Our topics
It is in society’s interest that more companies in Germany go to the stock market and also make use of capital market instruments and loans in order to be able to manage the future. Only in this way can we manage durably to maintain and develop growth, innovation and jobs in Germany also in the age of digitisation.
![[Translate to English:] Dr. Norbert Kuhn](/fileadmin/user_upload/norbert_kuhn_q.jpg)
Contact
Dr. Norbert Kuhn
Deputy Head of Capital Markets Department
Head of Corporate Finance
Tel.+49 69 92915-20
kuhn(at)dai.de
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...
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...
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...
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...
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...
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 in...
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, on...
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...
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...
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 point...
"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...
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...
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...
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. Policymakers...
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...
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...
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...
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 holding...
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...
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 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...
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 and...
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...
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...
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...
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...
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...
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...
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 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...
Editorial Focus: IPO
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, MDAX,...
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...
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...
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...
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...
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 the...
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...
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...
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 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...
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...
