financing Sustainable Growth

Deutsches Aktieninstitut supports the overarching aims of Commission’s Action Plan on Sustainable Finance. However, we do see some legislative plans and practical transposition-measures as problematic. Our concerns relate among others...

Proposal for the fourth amendment of the German Reorganization of Companies Act (UmwG) (in German)

Deutsches Aktieninstitut welcomes the proposal to give companies with British legal forms the possibility to reorganize safely into a German legal form. Expanding the scope of application for cross-border mergers to allow foreign...

Deutsches Aktieninstitut Warns of Imbalanced Legislation for EU Representative Action

Deutsches Aktieninstitut fears that the EU Commission’s legislative proposal on representative actions will – if adopted unchanged – create more problems than it will solve. The level of safeguards against abusive litigation remains...

Brexit: It is five to twelve!

Deutsches Aktieninstitut calls upon the European and British negotiating parties to finally place their trade relations on a new sustainable basis. In its third position paper on the Brexit negotiations Deutsches Aktieninstitut shows...

Non-Financial Companies Need Uncleared OTC Derivatives for Hedging Purposes

Non-financial companies use OTC derivatives to hedge against currency, interest rate and commodity price risks related to business operations. This position paper summarises why non-financial companies need derivatives that are not...

Comments of Deutsches Aktieninstitut on the EU Commission’s Draft Directive on the Protection of Persons reporting breaches of Union law

In its comments on the EU Commission’s Draft Directive, Deutsches Aktieninstitut criticizes the significant imbalances of the Commission’s proposal, which focuses exclusively and one-dimensionally on the protection of the whistleblower...

Bank Regulation: Amendments to the Risk Reduction Package Take the Right Direction

At the start of trilogues on the risk reduction package Deutsches Aktieninsitut encourages co-legislators to agree an the amendment put forward by both the European Parliament and the Council to the so-called supervisory review and...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, First Term 2018 (in German)

Editorial Focus: IPO

Deutsches Aktieninstitut’s Response to the EU Commission’s Fitness Check Public Reporting for Companies

In its response to the Fitness Check Public Reporting for Companies, Deutsches Aktieninstitut criticizes disproportional reporting obligations causing high compliance costs to companies without offering corresponding benefits to...

Proposals for the Revision of the German Corporate Governance Codex (in German)

Deutsches Aktieninstitut takes a position to the indicated structural changes of the German Corporate Governance Codex and makes content-related suggestions for said revision of the Codex. From the perspective of Deutsches...

Recommendations Concerning the Implementation of the EU Shareholder Rights Directive

Deutsches Aktieninstitut has made proposals concerning the implementation of the EU Shareholder Rights Directive upfront the draft implementing act of the Ministry of Justice in the field of corporate governance. The position...

Creation of EU-wide legal framework of investment protection for intra EU investments urgently needed!

Numerous investment protection agreements with investor protection clauses and investor-state arbitration provisions provide the highest degree of legal certainty for investments. However, the latter is called into question by the...

Happy Birthday DAX – New Return Triangle Shows the Attractiveness of Regular Investments in Shares (in German)

On the occasion of the 30th anniversary of the German share index DAX Deutsches Aktieninstitut presents its new DAX-Return Triangle for the long-term monthly financial investment.   You can download the Return Triangle here. ...

Ready for Takeover?

Together with White [&] Case, Deutsches Aktieninstitut has released a benchmark study to provide information on how German companies position themselves as bidders or as potential targets for a public takeover. Companies from DAX,...

Smaller Companies Need to Prepare Themselves Better for a Possible Takeover

How do German listed companies assess the likelihood of becoming the target of a takeover? How well prepared are they? Do they plan to buy a listed company? Answers to these questions delivers the survey “Ready for Takeover?” published...

Comments on the upcoming trilogue-negotiations

Deutsches Aktieninstitut publishes its recommandations for the upcoming negotiations between the EU-Commission, the Council and the Parliament. It strictly opposes the proposal of the Parliament that ESMA should frequently review the...

German Federal Government's Draft of a Civil Proceedings Model Case Act (in German)

In its comments on the German Federal Government's draft of a civil proceedings model case act, Deutsches Aktieninstitut calls for the adoption of stricter rules assessing the admission-procedure of claims in order to prevent abusive...

Challenge Future - Politics and economy need to cooperate

At its annual reception in the Gesellschaftshaus of BASF in Ludwigshafen Deutsches Aktieninstitut, celebrating its 65th anniversary, addressed upcoming future challenges. As honoured guest, the General Secretary of the CDU, Annegret...

The New Deal for Consumers: An Open Door to Abusive Litigation

French, German and Italian companies fear that the European Commission’s proposal on collective redress will end up in abusive litigation. Combining a high level of consumer protection with the proper functioning of the internal market...

Deutsches Aktieninstitut warns of Collective Redress-mechanisms on the European level

Ahead of the publication of the European Commission’s plans on Collective Redress scheduled for 11 April, Deutsches Aktieninstitut has expressed its concerns as regards the adoption of imbalanced European Collective Redress-mechanisms...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2017 (in German)

Focus: Sustainability

Alleviations of reporting obligations for non-financial companies needed

Deutsches Aktieninstitut welcomes the EU Commission`s consultation on a fitness check of supervisory reporting requirements under European financial markets regulation. In its response, Deutsches Aktieninstitut illustrates with...

Have you already started saving in shares? (in German)

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...

Consultation on Draft Regulatory Technical Standards (RTS) under the New Prospectus Regulation

In its response to the consultation on draft RTS, concretizing the new European Prospectus Regulation in more detail, Deutsches Aktieninstitut stresses the importance of more flexibility in drawing up prospectuses. For instance,...

Going and Being Public - the View of Small and Mid Seized Companies (in German)

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...

Consultation regarding SME Listings: Reduce Administrative Burden – Mobilise Capital of Retail Investors

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...

Legislative Proposal on the Use of Options within the EU Prospectus Regulation and on the Adaptation of Financial Markets Legislation (in German)

In its letter to the German Federal Ministry for Finance (BMF), Deutsches Aktieninstitut recommends to refrain from introducing any national restrictions to the prospectus exceptions provided under the new European Prospectus...

Guideline for the Implementation of Employee Share Schemes (in German)

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...

The Implementation of Employee Shares Made Easy (in German)

The Deutsche Aktieninstitut and EY have published the “Guideline for the implementation of employee share schemes” today. The Guideline describes the five phases of planning, designing, compliance, communication and administration and...

Proposal to reform the European Supervisory Authorities sets wrong priorities

From the point of view of Deutsches Aktieninstitut, the proposal of the EU Commission disproportionately extends the competences of the European Securities and Markets Authority (ESMA) without sufficiently addressing the issue of...

Number of Shareholders Rises to Over 10 Million in 2017 (Shareholding Statistics of Deutsches Aktieninstitut, 2017) (in German)

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...

Number of Shareholders Rises to over more than 10 Millions

In 2017 the number of shareholders and equity fund holders has risen significantly. On an annual average it was almost 1.1 million higher than in the previous year. In total more than 10 million citizens in Germany owned shares or...

Consulation on Institutional investors´Duties Regaring Sustainability - Dialogue with Companies Necessary

In a letter addressed to Ugo Bassi, Director “Financial Markets” within DG FISMA of the European Commission, Deutsches Aktieninstitut advocated the need for market-based solutions as regards the recent consultation on institutional...

„Return-Triangle“ visualises top long-term performance of shares (in German)

Shares are profitable and 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...

Standardised Key Information Document as Important Signal for Share Advisory - Improvement of Details necessary

Deutsches Aktieninstitut welcomes the proposed BMF-regulation for a standardised key informations document for shares. In order to relieve share advisory in banks the requirements should strictly take into concern already existing...

CRD 5/CRR 2 Should Take Care of Non-Financial-Companies Risk Management Needs

The EU bank regulation reform proposal is currently debated in the European Parliament and the Council. We are particularily concerned about the amendments to the supervisory review and evaluation process (SREP). The proposed changes...

The Impact of MiFID II Rules on the Availabily of Research: Information for Issuers (in German)

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...

Exemptions for intra-group Transactions under EMIR are Justified

The positon paper lays out the benefits of derivative transactions between a centralised treasury unit and the operative subsidiaries of a non-financial group. These transactions are risk-neutral. Therefore, exemptions from the...

