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 these...

Ready for Takeover 2.0? - Die Vorbereitung deutscher Emittenten auf öffentliche Übernahmen – Eine erneute Bestandsaufnahme (in German)

"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 be...

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, on...

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. Policymakers...

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 of Deutsches Aktieninstitut, First Term 2018 (in German)

Focus: IPO

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, MDAX,...

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 the...

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...