In addition to the ECB's public consultation in 2021, the European Commission is conducting a "targeted consultation on a digital euro". In our response, we welcome the plans to introduce a digital euro. Increasing digitization in the...
With reference to the US Securities and Exchange Commission's (SEC) consultation on climate-related disclosures, we deem it crucial and indispensable that the international dimension is taken into account in the reporting requirements of the...
With a "targeted consultation", the EU Commission would like to gain a better insight into the functioning of the ESG ratings market. In our response, we point out that companies are confronted with a variety of different methodologies and...
In our position paper on the draft Corporate Sustainability Due Diligence Directive (CSDDD) we reject the proposed civil liability if companies failed to comply with the due diligence obligations. It is impossible for companies to mitigate...
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...
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 tax...
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'...
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...
The Federal Ministry of Justice has presented a draft bill on whistleblower protection. The legislative process in Germany should now be completed quickly so that companies based in Germany can promptly introduce a uniform whistleblower...
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...
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....
The members of Deutsches Aktieninstitut and its French partner association afep follow closely the developments on the future EU Sustainability Reporting Standards and are highly concerned about the working documents released so far by...
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...
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...
In a joint letter, more than 40 companies have appealed to the Federal Ministers Buschmann and Lindner to advocate for a process in the final negotiations of the Corporate Sustainability Reporting Directive (CSRD) that enables the standards...
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 be...
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 meeting,...
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...
The members of the Committee on Economic and Monetary Affairs in the EU Parliament have presented their proposed amendments to the regulation of an EU Green Bond Standard. Very significantly, they aim to regulate the entire European...
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...
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...
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...
In our position paper on the Corporate Sustainability Reporting Directive (CSRD), we call for an endorsement process to integrate the minimum standards of the International Sustainability Standards Board into European sustainability...
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...
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...
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...
The new EU anti-money laundering framework has some positive improvements. At the same time, we call for a more differentiated approach. The risk of money laundering varies greatly between business sectors. For this reason, the requirements...
The anti-money laundering organisation Financial Action Task Force proposes in its consultation to regulate the issuance of bearer shares more strongly. In our response, we reject stronger controls on these special securities without a...
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...
The Südschleswigsche Wählerverband South Schleswig Voters' Association has submitted a motion to increase the savers' lump sum. In our statement to the Finance Committee of the Schleswig-Holstein State Parliament, we emphasise that we...
We have participated in the EU Commission's consultation on equity discrimination. The Commission's proposals all relate to the possibilities of providing tax incentives at company level for the use of equity. In our commentary, we point out...
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.
In our letter to Jean-Paul Gauzès, President of the European Financial Reporting Advisory Group (EFRAG), we welcome the orientation of the working paper towards existing international frameworks such as the TCFD. On the other hand, we are...
Deutsches Aktieninstitut welcomes the proposed voluntary nature for the Regulation on European green bonds (EU GBS) and the intention to ensure its co-existence with existing green bond standards. Furthermore, we support the alignment of the...
The Platform on Sustainable Finance's recommendations to establish a social taxonomy and expand the environmental taxonomy to include environmentally harmful and neutral activities are premature at this point. Companies are currently still...
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 ESMA...
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...
In its consultation, the anti-money laundering organisation Financial Action Task Force proposes to heavily regulate the issuance of bearer shares. In our response, we reject the proposed ban and general restrictions on the issuance of...
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 advice...
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...
In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate that sustainability reporting should follow a legally secure, consistent, flexible and proportionate framework. Such a framework must be embedded in an...
In our letter addressed to the members of the ECON Committee in the EU Parliament, we stress the legal ambiguities that companies are confronted with in the context of the EU taxonomy, as central terms are not specified. Although the...
In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate for including the corporate perspective into the development of new sustainability reporting obligations. A successful transformation process to a...
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 finance...
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 should...
In our statement on the Transparency Financial Information Act Money Laundering (TraFinG Gw), we see a need for improvements to the proposals introduced by the Federal Government to convert the transparency register to a full register.
We...
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 from...
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...
