Position papers
With a strong voice for balanced solutions
With our position papers, we take a stance on current questions linked to capital market regulation and bring the voice of our members into the political arena. Our goals are balanced solutions and fair, conducive framework conditions.
Contact
Dr. Uta-Bettina von Altenbockum
Head of Communications and Head of Sustainability Department
Tel. +49 69 92915-47
presse(at)dai.de
Regulating costs for shareholder communication and identification in line with the future (in German)
The ARUG II reformed the processes of shareholder communication and shareholder identification. A new cost regulation that adequately manages the reimbursement of expenses incurred by intermediaries would have great added value for all...
EU Listing Act: Simplify prospectuses for practical use
We expressly welcome the objective of the EU Listing Act to simplify the preparation of a prospectus and make it more cost-effective. The publicly available information due to the existing comprehensive reporting and disclosure requirements...
Preserve reporting exemption for intra-group transactions
As part the review of the EU derivatives regulation EMIR, the EU Commission proposes to abolish the reporting exemption for intra-group derivatives transactions, which was introduced only two years ago. In our position paper we strongly...
Increase the spread of employee share ownership - Maintain deferred compensation and dispense with vesting periods (in German)
In a joint position paper, Aktieninstitut and Bundesverband Mitarbeiterbeteiligung AGP welcome the plan to raise the tax allowance on employee share ownership from 1,440 euros p.a. to 5,000 p.a.. However, the requirement that deferred...
European Single Access Point: European Parliament should call for non-bureaucratic solution
In future, mandatory corporate information will be accessible in a European data portal – the so-called European Single Access Point (ESAP). We support the Commission’s proposal that ESAP should build upon existing national data reporting...
Voting advisor ISS must take into account new legislation on virtual general meeting
Deutsches Aktieninstitut requests that the voting advisor ISS adjust its voting recommendations to take appropriate account of the new German legislation on virtual general meetings. The legislator has created a virtual general meeting...
Position on the Draft Revisions to the G20/OECD Principles of Corporate Governance
The OECD has consulted a draft of its G20/OECD Principles of Corporate Governance. The final document is scheduled to be adopted by the OECD Corporate Governance Committee in March 2023, approved by the OECD Council of Ministers (MCM) in...
Position on the EU Commission’s draft Guidelines on the standardised presentation of the remuneration report
On September 29, the EU Commission discussed the draft of the Guidelines on the standardized presentation of a remuneration report under Directive EU 2017/828 with the Company Law Expert Group it had set up. Deutsches Aktieninstitut...
End discrimination against equity investment - introduce investment savings accounts (in German)
Die Eckpunkte des Zukunftsfinanzierungsgesetz sehen einen Freibetrag auf Kursgewinne vor, die beim Verkauf von Aktien und Aktienfonds anfallen. Was ist die angemessene Höhe dieser Freibeträge, damit Kleinsparer die notwendigen Anreize zum...
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 users...
Employee share ownership: Existing allowance is used - further increase is needed (in German)
The proposed Zukunftsfinanzierungsgesetz released by the Geman Federal Ministry of Finance and the Federal Ministry of Justice provide an increase in the tax allowance for employee share ownership from the current 1,440 euros to 5,000...
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. Otherwise,...
Using the opportunities of virtual AGMs
The German government would like to establish the virtual general meeting permanently. The Bundestag is currently debating a corresponding bill of the government factions. However, it needs to be improved in a number of areas, including...
Increasing the savings allowance shows little effect on investing with shares (in German)
In the model calculation, the financial effects of increasing the saver's allowance to 1,000 euros are examined with a view to equity investment and compared with other tax instruments. These include the cumulative savers' allowance, the...
Re-sharpen the implementation of the cross-border conversions, mergers and divisions Directive
With its draft bill, the Federal Ministry of Justice is transposing the EU of the cross-border conversions, mergers and divisions Directive into national law.
We welcome the draft in general. It rightly makes it possible for shareholders'...
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...
