As part of the expert hearing of the Legal Affairs Committee of the Deutscher Bundestag on April 22, 2022 on the motion "For legal certainty and a lively Annual General Meeting – need for reform in the law on defects in resolutions", we...
From 2025, listed companies in Germany will have to carry out shareholder identification for a fee and forward the data to the tax authorities. We are already critical of this obligation, but the proposed procedural instructions now go well...
Strong capital markets are needed to maintain Europe's global competitiveness and to finance the green and digital transformation of the economy. In the light of the European elections in June, we have set out three key demands in our...
The European Securities and Markets Authority (ESMA) has submitted a proposal for a Supervisory Guideline. It is intended to support the national competent authorities and organizations with regard to the upcoming enforcement of...
With regard to the planned European Single Access Point (ESAP) for mandatory information of listed companies, we support a lean implementation. This is the core message of our response to the consultation of the European Supervisory...
In light of the proposed regulation to combat late payments in commercial transactions, we, along with eight other well-known German associations, have expressed our concerns about the regulation in a letter to the members of the Committee...
We have generally welcomed the European Commission's proposal to exclude bonds with "make whole clauses" from the scope of the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs). Bonds with such clauses are not...
Deutsches Aktieninstitut welcomes the positions taken by the European Parliament and the European Council in the final negotiations on the revision of the EMIR regulation. In particular, this includes the fact that both are in favor of...
Deutsches Aktieninstitut welcomes the proposal of the index provider STOXX to increase the capping limit in the DAX selection indices from 10 to 15 percent. This would be in line with the practice of comparable indices in other countries...
In order to enforce payment discipline, especially for the benefit of medium-sized companies, the European Commission has published a draft regulation on late payments. In it, it stipulates a mandatory payment period of a maximum of 30...
The EU Commission plans to change the definition of large companies in EU law. Raising the thresholds of turnover and balance sheet would mean that fewer companies would be considered large and would therefore fall outside the scope of some...
We welcome the fact that numerous suggestions made by Aktieninstitut have been included in the government draft of the Future Financing Act. For example, in connection with the increase in the tax allowance for employee share ownership, it...
In our current statement we assess the amendments proposed by EU parliamentarians to revise the derivatives regulation EMIR. On the positive side, some proposed amendments reject the abolition of the reporting exemption for intragroup...
The draft of the IDW EPS 351 Auditing Standards regulates the requirements that the auditor must observe when formally auditing the disclosures on the women's quota. These disclosures are part of the corporate governance statement which is...
An amendment to the Energy Price Brake Act is intended, among other things, to extend the dividend ban, which takes effect from a relief amount of 50 million euros, to group level. In our statement, we emphasize the inappropriateness of the...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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 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...
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...
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...
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...
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...
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 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...
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.
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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....
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...
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...
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...
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 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...
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...
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,...
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...
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...
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...
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...
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 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...
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...
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...
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,...
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...
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.
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...