EU Vice-President Dombrovskis Counts on the Support of Companies as regards the Capital Markets Union

At the reception of Deutsches Aktieninstitut today in Brussels EU Vice-President Valdis Dombrovskis and the president of Deutsches Aktieninstitut Dr. Hans-Ulrich Engel advocated for the integration of European capital markets. The...

German Trade Associations Publish Brexit Compendium

Renowned German trade associations today have published a digital, cross sectoral “Brexit compendium”, with the aim of bundling the interests of the German economy .The position papers of participating trade associations on Brexit can...

Companies Demand more Asset Formation among Employees (in German)

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...

Second Position Paper: Exit Negotiations Between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market (now available in English)

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....

Brexit: Transitional Agreements Now! (in German)

Today, Deutsches Aktieninstitut has published its second position paper on the Brexit negotiations. As the time for negotiations is advanced, Deutsche Aktieninstitut calls upon the negotiators to agree on transitional agreements in...

ESMA Consultation on the Format and Content of the Prospectus

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,...

Response to the Questionnaire of the High Level Expert Group on Sustainable Finance

In its response to the questionnaire on the early recommendations of the High Level Expert Group on Sustainable Finance, Deutsches Aktieninstitut underlines its support for and the importance of a sustainable economic development, to...

EMIR Refit - Impact on Corporates

In a joint association paper Deutsches Aktieninstitut generally welcomes the proposal of the EU-Commission to reduce administrative burden of EMIR especially for non-financial companies. Nevertheless, the paper also describes several...

„Wahlprüfsteine“ of Deutsches Aktieninstitut for the German Parliamentary Election 2017 (in German)

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...

Whoever wants to lead has to speak clearly (in German)

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...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2017 (in German)

Focus: Federal Election 2017

Deutsches Aktieninstitut Supports Global Code of Conduct for the Markets for Foreign Exchange

On the 25th of May 2017 a code of conduct for FX markets (“FX Global Code”) was published, which has been developed by an international cross-sectorial expert group led by major central banks. Deutsches Aktieninstitut supports the...

EMIR-Review: EU-Commission's Proposal is Heading in the Right Direction

Deutsche

Whistleblower Protection does not Require EU Regulatory Action

In its short position on the occasion of the EU Commission’s public consultation on whistleblower protection, Deutsches Aktieninstituts supports the implementation of well-balanced protection mechanisms into the compliance management...

Companies welcome relief brought by Commission’s derivative end-user proposals

Companies welcome the Commission’s commitment to the existing commercial hedging exemption for companies from clearing and margining, and the move to an asset-by-asset class assessment for this exemption. The hedging exemption is...

Alleviate Custody of Employee Shares (in German)

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 Parliamentary Elections 2017 – Sending a Strong Signal for Shares (in German)

Shares support the asset building of Germans and are indispensable for corporate finance. In its position paper for the German parliamentary elections, published today, Deutsches Aktieninstitut calls upon the political parties to...

Promotion of Shares in Germany - Suggestions of Deutsches Aktieninstitut Concerning the German Parliamentary Elections 2017 (in German)

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...

Stregthening IPOs in Germany - Five Priorities (in German)

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...

EU Capital Market Union Must Reflect the Needs of Listed Companies and Corporate Users of Derivatives

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...

Share Investment - The Illusionary Giant (in German)

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...

Employee Share Ownership as Pivotal Part of the Capital Markets Union

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...

Kurvenlage – Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2016 (in German)

Focus: Brexit

First Position Paper: Exit Negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market

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...

Minimise Brexit Risks and Strengthen the European Capital Market (In German)

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market” published today, the Deutsche Aktieninstitut submits proposals to the...

No Going beyond the Requirements of the CSR-Directive

The Deutsche Aktieninstitutwelcomes the opportunity to comment the issue finches for the non-binding guidelines on non-financial reporting. The Commission is supposed to present the guidelines in order to facilitate the disclosure of...

Number of Shareholders Remains Stable at Nine Million - Politicians Are Called Upon to Act (in German)

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...

Number of Shareholders Keeps Constant at 9 Million in 2016 (Shareholding Statistics of Deutsches Aktieninstitut, 2016) (in German)

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...

„Return-Triangle“ Sends a Clear Message: The Country Needs More Shares (in German)

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...

Impact of the Prohibition of or Constraints on the Use of Internal Model Approaches on Non-Financial Companies Should Be Evaluated Carefully

The Basel Committee on Banking Regulation suggests to constrain the use of internal model approaches by banks for calculatng credit risks. For example, banks shall be forced to apply the standardised approach only for large...

Regulation of derivative markets EMIR: Costs of the clearing obligation and reporting

Deutsches Aktieninstitut provides data for the imp

Response Regarding the Proposed Amendments to the German Corporate Governance Code for 2017 (in German)

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...

For the Future Functioning of Old Age Provisions in Germany Shares Are Essential (in German)

“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...

Anti-Money Laundering Directive – Non-Redundancy of National Beneficial Owner-ship Registers (in German)

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...

No Audit Obligation of the Supervisory Board! - Transposition of European CSR-Directive to Be Finalized (In German)

Deutsches Aktieninstitut welcomes the objective of the government draft bill for a ‘one to one’-transposition of the European CSR Directive into German law. This intention should be pursued in an even more consistent manner. From the...

Accepting Challenges - Moving Ahead

The position paper „Accepting Challenges – Moving Ahead“ points out five central measures that need to be taken in order to successfully realize the European Capital Markets Union. Amongst others these include alleviations regarding...

Deutsches Aktieninstitut Demands Closer Integration of European Capital Markets (in German)

In its latest position paper “Accepting Challenges – Moving Ahead: Deeper Integration of EU-Capital Markets despite the Brexit Vote” Deutsches Aktieninstitut is committed to ensuring, that the European Capital Markets Union is pursued...

Baumann Calls on Politics and Economy to Strengthen the European Union (in German)

At the autumn reception of Deutsches Aktieninstitut, held today in Brussels, Werner Baumann, President of Deutsches Aktieninstitut and CEO of Bayer AG, requested more support for Europe. Politics and economy had together to convince...

Proposal for an Amendment of the Insolvency Law provides Legal Clarity regarding Close-out-netting-clauses (in German)

Deutsches Aktieninstitut welcomes the proposal to amend the insolvency law released by the Federal Ministry of Justice and Consumer Protection. The proposal provides legal certainty regarding the effectiveness of...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2016 (in German)

Focus: Retirement Planning

Guiding Principles for the Dialogue between Investor and Supervisory Board (In German)

Deutsches Aktieninstitut supports the new guiding principles for the dialogue between investors and supervisory board published today by the initiative “Developing Shareholder Communication”.

Hessian Finance Minister Schäfer: „Employee shares offer above-average returns” (In German)

At a conference of the Deutsches Aktieninstitut and the Global Equity Organization the Finance Minister of Hesse Dr. Thomas Schäfer and Hauke Stars, Member of the Executive Board of Deutsche Börse AG, discussed an increased employee...

Brexit: Something Has to Happen – Keep on as Usual is not an Option! (in German)

After the decision of the British voters to leave the European Union Deutsches Aktieninstitut demands of the German politicians to rapidly implement measures improving the framework conditions for capital markets in Germany. This is...

Impact of the Net Stable Funding Ratio on Prices and Availability of Derivatives Used for Hedging Purposes by Non-Financial Companies Needs Careful Evaluation

The Net Stable Funding Ration (NSFR) shall ensure that banks have sufficient midterm funding. This position paper is Deutsches Aktieninstitut's comment to a targeted consultation of the EU Commission on the implementation of the NSFR...

Public disclosure of country by country reports for taxation purposes to be rejected (in German)

In its position paper, Deutsches Aktieninstitut rejects the EU Commission’s proposal for a mandatory public disclosure of tax-relevant information in form of country by country reports by multinational companies. According to Deutsches...

Changes to ECB Fixings: Remaining Concerns of Non-Financial Companies

Starting with Juli 2016 the ECB reference rates for the FX markets will published at 4pm which is two hours after the fixing is calculated. The main objective of this change is to prevent manipulation of the fixings. This position...