Government draft on the introduction of virtual general meetings: Missing the mark in practice - revision urgently needed! (in German)
At the end of April, the German government introduced its draft law on the introduction of virtual general meetings. However, this does not stand up to a practical test and urgently needs to be improved. This is what we are demanding in a...
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 rules....
European Single Access Point must not result in additional obligations for listed companies
The EU Commission’s proposal for a regulation establishing a European Single Access Point (ESAP) aims at making mandatory corporate information accessible in a European data portal. In general, we agree with this goal as it may improve...
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...
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 would...
Enabling virtual AGMs with selective adjustments
We expressly welcome the draft bill of the Federal Ministry of Justice for a law to introduce virtual general meetings of public limited companies. It guarantees shareholders' rights - in a different way than in the presence general...
Sustainability issues appear too early for the Corporate Governance Code
In the context of the consultation of the German Corporate Governance Code 2022, the draft contains many good approaches to more sustainable corporate governance. However, many legislative projects are currently underway at German and...
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 offers...
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...
Existing regulation already guarantees high quality corporate reporting
In our response to the EU consultation on the quality of financial reporting, we show that neither effectiveness nor efficiency will be improved by any additional regulatory steps in corporate reporting. The EU legislation on corporate...
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 sustainability...
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 retail...
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.
ESMA should adapt guidelines on delay in the disclosure of inside information
Additional own funds requirements for banks under Pillar 2 of Basel III should not be considered inside information per se. This is the key message of our position on a consultation paper of the European Securities and Markets Authority...
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 required...
Retail Investor Protection Legislation must Avoid Bureaucracy
The EU Commission currently evaluates the legislative framework for retail investor protection. We applaud this initiative and call for a better balance of the framework. The EU legislation for informing retail investors and providing...
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 increasingly...
Promoting Shares in Germany - Suggestions for the 2021 Bundestag Election (in German)
For the Bundestag elections in 2021, we demand that the framework conditions for shares as an investment and financing instrument be improved. In addition to the design of the tax framework, it is important to strengthen Germany as a...
No extension of ESMA's competence due to Wirecard
In our response to the EU consultation on more supervisory convergence in Europe, we advocate that experts from the business community be more and better involved in ESMA's regulatory work. In addition, we warn that ESMA's competences...
Preventing competitive disadvantages in public country-by-country reporting
We are concerned that the planned publication of tax data on European companies could put them at a competitive disadvantage vis-à-vis their global competitors. Competitors will be able to draw valuable information on corporate strategy...
No compulsory shareholder identification (in German)
According to the plans of the federal government, listed companies are to be obliged under tax legislation to carry out a shareholder query on the day of the general meeting in order to transmit the resulting data to the Federal Central Tax...
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...
Shortening trading hours on stock exchanges harm capital markets
We reject recent proposals to shorten trading hours on stock exchanges in the EU. From the point of view of publicly listed companies, shortening trading hours would restrict their ability to raise liquidity on capital markets for their...
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...
SE companies need more flexibility
Companies with their legal statute of a Societas Europaea (SE) are currently required to hold their general meetings within the first six months following the end of the previous financial year. However, the corona pandemic with social...
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...
Corona: Deutsches Aktieninstitut requests emergency parliamentary act for the benefit of listed companies (in German)
Governmental orders to ban public assemblies and to curtail public life in order to prevent the spread of the corona-virus largely affect the general assemblies of listed companies in the current season. In order to maintain the functioning...
Stricter liability of the Management Board is to be rejected (In German)
The AFD parliamentary group wants to reform §148 AktG in order to make it easier to make the Executive Board of private companies easier liable. Deutsches Aktieninstitut sees no reason to tighten the current law. On the contrary, it should...
ESEF: Disclosure solution avoids unnecessary legal risks (in German)
Deutsches Aktieninstitut supports that the German legislator decided to make ESEF only mandatory for the disclosure of the yearly financial report. This avoids unnecessary legal risks that would result if ESEF was applied already in the...
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 things,...
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...
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...
ESEF ministerial draft overshoots the mark (in German)
The submitted ministerial draft on the European Single Electronic Format (ESEF) law is critically seen by Deutsches Aktieninstitut. The fact that annual financial statements are to be prepared in XHTML/iXBRL format is neither required by...
