Savings and Investment Union: EU Commission picks up the pace

With today's proposals, the EU Commission is addressing two key issues relating to the Savings and Investment Union: uniform European supervisory practices and better market integration. Deutsches Aktieninstitut welcomes the European...

Act now: bigger steps for an attractive financial location

Deutsches Aktieninstitut welcomes the fact that the Location Promotion Act (Standortfördergesetz) aims to provide ‘impetus for the mobilisation of private financial resources and the growth of the German economy’.

However, the draft...

Working together for a sovereign Europe: focus on capital markets, the single market, energy, competition policy, innovation and financing the competitiveness agenda

At the fifth Franco-German Corporate Executives and Institutional Investors' Forum, Melanie Kreis, President of Deutsches Aktieninstitut, and Patricia Barbizet, President of the AFEP (Association française des entreprises privées),...

Kurvenlage - I 2025, Focus: Capital Market – the Key to Sovereignty

‘We have discussed liability regimes and deposit guarantees at length, but have devoted far too little attention to the question of how we can create a genuine, sufficiently broad and deep capital market, for example for companies that...

Handelsblatt: Germany can learn from Sweden when it comes to shares, pensions and the economy

Shares in pension schemes secure prosperity, create jobs and enable innovation. While other countries have recognised this connection and are using it to their advantage, Germany continues to tinker with the pay-as-you-go system....

ZDFheute: Easier investing – is the new law enough?

Germany needs a strong capital market, but the planned Location Promotion Act is not enough. In an interview with ZDFheute, Henriette Peucker, Chief Executive and Member of the Board of Deutsches Aktieninstitut, calls for a...

t-online: Missed opportunity for pensions? Criticism of new Klingbeil law

Das neue Standortfördergesetz ist ein Schritt in die richtige Richtung, doch wichtige Chancen bleiben ungenutzt. Mehr Aktien in allen drei Säulen der Altersvorsorge könnten nicht nur die Rente sichern, sondern auch Innovation,...

Startup and scaleup strategy: IPO of central importance

The German government plans to strengthen the environment and conditions for growth companies in a startup and scaleup strategy. In this position paper on the planned strategy, Deutsches Aktieninstitut draws attention to the great...

Standortfördergesetz: Deutsches Aktieninstitut warns against half-hearted reforms

On Wednesday, the draft of the Location Promotion Act is to be approved by the Federal Cabinet. Deutsches Aktieninstitut considers the draft of the Federal Ministry of Finance for a Standortfördergesetz (Location Promotion Act) to be...

Bankenverband: Capital market boost for Germany: Lessons from Sweden's successful model

Sweden is considered a model for efficient capital markets and a broad stock market culture. In a guest article for the Bankenverband, Dr Norbert Kuhn, Head of Think Tank at Deutsches Aktieninstitut, draws on the findings of a joint...

Standortfördergesetz: only small steps

Deutsches Aktieninstitut supports the draft bill for a Act to strengthen Germany as a financial center and to promote innovation financing (Standortfördergesetz). However, the proposed measures far from sufficient to stimulate the...

Asset Class – Podcast on growth and values: Interview with Henriette Peucker

In Scalable Capital's Asset Class podcast, Henriette Peucker, Chief Executive and Member of the Board of Deutsches Aktieninstitut, talks to Christian W. Röhl about the opportunities the capital market offers for our retirement...

Across Europe: Investment savings account for wealth creation and innovation

Update Wirtschaft from 17 July 2025

Dr Norbert Kuhn, Head of the Think Tank Deutsches Aktieninstitut, was a guest on ‘Economic Update’ in the trading hall of the Frankfurt Stock Exchange. There, he spoke with Antje Erhard about the capital market in Sweden. There are...

Promoting Savings and Investments Accounts in the EU: Flexibility and incentives for investors are key success factors

Savings and investments accounts (ISAs) are securities accounts that are subject to special taxation. As experiences from Sweden and other countries show, they are an important component in strengthening savings with shares, equity...