In our statement on the government draft on corporate due diligence in supply chains, we argue that the law should be manageable for companies and it should be implementable in corporate practice. This is the only way to achieve the purpose...
In a letter to EU Commissioner McGuiness, we plead for a postponement of the application date of the reporting obligations to the Taxonomy Regulation. According to Article 8 of the Taxonomy Regulation, companies are required to report on...
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...
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...
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...
On the occasion of the third negotiation round between the European Union and Great Britain, Deutsches Aktieninstitut demands balanced provisions on financial and non-financial issues in a possible free trade agreement. In the area of goods...
On the occasion of the consultation of the German Federal Government Sustainable Finance Council’s Interim Report, Deutsches Aktieninstitut has criticized a lack of confidence in market-economical solutions when it comes to the...
Companies raising capital from private investors should benefit from alleviations in order to limit the impacts of the current crisis and to concentrate government recapitalization-measures on those companies, that are temporarily unable to...
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...
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...
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...
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...
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...
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,...
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...
On the occasion of the trilogue negotiations on the EU taxonomy, Deutsches Aktieninstitut expressed its concerns regarding the design of the taxonomy in a letter to the Permanent Representation of Germany to the European Union. Deutsches...
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...
On the occasion of the consultation on Sustainable Corporate Governance held by the EU Commission, Deutsches Aktieninstitut expressed its concerns about the consultation questionnaire and the consultation procedure in a letter to DG Justice....
In the framework of the hearing of the Finance Committee of the German Bundestag, Deutsches Aktieninstitut commented on Sustainable Finance. The complexity of the planned taxonomy specifications will present companies in the financial and...
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 financial...
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...
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 and...
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...
In their statement on the government draft for the implementation of the 5th EU Money Laundering Directive, Deutsche Aktieninstitut and the Federation of German Industries (BDI) demand to avoid additional legal uncertainty and unnecessary...
Deutsches Aktieninstitut participates in the consultation on the taxonomy report of the Technical Expert Group (TEG). Deutsches Aktieninstitut demands that all sectors and industries affected by the taxonomy be included in the debate. The...
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...
In the context of the revision of the German Sustainability Code (DNK), Deutsches Aktieninstitut opposes additional reporting and documentation requirements for companies. When defining materiality, flexibility and proportionality should be...
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...
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...
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 to...
Commenting on the proposal for a law implementing the 5th EU Money Laundering Directive, Deutsches Aktieninstitut and Bundesverband der Deutschen Industrie ask to avoid higher legal uncertainty and bureaucracy for industrial companies. They...
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...
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...
Deutsches Aktieninstitut welcomes the objective to strengthen the role of Germany as a top location for digitization and being a leader in using new technologies like blockchain. In this context, electronic securities and token regulation...
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 a...
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. Currently...
On the occasion of the consultation of the preliminary recommendations for an EU Green Bond Standard presented by the Technical Expert Group on Sustainable Finance (TEG), Deutsches Aktieninstitut has expressed the need for practicable...
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...
On the occasion of the EU consultation on a review of the non-binding guidelines for the European CSR-Directive, Deutsches Aktieninstitut has pointed at the necessity of adopting a proportionate and realistic framework on climate reporting...
Effective protection against discriminatory measures is an essential requirement for European investors to invest in Europe. Around 200 investment protection agreements between the Member States of the European Union are currently ensuring a...
After the European Parliament’s decision to postpone the joint vote of the ECON and ENVI committees on the EU Commission’s proposal for a sustainable finance taxonomy, Deutsches Aktieninstitut has again hinted the Committee-members at the...
Deutsches Aktieninstitut opposes a proposal of the German state finance ministers regarding the real estate transfer tax. The proposal would represent a significant and inappropriate tax burden for many stock listed companies. In its...
Deutsches Aktieninstitut and The Association of German Chambers of Commerce and Industry (DIHK) commented on the proposal for the German Brexit-Steuerbegleitgesetz. They welcome that the provisions include a transition period for existing...
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...
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...
After ESMA forwarded the outcome of the various consultations on the specification of the new European Prospectus Regulation, the EU Commission has recently launched a consultation for a draft delegated Regulation. The draft Level 2...