Baumann Is Calling for an Improved Inclusion of Shares in Retirement Provisions (in German)

This year the traditional reception of Deutsches Aktieninstitut took place at the Tropicarium of BAYER CropScience AG in Monheim. Besides Werner Baumann, President of Deutsches Aktieninstitut, Professor Dr. Axel Weber, Chairman of the...

Implementation of the CSR-Directive with a Sense of Proportion – Draft for Implementing the Directive 2014/95/EU

In its comments on the ministerial draft statute for transposing the CSR-directive into German law, Deutsches Aktieninstitut welcomes the freedom of choice for companies to prepare a separate non-financial report instead of the...

EU-Consultation on Non-Binding Guidelines Regarding the CSR-Directive

Deutsches Aktieninstitut participated at the EU-Commission´s Online Consultation preparing the non-binding guidelines for the CSR-Directive. The consultation was open until 15 April. Deutsches Aktieninstitut emphasizes that the planned...

Retail Financial Services - Deutsches Aktieninstitut’s response to the EU Commission’s Green Paper

Deutsches Aktieninstitut appreciates the initiative of the EU Commission to determine, how the market for retail financial services can be further opened up, whilst maintaining an adequate level of consumer and investor protection....

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2015 (in German)

Focus: Capital Markets Union

Use the MiFID-Delay to Fix Shortcomings of the Level-1-Text

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...

Prospectus Regulation - Recommendations to put good ideas into practice

The position paper comments on the draft of the EU Commission, published on the 11/30/2015. Deutsches Aktieninstitut opposes the idea of allocating risk factors into categories and restricting their number in the summary since this...

EBA Guidelines on CVA Risks Will Likely Result in Negative Consequences for the Risk Management of Non-Financial Companies

EBA consults whether banks should face additional own funds requirements for the so called CVA-risks resulting from derivative positions with non-financial companies (NFCs). The position paper shows that the EBA proposal would erode...

Number of Shareholders in Germany Up by Half a Million in 2015 - Negative Trend Broken (Shareholding Statistics of Deutsches Aktieninstitut, 2015) (in German)

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...

Positive Signals for Equity Culture: Number of Shareholders Rises in 2015 (In German)

The number of shareholders and private investors in equity funds in Germany increased by 560.000 in 2015, as has been shown in a study of Deutsches Aktieninstitut on the number of shareholders published today. In total we have now well...

Evidence and recommendations on how to improve the legislative process

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...

Updated "Return-Triangle" published – Don´t Get Upset by Drops in Share Prices (In German)

As the Return-Triangle of Deutsches Aktieninstitut shows, shares or equity funds are perfectly suited for wealth building. The updated version illustrating the development of prices and dividends in 2015 is available for download at...

No Case for Mandatory XBRL Reporting of Listed Companies

Deutsches Aktieninstitut criticises ESMA for the proposal to make XBRL reporting mandatory for listed companies by 2020. Such an obligation would cause significant additional compliance costs and risks for issuers although there is no...

Reform of investment funds' taxation should not further discriminate shares (in German)

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.

Promote public equity financing - Implement the recommandations of the round table initiated by minister Gabriel (in German)

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: Fast Implementation of IPO Round Table's Action-Points is needed (in German)

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...

The Need for Safety meets Risk Aversion - Bankenverband and Deutsches Aktieninstitut on Safety and Risk (in German)

The joint conference of Bankenverband and Deutsches Aktieninstitut focused on the question whether we need another risk culture in order to find new answers for the current challenges. Alongside other speakers Jürgen Fitschen, Co-Chief...

EU Commission's proposal to revitalize the securitisation market is insufficient

To revitalize the securitisation market in Europe is at the core of the Capital Markets Union. Regarding this aim the respective proposals of the European Commission are insufficient, which the joint position paper of Deutsches...

Shareholder Rights Directive: Deutsches Aktieninstitut's position for the trialogues

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...

Equity Investment in Foundations – Break Down Reservations (in German)

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...

EU-Commission Vice-President Katainen Calls for More Commitment to TTIP at Deutsches Aktieninstitut's Autumn-Reception (in German)

At the traditional Autumn Reception in Brussels Werner Baumann, President of Deutsches Aktieninsitut, and Jyrki Katainen, EU Vice-President and Commissioner for Jobs, Growth, Investment and Competitiveness, emphasized the importance of...

Deutsches Aktieninstitut comments on draft amendments of the Prospectus Directive

With this letter to Mr. Lueder Deutsches Aktienistitut comments on the brought to light proposals of the EU Commission. Overall, Deutsches Aktieninstitut appreciates the attempt to facilitate capital market finance and support several...

Associations object ESMA's proposal to abolish the EMIR hedging exemption

Deutsches Aktieninstitut opposes jointly with five other important German associations (BDI, BGA, DIHK, EFET und VDT) the proposal of ESMA to abandon the hedging exemption for non-financial companies under the derivative markets...

Proposal to tax investment funds harms equity culture (in German)

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...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2015 (in German)

Focus: 50 years German stock corporation law

EMIR evaluation - reduce the administrative burden for non-financial companies

Deutsches Aktieninstitut contributes to the EU-Commission'

Best Practice Principles of Proxy Advisors - a Step in the Right Direction

Transparency and reliability of proxy advisors have improved over the past decade as has the incorporation of national specifics of corporate governance into the voting guidlines. However, listed companies still miss a possibility to...

Proposal for the calculation of the ancillary activity thresholds under MiFID II

Jointly with 19 other associations Deutsches Aktieninstitut launches a proposal for the calculation of t

The Journey is the Reward - Lean Implementation of the CSR-Directive Leads to a Better Non Financial Statement (In German)

Regarding the implementation of the CSR-Directive Deutsches Aktieninstitut pleads not to include small and medium sized enterprises or additional reporting aspects but to implement the directive one-to-one. Clarifications regarding the...

Comment on the consultation regarding bilateral collateralisation of derivatives

In its comment on the second consultation paper of the European Supervisory Authorities EBA, ESMA and EIOPA regarding bilateral collateralisation of derivatives Deutsches Aktieninstitut addresses concerns that initial margins should be...

Non-Financial Companies Aren't Shadow Banks

Deutsches Aktieninstitut is concerned that EBA is about to requalify all non-financial companies with centralised treasury or finance activities as shadow banks for regulatory purposes. This will be the outcome of a defintion that EBA...

Transposition of the EU Audit Reform Goes Too Far (in German)

In this position paper Deutsches Aktieninstitut and the Federation of German Industries (BDI) criticize the far-reaching consequences of the German transposition act of the EU audit reform as it partially undermines well-tried...

Promote Employee Share Ownership - a Joint Call for Action of Ten Associations (in German)

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...

Employee Share-Ownership – Associations call for Political Action (in German)

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...

Buildung a Capital Markets Union: Strengthening the Demand-Side

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...

Regulation Should not Impede Securitisation of SME Loans

In its joint position paper on the EU-Commission's consultation "An EU framework for simple, transparent and standardised securitisations" Deutsches Aktieninstitut, DIHK and BDI asks the legislator to not impede the securitisation of...

Equity Culture Begins in the Minds of People - what Germans Feel about Share Investments (in German)

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...

Share investment is a Matter of Mindset – New Study about the Attitude of Germans towards Shares (in German)

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...

Board of Deutsches Aktieninstitut Confirms Werner Bauman as President (in German)

At its constitutive meeting the newly elected board of Deutsches Aktieninstitut unanimously confirmed Werner Baumann, Chief Strategy and Portfolio Officer of Bayer AG, as President of Deutsches Aktieninstitut.

Regulation of the Rating Market Should be Appropriate

The position paper of Deutsches Aktieninstitut, BDI and DIHK on ESMA's consultation "Call for Evidence" regarding the rating market aks for an appropriate framework that should not impede corporate financing by bonds. This applies...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2014 (in German)

Focus: A New Start in Brussels

ESMA Consultation Regarding MiFID II/MiFIR: Risk Management with Derivatives Should not be Impacted Negatively

In its answers to ESMA's consultation on draft technical standards regarding MiFID II/MiFIR Deutsches Aktieninstitut points out that the risk management by non-financial companies should not be negatively affected by the rules. This...

ESMA's Technical Advice on MiFID II/MiFIR: Unintended Consequences for the Equity Culture Should be Avoided

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...

Despite the Ongoing Bull Market the Number of Shareholders in Germany is Declining (in German)

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...