Aktieninstitut comments on selected issues of the Savings and Investment Union

As part of its work on the Savings and Investment Union, the EU Commission has announced a package of legislative measures in the areas of financial market supervision, asset management and market infrastructure for the fourth quarter...

Aktieninstitut Calls for a Coherent Policy for the Savings and Investment Union

Listed companies are interested in deep and broad capital markets and in practice-proof, uniform and coordinated supervisory practices. These are the core messages of this position paper, which responds to a consultation by the EU...

Handelsblatt: ‘Which trading venue is the right one?’

Why is it so difficult to attract domestic issuers to the German capital market? In an interview with Handelsblatt, Dr Gerrit Fey, Chief Economist at Deutsches Aktieninstitut, cites the lack of a differentiated ecosystem of investors,...

With the capital market to the nation of the future. Sweden's success factors

Sweden is the EU leader in the number of IPOs. The Swedish capital market finances important future-oriented industries and contributes significantly to the fact that the Swedish economy is even ahead of the US in global innovation...

Study on Sweden's success model: strengthening the capital market – for financing innovation and securing pensions

Sweden is the EU leader in IPOs. Between 2016 and 2023, there were 508 IPOs – significantly more than in Germany, France and Italy combined. One important reason for this is the high level of acceptance of equity investments among the...

No state can be run on special funds alone – an efficient capital market is needed

In view of today's vote in the German Bundestag on special funds, Deutsches Aktieninstitut calls for strengthening the capital market. To improve the competitiveness and sustainability of the German and European economy, an efficient...

Empowering EU Startups and Scaleups

Deutsches Aktieninstitut has made suggestions regarding EU-KOM's strategy for start-ups and scale-ups. The focus is on the IPO as an opportunity for investors to divest their stake in a start-up/scale-up and support other young...

Empowering Europe: Fast-Tracking the Savings and Investments Union

For the Savings and Investments union to succeed, a consistent overall strategy is essential. This strategy should bolster the European investor base, address the needs of listed companies in the capital market and efficiently connect...

WirtschaftsWoche: If you want strong start-ups, you need strong stock exchanges

Start-ups are important drivers of economic growth and innovation. To achieve this, they need a continuous supply of capital from various sources. The capital market is one of these sources – but many start-ups prefer to go public...

Promoting deep and integrated European capital markets

On the occasion of the 4th Franco-German Corporate Executives and Institutional Investors' Forum, Melanie Kreis, President of Deutsches Aktieninstitut, and Patricia Barbizet, President of AFEP (Association française des entreprises...

Interest payments on bonds should stay deductible for corporation tax purposes

A special provision in tax law is currently causing considerable legal uncertainty as to whether interest payments on bonds can continue to be deducted for corporation tax purposes. To ensure that the ongoing financing of capital...

Schmalenbach Impulse: Generationenkapital - The path to equity-oriented pension provision

In an article for Schmalenbach Impulse, our Chief Executive Dr. Christine Bortenlänger calls for more ambition with regard to the socalled Generationenkapital. A more ambitious approach to safeguarding pensions is essential to ensure...

Momente 2023: „What's wrong with change?“

In an interview with the Frankfurter Volksbank Rhein/Main magazine Momente 2023, our Chief Executive Dr. Christine Bortenlänger points out the opportunities that times of change and transformation can bring to the economy. It is...

The Capital Market in Germany is becoming more attractive (in German)

The German Bundestag today passed the Future Financing Act. It will come into force at the beginning of 2024 if the Bundesrat also approves it. The law points in the right direction. It makes investment in shares and German stock...

Increase the DAX capping limit to 15 percent (in German)

Deutsches Aktieninstitut welcomes the proposal of the index provider STOXX to increase the capping limit in the DAX selection indices from 10 to 15 percent. This would be in line with the practice of comparable indices in other...

DAX capping limit may not hinder growth companies (in German)

Deutsches Aktieninstitut welcomes the proposal oft he index provider STOXX to increase the capping limit in the DAX selection indices from 10 to 15 percent. This would be in line with the practice of comparable indices in other...