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...
Consultation on ESMA-Guidelines on Disclosure Requirements
In its response to the ESMA consultation on Guidelines on Disclosure Requirements under the Prospectus Regulation, Deutsches Aktieninstitut welcomes that ESMA provides the possibility to refer to existing financial reporting rather than...
Total losses should be recognised for tax purposes further on (in German)
The German government intends to abondon the recognition of total share losses for tax purposes. Deutsches Aktieninstitut strictly opposes this proposal as it, among others, contradicts different judgements provided by the Federal Finance...
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 the...
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 to...
Proposal regarding real estate transaction tax has a negative impact on stock-listed companies (in German)
Deutsches Aktieninstitut repeats its fundamental opposition regarding the proposal for a real estate transfer tax released by the Federal Minstry of Finance which harms badly stock listing of companies. At least it is of utmost importance...
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 paper...
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 its...
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 from...
Aktieninstitut critisise a potential mandatory audit of ESEF-reports (in German)
Starting in 2020 listed companies will be obliged to file annual reports as an XHTML-file, in which core financial information has to be tagged in iXBRL. This is laid down in a Delegated Regulation on the EU Transparency Directive....
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...
Revision of the German Corporate Governance Code (in German)
Deutsches Aktieninstitut has commented on the revision of the German Corporate Governance Code proposed by Regierungskommission Deutscher Corporate Governance Kodex. The determination of independence of Supervisory Board members by negative...
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 January...
Corporate Bonds are not in the Scope of PRIIPs
Deutsches Aktieninstitut comments the ESA's consultation paper on PRIIPs and points out that corporate bonds are not in the scope of the respective EU-regulation. As there is a lasting uncertainty in the market clarification by the...
National Expertise in Prospectus Supervision for a Strong Europe
Deutsche Aktieninstitut and BDI are concerned about the European Commission's proposal to grant ESMA the power for scrutiny and approval of certain prospectuses. For this reason, they approached the various MEPs together with a position...
Third country regimes in the Investment Firm Review
Deutsches Aktieninstitut together with further European associations commented on the changes made to third country regimes through the investment firm review. The associations support the Commission's proposal to strengthen the equivalence...
EU Digital Services Tax- Exclusion of Financial Markets Activities from Scope of Proposal
Deutsches Aktieninstitut as co-signers of an association letter to EU Finance Ministers shares concerns on the broad scope of the EU Commission proposal on the introduction of a EU Digital Services Tax. Financial markets activities need to...
Proportionality and Coherence are Key Factors for Guidance on Risk Description in Prospectuses
Regarding the consultation on the ESMA Guidelines on presentation of risk factors in the prospectus Deutsches Aktieninstitut points out the right balance between the objective of ESMA to avoid overly generic/lengthy descriptions of risk...
Proposal for the fourth amendment of the German Reorganization of Companies Act (UmwG) (in German)
Deutsches Aktieninstitut welcomes the proposal to give companies with British legal forms the possibility to reorganize safely into a German legal form. Expanding the scope of application for cross-border mergers to allow foreign companies...
Deutsches Aktieninstitut Warns of Imbalanced Legislation for EU Representative Action
Deutsches Aktieninstitut fears that the EU Commission’s legislative proposal on representative actions will – if adopted unchanged – create more problems than it will solve. The level of safeguards against abusive litigation remains far...
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...
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...
Proposals for the Revision of the German Corporate Governance Codex (in German)
Deutsches Aktieninstitut takes a position to the indicated structural changes of the German Corporate Governance Codex and makes content-related suggestions for said revision of the Codex. From the perspective of Deutsches Aktieninstitut,...
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 judgment...
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...
German Federal Government's Draft of a Civil Proceedings Model Case Act (in German)
In its comments on the German Federal Government's draft of a civil proceedings model case act, Deutsches Aktieninstitut calls for the adoption of stricter rules assessing the admission-procedure of claims in order to prevent abusive...
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 quantitative...