ESMA Consultation on EMIR Reporting: Reduce Complexity of Reporting Requirements

In order to enhance data quality under EMIR Deutsches Aktieninstitut recommends in its position regarding the ESMA consultation on EMIR reporting to decrease complexity. Perspectively, the introduction of an one-sided reporting regime...

Numbers of Shareholders Down by 500.000, Negative Wealth Effect for Private Households (Shareholding Statistics of Deutsches Aktieninstitut, 2014) (in German)

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)...

New edition of the stock return triangle - shares promote private wealth building in the long run (in German)

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...

Third Country Rules under Benchmark Regulation Will Harm Non-Financial Companies

The third country provision according to the proposed EU Benchmark Regulation will have negative consequences for non-financial companies. As long as the home countries of the relevant benchmark providers do not enact a similar...

EBA Consultation Regarding Securitisations: Requirements Should be Appropriate

In a joined statement regarding the consultation of the European Banking Authority EBA on "simple, standard and transparent securitisations" Deutsches Aktieninstitut and BDI ask for appropriate requirements especially for ABS including...

ESMA Consultation on Commodity Derivatives: Take or Pay Clauses Should not be Treated as Derivatives

In its answer to ESMA's consultation on commodity derivatives Deutsches Aktieninstitut asks for the clarification that take or pay clauses in commodity contracts should not be treated as derivatives. Overall, a cash compensation due to...

RTS for prospectuses: ESMA has to stay within its mandate

ESMA consults on standards for the approval and publication of prospectuses, their advertisement and the incorporation of external information by reference. Among other issues the drafted Regulatory Technical Standards would limit the...

Strengthening the IPO Market in Germany (in German)

An intelligent regulatory framework is needed in order to better mobilize capital for IPOs. This is the key message of Deutsches Aktieninstitut in its positionpaper “The Stock Exchange - Strengthening the Engine for Growth: Mobilizing...

Strengthening IPO-market in Germany (in German only)

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...

Employee Shareownership in Germany should be promoted (in German only)

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...

More enthusiasm for employee shares – simplification of regulatory framework and extension of tax relief needed (in German)

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....

"Without Capital Markets No Growth in Europe" (in German)

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...

The Road to Growth - Guiding Principles for a Capital Markets Union

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....

Position on EU Commission's proposal on Shareholders' Rights Directive (in German)

Deutsches Aktieninstituts welcomes the idea of promoting shareholders' engagement. However, the proposal of the EU Commission goes too far especially concerning the regulation on related parties' transactions. Furthermore Deutsches...

Aktieninstitut is concerned about the negative consequences of the EU benchmark regulation

The EU is about to regulate the processes of the provision of indices and benchmarks. From Deutsches Aktieninstitut’spoint of view summarised in this positio paper the proposed requirements for index providers go too far. The high...

Risk-mitigating techniques for OTC-derivatives: Global standards should not contradict already existing rules

Deutsches Aktieninstitut comments on the consultation paper of IOSCO regarding global standards for risk-mitigating techniques for non-cleared OTC-derivatives. We call for the clarification that the proposed global standards should not...

Delegated Acts to the Market Abuse Regulation: additional red tape for listed companies

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...

ESMA is going too far with regard to the notification of managers' transactions

This position paper on ESMA's draft technical advice on the Market Abuse Regulation raises the concern that the notifications of managers' transactions will likely create misleading signals. According to ESMA's proposal transactions...

MiFID II: Treatment of research impairs SME's access to capital markets

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...

No need for an electronic format for the purpose of financial reporting in Europe

Deutsches Aktieninstitut is concerned about a possible mandatory use of an single European electronic format for financial reports of listed companies. This is principally forseen in the revised Transparency Directive. The critique...

Bank regulation: Appropriate treatment of SME-asset-backed-securities

The joint letter to the EU-Commission (with BDI and VDT) addresses the debate on the technical regulatory standards regarding the liquidity coverage ratio (LCR) under Basel III. The definition of asset backed securities which are...

Appropriate regulation of investment advice - comment on the BMJV-study regarding the documentation requirements (in German)

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...

Comment on ESMA's Consultation on MiFID II / MiFIR

We comment the work of ESMA regarding the draft technical standards and technical advise according to MiFID II / MiFIR. ESMA should properly take into account the specifics of non-financial companies using derivatives relating to their...

The European Commission´s strategy on Corporate Social Responsibility (CSR) 2011-2014: achievments, shortcomings and future challenges

In its answer to the Commission´s Online Consultation Deutsches Aktieninstitut emphasizes that after having adopted the Directive on disclosure of non-financial information no more legal steps by the Commission are necessary....

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2014 (in German)

Focus: Europe has voted

Comment on the regulatory standards on bilateral collateralisation of derivatives

The position paper comments on the draft regulatory standards on bilateral collateralisation of derivatives released by the European supervisory authorities EBA, EIOPA and ESMA. The standards should not oblige all counterparties to...

As a result of regulation banks refrain more and more from providing investment advice in shares - a survey (in German)

As a result of the increasing regulation more and more banks refrain from providing investment advice for shares. This is the main outcome of a survey conducted among German credit institutions. Due to strict regulatory requirements 22...

Comment on the IDW position paper on the EMIR auditing process (in German)

We comment the draft position paper of Institut der Wirtschaftsprüfer in Deutschland (IDW) regarding the auditing process on the requirements of non-financial companies according to EMIR. So called „take-or-pay-clauses“ in contracts...

ESMA’s implementing measures under the Transparency Directive should ensure shareholder transparency

This position paper comments on the level-2-implementing measures of ESMA under the revised Transparency Directive. The main issue is ESMA's interpretation of the exemptions from the major sharehholdings notificatons requirements....

President of Deutsches Aktieninstitut rejects financial transaction tax (in German)

At the annual reception of Deutsches Aktieninstitut today, Werner Baumann, President of Deutsches Deutsches Aktieninstitut, called for dropping ultimately the plans to introduce a financial transaction tax in EU. The complete press...

Aktieninstitut is concerned about ESMA's proposal on the presentation of alternatives performance measures

ESMA plans to harmonise the presentation of so called alternative performances measures in the financial communication of listed companies. Frequently used measures such as EBITDA could only be presented with less prominence compared...

Aktieninstitut and Bundesverband der Deutschen Industrie are concerned about the EU proposal on Banking Structure

This position paper reemphasises the critique of Deutsches Aktieninstitut and the Bundesverband der Deutschen Industrie on a possible separation of banking activities in the EU as proposed by the EU Commission in January 2014. E.g.,...

Definition of FX derivatives should be practically applicable

The position paper refers to the consultation of the European

Deutsches Aktieninstitut critisizes the Proposal on a Reform of the Shareholder Rights Directive (in German)

The complete press release can be downloaded in German below.

Kurvenlage - Annual report of Deutsches Aktieninstitut 2013 (in German)

Focus: Employee Participation

Costs of the issue of shares or bonds are not borne by the client (in German)

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...

Number of shareholders stays constant, sharp drop in the number of holders of equity funds (shareholding statistics of Deutsches Aktieninstitut, 2013) (in German)

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...

Number of shareholders declining: Aktieninstitut warns about negative long term consequences for private wealth building (in German)

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...

Aggregation of information on derivative transactions should not aggravate existing reporting requirements

A consultation paper released by the Financial Stability Board discusses different proposals on how information regarding derivative transactions could be aggregated on a global level. Our comment focuses inter alia on the necessity...

Take-or-pay-clauses should not regarded as derivatives (in German)

We object

No Financial Transaction Tax - Now! (in German)

The financial transaction tax is an important agenda item for the franco-German consultations this week. Deutsches Aktieninstitut calls for refraining from the tax as it would seriously harm the real economy and private investors. The...

Behavior and preferences of German shareholders (in German)

The study provides the results of asurvey among morethan 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 preferdividends or...

ESMA's implementing measures under the Market Abuse Regulation should be balanced

The implementing measures under the new European Market Abuse Regulation will likely go too far. This is the key concern Deutsches Aktieninstitut raises in a consultation of ESMA on this issue. ESMA's proposals will likely tighten...

No key information document for corporate bonds

The position paper comments the draft regulation on "key information documents for packaged retail products". The intention of the EU-parliament to extend the scope of the regulation on corporate bonds would have negative impacts. A...