Deutsches Aktieninstitut together with BDI, BDEW, EFET, Energy UK, Eurelectric, IOGP and VCI welcomes very much the EU Commission’s Communication of 13 November 2018 on Brexit Preparedness. Especially, they appreciate that the EU Commission...
In its letter addressed to both the ECON and the ENVI committee of the European Parliament on the occasion of the joint committee-debate on the development of a sustainable finance-taxonomy, Deutsches Aktieninstitut warns of the...
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...
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...
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...
In a letter to BMF, Deutsches Aktieninstitut identifies issues, which should be considered in the upcoming national implementation of the 5th EU Anti-Money Laundering Directive. Industrial holdings should be excluded from the obliged parties...
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...
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...
Deutsches Aktieninstitut supports the overarching aims of Commission’s Action Plan on Sustainable Finance. However, we do see some legislative plans and practical transposition-measures as problematic. Our concerns relate among others to the...
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 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 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 centrally...
In its comments on the EU Commission’s Draft Directive, Deutsches Aktieninstitut criticizes the significant imbalances of the Commission’s proposal, which focuses exclusively and one-dimensionally on the protection of the whistleblower while...
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...
In its response to the Fitness Check Public Reporting for Companies, Deutsches Aktieninstitut criticizes disproportional reporting obligations causing high compliance costs to companies without offering corresponding benefits to investors....
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,...
Deutsches Aktieninstitut has made proposals concerning the implementation of the EU Shareholder Rights Directive upfront the draft implementing act of the Ministry of Justice in the field of corporate governance. The position recommends the...
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...
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...
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...
Ahead of the publication of the European Commission’s plans on Collective Redress scheduled for 11 April, Deutsches Aktieninstitut has expressed its concerns as regards the adoption of imbalanced European Collective Redress-mechanisms in...
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...
In its response to the consultation on draft RTS, concretizing the new European Prospectus Regulation in more detail, Deutsches Aktieninstitut stresses the importance of more flexibility in drawing up prospectuses. For instance, Deutsches...
Deutsches Aktieninstitut supports the aim of the European Commission to reduce administrative burden for stock listed SMEs. In its position paper on the respective consultation Deutsches Aktieninstitut stresses that capital market rules,...
In its letter to the German Federal Ministry for Finance (BMF), Deutsches Aktieninstitut recommends to refrain from introducing any national restrictions to the prospectus exceptions provided under the new European Prospectus Regulation. The...
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...
In a letter addressed to Ugo Bassi, Director “Financial Markets” within DG FISMA of the European Commission, Deutsches Aktieninstitut advocated the need for market-based solutions as regards the recent consultation on institutional...
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 regulatory...
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...
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...
In its response to the questionnaire on the early recommendations of the High Level Expert Group on Sustainable Finance, Deutsches Aktieninstitut underlines its support for and the importance of a sustainable economic development, to which...
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...
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...
Deutsche
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 systems...
In its comment on the national adoption of the Fourth EU-Anti-Money-Laundering Directive Deutsches Aktieninstituts asks for reliefs for the custody of employee shares.
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...
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...
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...
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 posing...
The Deutsche Aktieninstitutwelcomes the opportunity to comment the issue finches for the non-binding guidelines on non-financial reporting. The Commission is supposed to present the guidelines in order to facilitate the disclosure of...
The Basel Committee on Banking Regulation suggests to constrain the use of internal model approaches by banks for calculatng credit risks. For example, banks shall be forced to apply the standardised approach only for large non-financial...
Deutsches Aktieninstitut provides data for the imp
The amendments aiming at keeping the Code lean are in principle welcomed. Furthermore there is need for discussion and change in particular regarding subjects as communication between the investor and the chairman of the supervisory board,...
With the fourth EU Anti-Money Laundering Directive and its current amendment, every EU member state has, among other changes for companies, to implement a beneficial ownership register. Deutsches Aktieninstitut wrote a letter to the...
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...
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...
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 in...