Why Birkenstock also preferred to go public in the USA rather than in Germany

In a guest article for Focus Online, Dr. Norbert Kuhn, Head of Corporate Finance and Deputy Head of Capital Markets, takes a close look at Birkenstock's IPO in the USA. In the article, he explains why more and more German companies are...

German capital market not fashionable? (In German)

With the traditional cult brand Birkenstock, another German company has decided to go public in the USA. For the stock market engine in Germany to regain momentum, significantly more money needs to flow into the equity market.

Handelsblatt: Building blocks of a strong capital market (in German)

In her article for Handelsblatt, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, emphasizes that the challenges ahead, such as the transformation to a more sustainable economy and Germany's digitization, can...

Kurvenlage - Semi-Annual Report, First term 2023, Focus: Capital Market & Future (in German)

Retain fundamental EMIR-principles like the hedging exemption

In our current statement we assess the amendments proposed by EU parliamentarians to revise the derivatives regulation EMIR. On the positive side, some proposed amendments reject the abolition of the reporting exemption for intragroup...

No further tightening of the dividend ban (in German)

An amendment to the Energy Price Brake Act is intended, among other things, to extend the dividend ban, which takes effect from a relief amount of 50 million euros, to group level. In our statement, we emphasize the inappropriateness...

European legislator should not remove the reporting exemption for intra-group transactions

In a revised position paper, we point out obstacles to centralised risk management in the European Commission's EMIR proposal. This may be the consequence if the group reference in the definition, which derivatives qualify as hedging,...

Company acquisition as a means of tackling digitization and the energy transition (in German)

What impact do the current macroeconomic and geopolitical crises have on corporate takeover activity? How are M&A strategies changing in the face of these crises? How well prepared are companies for takeover situations? Answers to...

Ready for Takeover 2.0? - German issuers’ readiness for public takeovers – A renewed assessment

"Ready for Takeover 2.0?" is the follow-up to a benchmark study prepared by Deutsches Aktieninstitut together with White & Case. A first joint study on the question of how German companies position themselves as bidders or as potential...

Consistently strengthen financing options via consistently strengthen capital markets (In German)

We welcome the objective of the Referentenentwurf Zukunftsfinanzierungsgesetz to increase the efficiency of the German capital market. However, improvements need to be made in some areas. These include the increase of the tax allowance...

Zukunftsfinanzierungsgesetz aims to strengthen the capital market in Germany (in German)

The draft bill of the Zukunftsfinanzierungsgesetz, published today by the Federal Ministries of Finance and Justice, provides important impetus for strengthening the German capital market. Deutsches Aktieninstitut particularly welcomes...

Strengthening the attractiveness of the capital markets for growth companies by multiple-voting shares

We welcome the EU Commission's proposal to introduce multiple-vote share structures as an important step towards making capital markets more attractive for growth companies.

However, the introduction of multiple voting shares should...

EU banking package in trilogue: More precise definitions to avoid negative consequences for non-financial companies

At the start of Trilogue on the EU Banking Packages, this position provides an assessment on the points in the overall legislative package that we have also previously commented on. Generally, we regard the position of the Council and...

The European Parliament must set the course right for the European economy with Basel IV

The implementation of the latest agreements of the Basel Committee on Banking Supervision (Basel IV) in the EU must take into account the specifics of the European corporate landscape. European companies have a very international...

Room for improvement with the implementation of Basel IV

In the implementation of the latest Basel Accords on banking regulation (Basel IV) by the EU Commission, we believe that the special features of the European corporate landscape must be better taken into account.

European companies in...

Amendments to the European Green Bond Standard Regulation: An Analysis

The members of the Committee on Economic and Monetary Affairs in the EU Parliament have presented their proposed amendments to the regulation of an EU Green Bond Standard. Very significantly, they aim to regulate the entire European...

