Simplify the reporting exemption for intra-group derivatives

The application process for the reporting exemption for intra-group transactions by non-financial companies is too complicated. In the case of EU subsidiaries, the application must be submitted to the relevant supervisory authority and...

t3n: Super voting rights in tech shares

Süddeutsche Zeitung: “The Autocrats”

Why a ‘Listing Omnibus’ is necessary

Simplifying regulations and strengthening capital markets are key objectives of the German Federal Government, EU Member States and the European Commission. However, there has so far been no systematic initiative to simplify the rules...

Why Bank Competitiveness Matters Beyond the Financial Sector

The European Commission will publish report on the competitiveness of the EU banking sector. In this context, we advocate reviewing the current regulatory framework for banks in the EU to ensure that it does not hinder the provision of...

There is no Economic Justification for a Loss reserve for Shares

The tax treatment of losses arising from share investments is currently under review by the Federal Constitutional Court. Deutsches Aktieninstitut considers the unequal treatment compared to capital losses from all other investments,...

WELT TV: SPD wants to tax income from capital and rent more heavily

In an interview for WELT TV, Dr Norbert Kuhn, Head of Deutsches Aktieninstitut's Think Tank, assesses the SPD's plans to tax capital gains more heavily. This would make investing in equity funds, ETFs and shares even more expensive,...

BaFin raises reporting threshold for proprietary trading by executives

In October, the Federal Financial Supervisory Authority (BaFin) published a consultation on a draft general ruling. With this ruling, it intends to raise the reporting threshold for proprietary trading by executives from €20,000 to...

Significant streamlining of EMIR reporting requirements necessary

In a consultation by the European Securities and Markets Authority (ESMA) on reporting in the financial sector, Deutsche Aktieninstitut has spoken out in favour of a consistent reduction in the bureaucracy involved in reporting...

Why iXBRL Reporting Requirements Should be Removed

On the occasion of the EU Commission’s Omnibus I-initiative, Deutsches Aktieninstitut calls on the European institutions to remove the iXBRL reporting format as an important step to reduce bureaucratic burden and improve...

EU Benchmarks Regulation: Specifying an exemption for spot FX benchmarks

The revised EU Benchmarks Regulation allows the EU Commission to exempt certain spot FX benchmarks from the scope of application by means of a Delegated Act so that they can continue to be used as reference in derivatives for hedging...

Strengthening Transparency and Reliability of ESG Ratings

In this response to a consultation of the European Securities and Markets Authority (ESMA), we advocate for the greatest possible transparency of ESG rating agencies and their ratings. Deutsches Aktieninstitut reacts to ESMA's...

Aktieninstitut opposes lowering EMIR clearing thresholds

In a statement on ESMA's consultation on clearing thresholds under the EU Derivatives Regulation (EMIR), Deutsches Aktieninstitut opposes ESMA's proposal to lower the clearing thresholds. Companies with large derivative portfolios need...

Börsen-Zeitung: ‘Bureaucracy also burdens large companies’

In an interview with Börsen-Zeitung, Henriette Peucker, Chief Executive and Member of the Board of Deutsches Aktieninstitut, discusses the EU Commission's proposals to reduce reporting requirements in the area of sustainability. The...

Position paper on the EU Commission's consultation on commodity derivatives market analysis published

In a position paper on the EU Commission's consultation on commodity derivatives market analysis, we have come out in favour of simplifying the reporting of derivatives. This would apply, for example, to the application procedure for...

MAR: More legal certainty and less red tape for companies

With this position paper, we are participating in an ESMA consultation on the implementation of the new rules regarding the disclosure of inside information under the EU Listing Act. The main topic of the ESMA proposals is the...

Kurvenlage - Semi-Annual Report, First term 2024, Focus: Europe after the election (in German)

"The only way to secure our future is the one I want to talk about today - it is up to us, up to you, to take this path. It lies in the re-foundation of a sovereign, united and democratic Europe. Together, we must find the courage to...

More consistency in investment limits for funds

According to the EU UCITS Directive, actively managed mutual funds may only invest up to ten percent of their clients' money in shares of a one single company. However, fast-growing companies with above-average share price performance...