The Net Stable Funding Ration (NSFR) shall ensure that banks have sufficient midterm funding. This position paper is Deutsches Aktieninstitut's comment to a targeted consultation of the EU Commission on the implementation of the NSFR in the...
In its position paper, Deutsches Aktieninstitut rejects the EU Commission’s proposal for a mandatory public disclosure of tax-relevant information in form of country by country reports by multinational companies. According to Deutsches...
Starting with Juli 2016 the ECB reference rates for the FX markets will published at 4pm which is two hours after the fixing is calculated. The main objective of this change is to prevent manipulation of the fixings. This position paper...
In its comments on the ministerial draft statute for transposing the CSR-directive into German law, Deutsches Aktieninstitut welcomes the freedom of choice for companies to prepare a separate non-financial report instead of the non-financial...
Deutsches Aktieninstitut participated at the EU-Commission´s Online Consultation preparing the non-binding guidelines for the CSR-Directive. The consultation was open until 15 April. Deutsches Aktieninstitut emphasizes that the planned...
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,...
Deutsches Aktieninstitut asks the legislator to use the proposed MiFID-delay to fix shortcomings of the level-1-text. Besides others this applies for the treatment of emission allowances within the ancillary activity exemption and the...
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...
EBA consults whether banks should face additional own funds requirements for the so called CVA-risks resulting from derivative positions with non-financial companies (NFCs). The position paper shows that the EBA proposal would erode the...
We offer a lot evidence of rules inconsistent with other provisions or rules running counter to overarching principles. Among others the increased level of bureaucracy is contradictory to the idea of facilitating the capital market finance...
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...
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.
In order to promote public equity financing and equity culture in Germany Deutsches Aktieninstitut suggests to implement the recommandations developed by the round table initiated by the economics minister Gabriel as soon as possible.
...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...
The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut.
In a joint position paper with the Bundesverband der Deutschen Industrie (BDI)...
With this letter to Mr. Lueder Deutsches Aktienistitut comments on the brought to light proposals of the EU Commission. Overall, Deutsches Aktieninstitut appreciates the attempt to facilitate capital market finance and support several...
Deutsches Aktieninstitut opposes jointly with five other important German associations (BDI, BGA, DIHK, EFET und VDT) the proposal of ESMA to abandon the hedging exemption for non-financial companies under the derivative markets regulation...
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...
Deutsches Aktieninstitut contributes to the EU-Commission'
Transparency and reliability of proxy advisors have improved over the past decade as has the incorporation of national specifics of corporate governance into the voting guidlines. However, listed companies still miss a possibility to check...
Jointly with 19 other associations Deutsches Aktieninstitut launches a proposal for the calculation of t
Regarding the implementation of the CSR-Directive Deutsches Aktieninstitut pleads not to include small and medium sized enterprises or additional reporting aspects but to implement the directive one-to-one. Clarifications regarding the rules...
In its comment on the second consultation paper of the European Supervisory Authorities EBA, ESMA and EIOPA regarding bilateral collateralisation of derivatives Deutsches Aktieninstitut addresses concerns that initial margins should be...
Deutsches Aktieninstitut is concerned that EBA is about to requalify all non-financial companies with centralised treasury or finance activities as shadow banks for regulatory purposes. This will be the outcome of a defintion that EBA...
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...
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...
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 more...
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...
The position paper of Deutsches Aktieninstitut, BDI and DIHK on ESMA's consultation "Call for Evidence" regarding the rating market aks for an appropriate framework that should not impede corporate financing by bonds. This applies especially...
In its answers to ESMA's consultation on draft technical standards regarding MiFID II/MiFIR Deutsches Aktieninstitut points out that the risk management by non-financial companies should not be negatively affected by the rules. This applies...
In its position papers regarding the "technical advice" of ESMA on MiFID II/MiFIR Deutsches Aktieninstitut states that the new rules should not impact equity culture in Europe negatively. This applies especially for the offering of share...
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...
The third country provision according to the proposed EU Benchmark Regulation will have negative consequences for non-financial companies. As long as the home countries of the relevant benchmark providers do not enact a similar regulation it...