Issuers should be allowed to react to proxy advisors' voting recommendations

This position paper comments on a draft code of conduct which has been presented in October 2013 by a group of proxy advisors to govern their transparency and business conduct. Deutsches appreciate the initiative as step forward in...

Proposed securitisation market regulations will impair the refinancing of the German real economy

The joint position paper of Deutsches Aktieninstitut, Bundesverband der Deutschen Industrie and Verband Deutscher Treasurer stresses the importance of the German securitisation market, especially with regard to sales and working...

Upcoming Regulation of Money Markets Funds will Impact Negatively the Real Economy

According to the analysis of Deutsches Aktieninsitut the role of money market funds for the cash management and the financing of non--financial companies will likely decrease. This will be the consequence of the EU Commission's...

Employee shareholdership: A survey among German listed companies (in German)

A study conducted by Deutsches Aktieninstitut and Ernst [&] Young (EY) shows that many stock listed companies already provide a share based compensation or intend to implement one. Nevertheless, the potential for employee...

Deutsches Aktieninstitut surveys status quo of employee shareownership in Germany (in German)

The complete press release in German is available for download below.

Recommandations for the forthcoming Federal Government (in German)

Deutsches Aktieninstitut released recommandations for the coaltion talks between CDU, CSU and SPD. It was stressed that the functioning of capital markets should be retained and improved. An adequate regulatory framework is decisive...

Enforcement of Financial Information 2013 (in German)

This joint study of Deutsches Aktieninstitut and PricewaterhouseCooopers summarises the experience of listed companies with the enforcement of accounts by the German enforcer, Deutsche Prüfstelle für Rechnungslegung (Financial...

Deutsches Aktieninstitut and PwC publish study on the enforcement of financial information by the Deutsche Prüfstelle für Rechnungslegung (in German)

The German enforcer, the Deutsche Prüfstelle für Rechnungslegung (Financial Reporting Enforcement Panel) has been assigned high marks / high intensity of examinations and critique for tight time limits / Influence on accounting...

Comment on the Implementation of EMIR

The starting date for the reporting obligation under EMIR will be likely mid February 2014. So far corporates face uncertainties regarding various issues which aggrevates the due implementation of the required processes. This holds...

Deutsches Aktieninstitut will provide the office of the Commission German Corporate Governance Code (in German)

In today's general meeting the members of Deutsches Aktieninstitut decided to provide the office of the Commission German Corporate Governance Code in the future. As an instrument of self-regulation the German Corporate Governance Code...

Number of shareholders on the rise, number of investors in equity funds decreases (Shareholding statistics of Deutsches Aktieninstitut, first half of 2013) (in German)

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...

Number of shareholders on the rise, number of investors in equity funds down (in German)

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...

Deutsches Aktieninstitut is going to become the office for the Government Commission of the German Corporate Governance Code (in German)

Study on the financial transaction tax: private households and non-financial companies will bear billions of additional costs (executive summary) (in German)

The financial transaction tax (FTT) would sum up to total costs of 5.0 to 7.3 billion Euros per year for private investors and companies of the real economy. This is the key result of an in-debth impact study for the German economy...

The Financial Transaction Tax – A Wrong Track?

Private investors and the real economy in Germany would be charged with costs ranging from 5.0 to 7.3 billion Euros if the financial transaction tax entered into force. This is the key-finding of an impact study conducted by Deutsches...

Deutsches Aktieninstitut and BDI comment on a EU consultation on the separation of banking

The separation of proprietary trading of banks from deposit taking and the provision of credit is currently intensively discussed. Advocates argue that such a separation will help to avoid future banking crisis. Deutsches...

Congratulations to 25 years of DAX (in German)

Deutsches Aktieninstitut congratulates to 25 year of DAX: The most famous German stock index does not only visualize the performance of the listed companies, but is an indicator for the development of the German economy as a whole. ...

Deutsches Aktieninstitut is concerned about ESMA's proposals regarding supplements to prospectuses

With this position paper Deutsches Aktieninstitut contributes to ESMA’s consultation on “Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus”. ESMA's proposals on...

Position on the European Commission's green paper on long-term financing of the European Economy

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...

Position on the EU directive on the disclosure of nonfinancial and diversity information by certain large companies and groups

With this position paper Deutsche Aktieninstitut contributes to the German und European debate on non-financial reporting which has gained momentum after the EU Commission legislative proposal on the respective issues. In particular,...

Deutsches Aktieninstitut comments on the upcoming European Securities Law Legislation

Deutsches Aktieninstitut supports many of the EU Commission's objectives regarding the planned harmonisation of the EU securities law, e.g. the improvement of the cross-border identification of shareholders as well as thier...

Financial Transaction Tax will hurt massively the companies of the real economy (in German)

The financial transaction tax will cause massive burden for the real economy. In an analysis Deutsches Aktieninstitut calculated the impacts of the new tax on 24 large German companies. Even under conservative assumptions the estimated...

German minister Peter Altmaier calls for stable conditions for investors in energy infrastructure (in German)

Press releases

Financial market regulation and real economy

Talk is silver, action is golden (in German)

Deutsches Aktieninstitut expects the political parties to follow up the promises made in their election programs with action after the Bundestag elections. In particular, when it comes to old-age provision, savings with stocks must...

Sustainability

International Sustainability Standards Board to Frankfurt (in German)

Deutsches Aktieninstitut and its members support the application of Frankfurt as financial center to host the proposed International Sustainability Standards Board. As one of the leading international financial centers and headquarter...

Investment in shares and securities

DAX 40: More players in the upper stock league (in German)

It is not only in soccer that transfers dominate the news. The DAX is also receiving support and is expanding from 30 to 40 companies. Tomorrow evening after the close of the stock market, the candidates will be announced who will move...

Investment in shares and securities

German federal election 2021: German capital markets needs a fitness programme (in German)

Efficient capital markets contribute to securing prosperity. Deutsches Aktieninstitut therefore calls on the next federal government to promote equities in Germany and to make the German capital market fit for the future. In a...

Corporate governance and company law

Assuring the quality of the statutory audit - recommendations from practice (in German)

Industry knowledge, professional experience and tone from the top play a key role in audit quality. This is shown by the study published today by Deutsches Aktieninstitut "Audit Quality Indicators & Beyond", which looks at the topic of...

Sustainability

Support offered for work on EU sustainability reporting standard (in German)

In order to enable globally operating companies to efficiently report on sustainability, Deutsches Aktieninstitut calls for the planned EU standard to be aligned with international requirements and standards. The member companies of...

Capital market financing

Stock buybacks are an important instrument of equity management (in German)

German Press Release: The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is...

Investment in shares and securities

Stock Market Participation in Germany on record high

Deutsches Aktieninstitut has published its updated shareholder figures for Germany. With 12.4 million people, a particularly large number were invested in shares in the Corona year 2020. The young generation in particular discovered...

Brexit

Setting the right priorities (in German)

With a view to the third round of negotiations on the future partnership between the European Union and Great Britain, Deutsches Aktieninstitut demands in its current position paper that the negotiators set priorities. Market access...

Corporate governance and company law

General Meetings without compulsory attendance become possible (in German)

Deutsches Aktieninstitut welcomes the draft on the General Meeting without the shareholders’ personal attendance. Due to the lack of the necessary infrastructure, the possibility to ask questions during the online General Meeting must...

Corporate governance and company law

At times of Corona: General meetings without compulsory attendance required (in German)

The bans and restrictions on events in response to the corona pandemic make it extremely difficult for companies to hold general meetings as face-to-face events. In a position paper published today, Deutsches Aktieninstitut therefore...

Investment in shares and securities

Acting calmly also in times of corona (in German)

In an extremely difficult stock market phase, the German day of the share ("Tag der Aktie") moves shares as an investment form into the limelight. Despite the current slump on the stock markets, the longer the investment horizon of a...

Corporate governance and company law

A shareholders' meeting is no soccer match (in German)

With a view to the beginning of the annual general meeting season, Deutsches Aktieninstitut is calling for individual case examinations to be permitted at annual general meetings. Companies that are legally obliged to hold...

Investment in shares and securities

Shareholder interest down in 2019 (in German)

In 2019, the number of share owners fell by around 660,000 people compared to the previous year, as the Deutsches Aktieninstitut states in its shareholder figures published today. The year 2019 thus represents a setback for German...