No additional effort for the identification of OTC derivatives

In a consultation, the European Commission proposes the ‘International Security Identification Number’ (ISIN) for the identification of over-the-counter (OTC) derivatives as part of the MiFIR transparency regulations. In other...

Proposals on the disclosure of inside information

According to the amended EU Market Abuse Regulation (MAR), there will be a paradigm shift regarding the disclosure of inside information. In protracted processes such as M&A transactions inside information has only to be published when...

Post European Elections: Swiftly advancing the completion of the Capital Markets Union and strengthening competitiveness

In the weeks following the European elections, the EU Parliament and the EU Commission will undergo restructuring. Deutsches Aktieninstitut hopes that both institutions will prioritize strengthening the European capital market. This...

GoingPublic: Capital market rules – regulatory marathon continues

With a view to the end of the legislative period, many regulatory initiatives for listed companies are still being finalized in Brussels. In a guest article for GoingPublic, Dr. Gerrit Fey, Head of Capital Markets Department, and Dr....

ACI Quarterly – extra: Efficient capital markets are crucial for Europe's competitiveness

For a special edition of the ACI Quarterly magazine on the European elections, Jan Bremer, Head of our EU Liaison Office, takes up our European policy demands in his guest article. According to Bremer, efficient capital markets are an...

New Journal of Company Law (May): Recent developments in Brussels

In his guest article for the Neue Zeitschrift für Gesellschaftsrecht, Jan Bremer, Head of our EU Liaison Office, provides an overview of the current status of important dossiers and initiatives shortly before the end of the legislative...

Enabling remote identification for goods trading

With the proposed regulation, the German government wants to enable goods traders to identify their customers by video. It is urgent to equate goods trading with the financial sector. Of course, there is still room for improvement. For...

Bond Guide: How should the new EU regulation of ESG ratings be assessed?

ESG ratings are becoming increasingly important as a basis for investors' decisions. It is therefore all the more important that the new EU regulation creates more transparency and professionalism in the young market, emphasizes our...

Leveraging Capital Markets to regain and ensure Europe’s Competitiveness – Our Policy Demands for the European Elections

Strong capital markets are needed to maintain Europe's global competitiveness and to finance the green and digital transformation of the economy. In the light of the European elections in June, we have set out three key demands in our...

European elections: Strong capital markets for a competitive EU

Strong capital markets are a crucial requirement for securing Europe’s future as a business location and financing the transformation. In light of the European elections in June, Deutsches Aktieninstitut just published its European...

Keeping the implementation of the European Single Access Point lean

With regard to the planned European Single Access Point (ESAP) for mandatory information of listed companies, we support a lean implementation. This is the core message of our response to the consultation of the European Supervisory...

Clear Criticism of the Proposed Late Payment Regulation

In light of the proposed regulation to combat late payments in commercial transactions, we, along with eight other well-known German associations, have expressed our concerns about the regulation in a letter to the members of the...

Good starting position for EMIR trilogues

Deutsches Aktieninstitut welcomes the positions taken by the European Parliament and the European Council in the final negotiations on the revision of the EMIR regulation. In particular, this includes the fact that both are in favor of...

Position paper on the draft regulation on late payments

In order to enforce payment discipline, especially for the benefit of medium-sized companies, the European Commission has published a draft regulation on late payments. In it, it stipulates a mandatory payment period of a maximum of 30...

Cooperation for a Stronger Europe

On the occasion of the Third Franco-German Corporate Executives’ and Institutional Investors' Forum the presidents of AFEP (Association française des entreprises privées) and Deutsches Aktieninstitut, Patricia Barbizet and Melanie...

When redefining company sizes in EU law, the threshold for the number of employees must also be raised

The EU Commission plans to change the definition of large companies in EU law. Raising the thresholds of turnover and balance sheet would mean that fewer companies would be considered large and would therefore fall outside the scope of...

GoingPublic: Balancing act between security and transformation

In his article "Balancing act between security and transformation. European Capital Markets Law 2023: Sustainability and Capital Markets Union at the Top of the EU Institutions' Agenda", which appeared in the special "Corporate Finance...