EU Listing Act is an opportunity for EU capital markets

With the consultation on the EU Listing Act, the European Commission is putting EU capital markets law to the test - including the EU Prospectus Regulation and the EU Market Abuse Regulation. We very much welcome this initiative.

It...

Transparency rules should consider specifics of hedging-derivatives carefully

The Commission has made proposals to revise the financial market regulation MiFID II/MiFIR. In our position paper, we criticise that the extended transparency rules would in particular make the use of customised hedging derivatives of...

EU Listing Act: Breakthrough for European Capital Markets? (in German)

With the Capital Markets Union, the European Commission wants to improve the economy's access to capital. The EU Listing Act, which is currently being consulted by the European Commission, is intended to help the project achieve a...

Bankenverband: Shares - the ideal instrument for old-age provision and asset formation (in German)

According to the coalition agreement, the new federal government wants to strengthen the capital cover in old-age provision. In his contribution, Dr. Norbert Kuhn explains the advantages of investing in shares and how they can be used...

Audit Committee Quarterly: From quarry pond to ocean - growth financing in Germany (in German)

Growth companies often go to the US to raise money for research and innovation from investors because of the well-developed US ecosystem. This is mainly due to financially strong investors such as pension funds. The German ecosystem,...

Börsen-Zeitung: Securing pensions and growth financing - two birds with one stone (in German)

The new federal government has it in its hands: more shares in old-age provision can secure people's standard of living in old age and at the same time improve the financing of growth companies. In addition, the stock corporation law...

Corporate Treasury: Where is the journey heading with the "Ampel" coalition? (in German)

What can we expect from a traffic light coalition in the next few years when it comes to corporate finance? This question was discussed by Lothar Binding, long-standing finance policy spokesman of the SPD parliamentary group, Michael...

Aktieninstitut for strengthening the German capital market (in German)

In order to successfully master the challenges of climate change and the necessary transformation of the economy, the next German government must rely on the capital market, demands Dr Hans-Ulrich Engel, President of Deutsches...

EU consultation on tax discrimination against equity commented on (in German)

We have participated in the EU Commission's consultation on equity discrimination. The Commission's proposals all relate to the possibilities of providing tax incentives at company level for the use of equity. In our commentary, we...

Börse München (Südseiten): Strengthening Germany as a Financing Location

"Why do vaccine manufacturers like BioNTech SE or CureVac go public in the USA, even though they were co-financed here in Germany with German taxpayers' money?" asks Dr Norbert Kuhn in his article. The conclusion: more capital via...

Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? Why is this questionable for the economy as a whole and what should politics do for the financing of growth companies? We have investigated...

Going Public: Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? The decisive factor for listing in the USA is the much more attractive capital market ecosystem with financially strong, specialised pension...

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...

Loosening the bonds of stock corporation law for corporate financing (in German)

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

Fair taxation of shares (in German)

With regard to investing in equities, tax policy has been sending out the wrong signals for years. The flat rate tax and the repeatedly discussed financial transaction tax reduce the attractiveness of long-term equity investments. With...

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...

More IPOs made in Germany (in German)

Internationally, IPOs in Germany are rare. Many young, German growth companies in particular have recently found their fortune on the American stock exchanges in their search for capital. Why is this the case and what must policymakers...

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/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.

Sustainable Corporate Finance - Quo vadis? (in German)

Sustainable financing instruments are booming. However, many bureaucratic hurdles still stand in the way of those responsible for finance in companies. Policymakers must act and make ESG regulation more practical.

Egal, ob Porsche...

SPACs - Come to stay? (in German)

In February 2021, it was said: SPACs have landed in Europe. After less than four months, some are already talking about the SPAC hype being over again. Are the shell companies now a fashion phenomenon, or are they a serious financing...

Green Bonds - Sustainable Bonds are trending (in German)

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...

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...

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...

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...

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...

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...

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...

Kurvenlage - Semi-Annual Report, First Term 2018, Focus: IPO (in German)

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...

„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...

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...

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...

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...

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...

"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...

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...

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...