Investment in shares and securities

A long-term plus with shares (In German)

Deutsches Aktieninstitut has published its new Return Triangles. As the Return Triangles show, shares are always an attractive investment for asset accumulation in the long term. Deutsches Aktieninstitut therefore calls for shares to...

Financial market regulation and real economy

Financial Transaction Tax - Private investors will foot the bill (in German)

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...

Financial market regulation and real economy

Franco-German Economic Forum: President of Deutsches Aktieninstitut calls for closer cooperation at company level

The first Franco-German Corporate Executives and Institutional Investors Forum of Deutsches Aktieninstitut focused on European economic and capital market policy. France and Germany must work more closely together on these issues in...

Investment in shares and securities

Investing is the new way of saving (in German)

On World Savings Day, many children open a savings book for the first time. But the savings book is no attractive form of investment in the long run. The low interest rate policy means that Germans are losing assets in real terms. A...

Capital market financing

Deutsches Aktieninstitut, DDV and DSW: Total losses from securities transactions must continue to be recognized for tax purposes (in German)

Considering investor protection and private old-age provision, Deutsche Aktieninstitut, Deutsche Derivate Verband (DDV) and DSW (Deutsche Schutzvereinigung für Wertpapierbesitz) jointly call on the Grand Coalition to revise the income...

Financial market regulation and real economy

Deutsches Aktieninstitut calls for more Cooperation between Politics and Business in Europe (in German)

A consistent finalization of the Capital Market Union, purposeful action for a sustainable economy and the strengthening of European companies in international competition: These key issues form the focus of today's published European...

Financial market regulation and real economy

No one-sided burden on German companies

Deutsches Aktieninstitut firmly rejects the introduction of a public country-by-country reporting at EU level. The disclosure of sensitive company data puts German companies at a disadvantage in international competition. "The...

Investment in shares and securities

No Taxation on Shares, Mr. Scholz!

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...

Retirement provision

A Safe Pension with Equities

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...

About us

Hans-Ulrich Engel Re-Elected as President of Deutsches Aktieninstitut (in German)

At today's General Meeting and Management Meeting, the executive committee and managing board of Deutsches Aktieninstitut were newly elected. Dr. Hans-Ulrich Engel, Vice Chairman and CFO of BASF SE, was confirmed as President for a...

Capital market financing

Deutsches Aktieninstitut is committed to interaction between European institutions and companies (in German)

With a view to the European elections on May 26, the President of Deutsches Aktieninstitut, Dr. Hans-Ulrich Engel, calls for more unity and confidence. The challenges facing Europe can only be mastered together and the European economy...

Investment in shares and securities

Friedrich von Metzler receives the Meritum Ehrenpreis der Deutschen Wirtschaft 2019 - the Förderpreis is awarded to Rock it Biz (in German)

Deutsches Aktieninstitut awards Friedrich von Metzler for his outstanding civic commitment and his commitment to the social market economy with the Meritum prize of the German Economy. The banker receives the honorary prize for his...

Sustainability

Sustainability Becoming Mainstream for Investors

Besides the usual financial criteria, environmental and social topics, as well as corporate governance, are becoming ever more important to institutional investors when valuing companies and making investment decisions. A study...

Investment in shares and securities

With Four Simple Rules to an Successful Share Investment (in German)

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...

Investment in shares and securities

Number of Shareholders Increases by a Quarter of a Million (in German)

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...

Brexit

Hard Brexit: Ensure Risk Heding of non-financial Companies with Derivatives (in German)

The Deutsche Aktieninstitut and the Association of German Chambers of Industry and Commerce (DIHK) state in their comments on the German draft bill on fiscal measures accompanying the Brexit that the legislator has to ensure the risk...

Investment in shares and securities

Shares Remain Attractive Investments (in German)

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...

Investment in shares and securities

Less Misunderstandings, More Shareholders (in German)

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...

Compliance

Less Legal Certainty and More Bureaucracy – The European Market Abuse Regulation in the Practical Test (in German)

Companies are pleading for more precise legal provisions on ad-hoc publicity and less red tape regarding insider lists and managers´ transactions. This shows the survey “Two Years of EU Market Abuse Regulation”, which has been...

Brexit

Politics and Business Are Called Upon to Revive the European Spirit (in German)

The chairman of the Committee on Foreign Affairs, David McAllister, and Christopher Delbrück, Member of the Board of Deutsches Aktieninstitut, demand to strengthen the democracy and the entrepreneurial freedom in the European Union in...

Brexit

Brexit: It is five to twelve!

Deutsches Aktieninstitut calls upon the European and British negotiating parties to finally place their trade relations on a new sustainable basis. In its third position paper on the Brexit negotiations Deutsches Aktieninstitut shows...

Investment in shares and securities

Happy Birthday DAX – New Return Triangle Shows the Attractiveness of Regular Investments in Shares (in German)

On the occasion of the 30th anniversary of the German share index DAX Deutsches Aktieninstitut presents its new DAX-Return Triangle for the long-term monthly financial investment.   You can download the Return Triangle here. ...

Capital market financing

Smaller Companies Need to Prepare Themselves Better for a Possible Takeover

How do German listed companies assess the likelihood of becoming the target of a takeover? How well prepared are they? Do they plan to buy a listed company? Answers to these questions delivers the survey “Ready for Takeover?” published...

Financial market regulation and real economy

Challenge Future - Politics and economy need to cooperate

At its annual reception in the Gesellschaftshaus of BASF in Ludwigshafen Deutsches Aktieninstitut, celebrating its 65th anniversary, addressed upcoming future challenges. As honoured guest, the General Secretary of the CDU, Annegret...

Compliance

The New Deal for Consumers: An Open Door to Abusive Litigation

French, German and Italian companies fear that the European Commission’s proposal on collective redress will end up in abusive litigation. Combining a high level of consumer protection with the proper functioning of the internal market...

Investment in shares and securities

Have you already started saving in shares? (in German)

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...

Investment in shares and securities

The Implementation of Employee Shares Made Easy (in German)

The Deutsche Aktieninstitut and EY have published the “Guideline for the implementation of employee share schemes” today. The Guideline describes the five phases of planning, designing, compliance, communication and administration and...

Investment in shares and securities

Number of Shareholders Rises to over more than 10 Millions

In 2017 the number of shareholders and equity fund holders has risen significantly. On an annual average it was almost 1.1 million higher than in the previous year. In total more than 10 million citizens in Germany owned shares or...

Investment in shares and securities

„Return-Triangle“ visualises top long-term performance of shares (in German)

Shares are profitable and 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...

Financial market regulation and real economy

EU Vice-President Dombrovskis Counts on the Support of Companies as regards the Capital Markets Union

At the reception of Deutsches Aktieninstitut today in Brussels EU Vice-President Valdis Dombrovskis and the president of Deutsches Aktieninstitut Dr. Hans-Ulrich Engel advocated for the integration of European capital markets. The...

Brexit

German Trade Associations Publish Brexit Compendium

Renowned German trade associations today have published a digital, cross sectoral “Brexit compendium”, with the aim of bundling the interests of the German economy .The position papers of participating trade associations on Brexit can...

Investment in shares and securities

Companies Demand more Asset Formation among Employees (in German)

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...

Brexit

Brexit: Transitional Agreements Now! (in German)

Today, Deutsches Aktieninstitut has published its second position paper on the Brexit negotiations. As the time for negotiations is advanced, Deutsche Aktieninstitut calls upon the negotiators to agree on transitional agreements in...

Capital market financing

„Wahlprüfsteine“ of Deutsches Aktieninstitut for the German Parliamentary Election 2017 (in German)

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...

Capital market financing

Whoever wants to lead has to speak clearly (in German)

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...

Financial market regulation and real economy

Companies welcome relief brought by Commission’s derivative end-user proposals

Companies welcome the Commission’s commitment to the existing commercial hedging exemption for companies from clearing and margining, and the move to an asset-by-asset class assessment for this exemption. The hedging exemption is...

Investment in shares and securities

German Parliamentary Elections 2017 – Sending a Strong Signal for Shares (in German)

Shares support the asset building of Germans and are indispensable for corporate finance. In its position paper for the German parliamentary elections, published today, Deutsches Aktieninstitut calls upon the political parties to...