Kurvenlage - Semi-Annual Report, Second term 2022, Focus: Transformation (in German)

Börsen-Zeitung „Relief in the financing of small and medium-sized enterprises“

In a guest article in Börsen-Zeitung, Dr. Norbert Kuhn, Deputy Head of Capital Markets and Head of Corporate Finance, and Ingo Wegerich, President of Interessenverband kapitalmarktorientierter KMU e.V. and Partner at Luther...

Subscription rights issues no longer trigger prospectus requirement (in German)

Following a very constructive dialog, the German Federal Financial Supervisory Authority (BaFin) is changing its practice with regard to so-called oversubscription for rights issues of up to eight million euros. Existing shareholders...

Review of the Benchmarks Regulation (BMR): Risk free access for EU companies to non-EU benchmarks must be ensured

Deutsches Aktieninstitut welcomes the opportunity to comment on the European Commission's initiative to review the Benchmarks Regulation (BMR). We welcome the initiative to improve the BMR, to ensure the continued availability to EU...

Payment Services Directive PSD2 must be practicable for companies

The EU Commission is currently evaluating the second Payment Services Directive PSD2, which has been in force since 2016. In our statement, we emphasise that the intra-group exemption must be clarified in a future PSD2 amendment....

EU Money Market Fund Regulation works well – no need for reform

Money market funds (MMFs) play a key role in the liquidity management of non-financial corporations. As an important cash management tool they allow corporates to deposit their short-term cash balances in a secure manner and with quick...

Do not jeopardise derivatives transactions via transparent platforms

In the context of a consultation "Trading venue parameter" of the European Securities and Markets Authority ESMA, we opposed subjecting digital trading platforms used by non-financial companies to conclude their derivatives to MiFID...

Going Public: Developments in Capital Markets Law - Keeping an Eye on the Overall Burden for Companies

What 2022 has in store for companies in the area of capital market law was outlined by Dr Uta-Bettina von Altenbockum and Dr Gerrit Fey in their contribution to GoingPublic's Corporate Finance Law Special. In addition to the EU Listing...

Euro clearing must become more attractive

The EU Commission has launched a consultation on the expansion of clearing services across the EU. In our response to this consultation, we advocate further improvement on the clearing infrastructure in the European Union. One means...

Improve investor protection in Europe!

European investors are repeatedly exposed to discriminatory state measures (for example expropriation) when investing across borders. However, national courts in some Member States do not fully protect investors because their judicial...

EMIR regulation must take green financial instruments into account and raise clearing thresholds

In its discussion paper, the European Securities and Markets Authority ESMA is reviewing the clearing regime under the derivatives regulation EMIR.

In our position paper, we argue that financial instruments concluded in a...

What 2022 will bring for the capital market and the equity culture (in German)

Inflation, a new government and ambitious political projects: 2022 could bring many surprises. What does the new year hold in store for the capital market and equitiy culture?

Please find the German column here.

PRIIPS Regulation: Corporate bonds do not need a key information document

The European Supervisory Authorities (ESAs) are consulting on the PRIIPS Regulation, which requires issuers of packaged investment instruments such as endowment policies or certificates to provide a key information document (KID) for...

Short sales: improve transparency – but well considered

The European Securities and Markets Authority ESMA consults possible changes to the EU Short Selling Regulation. Among other things, ESMA is discussing an obligation for supervisory authorities to provide information on aggregate short...

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.

Stop the sweet poison! (in German)

5,400,000,000 and 0. These two numbers are emblematic of the fiscal and monetary policy packages that the countries of Europe and the European Central Bank have put together to ward off the various crises of recent years. But the...

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...

Kurvenlage - Semi-Annual Report, First term 2021, Focus: German Federal Election (in German)

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...

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...

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...

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....

Kurvenlage - Semi-Annual Report, Second Term 2020, Focus: Future (in German)

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...

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...

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, Second Term 2019, Focus: Europa after its Election (in German)

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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

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...

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...

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

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...

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...

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...

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 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...

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...

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...

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