Proposal to reform the European Supervisory Authorities sets wrong priorities
From the point of view of Deutsches Aktieninstitut, the proposal of the EU Commission disproportionately extends the competences of the European Securities and Markets Authority (ESMA) without sufficiently addressing the issue of improving...
Standardised Key Information Document as Important Signal for Share Advisory - Improvement of Details necessary
Deutsches Aktieninstitut welcomes the proposed BMF-regulation for a standardised key informations document for shares. In order to relieve share advisory in banks the requirements should strictly take into concern already existing...
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 reporting...
ESMA Consultation on the Format and Content of the Prospectus
Deutsches Aktieninstitut welcomes the suggestions made by ESMA for prospectus simplification, such as removing the auditor's report in case of profit estimates and forecasts. At the same time, however, it warns against new burdens, which...
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. Its...
EMIR-Review: EU-Commission's Proposal is Heading in the Right Direction
Deutsche
Whistleblower Protection does not Require EU Regulatory Action
In its short position on the occasion of the EU Commission’s public consultation on whistleblower protection, Deutsches Aktieninstituts supports the implementation of well-balanced protection mechanisms into the compliance management...
Promotion of Shares in Germany - Suggestions of Deutsches Aktieninstitut Concerning the German Parliamentary Elections 2017 (in German)
The legislative period is coming to an end but the pressing economic and socio-political issues will remain. In its position paper concerning the German parliamentary election Deutsches Aktieninstitut is emphasizing the key issues that must...
Stregthening IPOs in Germany - Five Priorities (in German)
German markets for IPOs are less developed compared to other countries. In order to improve this situation the regulatory and fiscal framework should be adjusted. The paper describes five measures with a focus on the equity culture in...
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...
Employee Share Ownership as Pivotal Part of the Capital Markets Union
In its position paper Deutsches Aktieninstitut asks the European Commission to include emloyee share ownership as a further action point in the Capital Markets Union project. It is necessary to scrutinise existing European legislation...
No Audit Obligation of the Supervisory Board! - Transposition of European CSR-Directive to Be Finalized (In German)
Deutsches Aktieninstitut welcomes the objective of the government draft bill for a ‘one to one’-transposition of the European CSR Directive into German law. This intention should be pursued in an even more consistent manner. From the point...
Accepting Challenges - Moving Ahead
The position paper „Accepting Challenges – Moving Ahead“ points out five central measures that need to be taken in order to successfully realize the European Capital Markets Union. Amongst others these include alleviations regarding 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 close-out-netting-clauses...
Retail Financial Services - Deutsches Aktieninstitut’s response to the EU Commission’s Green Paper
Deutsches Aktieninstitut appreciates the initiative of the EU Commission to determine, how the market for retail financial services can be further opened up, whilst maintaining an adequate level of consumer and investor protection. However,...
Prospectus Regulation - Recommendations to put good ideas into practice
The position paper comments on the draft of the EU Commission, published on the 11/30/2015. Deutsches Aktieninstitut opposes the idea of allocating risk factors into categories and restricting their number in the summary since this approach...
No Case for Mandatory XBRL Reporting of Listed Companies
Deutsches Aktieninstitut criticises ESMA for the proposal to make XBRL reporting mandatory for listed companies by 2020. Such an obligation would cause significant additional compliance costs and risks for issuers although there is no...
Reform of investment funds' taxation should not further discriminate shares (in German)
In its comment on the proposal to reform the taxation of investment funds Deutsches Aktieninstitut states that disadvantages for the long-term wealth building and the corporate finance should be avoided.
EU Commission's proposal to revitalize the securitisation market is insufficient
To revitalize the securitisation market in Europe is at the core of the Capital Markets Union. Regarding this aim the respective proposals of the European Commission are insufficient, which the joint position paper of Deutsches...
Proposal to tax investment funds harms equity culture (in German)
Deutsches Aktieninstitut comments on the proposal launched by the Bundesfinanzministeriums regarding the reform of the taxation of investment funds. It is crucial that dividends should be taxed twice, on fund and on investor level, and that...