Investment in shares and securities

Share Investment - The Illusionary Giant (in German)

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...

Brexit

Minimise Brexit Risks and Strengthen the European Capital Market (In German)

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market” published today, the Deutsche Aktieninstitut submits proposals to the...

Investment in shares and securities

Number of Shareholders Remains Stable at Nine Million - Politicians Are Called Upon to Act (in German)

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...

Investment in shares and securities

„Return-Triangle“ Sends a Clear Message: The Country Needs More Shares (in German)

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...

Retirement provision

For the Future Functioning of Old Age Provisions in Germany Shares Are Essential (in German)

“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...

Capital market financing

Deutsches Aktieninstitut Demands Closer Integration of European Capital Markets (in German)

In its latest position paper “Accepting Challenges – Moving Ahead: Deeper Integration of EU-Capital Markets despite the Brexit Vote” Deutsches Aktieninstitut is committed to ensuring, that the European Capital Markets Union is pursued...

Investment in shares and securities

Baumann Calls on Politics and Economy to Strengthen the European Union (in German)

At the autumn reception of Deutsches Aktieninstitut, held today in Brussels, Werner Baumann, President of Deutsches Aktieninstitut and CEO of Bayer AG, requested more support for Europe. Politics and economy had together to convince...

Corporate governance and company law

Guiding Principles for the Dialogue between Investor and Supervisory Board (In German)

Deutsches Aktieninstitut supports the new guiding principles for the dialogue between investors and supervisory board published today by the initiative “Developing Shareholder Communication”.

Investment in shares and securities

Hessian Finance Minister Schäfer: „Employee shares offer above-average returns” (In German)

At a conference of the Deutsches Aktieninstitut and the Global Equity Organization the Finance Minister of Hesse Dr. Thomas Schäfer and Hauke Stars, Member of the Executive Board of Deutsche Börse AG, discussed an increased employee...

Capital market financing

Brexit: Something Has to Happen – Keep on as Usual is not an Option! (in German)

After the decision of the British voters to leave the European Union Deutsches Aktieninstitut demands of the German politicians to rapidly implement measures improving the framework conditions for capital markets in Germany. This is...

Investment in shares and securities

Baumann Is Calling for an Improved Inclusion of Shares in Retirement Provisions (in German)

This year the traditional reception of Deutsches Aktieninstitut took place at the Tropicarium of BAYER CropScience AG in Monheim. Besides Werner Baumann, President of Deutsches Aktieninstitut, Professor Dr. Axel Weber, Chairman of the...

Investment in shares and securities

Positive Signals for Equity Culture: Number of Shareholders Rises in 2015 (In German)

The number of shareholders and private investors in equity funds in Germany increased by 560.000 in 2015, as has been shown in a study of Deutsches Aktieninstitut on the number of shareholders published today. In total we have now well...

Investment in shares and securities

Updated "Return-Triangle" published – Don´t Get Upset by Drops in Share Prices (In German)

As the Return-Triangle of Deutsches Aktieninstitut shows, shares or equity funds are perfectly suited for wealth building. The updated version illustrating the development of prices and dividends in 2015 is available for download at...

Capital market financing

Deutsches Aktieninstitut: Fast Implementation of IPO Round Table's Action-Points is needed (in German)

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...

Financial market regulation and real economy

The Need for Safety meets Risk Aversion - Bankenverband and Deutsches Aktieninstitut on Safety and Risk (in German)

The joint conference of Bankenverband and Deutsches Aktieninstitut focused on the question whether we need another risk culture in order to find new answers for the current challenges. Alongside other speakers Jürgen Fitschen, Co-Chief...

Financial market regulation and real economy

EU-Commission Vice-President Katainen Calls for More Commitment to TTIP at Deutsches Aktieninstitut's Autumn-Reception (in German)

At the traditional Autumn Reception in Brussels Werner Baumann, President of Deutsches Aktieninsitut, and Jyrki Katainen, EU Vice-President and Commissioner for Jobs, Growth, Investment and Competitiveness, emphasized the importance of...

Investment in shares and securities

Employee Share-Ownership – Associations call for Political Action (in German)

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...

Investment in shares and securities

Share investment is a Matter of Mindset – New Study about the Attitude of Germans towards Shares (in German)

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...

Corporate governance and company law

Board of Deutsches Aktieninstitut Confirms Werner Bauman as President (in German)

At its constitutive meeting the newly elected board of Deutsches Aktieninstitut unanimously confirmed Werner Baumann, Chief Strategy and Portfolio Officer of Bayer AG, as President of Deutsches Aktieninstitut.

Investment in shares and securities

Despite the Ongoing Bull Market the Number of Shareholders in Germany is Declining (in German)

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...

Investment in shares and securities

New edition of the stock return triangle - shares promote private wealth building in the long run (in German)

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...

Capital market financing

Strengthening the IPO Market in Germany (in German)

An intelligent regulatory framework is needed in order to better mobilize capital for IPOs. This is the key message of Deutsches Aktieninstitut in its positionpaper “The Stock Exchange - Strengthening the Engine for Growth: Mobilizing...

Investment in shares and securities

More enthusiasm for employee shares – simplification of regulatory framework and extension of tax relief needed (in German)

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....

Capital market financing

"Without Capital Markets No Growth in Europe" (in German)

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...

Investment in shares and securities

President of Deutsches Aktieninstitut rejects financial transaction tax (in German)

At the annual reception of Deutsches Aktieninstitut today, Werner Baumann, President of Deutsches Deutsches Aktieninstitut, called for dropping ultimately the plans to introduce a financial transaction tax in EU. The complete press...

Investment in shares and securities

Deutsches Aktieninstitut critisizes the Proposal on a Reform of the Shareholder Rights Directive (in German)

The complete press release can be downloaded in German below.

Investment in shares and securities

Number of shareholders declining: Aktieninstitut warns about negative long term consequences for private wealth building (in German)

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...

Investment in shares and securities

No Financial Transaction Tax - Now! (in German)

The financial transaction tax is an important agenda item for the franco-German consultations this week. Deutsches Aktieninstitut calls for refraining from the tax as it would seriously harm the real economy and private investors. The...

Investment in shares and securities

Deutsches Aktieninstitut surveys status quo of employee shareownership in Germany (in German)

The complete press release in German is available for download below.

Publicity and transparency

Deutsches Aktieninstitut and PwC publish study on the enforcement of financial information by the Deutsche Prüfstelle für Rechnungslegung (in German)

The German enforcer, the Deutsche Prüfstelle für Rechnungslegung (Financial Reporting Enforcement Panel) has been assigned high marks / high intensity of examinations and critique for tight time limits / Influence on accounting...

Corporate governance and company law

Deutsches Aktieninstitut will provide the office of the Commission German Corporate Governance Code (in German)

In today's general meeting the members of Deutsches Aktieninstitut decided to provide the office of the Commission German Corporate Governance Code in the future. As an instrument of self-regulation the German Corporate Governance Code...

Investment in shares and securities

Number of shareholders on the rise, number of investors in equity funds down (in German)

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...

Corporate governance and company law

Deutsches Aktieninstitut is going to become the office for the Government Commission of the German Corporate Governance Code (in German)

Investment in shares and securities

The Financial Transaction Tax – A Wrong Track?

Private investors and the real economy in Germany would be charged with costs ranging from 5.0 to 7.3 billion Euros if the financial transaction tax entered into force. This is the key-finding of an impact study conducted by Deutsches...

Investment in shares and securities

Congratulations to 25 years of DAX (in German)

Deutsches Aktieninstitut congratulates to 25 year of DAX: The most famous German stock index does not only visualize the performance of the listed companies, but is an indicator for the development of the German economy as a whole. ...

Investment in shares and securities

Financial Transaction Tax will hurt massively the companies of the real economy (in German)

The financial transaction tax will cause massive burden for the real economy. In an analysis Deutsches Aktieninstitut calculated the impacts of the new tax on 24 large German companies. Even under conservative assumptions the estimated...

Sustainability

German minister Peter Altmaier calls for stable conditions for investors in energy infrastructure (in German)

In the media

Corporate governance and company law

Going Public: Prudent Sustainable Corporate Governance Necessary (in German)

The EU Commission is proposing that companies should be obliged to balance the interests of all their stakeholders. However, such a general obligation will not lead to companies being managed more sustainably, criticises Dr. Cordula...

