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 of Deutsches Aktieninstitut, Second term 2022 (in German) 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 of Deutsches Aktieninstitut, First term 2021 (in German)

Focus: German Federal Election

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 of Deutsches Aktieninstitut, Second Term 2020 (in German)

Focus: Future

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 of Deutsches Aktieninstitut, Second Term 2019 (in German)

Focus: Europa after its Election

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 increase...

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 proposal...

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 obliged...

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 Code....

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