Transposition of the EU Audit Reform Goes Too Far (in German)
In this position paper Deutsches Aktieninstitut and the Federation of German Industries (BDI) criticize the far-reaching consequences of the German transposition act of the EU audit reform as it partially undermines well-tried corporate...
Promote Employee Share Ownership - a Joint Call for Action of Ten Associations (in German)
The joint call for action to promote employee share ownership in Germany of ten associations - including Deutsches Aktieninstitut - asks the legislator to improve the institutional framework regarding employee particiption in order to...
Buildung a Capital Markets Union: Strengthening the Demand-Side
In its comments Deutsches Aktieninstitut supports the European Commission’s initiative on building a Capital Markets Union. Further to the steps proposed by the Commission the demand-side of capital markets should, however, be addressed...
Regulation Should not Impede Securitisation of SME Loans
In its joint position paper on the EU-Commission's consultation "An EU framework for simple, transparent and standardised securitisations" Deutsches Aktieninstitut, DIHK and BDI asks the legislator to not impede the securitisation of SME...
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 and...
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...
RTS for prospectuses: ESMA has to stay within its mandate
ESMA consults on standards for the approval and publication of prospectuses, their advertisement and the incorporation of external information by reference. Among other issues the drafted Regulatory Technical Standards would limit the...
Strengthening IPO-market in Germany (in German only)
The position paper emphasizes the importance of functioning IPO-markets for growth financing and employment. An adequate regulatory framework should incentivise retail and institutional investors to invest more money in shares. An efficient...
Employee Shareownership in Germany should be promoted (in German only)
The position paper describes the advantages of employee shareownership and proposes measures in order to enhance the attractiveness of this kind of employee financial participation. According to this tax incentives should be increased and...
The Road to Growth - Guiding Principles for a Capital Markets Union
In the political guidelines for the next EU Commission Jean-Claude Juncker pledges to create a European Capital Markets Union in order to improve the financing of the European economy and in order to further integrate capital markets. This...
Risk-mitigating techniques for OTC-derivatives: Global standards should not contradict already existing rules
Delegated Acts to the Market Abuse Regulation: additional red tape for listed companies
This position paper critisises ESMA's draft delegated acts on the Market Abuse Regulation. Because ESMA's interpretation reaches too far listed companies in Europe face massive additional compliance risks and costs regarding insider lists,...
ESMA is going too far with regard to the notification of managers' transactions
This position paper on ESMA's draft technical advice on the Market Abuse Regulation raises the concern that the notifications of managers' transactions will likely create misleading signals. According to ESMA's proposal transactions will...
No need for an electronic format for the purpose of financial reporting in Europe
Deutsches Aktieninstitut is concerned about a possible mandatory use of an single European electronic format for financial reports of listed companies. This is principally forseen in the revised Transparency Directive. The critique holds...
Appropriate regulation of investment advice - comment on the BMJV-study regarding the documentation requirements (in German)
On behalf of the Federal Ministry of Justice and Consumer Protection the Institute for Transparency conducted a study on the documentation of investment advice in financial institutions. Our comment welcomes the conclusion drawn in the...
Comment on ESMA's Consultation on MiFID II / MiFIR
We comment the work of ESMA regarding the draft technical standards and technical advise according to MiFID II / MiFIR. ESMA should properly take into account the specifics of non-financial companies using derivatives relating to their...
Costs of the issue of shares or bonds are not borne by the client (in German)
According to the reviewed Markets in Financial Instruments Directive (MiFID II) all costs of a financial instrument should be made transparent to the client. Our comment focuses on the discussion whether the costs of the issuance of shares...
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...
No key information document for corporate bonds
The position paper comments the draft regulation on "key information documents for packaged retail products". The intention of the EU-parliament to extend the scope of the regulation on corporate bonds would have negative impacts. A key...
Recommandations for the forthcoming Federal Government (in German)
Deutsches Aktieninstitut released recommandations for the coaltion talks between CDU, CSU and SPD. It was stressed that the functioning of capital markets should be retained and improved. An adequate regulatory framework is decisive that...