Retirement provision

Absolut|spezial: Generation-appropriate pensions and efficient capital markets (in German)

Equity-oriented pension provision would strengthen the German capital market in the long term and improve its competitiveness, comments Dr. Christine Bortenlänger. The next federal government has the chance to anchor equity savings in...

Compliance

Going Public: Targeted and proportionate compliance legal framework to strengthen corporate competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies, criticises Jan Bremer. With a view to the...

Investment in shares and securities

€URO-Magazin: "Nobody needs the financial transaction tax" (in German)

A new Bundestag will be elected at the end of September. In the €URO interview, Dr. Franz-Josef Leven talks about the election programmes of the parties and what they mean from a shareholder's point of view. In particular, he...

Corporate governance and company law

Going Public: No successful BaFin reform without reform of its financing! (in German)

In the wake of the Wirecard affair, a reform of the German Federal Financial Supervisory Authority (BaFin) is pending. The Balance sheet control is to be reorganised and removed from the German Financial Reporting Enforcement Panel....

Investment in shares and securities

Going Public: Fighting financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Yet the subject of economics ekes out a shadowy existence in many schools. What is needed is a fundamental understanding of economics and finance, taught by well-trained,...

Capital market financing

Going Public: Modernise stock corporation law - more flexible financing with shares (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing more difficult in this country. Countries like the Netherlands show that things can be better....

Capital market financing

Going Public (Life Sciences): Biotechnology Shares in Germany - Deutsches Aktieninstitut Calls for a "New Equity Culture" (in German)

In an interview with Life Sciences, Dr Christine Bortenlänger talks about the ten recommendations of Deutsches Aktieninstitut for the federal elections and why Germany is not attractive as a financial centre for young biotechnology...

Capital market financing

Going Public: Taxing shares fairly (in German)

After the federal elections, a new federal government should clearly align its compass in tax policy in favour of shares, demands Dr. Norbert Kuhn. Capital gains from share transactions should be tax-exempt again after a one-year...

Capital market financing

Capital/Finance 4.0: Sustainable financing is the latest trend (in German)

Sustainable finance has arrived in the finance departments of German companies, as our study with Börse Stuttgart shows. However, the reporting processes for sustainable financing instruments are more complex than for traditional...

Sustainability

Börsen-Zeitung: Finance for Future? – The framework has to be right (in German)

In their guest article, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Michael Völter, Chairman of the Executive Board of Vereinigung Baden-Württembergische Wertpapierbörse, call for the rules of the...

Corporate governance and company law

Der Konzern: Assessment of audit quality by the audit committee - Effective quality improvement or toothless paper tiger? (in German)

Jan Bremer, Head of the Legal Department, Nico Zimmermann, Capital Market Law and Corporate Governance Officer, Deutsches Aktieninstitut, and Prof. Dr. Franca Ruhwedel, Rhine-Waal University of Applied Sciences, present the key...

Financial market regulation and real economy

Süddeutsche Zeitung: Expectations for a sustainable fiscal and monetary policy in Germany and Europe (in German)

Together with Edmund Stoiber, Peer Steinbrück and other authors, Dr. Christine Bortenlänger calls for a turnaround in economic and financial policy. Among other things, the German government should reduce new debt and return to...

Investment in shares and securities

hkp: Employee equity ownership receives better framework conditions

The Finance Committee of the German Bundestag has decided to increase the tax allowance for employee equity ownership to 1,440 euros. In an interview with Constantin Härthe, Dr Norbert Kuhn welcomes the increase as progress, but...

Financial market regulation and real economy

Tagesspiegel: 3:0 for England

In her contribution, Dr. Christine Bortenlänger calls for politicians to better involve the business community in overcoming the Corona crisis, but also in solving other challenges. The United Kingdom is a model for good cooperation....

Corporate governance and company law

BOARD: Reform of the Annual General Meeting to be tackled before the Bundestag elections

The general meeting of the future must be made fit for the future, state Dr Christine Bortenlänger and Sven Erwin Hemeling. This requires a legal framework that safeguards investor rights and at the same time creates legal certainty...

Retirement provision

Frankfurter Rundschau: Capital market is more than Riester pension

In his commentary, Dr Franz-Josef Leven contradicts the opinion of Hans-Jürgen Urban, Executive Member of the Board of IG Metall, and Markus Kurth, Member of the Bundestag for the Greens, that the capital market is not a useful means...

Investment in shares and securities

Handelsblatt Orange Podcast: Is it still worth getting involved in the stock market?

The DAX reached a new record high in April. The Orange podcast "Businessclass" asks whether it is still worth investing in the stock market. As one of the experts reporting on the Germans' increased interest in the stock market, Dr...

Investment in shares and securities

Börse am Sonntag: Saving stocks is very popular

The shareholder boom brought Germany almost three million new equity savers. Interest in equity funds was particularly strong. In her article, Dr Christine Bortenlänger explains the reasons for the increased interest in funds and ETFs...

Investment in shares and securities

Going Public: Lucrative Employee Shares

In the course of the general shareholder boom in 2020, the number of employee shareholders has also increased significantly. However, in order to turn this development into a long-term trend, further political support is needed, says...

About us

Manager Magazin: In training camp with Christine Bortenlänger

In the section "Im Trainingslager mit", managers report on their sporting passion and what they learn for their (professional) life. In the March issue, Dr Christine Bortenlänger talks about her passion for team sports and her goal of...

Investment in shares and securities

ZDF "Volle Kanne": New generation of shareholders

In the Corona crisis, Germans have discovered their love for stocks. The number of shareholders is as high as it was 20 years ago. The magazine "Volle Kanne" interviewed experts on this topic in a feature. Dr Gerrit Fey outlines the...

Financial market regulation and real economy

Going Public: Outlook 2021 - Developments in Capital Markets Law

As in previous years, sustainable finance is a top priority for the EU Commission in 2021. In his guest article, Maximilian Lück calls for the EU Commission to step up the pace on the issue of the Capital Markets Union. The companies...

Corporate governance and company law

Frankfurter Allgemeine Zeitung: Well meant! Well done?

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, subjects the newly adopted "Finanzmarktintegritätsstärkungsgesetz" to a practical check. He describes the risks of short rotation periods, calls for advisory services not...

Corporate governance and company law

Börsen-Zeitung: Financial market integrity - Not at the expense of compliant companies!

With the recently discussed Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz), the political processing of the Wirecard case is entering the decisive phase. In her contribution, Dr Christine...

Investment in shares and securities

Inpact Media: Have young people suddenly discovered the stock market?

Corona has given an additional boost to the youth trend that Deutsches Aktieninstitut has been observing in stock investing since 2014, states Dr Franz-Josef Leven. Corona lockdown, more free time, social media and financial...

Corporate governance and company law

HV-Magazin: Legal uncertainty at an unseasonable time

The short-term rule changes for the virtual general meeting at the end of 2020 have led to uncertainty among companies, especially with regard to the newly introduced right to ask questions. According to Dr Franz-Josef Leven, it would...

Corporate governance and company law

Der Aufsichtsrat: The future of shareholder meetings - Updates are needed

The traditional general meeting needs an update. Dr Christine Bortenlänger and Sven Erwin Hemeling outline in their article how the general meeting can be further developed so that companies can hold physical and virtual general...

Investment in shares and securities

Zeitschrift für das gesamte Kreditwesen: Equity culture 2020 - much light, but also shadow

Dr Christine Bortenlänger analyses in her article how the equity culture has developed over the past year. Overall, the equity culture has been robust despite Corona and Wirecard. To strengthen it further, however, a clear signal for...

Corporate governance and company law

Audit Committee Quarterly: Wirecard legislation - Avoiding negative consequences for law-abiding companies

With the draft of a law to strengthen financial market integrity (FISG), it is becoming apparent what regulatory consequences can be expected after the Wirecard case. In their article for the Audit Committee Quarterly, Dr Christine...

Investment in shares and securities

marktEINBLICKE: Light and shadow in the new stock market year

The stock market world will also have to live with imponderables in 2021. In addition to Corona, six German state elections and the federal elections in September will provide sufficient excitement in the new year. If you want to relax...

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