Our topics

Kurvenlage - Second Term 2020

Thematic focus: Future

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 continued...

Kurvenlage - Semi Annual Report of Deutsches Aktieninstitut, Second Term 2019 (in German)

Editorial 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 Parliament...

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...

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

The EU bank regulation reform proposal is currently debated in the European Parliament and the Council. We are particularily concerned about the amendments to the supervisory review and evaluation process (SREP). The proposed changes to...

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 reporting...

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

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...

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

Deutsches Aktieninstitut comments on the consultation paper of IOSCO regarding global standards for risk-mitigating techniques for non-cleared OTC-derivatives. We call for the clarification that the proposed global standards should not...