In a joined statement regarding the consultation of the European Banking Authority EBA on "simple, standard and transparent securitisations" Deutsches Aktieninstitut and BDI ask for appropriate requirements especially for ABS including SME...
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 force...
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...
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...
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...
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...
Deutsches Aktieninstituts welcomes the idea of promoting shareholders' engagement. However, the proposal of the EU Commission goes too far especially concerning the regulation on related parties' transactions.
Furthermore Deutsches...
The EU is about to regulate the processes of the provision of indices and benchmarks. From Deutsches Aktieninstitut’spoint of view summarised in this positio paper the proposed requirements for index providers go too far. The high regulatory...
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,...
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...
In its draft technical advice regarding the evaluated Market in Financial Instruments Directive (MiFID II) ESMA proposes to prohibit the availability of research which is provided free of costs. We object this proposal as not appropriate as...
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...
The joint letter to the EU-Commission (with BDI and VDT) addresses the debate on the technical regulatory standards regarding the liquidity coverage ratio (LCR) under Basel III. The definition of asset backed securities which are...
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 study...
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...
In its answer to the Commission´s Online Consultation Deutsches Aktieninstitut emphasizes that after having adopted the Directive on disclosure of non-financial information no more legal steps by the Commission are necessary. Insteadthe EU...
The position paper comments on the draft regulatory standards on bilateral collateralisation of derivatives released by the European supervisory authorities EBA, EIOPA and ESMA. The standards should not oblige all counterparties to...
We comment the draft position paper of Institut der Wirtschaftsprüfer in Deutschland (IDW) regarding the auditing process on the requirements of non-financial companies according to EMIR. So called „take-or-pay-clauses“ in contracts for the...
This position paper comments on the level-2-implementing measures of ESMA under the revised Transparency Directive. The main issue is ESMA's interpretation of the exemptions from the major sharehholdings notificatons requirements. Deutsches...
ESMA plans to harmonise the presentation of so called alternative performances measures in the financial communication of listed companies. Frequently used measures such as EBITDA could only be presented with less prominence compared to...
This position paper reemphasises the critique of Deutsches Aktieninstitut and the Bundesverband der Deutschen Industrie on a possible separation of banking activities in the EU as proposed by the EU Commission in January 2014. E.g., the bank...
The position paper refers to the consultation of the European
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...
A consultation paper released by the Financial Stability Board discusses different proposals on how information regarding derivative transactions could be aggregated on a global level. Our comment focuses inter alia on the necessity that the...
We object
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...
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...
This position paper comments on a draft code of conduct which has been presented in October 2013 by a group of proxy advisors to govern their transparency and business conduct. Deutsches appreciate the initiative as step forward in order to...
The joint position paper of Deutsches Aktieninstitut, Bundesverband der Deutschen Industrie and Verband Deutscher Treasurer stresses the importance of the German securitisation market, especially with regard to sales and working capital...
According to the analysis of Deutsches Aktieninsitut the role of money market funds for the cash management and the financing of non--financial companies will likely decrease. This will be the consequence of the EU Commission's porposed for...
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...
The starting date for the reporting obligation under EMIR will be likely mid February 2014. So far corporates face uncertainties regarding various issues which aggrevates the due implementation of the required processes. This holds true...
The separation of proprietary trading of banks from deposit taking and the provision of credit is currently intensively discussed. Advocates argue that such a separation will help to avoid future banking crisis. Deutsches Aktieninstitut and...
With this position paper Deutsches Aktieninstitut contributes to ESMA’s consultation on “Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus”. ESMA's proposals on...
Deutsches Aktieninstitut welcomes the objective of the green paper to foster long-term financing. For this reason regulatory barriers which encumber investors such as banks, insurers, institutional and retail investors need to be removed....
With this position paper Deutsche Aktieninstitut contributes to the German und European debate on non-financial reporting which has gained momentum after the EU Commission legislative proposal on the respective issues. In particular, we are...
Deutsches Aktieninstitut supports many of the EU Commission's objectives regarding the planned harmonisation of the EU securities law, e.g. the improvement of the cross-border identification of shareholders as well as thier participation in...